BioAge Labs, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
BIOA$5.34-3.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001193125-26-213466
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001193125-26-335407
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 145 previous paragraphs and 156 current paragraphs.
114 unchanged; 26 reworded; 13 added; 5 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
In June 2026, we dosed the first participant in QUELL-CV, a randomized, double-blind, placebo-controlled, Phase 2 dose-ranging proof-of-concept trial evaluating BGE-102, measuring inflammatory and cardiometabolic biomarkers. QUELL-CV is enrolling approximately 160 adults with obesity and baseline inflammation at elevated cardiovascular risk (hsCRP >3 mg/L), randomized to placebo or BGE-102 at 30 mg, 60 mg, or 90 mg administered orally once daily (~40 participants per arm) for 12 weeks. The primary endpoint is percent change from baseline in hsCRP, a pharmacodynamic measure of NLRP3 pathway inhibition, and the trial is designed to characterize the dose-response relationship for BGE-102 and to support dose selection for further development. We anticipate reporting topline data from QUELL-CV in the second half of 2026.
Current report
Collaboration revenue was $2.4 million for each of the three months ended June 30, 2026 and 2025.
Current report
Research and development expenses increased by $4.6 million from $19.8 million for the three months ended June 30, 2025 to $24.4 million for the three months ended June 30, 2026. The increase was primarily attributable to a $7.9 million increase in direct costs related to our BGE-102 program associated with initiation of QUELL-CV, a Phase 2 dose-ranging proof-of-concept trial evaluating BGE-102 in participants with obesity and baseline inflammation at elevated cardiovascular risk, start-up costs related to the planned initiation of QUELL-DME, a Phase 1b/2a proof-of-concept trial of BGE-102 in DME, licensing fees, and drug-product manufacturing.
Current report
The increase was further driven by a $1.5 million increase in personnel-related expenses, primarily reflecting higher stock-based compensation expense associated with new option grants to employees, and a $0.3 million increase in allocated facility and other expenses primarily driven by higher non-program specific consulting fees.
Current report
These increases were partially offset by a $3.3 million decrease in direct costs for other programs driven by lower licensing costs and a $1.9 million decrease in azelaprag direct costs following termination of its development in January 2025.
Current report
General and administrative expenses increased by $0.1 million from $7.3 million for the three months ended June 30, 2025 to $7.4 million for the three months ended June 30, 2026. The increase was primarily driven by a $0.6 million increase in personnel-related expenses, primarily reflecting higher stock-based compensation expense associated with new option grants to employees, executives, board members and advisors, and a $0.1 million increase in corporate insurance expense. These increases were partially offset by a $0.6 million decrease in legal fees.
Current report
Other income, net was $3.2 million for each of the three months ended June 30, 2026 and 2025. Interest expense decreased by $0.2 million resulting from the repayment of our term loan on April 1, 2026, offset by a $0.2 million increase in the loss from changes in the fair value of our warrants resulting from the increase in our stock price during the three months ended June 30, 2026.
Current report
Comparison of the Six Months Ended June 30, 2026 and 2025
Current report
Collaboration Revenue
Current report
Research and Development Expenses
Current report
General and Administrative Expenses
Current report
Partially offsetting this decrease, interest expense decreased by $0.4 million resulting from the repayment of our term loan on April 1, 2026, offset by a $0.4 million increase in the loss from changes in the fair value of our warrants resulting from the increase in our stock price during the six months ended June 30, 2026.
Current report
Based on the aggregate market value of our common stock held by non-affiliates as of June 30, 2026, which exceeded $700.0 million, we expect to cease being an emerging growth company and a smaller reporting company as of December 31, 2026. As a result, beginning with our Quarterly Report on Form 10-Q for the quarter ending March 31, 2027, we expect to become subject to the requirements applicable to non-accelerated filers that are neither emerging growth companies nor smaller reporting companies, including expanded executive compensation and financial statement disclosure. In addition, we will no longer be able to rely on the extended transition period under Section 107(b) of the JOBS Act, and will be required to adopt new or revised accounting standards as of the effective dates applicable to public companies that are not emerging growth companies.
