Piper Sandler has launched coverage of BioAge Labs Inc with an Overweight rating and set a $73.00 price target for the company's shares, according to the research note released Tuesday. The brokerage emphasized BioAge's lead oral small molecule, BGE-102, which is described as a once-daily, centrally penetrant NLRP3 inhibitor.
The firm highlighted results from Phase 1 single-ascending dose and multiple-ascending dose (SAD/MAD) studies in both healthy volunteers and in obese patients with elevated high-sensitivity C-reactive protein (hsCRP). Piper Sandler pointed to strong early safety and biomarker readouts from these cohorts and specifically noted an interim finding of an 86% median reduction in hsCRP among obese individuals with elevated inflammation reported by the company.
In assessing the program's commercial and scientific prospects, Piper Sandler cited broader validation of NLRP3 inhibition across multiple indications, referencing roughly 10 notable NLRP3-related transactions over the past decade. The note singled out several recent industry moves as evidence of acquisitive interest in the space, including Eli Lilly's roughly $1.2 billion purchase of Ventyx Biosciences, which is expected to close in the first half of 2026, and Novartis's roughly $1.4 billion acquisition of Tourmaline Bio.
The research team outlined a series of near-term milestones that underpin its positive view on BioAge. These include complete Phase 1 SAD/MAD data anticipated in the first half of 2026; initiation of a 12-week Phase 2a trial in obese patients with cardiovascular risk factors in the first half of 2026, with topline data expected in the second half of 2026; and an indication-expansion program into diabetic macular edema, with a Phase 1b/2a study scheduled to begin around mid-2026.
Separately, BioAge has taken steps to bolster its balance sheet. The company priced an upsized public offering of 5,897,435 shares of common stock at $19.50 per share, an issuance expected to generate about $115 million in gross proceeds. That transaction is slated to close around January 23, 2026. In addition, BioAge has proposed another underwritten public offering of up to $75 million, with underwriters granted a 30-day option to buy an additional $11.25 million in shares.
BioAge said the funds raised from the offerings are intended to support research, clinical development and manufacturing activities for its product candidates. The company has also announced plans to expand the BGE-102 program into ophthalmology, specifically targeting diabetic macular edema and planning a proof-of-concept study in mid-2026.
Taken together, Piper Sandler's initiation and BioAge's financing moves frame a near-term roadmap of clinical readouts and development progress through 2026. The broker's Overweight stance rests on the combination of encouraging early biomarker data, a defined set of catalysts with expected timelines and the recent capital raise intended to finance ongoing programs.
Contextual note - The information above reflects the firm's published analysis, recent interim biomarker findings disclosed by the company, and BioAge's announced financing and program timelines.