Quick Thoughts on Readthrough from ZEUS Trial

Research evidence excerpt

Quick Thoughts on Readthrough from ZEUS Trial

Update

July 31, 2026 01:39 PM GMT

Morgan Stanley & Co. LLCMBioAge Labs Inc | North America Michael E Ulz

Equity Analyst

Quick Thoughts on Mike.Ulz@morganstanley.comAvraham Novick +1 212 761-4650

Research Associate

Avi.Novick@morganstanley.com +1 212 761-2231

Readthrough from ZEUS Trial Rohit Bhasin

Rohit.Bhasin@morganstanley.com +1 212 761-0534

Key Takeaways

BioAge Labs Inc (BIOA.O, BIOA US)

Novo's Ph3 ZEUS study of ziltivekimab (anti-IL-6 mAb) failed to demonstrate a Biotechnology | United States of America

CV benefit despite reduction in hsCRP. Stock Rating Equal-weight

Industry View Attractive

BIOA's BGE-102 (NLRP3 inhibitor; upstream of IL-6) has demonstrated robust Price target $23.00

reductions in IL-6 and hsCRP and data from a Ph2 study are expected in 2H26. Shr price, close (Jul 30, 2026) $24.85

Mkt cap, curr (mm) $891

We believe the ZEUS study raises question on the potential of lowering hsCRP to 52-Week Range $25.96-4.11

reduce CV risk and we expect BIOA shares to be under pressure today.

ZEUS trial failed to show a CV benefit with anti-IL-6 mAb. This morning, Novo

Nordisk (covered by Thibault Boutherin) announced (PR here) that the Ph3 ZEUS

study of ziltivekimab (anti-IL-6 mAb) did result in expected reductions in IL-6 and

hsCRP. However, this did not translate into a reduction cardiovascular risk as

measured by major adverse cardiovascular events (MACE; hazard ratio: 0.99) in

patients with atherosclerotic cardiovascular disease (ASCVD), chronic kidney disease

(CKD) and inflammation. As a reminder, BioAge is evaluating BGE-102 (NLRP3

inhibitor) in a Ph2 trial in patients with ASCVD and inflammation, which works

upstream of the IL-6 pathway and has shown robust suppression of IL-6 and hsCRP