Removed paragraphs (5)
Previous report
We intend to advance BGE-102 in two therapeutic areas: cardiometabolic disease and ophthalmology.
Previous report
Our first therapeutic area for BGE-102 is cardiometabolic disease, with a focus on ASCVD risk reduction. Chronic systemic inflammation, as measured by hsCRP, is an independent risk factor for cardiovascular events that is not adequately addressed by current lipid-lowering and antihypertensive therapies. We plan to initiate a Phase 2 dose-ranging proof-of-concept trial evaluating BGE-102 in participants with elevated cardiovascular risk in mid-2026, with data anticipated by end of year. The trial will assess three oral once-daily dose levels with change in hsCRP as the primary endpoint. The trial is designed to support optimal dose selection for Phase 3.
Previous report
Other Income, Net
Previous report
Other Income, Net
Previous report
In May 2022, we entered into a loan and security agreement (the Loan Agreement) with SVB Innovative Credit Growth Fund IX, LP and Innovative Credit Growth Fund VIII-A, LP pursuant to which we were able to borrow up to an aggregate of $25.0 million across two potential tranches until December 31, 2023 (the Term Loan). The Loan Agreement has a floating interest rate of the higher of the Wall Street Journal Prime rate plus 4.00% or 7.5%. The amounts borrowed under the Loan Agreement matured on April 1, 2026. We made a final payment fee equal to 4.4% of the total amount borrowed upon maturity. As of March 31, 2026, we had $0.5 million outstanding under the Loan Agreement. See Note 4 to our condensed consolidated financial statements included elsewhere in this Quarterly Report for further discussion of the Loan Agreement.
Reworded paragraphs (26)
Previous wording
You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report and with our audited financial statements and the notes thereto for the year ended December 31, 2025 included in Form 10-K filed with the Securities and Exchange Commission on March 24, 2026. This discussion and analysis and other parts of this Quarterly Report contain forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and beliefs. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled “Risk Factors” and elsewhere in this Quarterly Report. You should carefully read the section titled “Risk Factors” to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled “Special Note Regarding Forward-Looking Statements.”
Current wording
You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report and with our audited financial statements and the notes thereto for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24, 2026. This discussion and analysis and other parts of this Quarterly Report contain forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and beliefs. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled “Risk Factors” and elsewhere in this Quarterly Report. You should carefully read the section titled “Risk Factors” to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled “Special Note Regarding Forward-Looking Statements.”
Previous wording
Our lead program, BGE-102, is a potent, structurally novel, orally available, brain-penetrant small-molecule NLRP3 inhibitor. BGE-102 has a distinct mechanism and binding site from other NLRP3 inhibitors in development with issued patents covering both composition of matter and claims for the unique binding site.
Current wording
Our lead program, BGE-102, is a potent, orally bioavailable, brain-penetrant small-molecule NLRP3 inhibitor being developed for diseases driven by inflammation including retinal diseases such as diabetic macular edema (DME). BGE-102 has a distinct mechanism and binding site from other NLRP3 inhibitors in development with issued patents covering both composition of matter and claims for the unique binding site. We are actively evaluating additional indications where NLRP3 inhibition may deliver meaningful benefit.
