Full Press Release Details
Jade Biosciences Reports First Quarter 2026 Financial Results and Provides Corporate Update
San Francisco and Vancouver, British Columbia -
May 7, 2026 - Jade Biosciences, Inc. ("Jade" or the "Company") (Nasdaq: JBIO), a biotechnology company focused on developing
best-in-class therapies for autoimmune diseases, today announced financial results for the first quarter ending March 31, 2026, and provided a corporate update.
"With the upcoming initial biomarker-rich Phase 1 data for our lead program, JADE101, and an additional program expected to enter the clinic this
quarter, we are transitioning into a new phase of focused clinical execution," said Tom Frohlich, Chief Executive Officer of Jade Biosciences. "We believe these milestones position us to generate meaningful clinical insights across our
portfolio over the coming quarters, while continuing to rapidly advance our pipeline of potentially best-in-class therapies for autoimmune diseases."
Pipeline and Corporate Updates
potentially best-in-class selective anti-APRIL monoclonal antibody for IgA nephropathy (IgAN)
JADE201: potentially
best-in-class anti-BAFF-R monoclonal antibody for autoimmune diseases
JADE301: undisclosed antibody program for autoimmune diseases
First Quarter 2026 Financial
About Jade Biosciences, Inc.
Jade Biosciences is a
clinical-stage biotechnology company focused on developing best-in-class therapies that address critical unmet needs in autoimmune diseases. Jade's lead candidate,
JADE101, targets the cytokine APRIL, and is currently being evaluated for the treatment of immunoglobulin A nephropathy. Jade's pipeline also includes JADE201, an afucosylated anti-BAFF-R monoclonal
antibody, as well as JADE301, an undisclosed antibody candidate. Jade was launched based on assets licensed from Paragon Therapeutics, an antibody discovery engine founded by Fairmount. For more information,
visit JadeBiosciences.com and follow the Company on LinkedIn.
Forward-Looking Statements
Certain statements in this communication, other than purely historical information, may constitute "forward-looking statements" within the meaning
of the federal securities laws, including for purposes of the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied
statements relating to Jade's expectations, hopes, beliefs, intentions or strategies regarding the future of its pipeline and business including, without limitation: Jade's ability to achieve the expected benefits or opportunities with
respect to JADE101, JADE201 and JADE301; plans for future clinical trials, including the expected timelines for initiation of the Phase 2 clinical trial of JADE 101 and
first-in-human clinical trials of JADE201 and JADE301; expected timelines for data from the Phase 1 clinical trial of JADE101, the Phase 2 clinical trial of JADE101 and
the Phase 1 clinical trial of JADE201 and the potential to accelerate the clinical development of JADE101; the potential of Jade's product candidates to become
best-in-class therapies; their potential therapeutic uses, efficacy, safety profiles, and dosing; and the potential for Jade's cash runway to extend into the first
half of 2028. The words "opportunity," "potential," "milestones," "pipeline," "can," "goal," "strategy," "target," "anticipate,"
"achieve," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "plan," "possible,"
"project," "should," "will," "would" and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does
not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting
Jade will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Jade's control) or other assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the risks that the Phase 1 clinical trial of JADE101, the planned Phase 2 clinical trial of
JADE101, the planned Phase 1 clinical trials of JADE201 and JADE301 and any other future trials may be delayed or may not demonstrate desirable efficacy; adverse events and safety signals may occur; Jade may experience unanticipated costs,
difficulties or delays in the product development process; Jade's product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; enrollment or
regulatory challenges; risks associated with Jade's dependence on third-party vendors for the development, manufacture and supply of its product candidates; Jade may use its capital resources sooner than expected; and the other risks,
uncertainties and factors more fully described in Jade's most
recent filings with the Securities and Exchange Commission (including the Annual Report on Form 10-K for the year ended December 31, 2025 and its
subsequent filings). Should one or more of these risks or uncertainties materialize, or should any of Jade's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Jade does not undertake or
accept any duty to release publicly any updates or revisions to any forward-looking statements, except as required by law. This communication does not purport to summarize all of the conditions, risks and other attributes of an investment in Jade.
Jade Biosciences Contact
JADE BIOSCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
| March 31, 2026 | December 31, 2025 | |||||||
| Cash, cash equivalents and investments | $ | 311,295 | $ | 336,158 | ||||
| Other assets | 8,138 | 13,623 | ||||||
| Total assets | $ | 319,433 | $ | 349,781 | ||||
| Total liabilities | $ | 22,971 | $ | 17,263 | ||||
| Total stockholders' equity (deficit) | 296,462 | 332,518 | ||||||
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ | 319,433 | $ | 349,781 |
JADE BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||
| Operating expenses | ||||||||
| Research and development (1) | $ | 36,053 | $ | 20,023 | ||||
| General and administrative (2) | 7,392 | 3,361 | ||||||
| Total operating expenses | 43,445 | 23,384 | ||||||
| Loss from operations | (43,445 | ) | (23,384 | ) | ||||
| Other income (expense): | ||||||||
| Interest income | 3,102 | 615 | ||||||
| Change in fair value of Convertible Notes payable (3) | - | (15,400 | ) | |||||
| Other expense | (9 | ) | - | |||||
| Total other income (expense), net | 3,093 | (14,785 | ) | |||||
| Net loss before income tax expense | (40,352 | ) | (38,169 | ) | ||||
| Income tax expense | (16 | ) | - | |||||
| Net loss | (40,368 | ) | (38,169 | ) | ||||
| Other comprehensive income (loss): | ||||||||
| Currency translation adjustment | $ | 2 | $ | - | ||||
| Unrealized loss on investments | $ | (473 | ) | $ | - | |||
| Comprehensive loss | $ | (40,839 | ) | $ | (38,169 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.57 | ) | $ | (12.10 | ) | ||
| Net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted | $ | (573.44 | ) | $ | - | |||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 57,777,165 | 3,155,500 | ||||||
| Weighted-average shares used in computing net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted | 12,622 | - |