BioAge Labs Inc (BIOA.O): BioAge Doses the First Patient in the Ph2 QUELL-CV Trial Designed to Support Ph3 Dose Selection for BGE-102

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BioAge Labs Inc (BIOA.O): BioAge Doses the First Patient in the Ph2 QUELL-CV Trial Designed to Support Ph3 Dose Selection for BGE-102

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16 Jun 2026 16:10:03 ET │ 11 pages

BioAge Labs Inc (BIOA.O)

BioAge Doses the First Patient in the Ph2 QUELL-CV Trial Designed to

Support Ph3 Dose Selection for BGE-102

CITI’S TAKE Buy / High Risk

This morning, BioAge disclosed the first patient has been dosed in the Ph2 Price (16 Jun 26 16:00) US$20.49

QUELL-CV trial of BGE-102 in obese patients with elevated hsCRP Target price US$52.00

(>3mg/L) and at least one cardiovascular risk factor. The study will enroll

Expected share price return 153.8% 160 patients randomized into four study arms (1:1:1:1): three doses of BGE-

102 (30mg, 60mg, 90mg QD) and placebo. The primary endpoint is the Expected dividend yield 0.0%

change in hsCRP after 12 weeks of dosing. Topline data continue to be Expected total return 153.8%

expected in 2H26 and will inform dose selection for a Ph3 trial. We Market Cap US$911M

continue to view BGE-102 as a potential best-in-class NLRP3 inhibitor

based on its potency, brain-penetrance, and magnitude of hsCRP

reduction observed in the Ph1 MAD study. Reiterate Buy/High Risk.

Samantha Semenkow, Ph.D.AC

+1-716-730-7388

Outlining the mechanistic rationale for an oral NLRP3 inhibitor in ASCVD – There is

samantha.semenkow@citi.com

ample evidence suggesting that elevated hsCRP is predictive of major cardiovascular

disease events (see here). This is evident in the data from the CANTOS trial of Geoff Meacham, Ph.D.

canakinumab (anti-IL-1B) in ASCVD where inhibiting IL-1B led to decreased IL6, +1-404-443-4701

hsCRP, and a reduction in MACE events, resulting in an ~15% risk reduction (HR geoffrey.meacham@citi.com

0.85/0.86 for 150mg/300mg canakinumab; see Table 2 here).