Previous wording
In April 2026, we reported results from the full Phase 1 Single Ascending Dose (SAD) / Multiple Ascending Dose (MAD) clinical trial of BGE-102, including a newly announced 60 mg once-daily cohort dosed for 21 days in participants with obesity and elevated inflammation, demonstrating potential best-in-class reductions in high-sensitivity C-reactive protein (hsCRP) and consistent reductions across multiple inflammatory biomarkers with a favorable tolerability profile. BGE-102 was well tolerated across all dose levels evaluated; all treatment-emergent adverse events were mild to moderate and self-limited, with no dose dependency, no serious adverse events, no discontinuations due to adverse events, and no clinically meaningful adverse changes in vital signs, ECGs, or laboratory values. In the Phase 1 SAD / MAD study, BGE-102 demonstrated rapid, profound, and sustained hsCRP reductions at both evaluated dose levels in participants with obesity and elevated baseline hsCRP. At 120 mg once daily for 14 days, BGE-102 demonstrated an 86% median reduction in hsCRP at Day 14, with 93% of participants on active treatment (13/14) achieving hsCRP levels below 2 mg/L — the threshold associated with a 25% reduction in major adverse cardiovascular events — and 71% (10/14) reaching hsCRP at or below 1 mg/L. At 60 mg once daily for 21 days, BGE-102 achieved an 86% median reduction in hsCRP at Day 21, with 87% of participants on active treatment (13/15) achieving hsCRP below 2 mg/L and 60% (9/15) reaching hsCRP at or below 1 mg/L. This level of hsCRP reduction is comparable to injectable anti-IL-6 monoclonal antibodies in clinical development for atherosclerotic cardiovascular disease (ASCVD), but achieved with once-daily oral dosing. BGE-102 also produced consistent reductions in IL-6 (up to 78% at 60 mg and 69% at 120 mg) and fibrinogen (approximately 19–23% at 60 mg and 24–30% at 120 mg), at both dose levels.
Current wording
In April 2026, we reported results from the full Phase 1 Single Ascending Dose (SAD) / Multiple Ascending Dose (MAD) clinical trial of BGE-102, including two cohorts of participants with obesity and elevated inflammatory markers such as high-sensitivity C-reactive protein (hsCRP) (60 mg dosed once daily for 21 days and 120 mg dosed for 14 days), demonstrating potential best-in-class reductions in hsCRP and consistent reductions across multiple inflammatory biomarkers with a favorable tolerability profile. BGE-102 was well tolerated across all dose levels evaluated; all treatment-emergent adverse events were mild to moderate and self-limited, with no dose dependency, no serious adverse events, no discontinuations due to adverse events, and no clinically meaningful changes in vital signs, electrocardiograms, or laboratory values. BGE-102 demonstrated rapid, profound, and sustained hsCRP reductions at both evaluated dose levels in participants with obesity and elevated baseline hsCRP. At 60 mg once daily for 21 days, BGE-102 achieved an 86% median reduction in hsCRP at Day 21, with 87% of participants on active treatment (13/15) achieving hsCRP below 2 mg/L and 60% (9/15) reaching hsCRP at or below 1 mg/L. At 120 mg once daily for 14 days, BGE-102 demonstrated an 86% median reduction in hsCRP at Day 14, with 93% of participants on active treatment (13/14) achieving hsCRP levels below 2 mg/L and 71% (10/14) reaching hsCRP at or below 1 mg/L. BGE-102 also produced consistent reductions in IL-6 (55–78% at 60 mg and 58–69% at 120 mg), fibrinogen (19–23% at 60 mg and 24–30% at 120 mg), and achieved up to 98% suppression of IL-1β at trough in an ex vivo whole-blood assay.
Previous wording
Our second therapeutic area for BGE-102 is ophthalmology. Diabetic macular edema (DME) is our first proof-of-concept indication in this area. DME affects approximately 1 million patients in the United States, and current intravitreal therapies face significant unmet need due to high injection burden and a substantial refractory population — approximately 45% of patients demonstrate refractoriness to anti-vascular endothelial growth factor (VEGF) therapy. In a preclinical model of DME, oral BGE-102 demonstrated dose-dependent preservation of retinal vascular integrity, achieving near-complete protection from vascular leakage and up to 90% preservation of microvascular integrity. We plan to initiate a Phase 1b/2a proof-of-concept trial in DME in mid-2026 with results anticipated in mid-2027. The goal is to demonstrate ocular target engagement, supporting future development across inflammation-driven retinal diseases.
