Full Press Release Details
Jade Biosciences Reports Second Quarter 2025 Financial Results and Provides Corporate Update
San Francisco and Vancouver, British Columbia
August 13, 2025 Jade Biosciences, Inc. ( Jade ) (Nasdaq: JBIO), a biotechnology company focused on developing best-in-class therapies for
autoimmune diseases, today announced financial results for the quarter ending June 30, 2025, and provided a corporate update.
productive second quarter, in which we closed our reverse merger and significant financing, and continued to advance a pipeline aimed at delivering potentially
best-in-class therapies that treat systemic and organ-specific autoimmune diseases, said Tom Frohlich, Chief Executive Officer of Jade. We recently presented
compelling preclinical data on JADE101, which we believe support its potential to be a best-in-class disease-modifying therapy for IgA nephropathy. Additionally,
recently announced clinical data from other programs further reinforce our belief that the anti-APRIL class will be the foundational therapy for this disease. We are excited to transition into a clinical-stage company in the coming months, and
believe we are uniquely positioned to shape the treatment landscape for IgAN and other autoimmune diseases.
Pipeline and Corporate Updates
JADE101: potentially best-in-class anti-APRIL monoclonal
antibody for IgA nephropathy (IgAN)
JADE201: development candidate from the JADE-002 antibody
Second Quarter 2025 Financial Results
About Jade Biosciences, Inc.
Jade Biosciences is focused on developing best-in-class therapies to address
critical unmet needs in autoimmune diseases. Its lead candidate, JADE101, targets the cytokine APRIL for the treatment of immunoglobulin A nephropathy. Jade s pipeline also includes a second development candidate, JADE201, and an undisclosed
antibody discovery program, JADE-003, both currently in preclinical development. 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 the JADE-003 program, the expected timelines for JADE101 and JADE201 entering the clinic and for interim data from the Phase 1 clinical trial of JADE101, the potential for the anti-APRIL
class to be the foundational therapy for IgAN, the potential of Jade s product candidates to become best-in-class therapies, their potential therapeutic uses and
the potential for Jade s cash to provide runway through 2027. 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 planned trials of JADE101 and JADE201 and any future
clinical trials may be delayed or may not demonstrate safety and/or efficacy; 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; regulatory agencies may impose additional requirements or delay the initiation of clinical trials; risks associated with Jade s dependence on
third-party vendors for the development, manufacture and supply of JADE101; and the other risks, uncertainties and factors more fully described in Jade s most recent filings with the Securities and Exchange Commission (including the definitive
proxy statement/prospectus filed on Form S-4, most recently amended on March 24, 2025 and declared effective on March 25, 2025). 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. 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)
| June 30, 2025 | December 31, 2024 | |||||||
| Cash and cash equivalents | $ | 220,942 | $ | 69,386 | ||||
| Other assets | 3,026 | 3,413 | ||||||
| Total assets | $ | 223,968 | $ | 72,799 | ||||
| Total liabilities | $ | 22,412 | $ | 119,596 | ||||
| Total convertible preferred stock and stockholders equity (deficit) | 201,556 | (46,797 | ) | |||||
| Total liabilities, convertible preferred stock and stockholders equity (deficit) | $ | 223,968 | $ | 72,799 |
JADE BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(ln thousands, except share and per share amounts)
| Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Period from June 18, 2024 (Inception) Through June 30, 2024 | ||||||||||
| Operating expenses: | ||||||||||||
| Research and development (1) | $ | 22,547 | $ | 42,570 | $ | 78 | ||||||
| General and administrative (2) | 5,231 | 8,592 | 512 | |||||||||
| Total operating expenses | 27,778 | 51,162 | 590 | |||||||||
| Loss from operations | (27,778 | ) | (51,162 | ) | (590 | ) | ||||||
| Other income (expense): | ||||||||||||
| Interest income | 1,828 | 2,443 | ||||||||||
| Change in fair value of Convertible Notes payable (3) | (6,184 | ) | (21,584 | ) | ||||||||
| Total other expense, net | (4,356 | ) | (19,141 | ) | ||||||||
| Net loss | (32,134 | ) | (70,303 | ) | (590 | ) | ||||||
| Other comprehensive loss: | ||||||||||||
| Currency translation adjustment | (24 | ) | (24 | ) | ||||||||
| Comprehensive loss | (32,158 | ) | (70,327 | ) | (590 | ) | ||||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.86 | ) | $ | (3.45 | ) | $ | (0.19 | ) | |||
| Net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted | $ | (863.46 | ) | $ | (3,450.78 | ) | $ | |||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 28,431,158 | 15,932,206 | 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 | 8,781 | 4,439 |