Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
BioAge Labs, Inc. (BIOA)
A forensic read on BioAge Labs, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
12.6
Altman Z-score
Watch
Earnings quality
4
Forensic signals
-29.4%
ROE
$1.1B
Market cap
BioAge Labs, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 12.6, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+344.0%Accruals ratio.Net operating assets grew +344.0% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by +3% of net operating assets.
-83%Return on invested capital.Return on invested capital is -83% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1024.0%/yrShare-count dilution.Diluted share count changed +2048% over the last 2 years to FY2025 (+1024.0%/yr). The count is GROWING — existing holders are being diluted. That's ~1024.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~2048%.
130% of revStock-based comp load.Stock-based compensation ran 130% of revenue in FY2025 — about $0.33 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-896.1%
Debt / Equity0.01x
Free Cash Flow$-82.3M
Latest Revenue$9.0M
Return on Equity-29.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on BioAge Labs, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about BIOA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown