Jade Biosciences — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and investments totaled $475.7 million as of September 30, 2026, up from $336.2 million as of December 31, 2025.
• Research and development (R&D) expenses were $30.8 million for the quarter ended September 30, 2026, an increase of $8.8 million compared to $22.0 million in the same period of 2025; this included $3.6 million in stock-based compensation.
• General and administrative (G&A) expenses were $8.8 million for the quarter ended September 30, 2026, an increase of $3.4 million compared to $5.4 million in the same period of 2025; this included $3.5 million in stock-based compensation.
• Net loss was $35.1 million for the quarter ended September 30, 2026, compared to a net loss of $25.2 million for the quarter ended September 30, 2025.
• Net loss per share attributable to common stockholders was $0.42 for the quarter ended September 30, 2026, compared to $0.48 for the same period in 2025.
• Total operating expenses for the quarter were $39.6 million, compared to $27.4 million in the prior year period.
• Interest income was $4.6 million for the quarter ended September 30, 2026, compared to $2.3 million in the same period of 2025.
• Total liabilities were $30.9 million as of September 30, 2026, compared to $17.3 million as of December 31, 2025.
• Total stockholders' equity was $455.5 million as of September 30, 2026, compared to $332.5 million as of December 31, 2025.

Guidance and Future Outlook:

• The company expects its current cash, cash equivalents, and investments to fund operating expenses and capital requirements into the fourth quarter of 2028.
• Management anticipates multiple clinical catalysts across the pipeline in 2027.
• The company plans to advance its pipeline toward multiple clinical readouts in 2027.

Business Segments and Product Lines:

• JADE101 (anti-APRIL for IgA nephropathy): The Phase 3 registrational EVERGREEN trial is expected to initiate in the fourth quarter of 2026, ahead of schedule. The Phase 2 JUNIPER trial is ongoing, with interim data expected in the second quarter of 2027.
• JADE201 (anti-BAFF-R for autoimmune diseases): The Phase 1 clinical trial in rheumatoid arthritis is ongoing, with interim biomarker-rich data expected in 2027 to inform indication prioritization.
• JADE301 (anti-IFN-β for dermatomyositis): Preclinical data presented at the 2026 EADV Congress showed selective, high-affinity binding to IFN-β and greater functional potency than a comparator, with an approximately 25-day half-life in non-human primates supporting infrequent subcutaneous dosing. A Phase 1 trial in healthy volunteers is expected to initiate in the fourth quarter of 2026, with interim data anticipated in the second half of 2027.

Management Commentary and Tone:

• CEO Tom Frohlich stated the third quarter marked "meaningful progress" with the advancement of development programs toward important clinical milestones.
• Management expressed "continued conviction" in JADE101's potential best-in-class profile, citing rapid execution in advancing the Phase 3 trial ahead of schedule.
• The company highlighted the expectation of having three clinical-stage programs heading into 2027.

Other Key Points:

• Brad Dahms' role and title were expanded to Chief Financial Officer and Chief Business Officer; he will now lead business development and corporate strategy in addition to finance and investor relations.
• Trial-in-Progress posters for the EVERGREEN and JUNIPER trials were presented at the American Society of Nephrology (ASN) Kidney Week 2026.
• Preclinical data for JADE301 was presented at the 2026 European Academy of Dermatology and Venereology (EADV) Congress.
• Jade Biosciences was launched based on assets licensed from Paragon Therapeutics.