Full Press Release Details
Jade Biosciences Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Corporate Update
Francisco and Vancouver, British Columbia - March 6, 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 fourth quarter and full year ending December 31, 2025, and provided a corporate update.
Tom Frohlich, Chief Executive Officer of Jade Biosciences, commented: "We closed 2025 with strong momentum, having initiated the JADE101 Phase 1 healthy
volunteer study, continued to advance JADE201 toward the clinic, and further strengthened our team and balance sheet. As we look ahead, our focus is on delivering interim, biomarker-rich Phase 1 data for JADE101, initiating the Phase 2 clinical
trial in IgA nephropathy, and starting first-in-human dosing for the Phase 1 clinical trial of JADE201. With multiple clinical milestones approaching and cash runway
expected to extend into the first half of 2028, we are well positioned to execute on our near-term priorities while continuing to build a differentiated pipeline with the goal of delivering best-in-class, disease-modifying autoimmune therapies to patients."
Pipeline and Corporate Updates
JADE101: 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
A first-in-human study initially evaluating JADE201 in patients with
rheumatoid arthritis is expected to begin in the second quarter of 2026, with interim data anticipated in 2027. With its differentiated mechanism and engineering, JADE201 has broad potential across a range of autoimmune diseases validated by BAFF-R biology.
JADE301: undisclosed antibody program for autoimmune diseases
Fourth Quarter and Full Year
2025 Financial Results
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 in a Phase 1 clinical trial 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, 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 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; 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 Quarterly
Report on Form 10-Q for the quarter ended September 30, 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)
| December 31, 2025 | December 31, 2024 | |||||||
| Cash, cash equivalents and investments | $ | 336,158 | $ | 69,386 | ||||
| Other assets | 13,623 | 3,413 | ||||||
| Total assets | $ | 349,781 | $ | 72,799 | ||||
| Total liabilities | $ | 17,263 | $ | 119,596 | ||||
| Total stockholders' equity (deficit) | 332,518 | (46,799 | ) | |||||
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ | 349,781 | $ | 72,799 |
JADE BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
| Year Ended December 31, 2025 | Period from June 18, 2024 (Inception) to December 31, 2024 | |||||||
| Operating expenses | ||||||||
| Research and development | $ | 93,121 | $ | 31,234 | ||||
| General and administrative | 20,421 | 4,304 | ||||||
| Total operating expenses | 113,542 | 35,538 | ||||||
| Loss from operations | (113,542 | ) | (35,538 | ) | ||||
| Other income / (expense) | ||||||||
| Interest income | 7,782 | 1,159 | ||||||
| Change in fair value of convertible notes payable | (21,584 | ) | (12,600 | ) | ||||
| Other expense | (8 | ) | - | |||||
| Total other expense, net | (13,810 | ) | (11,441 | ) | ||||
| Net loss before income tax expense | (127,352 | ) | (46,979 | ) | ||||
| Income tax expense | (58 | ) | - | |||||
| Net loss | (127,410 | ) | (46,979 | ) | ||||
| Other comprehensive income (loss): | ||||||||
| Currency translation adjustment | $ | (28) | $ | - | ||||
| Unrealized gain on investments | $ | 157 | $ | - | ||||
| Comprehensive loss | $ | (127,281 | ) | $ | (46,979 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (3.19 | ) | $ | (14.89 | ) | ||
| Net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted | $ | (3,193.30 | ) | $ | - | |||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 31,359,958 | 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 | 8,541 | - |