JBIO Stock — Jade Biosciences Inc.: Cash, EV, Pipeline

What they do

Our goal is to improve meaningfully upon the existing treatment paradigm through the delivery of improved dosing and convenience, a comparable safety profile, and potentially increased clinical activity. Our approach is to discover and efficiently develop biologics that address emerging targets supported by third-party clinical data and that overcome shortcomings of existing product candidates in development, such as potency, bioavailability, formulation, and pharmacokinetic properties.

Source: 10-K FY2025 via SEC EDGAR

Share price

$15.07

Market cap

$958.4M

Cash

$461.2M

Enterprise value

$497.2M

Balance sheet

Cash	$461.2M
Debt	$0.0M
Net cash	$461.2M
Enterprise value	$497.2M
Basic shares	63.6M shares
Fully diluted shares	98.9M shares
Fully diluted market cap	$1,490.7M
Cash per share	$7.25
Quarterly burn	$43.7M
Cash runway	10.6 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

63.6M

Pre-funded warrants

7.7M

Options

13.2M

RSUs

0.5M

Warrants

0.8M

Converts

0.0M

Conv preferred

12.6M

ESPP reserve

0.5M

FDSO

98.9M

Cap table as of 2026-06-30.

Price history

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Next catalyst

JADE101 · Nov 12 - Dec 24 in 5d · Phase 1 · Healthy Volunteers

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Nov 12 - Dec 24 in 5d	JADE101	Phase 1	Healthy Volunteers	—
GUIDEDEst. Jul 2, 2027 in 8 wks guidance midpoint	JADE101 Phase 2 JUNIPER in IgA nephropathy	Phase 2	IgA nephropathy	2027
Jun 12 - Jul 24 in 7 mo	JADE101	Phase 1	Healthy Volunteers (HV)	—
Nov 12 - Dec 24 in 12 mo	JADE201	Phase 1	Rhematoid Arthritis	—
Feb 12 - Mar 26 in 28 mo	JADE101	Phase 2	IgA Nephropathy	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

JADE101

Phase 2 · Active Modality: monoclonal antibody

Target APRIL

Partnerships Paragon Therapeutics (worldwide exclusive license; up to $22.0M development/regulatory milestones plus low-to-mid single-digit royalties)

Indications

IgA nephropathy (IgAN) (Phase 2)

Catalysts

— None
— None

Status note Anti-APRIL monoclonal antibody initially in IgA nephropathy. JUNIPER open-label Phase 2 study in IgAN patients dosed first patient May 2026. Phase 1 in healthy volunteers initiated Aug 2025.

JADE201

Phase 1 · Active Modality: monoclonal antibody

Target BAFF-R

Partnerships Paragon Therapeutics (worldwide exclusive license; up to $22.0M milestones plus low-to-mid single-digit royalties)

Indications

Rheumatoid arthritis (Phase 1)

Catalysts

— None

Status note Anti-BAFF-R monoclonal antibody. Phase 1 trial in patients with rheumatoid arthritis dosed first patient May 2026.

JADE301

Preclinical · Active Modality: monoclonal antibody

Aliases JADE-003

Target IFN-beta

Partnerships Paragon Therapeutics (worldwide exclusive license; up to $22.0M milestones plus low-to-mid single-digit royalties)

Indications

Dermatomyositis (Preclinical)

Catalysts

— None
— None

Status note Anti-IFN-beta monoclonal antibody initially in dermatomyositis. Development candidate selected Dec 2025.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	JADE101
Lead indication	IgA Nephropathy (IgAN)
Lead phase	Phase 3
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07541287	Phase 2	Recruiting	Sponsor	JBIO	—	IgA Nephropathy	2027 Est. Jul 2, 2027 · guidance midpoint
NCT07059312	Phase 1	Active, not recruiting	Sponsor	JBIO	—	Healthy Volunteers	—
NCT07525947	Phase 1	Recruiting	Sponsor	JBIO	—	Healthy Volunteers (HV)	—
NCT07533955	Phase 1	Recruiting	Sponsor	JBIO	—	Rhematoid Arthritis	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Jade Biosciences, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	3,671,083	no change	0.71%	2026-08-14
Baker Bros. Advisors	1,230,426	-410,711	0.14%	2026-08-14
Logos Global Management	1,125,000	+725,000	1.08%	2026-08-14
Ikarian Capital	427,349	-85,000	1.55%	2026-08-14
RTW Investments	0	-573,205	0.00%	2026-08-14
OrbiMed Advisors	0	-185,011	0.00%	2026-08-14
ADAR1 Capital Management	0	-20,000	0.00%	2026-08-14
Great Point Partners	0	-964,462	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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JBIO — Jade Biosciences Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

JBIO — Jade Biosciences Inc.