Current wording
DME is our first proof-of-concept indication for BGE-102 in ophthalmology. DME affects approximately 1 million patients in the United States, and current intravitreal therapies face significant unmet need due to high injection burden and a substantial refractory population — approximately 45% of patients demonstrate refractoriness to anti-vascular endothelial growth factor (VEGF) therapy. In a preclinical model of DME, oral BGE-102 demonstrated dose-dependent preservation of retinal vascular integrity, achieving near-complete protection from vascular leakage and up to 90% preservation of microvascular integrity. We plan to initiate QUELL-DME, a Phase 1b/2a proof-of-concept trial of BGE-102 in DME in mid-2026 with results anticipated in mid-2027. The goal is to demonstrate ocular target engagement, potentially supporting future development across inflammation-driven retinal diseases.
Previous wording
Beyond NLRP3 inhibition, we are also developing novel apelin receptor APJ agonists for obesity, including long-acting injectable and oral small-molecule APJ agonist programs. In preclinical obesity models, APJ agonism has demonstrated the ability to more than double the weight loss induced by a glucagon-like peptide-1 receptor (GLP-1R) agonist while also restoring healthy body composition and improving muscle function. In June 2025, we announced an option agreement with JiKang Therapeutics for a novel APJ agonist antibody, as well as the filing of a U.S. provisional patent for novel small molecule APJ agonists. We intend to file the first Investigational New Drug application (IND) for an APJ program by 2026 year end.
Current wording
Beyond NLRP3 inhibition, we are also developing novel apelin receptor APJ agonists for obesity, including long-acting injectable and oral small-molecule APJ agonist programs. In preclinical obesity models, APJ agonism has demonstrated the ability to more than double the weight loss induced by a glucagon-like peptide-1 receptor (GLP-1R) agonist while also restoring healthy body composition and improving muscle function. In June 2025, we announced an option agreement with JiKang Therapeutics for a novel APJ agonist antibody, as well as the filing of a U.S. provisional patent for novel small-molecule APJ agonists. We intend to file the first Investigational New Drug application (IND) for an APJ program by year-end 2026.
Previous wording
We have incurred significant operating losses and negative cash flows since inception. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of any future product candidates. Our net losses were $22.3 million and $12.9 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $355.7 million. We expect to continue to incur net operating losses for the foreseeable future, and we expect our research and development expenses, general and administrative expenses, and capital expenditures will increase substantially in connection with our ongoing activities, particularly if, and as, we:
Current wording
We have incurred significant operating losses and negative cash flows since inception. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of any future product candidates. Our net losses were $48.4 million and $34.5 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $381.8 million. We expect to continue to incur net operating losses for the foreseeable future, and we expect our research and development expenses, general and administrative expenses, and capital expenditures will increase substantially in connection with our ongoing activities, particularly if, and as, we:
Previous wording
Our net losses may fluctuate significantly from period to period, depending on the timing of factors above.
Current wording
Our net losses may fluctuate significantly from period to period, depending on the timing of the factors above.
Previous wording
As of March 31, 2026, we had $384.9 million in cash, cash equivalents, and marketable securities. Based on our current operating plan, we estimate that our existing cash, cash equivalents, and marketable securities as of the filing date of this Quarterly Report will be sufficient to fund our operations and capital expenses through 2029. However, we have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See the section titled "Liquidity and Capital Resources" included elsewhere in this Quarterly Report.
Current wording
As of June 30, 2026, we had $381.3 million in cash, cash equivalents, and marketable securities. Based on our current operating plan, we estimate that our existing cash, cash equivalents, and marketable securities as of the filing date of this Quarterly Report will be sufficient to fund our operations and capital expenses through 2029. However, we have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See the section titled "Liquidity and Capital Resources" included elsewhere in this Quarterly Report.
Previous wording
Collaboration revenue of $2.8 million and $1.5 million was recognized under the Novartis Agreement in the three months ended March 31, 2026 and 2025. During the three months ended March 31, 2026, we recorded $2.1 million in revenue that was included in deferred revenue as of December 31, 2025 and $0.7 million in revenue related to research funding for reimbursable costs incurred during the three months ended March 31, 2026. Deferred revenue related to the Novartis Agreement amounted to $6.2 million and $5.8 million as of March 31, 2026, and December 31, 2025, respectively, all of which was included in current liabilities within the condensed consolidated balance sheets.
