Jade Biosciences has positioned itself for clinical advancement following a successful reverse merger and substantial financing round, raising approximately $300 million to support development of its autoimmune disease therapeutics through 2027. The biotechnology company, now trading on Nasdaq under ticker JBIO, reported first quarter 2025 financial results while outlining key milestones for its lead program targeting IgA nephropathy.
JADE101 Prepares for Clinical Entry
The company's flagship candidate JADE101, an investigational anti-APRIL monoclonal antibody, is on track to begin first-in-human studies in the second half of 2025, with interim biomarker-rich data expected in the first half of 2026. JADE101 targets A Proliferation-Inducing Ligand (APRIL), a protein involved in the overproduction of IgA antibodies that characterize IgA nephropathy (IgAN).
"We're especially excited to become a clinical-stage company later this year, with JADE101 on track to begin first-in-human studies in the second half of 2025," said Tom Frohlich, Chief Executive Officer of Jade. "This represents a meaningful step toward delivering differentiated treatment options for patients living with chronic and underserved autoimmune conditions."
IgA nephropathy is a chronic autoimmune kidney disease characterized by the deposition of pathogenic IgA-containing immune complexes in the kidneys. These deposits can lead to proteinuria, declining kidney function, and potentially end-stage kidney disease requiring dialysis or transplantation. By targeting APRIL, JADE101 aims to reduce the levels of disease-driving IgA, decrease proteinuria, and preserve kidney function.
Enhanced Dosing Convenience Through Engineering
JADE101 incorporates half-life extension technology, designed for dosing at intervals of at least eight weeks. This extended dosing schedule offers the potential for durable clinical activity and improved patient convenience, particularly important for a condition often diagnosed in young adulthood and potentially requiring life-long treatment.
The anti-APRIL mechanism of action provides biomarker-rich data in healthy volunteers that is expected to be predictive of clinical efficacy and will define the dose and schedule designed to fully suppress APRIL throughout the dosing interval in IgAN patients.
Pipeline Expansion and Financial Position
Beyond JADE101, the company has nominated JADE201 as a development candidate from its JADE-002 antibody discovery program. The pipeline also includes an undisclosed antibody discovery program, JADE-003, both currently in preclinical development.
For the first quarter of 2025, Jade reported research and development expenses of $20.0 million, including $10.0 million specifically allocated to JADE101 development excluding personnel-related charges. The company had $49.9 million in cash and cash equivalents as of March 31, 2025, with net cash used in operating activities of $18.8 million for the quarter.
Following the April 28, 2025 completion of its reverse merger with Aerovate Therapeutics, the company closed on approximately $205 million of gross proceeds. Combined with previous financing, Jade has raised approximately $300 million to date, providing expected cash runway through 2027.
Corporate Transformation
The reverse merger transaction established Jade as a publicly traded entity with approximately 40,002,173 shares of common stock and common stock equivalents issued and outstanding, plus 12,622,000 shares of common stock underlying Company Series A Preferred Stock.
Jade was launched based on assets licensed from Paragon Therapeutics, an antibody discovery engine founded by Fairmount. The company focuses on developing best-in-class therapies to address critical unmet needs in autoimmune diseases, with JADE101 representing its most advanced program as it approaches clinical testing.
