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JBIO

Jade Biosciences, Inc.

JBIO

Jade Biosciences, Inc. • NASDAQ
$12.82 ▲ 2.72% (+0.34)
Market Cap $418.26 M
52w High $100.10
52w Low $6.57
Dividend Yield 2.40%
P/E 0
Volume 76.05K
Outstanding Shares 32.63M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $27.389M ▼ $-25.175M ▲ 0% $-0.64 ▲ $-25.163M ▲
Q2-2025 $0 $27.778M ▲ $-32.134M ▼ 0% $-1.13 ▲ $-32.133M ▼
Q1-2025 $0 $3.383M ▼ $-2.518M ▲ 0% $-3.04 ▲ $-2.514M ▲
Q4-2024 $0 $6.395M ▼ $-5.43M ▲ 0% $-6.557 ▼ $-5.367M ▲
Q3-2024 $0 $14.965M $-16.277M 0% $-5.158 $-16.277M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $198.905M ▼ $202.45M ▼ $23.104M ▲ $179.346M ▼
Q2-2025 $220.942M ▲ $223.968M ▲ $22.412M ▲ $201.556M ▲
Q1-2025 $76.21M ▼ $77.533M ▼ $2.487M ▼ $75.046M ▼
Q4-2024 $78.623M ▼ $80.332M ▼ $3.898M ▼ $76.434M ▼
Q3-2024 $88.73M $90.959M $10.466M $80.493M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-25.175M ▲ $-22.124M ▲ $-148.708M ▼ $0 ▼ $-170.836M ▼ $-22.181M ▲
Q2-2025 $-32.134M ▼ $-36.535M ▼ $-12.986M ▼ $190.608M ▲ $176.722M ▲ $-36.671M ▼
Q4-2024 $-5.43M ▲ $-11.047M ▼ $13.129M ▲ $554K ▼ $2.636M ▲ $-11.047M ▼
Q3-2024 $-16.277M ▲ $37.304M ▲ $-26.833M ▼ $69.921M ▲ $46K ▼ $37.304M ▲
Q2-2024 $-24.775M $-20.433M $18M $24.38M $21.947M $-20.433M

Five-Year Company Overview

Income Statement

Income Statement Jade Biosciences is a classic early-stage biotech story: no product revenue yet and a steady pattern of operating losses. Expenses appear driven mainly by research, development, and corporate overhead, not by manufacturing or sales. The losses have grown over time as the company has invested more into its pipeline, which is normal for a clinical-stage biotech but means the financial picture today is all cost and no commercial income. Future income statement health will depend almost entirely on whether its lead programs progress successfully through trials and eventually reach the market or attract partnerships.

Balance Sheet

Balance Sheet Historically, Jade’s balance sheet has been small and funded almost entirely by equity, with effectively no debt. Cash and total assets were modest prior to the recent merger and financing, which means the historical numbers reflect a very lean operation. Management commentary suggests a much stronger cash position post-SPAC and private placement, with a multi-year runway, but that newer capital base is not yet visible in the older figures. The absence of debt is a plus for flexibility, but shareholders bear the funding burden through dilution, and the company will remain dependent on external capital until it generates meaningful revenue.

Cash Flow

Cash Flow Cash flow mirrors the income statement: operating cash flows have been consistently negative, reflecting ongoing R&D and overhead spending with no offsetting revenue streams. Capital spending has been minimal, implying that most cash outflow is tied to people, trials, and platform development rather than heavy equipment. Historically, the cash burn appears measured, but as clinical programs advance, outflows are likely to rise. Sustainability of cash flow will rely on the recently raised funds plus any future equity raises, partnerships, or milestone payments rather than on internal cash generation for the foreseeable future.

Competitive Edge

Competitive Edge Competitively, Jade is positioning itself as a specialist in engineered antibodies for autoimmune diseases, built around well-understood targets like APRIL and BAFF-R. The claimed advantages—very strong binding, longer dosing intervals, and enhanced B‑cell killing—could be meaningful if they translate into clearly better outcomes and convenience than rival drugs. The company also benefits from a discovery partnership that can help feed its pipeline and from focusing on validated biological pathways, which may reduce scientific risk compared with entirely novel targets. However, the fields Jade is entering are already crowded with larger, better-funded players, and until human trial data show clear differentiation, its competitive strength remains more potential than proven.

Innovation and R&D

Innovation and R&D Innovation is the clear centerpiece of Jade’s story. The company is leveraging advanced antibody engineering, including half-life extension and enhanced cell-killing features, to design what it hopes will be “best‑in‑class” therapies. It already has a lead program in IgA nephropathy, a second in broader autoimmune disease via BAFF‑R, and a third preclinical program still under wraps, showing a platform approach rather than a one‑drug company. The key R&D milestones to watch are early clinical data for the lead drug and the first human studies for the second program; these will heavily influence how the market views the quality of its science and future pipeline value.

Summary

Jade Biosciences is an early, pre‑revenue biotech that has been steadily spending on research while generating accounting losses and negative cash flow, which is typical for its stage. Historically, it has operated with a small, equity-funded balance sheet and no debt, though recent transactions suggest a stronger cash cushion than the older financials alone would indicate. The company’s appeal rests on its antibody engineering platform and a focused pipeline in autoimmune disease, not on current financial performance. The main opportunities lie in demonstrating that its drugs are safer, more effective, or more convenient than competitors, while the main risks center on clinical trial uncertainty, future funding needs, and strong competition in its chosen indications. For now, Jade is a story about potential scientific and clinical outcomes rather than about earnings or cash generation.

NEWS

November 13, 2025 · 4:05 PM UTC

Jade Biosciences Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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November 8, 2025 · 11:00 AM UTC

Jade Biosciences Presents New Data Demonstrating a Favorable Preclinical Safety Profile of JADE101 and a Translational Analysis of APRIL Mediated Biomarker Responses at the American Society of Nephrology Kidney Week 2025

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November 3, 2025 · 7:00 AM UTC

Jade Biosciences to Participate in Upcoming Conferences

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October 17, 2025 · 4:05 PM UTC

Jade Biosciences Announces New Data Presentations for JADE101 at the American Society of Nephrology Kidney Week 2025

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October 7, 2025 · 7:05 AM UTC

Jade Biosciences Announces JADE201, a Potentially Best-in-Class Half-Life Extended Afucosylated Anti-BAFF Receptor Monoclonal Antibody in Development for Autoimmune Diseases

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