Current wording
Collaboration revenue of $5.2 million and $3.9 million was recognized under the Novartis Agreement in the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, we recorded $1.4 million in revenue that was included in deferred revenue as of December 31, 2025 and $3.8 million in revenue related to research funding for reimbursable costs incurred during the six months ended June 30, 2026. Deferred revenue related to the Novartis Agreement amounted to $4.4 million and $5.8 million as of June 30, 2026, and December 31, 2025, respectively, all of which was included in current liabilities within the condensed consolidated balance sheets.
Previous wording
Gain (loss) on changes in fair value consists of assessed changes in fair value of warrants to purchase our common stock.
Current wording
Gain (loss) on changes in fair value of warrants consists of assessed changes in fair value of warrants to purchase our common stock.
Previous wording
Collaboration revenue for the three months ended March 31, 2026 was $2.8 million, compared to $1.5 million for the three months ended March 31, 2025. The $1.3 million increase was due to increased full-time equivalent employee (FTE) effort under the Novartis Agreement, resulting in higher revenue recognized based on progress toward satisfaction of the related performance obligation.
Current wording
Collaboration revenue for the six months ended June 30, 2026 was $5.2 million, compared to $3.9 million for the six months ended June 30, 2025. The $1.3 million increase was due to increased full-time equivalent employee effort under the Novartis Agreement, resulting in higher revenue recognized based on progress toward satisfaction of the related performance obligation.
Previous wording
Research and development expenses increased by $9.3 million from $11.1 million for the three months ended March 31, 2025 to $20.4 million for the three months ended March 31, 2026. The increase in research and development expenses was primarily attributable to a $5.7 million increase in direct costs related to our BGE-102 program associated with the completion of our Phase 1 SAD / MAD clinical trial, preparation for our planned Phase 2 dose-ranging proof-of-concept trial evaluating BGE-102 in participants with elevated cardiovascular risk and planned Phase 1b/2a proof-of-concept trial in DME, each expected to initiate in 2026, and drug-product manufacturing. Additionally contributing to the increase was a $3.6 million increase in direct costs for other programs, which was primarily related to discovery and development activities related to our novel apelin receptor APJ agonist programs, and a $0.8 million increase in allocated facility and other expenses primarily driven by an increase in non-program specific consulting fees.
Current wording
Research and development expenses increased by $13.8 million from $31.0 million for the six months ended June 30, 2025 to $44.8 million for the six months ended June 30, 2026. The increase was primarily attributable to a $13.6 million increase in direct costs related to our BGE-102 program associated with the completion of our Phase 1 SAD / MAD clinical trial, initiation of QUELL-CV, a Phase 2 dose-ranging proof-of-concept trial evaluating BGE-102 in participants with obesity and baseline inflammation at elevated cardiovascular risk, start-up costs related to the planned initiation of QUELL-DME, a Phase 1b/2a proof-of-concept trial of BGE-102 in DME, licensing fees, and drug-product manufacturing.
Previous wording
These increases in research and development expense were partially offset by a $0.8 million reduction in azelaprag direct costs as development was terminated in January 2025.
Current wording
These increases were partially offset by a $2.7 million decrease in azelaprag direct costs following termination of its development in January 2025.
Previous wording
General and administrative expenses increased by $0.9 million from $6.8 million for the three months ended March 31, 2025 to $7.7 million for the three months ended March 31, 2026. The increase was primarily driven by a $0.6 million increase in personnel-related expenses, largely due to an increase in stock-based compensation expense associated with new option grants issued to employees, executives, board members and advisors, and a $0.4 million increase in legal fees, partially offset by a $0.1 million decrease in consulting expenses.
