Jade Biosciences — Second Quarter 2026 Earnings Summary

Financial Performance

• Cash, cash equivalents, and investments totaled $461.2 million as of June 30, 2026, up from $336.2 million as of December 31, 2025.
• Research and development (R&D) expenses were $50.1 million for the quarter ended June 30, 2026, compared to $22.5 million in the same period in 2025, an increase primarily driven by higher chemistry, manufacturing, controls costs, clinical activity, one-time development milestone payments, and personnel-related costs.
• R&D expenses included $10.6 million in stock-based compensation for the quarter, compared to $2.6 million in the prior year period.
• General and administrative (G&A) expenses were $8.9 million for the quarter ended June 30, 2026, compared to $5.2 million in the same period in 2025, driven by higher personnel-related costs and stock-based compensation.
• G&A expenses included $3.0 million in stock-based compensation for the quarter, compared to $1.4 million in the prior year period.
• Net loss was $55.8 million for the quarter ended June 30, 2026, compared to $32.1 million for the quarter ended June 30, 2025.
• Net loss per share attributable to common stockholders was $0.76 for the quarter ended June 30, 2026, compared to $0.86 in the prior year period.
• Total operating expenses were $58.9 million for the quarter ended June 30, 2026, compared to $27.8 million in the same period in 2025.
• Interest income was $3.2 million for the quarter ended June 30, 2026, compared to $1.8 million in the prior year period.
• Shares outstanding were approximately 83,893,254 as of June 30, 2026.

Guidance and Future Outlook

• Existing cash, cash equivalents, and investments are expected to fund operating expenses and capital expenditure requirements into the fourth quarter of 2028.
• Interim data from the Phase 2 JUNIPER trial for JADE101 is expected in 2027.
• A registrational Phase 3 clinical trial for JADE101 is expected to begin in the first half of 2027, pending FDA feedback.
• Interim data from the Phase 1 trial for JADE201 in rheumatoid arthritis is expected in 2027.
• A Phase 1 healthy volunteer trial for JADE301 is expected to begin in the fourth quarter of 2026, with interim data anticipated in the second half of 2027.

Business Segments and Product Lines

• JADE101 (anti-APRIL for IgA nephropathy):
  • Positive interim Phase 1 results demonstrated potential for every 12-week subcutaneous dosing and best-in-class clinical activity.
  • Mean IgA reductions reached approximately 70% from baseline after a single 700 mg dose.
  • Simulations suggest greater than 70% IgA reductions at steady state with a single 350 mg subcutaneous maintenance injection every 12 weeks following a 700 mg induction dose.
  • JADE101 was well-tolerated across all doses.
  • Dosing has begun in the Phase 2 JUNIPER trial.
• JADE201 (anti-BAFF-R for autoimmune diseases):
  • Dosing has begun in the Phase 1 clinical trial for rheumatoid arthritis.
  • The candidate has broad potential across multiple autoimmune indications supported by B cell and BAFF-R biology.
• JADE301 (anti-IFN-β for dermatomyositis):
  • Unveiled as a potentially best-in-class, half-life–extended monoclonal antibody designed for subcutaneous administration at extended dosing intervals.
  • Features a YTE half-life–extending modification and targets a validated mechanism in dermatomyositis (DM).
  • Approximately 50,000 adults in the U.S. are affected by DM, with up to 80% experiencing chronic, painful disease.
  • Preclinical data will be presented at the 2026 European Academy of Dermatology and Venereology Congress.

Market and Competitive Landscape

• Jade focuses on developing best-in-class therapies for autoimmune diseases with large unmet needs.
• JADE101 targets IgA nephropathy, a condition where current treatments may not offer sufficient durability or convenience.
• JADE301 addresses dermatomyositis, a rare and debilitating disease where excessive IFN-β activity is the central driver of pathology.

Risks and Challenges

• Interim clinical trial results are not necessarily indicative of final results and outcomes may change with more comprehensive reviews.
• Modeled and predicted data for JADE101 may not be realized in actual clinical studies.
• Clinical trials for JADE101, JADE201, and JADE301 may be delayed or fail to demonstrate desirable efficacy.
• The planned JADE101 Phase 3 trial may be delayed based on FDA feedback or requirements.
• Adverse events and safety signals may occur.
• Jade may experience unanticipated costs, difficulties, or delays in the product development process.
• Dependence on third-party vendors for development, manufacture, and supply may pose challenges.
• Capital resources may be used sooner than expected.

Management Commentary and Tone

• CEO Tom Frohlich stated the period was important, noting that JADE101 interim data exceeded expectations across biomarker activity and durability with a favorable safety profile.
• Management expressed strengthened conviction to rapidly advance JADE101 to deliver a potentially best-in-class profile in IgA nephropathy.
• Management highlighted momentum behind the pipeline, specifically JADE301 advancing toward Phase 1 initiation ahead of plan.
• Management believes the clinically validated anti-IFN-β mechanism and JADE301's differentiated target product profile support the strategy of developing disease-modifying therapies in areas with large unmet need.

Other Key Points

• Completed a $172.5 million public offering, which extended the expected cash runway into the fourth quarter of 2028.
• Appointed Mark Eisner, M.D., M.P.H., to the Board of Directors; Dr. Eisner has over 25 years of leadership in clinical development and immunology.
• Jade was launched based on assets licensed from Paragon Therapeutics, an antibody discovery engine founded by Fairmount.
• Total assets were $472.1 million as of June 30, 2026, compared to $349.8 million as of December 31, 2025.
• Total liabilities were $32.2 million as of June 30, 2026, compared to $17.3 million as of December 31, 2025.
• Total stockholders' equity was $439.9 million as of June 30, 2026, compared to $332.5 million as of December 31, 2025.