Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 26, 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
Grey Zone
Financial health
12.7
Distress distance
Not computable
Earnings quality
3
Forensic signals
-3.4
P / E (ttm)
-29.6%
ROE
$362M
Market cap
0.00%
Dividend yield
1.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Bioage Labs, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 12.7, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+235.0%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +235% over the last 1 year to FY2025 (+235.0%/yr). The count is growing — 10.7M shares in FY2024, 35.9M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~235.0% 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 FY2024 has been diluted ~70%.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-22.7M to FY2025 $+85.8M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
130% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 130% of revenue in FY2025 — about $0.33 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 235.0% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$9.0M
Revenue Growth YoY—
Net Margin-896.1%
Free Cash Flow-$82.3M
Return on Equity-29.6%
Debt / Equity0.01x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Bioage Labs, Inc.'s actual 10-K/10-Q/8-K filings?