The company's revenue remains entirely dependent on non-recurring milestone payments, contributing to a deeply negative operating margin of -9.2% as of 2026Q1.
BioAge Labs Inc. (BIOA) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Sales/Revenue | 10.36M | 8.99M | 0 | 0 | 0 |
| Revenue Growth % | 168.06% | - | - | - | - |
| Cost of Goods Sold | 63K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | 10.29M | 8.99M | 0 | 0 | 0 |
| Gross Margin % | 99.39% | 100% | - | - | - |
| Gross Profit Growth % | - | - | - | - | - |
| Operating Expenses | 116.56M | 101.78M | 78.19M | 48.4M | 39.97M |
| OpEx % of Revenue | - | 1131.46% | - | - | - |
| Selling, General & Admin | 28.77M | 27.81M | 19.16M | 14.51M | 9.45M |
| SG&A % of Revenue | - | 309.16% | - | - | - |
| Research & Development | 87.79M | 73.97M | 59.04M | 33.89M | 30.52M |
| R&D % of Revenue | - | 822.3% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -106.27M | -92.78M | -78.19M | -48.4M | -39.97M |
| Operating Margin % | -1026.28% | -1031.46% | - | - | - |
| Operating Income Growth % | - | -18.65% | -61.56% | -21.09% | - |
| EBITDA | -106.02M | -92.57M | -78.03M | -48.24M | -39.84M |
| EBITDA Margin % | -1023.85% | -1029.09% | - | - | - |
| EBITDA Growth % | -16.31% | -18.63% | -61.75% | -21.08% | - |
| D&A (Non-Cash Add-back) | 251K | 213K | 167K | 162K | 129K |
| EBIT | -94.18M | -79.91M | -68.74M | -56.06M | -39.48M |
| Net Interest Income | 12.38M | 12.39M | 7.26M | -5.36M | 224K |
| Interest Income | 12.66M | 13.09M | 9.63M | 2.43M | 465K |
| Interest Expense | 281K | 697K | 2.37M | 7.79M | 241K |
| Other Income/Expense | 11.81M | 12.18M | 7.08M | -15.45M | 247K |
| Pretax Income | -94.46M | -80.61M | -71.11M | -63.85M | -39.72M |
| Pretax Margin % | -912.25% | -896.11% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -94.46M | -80.61M | -71.11M | -63.85M | -39.72M |
| Net Margin % | -912.25% | -896.11% | - | - | - |
| Net Income Growth % | -19.53% | -13.35% | -11.36% | -60.75% | - |
| Net Income (Continuing) | -94.46M | -80.61M | -71.11M | -63.85M | -39.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.11 | -2.24 | -1.98 | -1.87 | -1.16 |
| EPS Growth % | -6.73% | -13.13% | -5.88% | -61.21% | - |
| EPS (Basic) | - | -2.24 | -1.98 | -1.87 | -1.16 |
| Diluted Shares Outstanding | 44.84M | 35.93M | 35.85M | 34.2M | 34.17M |
| Basic Shares Outstanding | 44.84M | 35.93M | 35.85M | 34.2M | 34.17M |
| Dividend Payout Ratio | - | - | - | - | - |
Quick answers to the most common questions about buying BIOA stock.
For fiscal year 2025, BioAge Labs Inc. (BIOA) reported total revenue of $9.0M.
BioAge Labs Inc. (BIOA) reported a net loss of $80.6M for the fiscal year ending 2025.
BioAge Labs Inc. (BIOA) reported an operating income of $-92.8M, resulting in an operating profit margin of -1031.5%. This margin reflects the operational efficiency of the business before interest and taxes.
BioAge Labs Inc. (BIOA) generated $9.0M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Clinical Trial Execution Risk
Metrics are mathematically derived from official filings.
Revenue Driven by Milestone Inflows
According to recent financial disclosures, BioAge Labs generated $8.995 million in TTM revenue, which appears to be entirely derived from non-recurring milestone payments rather than commercial product sales, highlighting the company's current status as a pre-commercial entity reliant on strategic partnerships for its top-line growth.
The revenue trajectory remains highly volatile and dependent on the timing of collaboration milestones rather than organic market demand. Investors should interpret these inflows as temporary liquidity events that do not reflect a sustainable or scalable commercial business model at this stage of development.
R&D Intensity Drives Operating Losses
As reported in quarterly filings, the company's cost structure is dominated by research and development expenditures, which reached $24.5 million in 2025Q4, reflecting the significant capital requirements necessary to advance the azelaprag clinical program through its current Phase 2 trial phase and associated CRO fees.
The concentration of spending in R&D indicates a high-risk, high-reward operational strategy where expense discipline is secondary to clinical trial velocity. This cost profile suggests that the company will continue to report substantial operating losses until a potential commercialization event or a significant licensing deal occurs.
Operating Leverage Remains Deeply Negative
Based on the provided income statement data, BioAge Labs exhibits a deeply negative operating margin, with losses reaching $28.4 million in 2025Q4, demonstrating that the company has yet to achieve any meaningful operating leverage as R&D costs continue to outpace the nominal revenue generated from collaborations.
The lack of operating leverage is expected for a clinical-stage biotech, but the widening gap between R&D spend and revenue suggests that the company is currently in a phase of maximum cash burn. Future improvements in operating margins will likely require a successful clinical readout that justifies higher-value partnership agreements.
Stock-Based Compensation Impacts Net Results
Analysis of the income statement reveals that stock-based compensation, which reached $4.3 million in 2026Q1, represents a significant non-cash expense that contributes to the net loss, warranting careful monitoring by investors as it dilutes existing shareholders while the company remains in a pre-revenue clinical development phase.
The consistent use of equity-based incentives suggests management's attempt to preserve cash for clinical operations, though this practice effectively shifts the burden of funding R&D onto shareholders. The quality of earnings is currently secondary to the company's ability to maintain its cash runway through the next major clinical milestone.