Current wording
General and administrative expenses increased by $1.1 million from $14.1 million for the six months ended June 30, 2025 to $15.2 million for the six months ended June 30, 2026. The increase was primarily driven by a $1.2 million increase in personnel-related expenses, largely due to an increase in stock-based compensation expense associated with new option grants issued to employees, executives, board members and advisors and a $0.1 million increase in corporate insurance expense. These increases were partially offset by a $0.2 million decrease in legal fees.
Previous wording
Other income, net decreased by approximately $0.4 million from $3.5 million for the three months ended March 31, 2025 to $3.1 million for the three months ended March 31, 2026. This decrease in other income, net was primarily attributable to a $0.4 million decrease in interest income driven by lower interest rates during the period, resulting in reduced yields on cash, cash equivalents, and marketable securities.
Current wording
Other income, net decreased by approximately $0.4 million from $6.7 million for the six months ended June 30, 2025 to $6.3 million for the six months ended June 30, 2026. This decrease in other income, net was primarily attributable to a $0.4 million decrease in interest income driven by lower interest rates during the period, resulting in reduced yields on cash, cash equivalents, and marketable securities.
Previous wording
Since our inception, we have incurred significant losses in each period and on an aggregate basis. We have not yet commercialized any product candidates, and we do not expect to generate revenue from sales of any product candidates for the foreseeable future, if at all. As of March 31, 2026, we had $384.9 million in cash, cash equivalents, and marketable securities and we had an accumulated deficit of $355.7 million.
Current wording
Since our inception, we have incurred significant losses in each period and on an aggregate basis. We have not yet commercialized any product candidates, and we do not expect to generate revenue from sales of any product candidates for the foreseeable future, if at all. As of June 30, 2026, we had $381.3 million in cash, cash equivalents, and marketable securities and we had an accumulated deficit of $381.8 million.
Previous wording
As of March 31, 2026, we have sold an aggregate of 1,400,000 shares of our common stock through our ATM Facility pursuant to the Sales Agreement. The gross proceeds from these sales were approximately $17.6 million, before deducting sales agent commission and offering costs of approximately $0.5 million, resulting in net proceeds of approximately $17.1 million.
Current wording
As of June 30, 2026, we have sold an aggregate of 2,400,000 shares of our common stock through our ATM Facility pursuant to the Sales Agreement. The gross proceeds from these sales were approximately $33.9 million, before deducting sales agent commission and offering costs of approximately $1.2 million, resulting in net proceeds of approximately $32.7 million.
Previous wording
Cash used in operating activities during the three months ended March 31, 2026 was $24.0 million, and was primarily due to our net loss of $22.3 million and a $6.0 million change in operating assets and liabilities. These changes were partially offset by non-cash adjustments of $4.2 million, primarily consisting of $4.3 million of stock-based compensation expense, partially offset by accretion of investment discounts.
Current wording
Cash used in operating activities during the six months ended June 30, 2026 was $43.3 million, and was primarily due to our net loss of $48.4 million and a $3.2 million change in operating assets and liabilities. These changes were partially offset by non-cash adjustments of $8.2 million, primarily consisting of $8.5 million of stock-based compensation expense, partially offset by accretion of investment discounts.
Previous wording
Cash used in operating activities during the three months ended March 31, 2025 was $17.4 million, and was primarily due to our net loss of $12.9 million and a $7.5 million change in operating assets and liabilities. These changes were partially offset by non-cash adjustments of $3.1 million, of which $2.9 million related to stock-based compensation expense.
Current wording
Cash used in operating activities during the six months ended June 30, 2025 was $37.3 million, and was primarily due to our net loss of $34.5 million and a $9.3 million change in operating assets and liabilities. These changes were partially offset by non-cash adjustments of $6.5 million, of which $6.2 million related to stock-based compensation expense.
Previous wording
Cash used in investing activities was $46.8 million during the three months ended March 31, 2026 and included cash outflows of $80.2 million related to the purchase of marketable securities, partially offset by $33.5 million in maturities of marketable securities.
Current wording
Cash used in investing activities was $211.3 million during the six months ended June 30, 2026 and included cash outflows of $284.0 million related to the purchase of marketable securities, as well as $0.4 million related to the purchase of property and equipment, partially offset by $73.1 million in cash proceeds from the maturities of marketable securities.
