Revenue has been uneven and milestone-driven, slipping from a $3.1M peak in Q4 2025 to $2.5M in Q2 2026, while operating losses more than doubled from -$12.8M in Q1 2024 to -$29.3M, producing a -12.0% operating margin that signals significant negative operating leverage.
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 | 8.6M | 8.99M | 0 | 0 | 0 |
| Revenue Growth % | 45.33% | - | - | - | - |
| Cost of Goods Sold | 63K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | 8.24M | 8.99M | 0 | 0 | 0 |
| Gross Margin % | 95.8% | 100% | - | - | - |
| Gross Profit Growth % | - | - | - | - | - |
| Operating Expenses | 129.08M | 101.78M | 78.19M | 48.4M | 39.97M |
| OpEx % of Revenue | - | 1131.46% | - | - | - |
| Selling, General & Admin | 29.57M | 27.81M | 19.16M | 14.51M | 9.45M |
| SG&A % of Revenue | - | 309.16% | - | - | - |
| Research & Development | 99.51M | 73.97M | 59.04M | 33.89M | 30.52M |
| R&D % of Revenue | - | 822.3% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -120.54M | -92.78M | -78.19M | -48.4M | -39.97M |
| Operating Margin % | -1401.81% | -1031.46% | - | - | - |
| Operating Income Growth % | - | -18.65% | -61.56% | -21.09% | - |
| EBITDA | -120.34M | -92.57M | -78.03M | -48.24M | -39.84M |
| EBITDA Margin % | -1399.47% | -1029.09% | - | - | - |
| EBITDA Growth % | -34.42% | -18.63% | -61.75% | -21.08% | - |
| D&A (Non-Cash Add-back) | 202K | 213K | 167K | 162K | 129K |
| EBIT | -74.16M | -79.91M | -68.74M | -56.06M | -39.48M |
| Net Interest Income | 9.37M | 12.39M | 7.26M | -5.36M | 224K |
| Interest Income | 9.5M | 13.09M | 9.63M | 2.43M | 465K |
| Interest Expense | 3.52M | 697K | 2.37M | 7.79M | 241K |
| Other Income/Expense | 12.74M | 12.18M | 7.08M | -15.45M | 247K |
| Pretax Income | -107.8M | -80.61M | -71.11M | -63.85M | -39.72M |
| Pretax Margin % | -1253.6% | -896.11% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -107.8M | -80.61M | -71.11M | -63.85M | -39.72M |
| Net Margin % | -1253.6% | -896.11% | - | - | - |
| Net Income Growth % | -42.23% | -13.35% | -11.36% | -60.75% | - |
| Net Income (Continuing) | -107.8M | -80.61M | -71.11M | -63.85M | -39.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.35 | -2.24 | -1.98 | -1.87 | -1.16 |
| EPS Growth % | -20.85% | -13.13% | -5.88% | -61.21% | - |
| EPS (Basic) | - | -2.24 | -1.98 | -1.87 | -1.16 |
| Diluted Shares Outstanding | 45.91M | 35.93M | 35.85M | 34.2M | 34.17M |
| Basic Shares Outstanding | 45.91M | 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
Cash burn without commercial traction
Metrics are mathematically derived from official filings.
Milestone Revenue Lacks Organic Momentum
Based on quarterly SEC filings, BIOA's revenue trajectory since first appearing in early 2025 has been uneven, peaking at $3.1M in Q4 before declining to $2.5M by Q2 2026, suggesting milestone-driven rather than recurring commercial revenue that lacks a durable growth foundation.
Revenue first appeared in Q1 2025 at $1.5M and has since followed a saw-tooth pattern through a $3.1M peak in Q4 2025 before declining in each of the two subsequent quarters, ending at $2.5M. This non-compounding trajectory is more consistent with collaboration or milestone payments than with a commercially launched product, and the recent sequential declines of 9.7% and then 1.6% suggest the revenue base has not yet established an organic growth trajectory that can be underwritten with confidence.
Losses Scale Faster Than Revenue
BIOA's operating losses have more than doubled from -$12.8M in Q1 2024 to -$29.3M in Q2 2026, far outpacing the modest $2.5M revenue base, indicating significant negative operating leverage. As reported in recent financial statements, the operating margin deteriorated to -12.0% in the latest quarter.
The 129% expansion in quarterly operating losses over eight quarters, against a revenue base that has never exceeded $3.1M, means each incremental dollar of revenue has been accompanied by substantially greater incremental cost — the definition of negative operating leverage at this stage. The operating margin briefly improved to -9.2% in mid-2025 but has since reversed to -12.0%, eroding the limited evidence of nascent operating leverage and suggesting that cost growth continues to outrun any top-line contribution.
R&D Dominance Drives Cost Escalation
R&D spending has been the dominant cost driver for BIOA, more than doubling from $9.3M in Q1 2024 to $24.5M in Q4 2025, while SG&A roughly doubled from $3.5M to $7.4M over the same span. According to BIOA's financial reports, these costs far exceed the $2.5M quarterly revenue.
R&D has consistently consumed 70–80% of total operating expenditure, reflecting the capital intensity of advancing clinical-stage programs, and the rebound to $24.4M in Q2 2026 after a brief pullback to $18.5M in Q3 2025 suggests program advancement is continuing at an accelerated pace. Meanwhile, SG&A's doubling to $7.4M per quarter against a revenue base of just $2.5M raises questions about whether commercial infrastructure is being built ahead of demonstrated demand, particularly given that SG&A alone exceeds quarterly revenue by roughly 3x.
SBC Surge Degrades Loss Quality
BIOA's stock-based compensation has surged fivefold from $852K in Q1 2024 to $4.3M per quarter, materially inflating reported losses beyond cash outflows. Per recent SEC filings, the gap between operating losses (-$29.3M) and net losses (-$26.1M) in Q2 2026 likely reflects non-operating income offsetting core expenses.
The fivefold increase in SBC over ten quarters means that non-cash compensation now represents roughly 15% of the operating loss, a meaningful consideration for investors assessing whether reported losses overstate true economic cash burn. The persistent $2–4M gap between operating and net losses across most quarters appears to reflect interest income earned on the company's cash balance, partially cushioning the bottom line but masking the underlying severity of core operating losses.
Escalating Burn Meets Fading Revenue
The core analytical challenge is that BIOA's cost structure has escalated significantly without corresponding revenue traction, with quarterly losses widening to -$29.3M against just $2.5M in revenue. As indicated by financial statements, the two consecutive quarters of revenue decline alongside rising R&D raises sustainability questions.
A short-seller would focus on the widening disconnect between BIOA's escalating cost base and its deteriorating revenue trajectory, particularly as quarterly losses have more than doubled to -$29.3M while revenue has declined for two consecutive quarters from its Q4 2025 peak. The near-100% gross margin is essentially irrelevant when the revenue base is too small to absorb even the $7.4M quarterly SG&A load, and the accelerating SBC burn of $4.3M per quarter further compounds dilution risk, making the timeline to a meaningful revenue inflection the single most critical variable for investors to monitor.