Overview

• US biopharma firm's Q1 collaboration revenue rose, beating analyst expectations

• Net loss widened on higher R&D expenses for BGE-102 and APJ agonist programs

• Company completed $132.3 mln follow-on public offering to fund operations through 2029

Outlook

• Company expects existing cash to fund operations and capital expenses through 2029

Result Drivers

• NOVARTIS COLLABORATION - Higher collaboration revenue driven by increased employee effort under Novartis partnership

• BGE-102 PROGRAM COSTS - R&D expenses rose mainly due to higher direct costs for BGE-102 clinical trial completion and preparations for new studies

• APJ AGONIST PROGRAMS - Additional R&D spending linked to discovery and development of APJ agonist programs

Company press release: ID:nGNX8F0q6V

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Collaboration Revenue	Beat	$2.77 mln	$1.32 mln (5 Analysts)
Q1 EPS		-$0.52
Q1 Net Income		-$22.25 mln
Q1 Income from Operations		-$25.38 mln
Q1 Operating Expenses		$28.15 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for BIOAGE Labs Inc is $51.00, about 186.2% above its May 7 closing price of $17.82

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