BioAge Labs (BIOA) reported late Tuesday that it plans to launch a public offering of up to $75 million of common shares.

Underwriters will be given a 30-day option to buy an additional $11.3 million of shares of its common stock, the company said.

The biopharma company said it plans to use the proceeds from offering, along with its existing cash, to finance the advancement of its product candidates, including lead candidate BGE-102, for debt reduction and general corporate purposes, among others.

Shares of the company fell more than 5% in recent after-hours activity.