Previous wording
Cash used in investing activities was $78.0 million during the three months ended March 31, 2025 and included cash outflows of $77.6 million related to the purchase of marketable securities as well as $0.4 million related to the purchase of property and equipment.
Current wording
Cash used in investing activities was $93.6 million during the six months ended June 30, 2025 and included cash outflows of $101.5 million related to the purchase of marketable securities as well as $0.6 million related to the purchase of property and equipment, partially offset by maturities of marketable securities of $8.5 million.
Previous wording
Cash provided by financing activities during the three months ended March 31, 2026 was $123.7 million resulting from $123.6 million in net proceeds from an underwritten public offering of our common stock and $1.7 million in stock option exercise proceeds, partially offset by $1.5 million in principal payments on our Term Loan and $0.1 million for the payment of deferred offering costs.
Current wording
Cash provided by financing activities during the six months ended June 30, 2026 was $139.7 million resulting from $123.6 million in net proceeds from an underwritten public offering of our common stock, $15.6 million in net proceeds from the issuance of common stock through our ATM facility and $3.2 million in stock option exercise proceeds, partially offset by $2.0 million in principal payments on our term loan, and a $0.7 million payment of the final fee related to the maturity of our term loan in April 2026.
Previous wording
Cash used in financing activities during the three months ended March 31, 2025 was $1.5 million due to principal payments on our Term Loan.
Current wording
Cash used in financing activities during the six months ended June 30, 2025 was $3.0 million due to principal payments on our term loan.
Previous wording
We lease office and lab space at our corporate headquarters in Emeryville, California (the Emeryville Lease). The Emeryville Lease is accounted for as an operating lease and expires on February 28, 2031. Non-cancellable base rent lease obligations as of March 31, 2026 were $3.8 million, of which $0.7 million is due within the next 12 months.
Current wording
We lease office and lab space at our corporate headquarters in Emeryville, California (the Emeryville Lease). The Emeryville Lease is accounted for as an operating lease and expires on February 28, 2031. Non-cancellable base rent lease obligations as of June 30, 2026 were $3.7 million, of which $0.8 million is due within the next 12 months.
Previous wording
We enter into contracts in the normal course of business with CROs, CDMOs and other third-party vendors for preclinical research studies and testing, clinical trials and testing and manufacturing services. Most contracts do not contain minimum purchase commitments and are cancellable by us upon written notice. Payments due upon cancellation consist of payments for services provided or expenses incurred, including non-cancelable obligations of our service provided up to one year after the date of cancellation.
Current wording
We enter into contracts in the normal course of business with CROs, CDMOs and other third-party vendors for preclinical research studies and testing, clinical trials and testing and manufacturing services. Most contracts do not contain minimum purchase commitments and are cancellable by us upon written notice. Payments due upon cancellation consist of payments for services provided or expenses incurred, including non-cancellable obligations of service provided up to one year after the date of cancellation.
Previous wording
Our critical accounting policies and estimates are described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K. We have reviewed those critical accounting policies and estimates for the three months ended March 31, 2026. There have been no significant changes in our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Current wording
Our critical accounting policies and estimates are described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K. We have reviewed those critical accounting policies and estimates for the six months ended June 30, 2026. There have been no significant changes in our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The following table summarizes our results of operations for each of the periods presented (in thousands, except percentages):
Current report — wording carried from elsewhere
The following table summarizes our research and development expenses for each of the periods presented (in thousands, except percentages):
Current report — wording carried from elsewhere
The increase was further driven by a $1.5 million increase in personnel-related expenses, primarily reflecting higher stock-based compensation expense associated with new option grants to employees, and a $1.1 million increase in allocated facility and other expenses primarily driven by higher non-program specific consulting fees. Additionally contributing to the increase was a $0.3 million increase in direct costs for other programs, which was primarily related to discovery and development activities related to our novel apelin receptor APJ agonist programs.