Jade Biosciences, Inc. JBIO
We are a clinical-stage biopharmaceutical company developing novel biologic therapies for patients living with autoimmune diseases. 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.
Our lead product candidate, JADE101, is a monoclonal antibody ("mAb") targeting a cytokine called "A PRoliferation Inducing Ligand" ("APRIL") that modulates plasma cell survival and immunoglobulin production, which we plan to initially develop for the treatment of IgA nephropathy ("IgAN"). Our second product candidate is JADE201, a mAb targeting B cell activating factor receptor ("BAFF-R") for the treatment of multiple autoimmune disorders. Our third product candidate is JADE301, a mAb targeting an undisclosed pathway.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| R&D | $93.1M | $53.2M | $64.2M | $38.6M | $15.0M | $7.9M | — |
| SG&A | $20.4M | $21.4M | $17.2M | $14.6M | $8.0M | $949.0K | — |
| Total operating expenses | $113.5M | $74.6M | $81.4M | $53.2M | $23.0M | $8.9M | — |
| Operating income | -$113.5M | -$74.6M | -$81.4M | -$53.2M | -$23.0M | -$8.9M | — |
| Interest expense | — | — | — | — | — | $75.0K | — |
| Pre-tax income | -$127.4M | -$69.6M | -$75.5M | -$51.5M | -$23.0M | -$9.6M | — |
| Income tax | $58.0K | $55.0K | $56.0K | $25.0K | $3.0K | — | — |
| Net income | -$127.4M | -$69.6M | -$75.5M | -$51.5M | -$23.0M | -$9.6M | — |
| EPS, basic | -3.19 | -2.44 | -2.87 | -2.10 | -1.87 | — | — |
| EPS, diluted | -3.19 | -2.44 | -2.87 | -2.10 | -1.87 | -40.31 | — |
| Shares, diluted (wtd. avg.) | 31.4M | 28.6M | 26.3M | 24.5M | 12.3M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $88.4M | $69.4M | $23.5M | $22.4M | $54.2M | $4.6M | — |
| Short-term investments | $247.7M | $0 | $98.9M | $106.8M | $113.2M | — | — |
| Total current assets | $348.8M | $69.7M | $124.2M | $131.5M | $174.3M | $4.7M | — |
| Property, plant and equipment | $170.0K | $6.0K | $288.0K | $242.0K | $186.0K | $39.0K | — |
| Total assets | $349.8M | $72.8M | $127.4M | $135.3M | $175.4M | $4.7M | — |
| Accounts payable | $2.2M | $1.3M | $2.4M | $2.6M | $1.2M | $618.0K | — |
| Total current liabilities | $16.5M | $12.0M | $17.6M | $7.8M | $2.5M | $1.8M | — |
| Total liabilities | $17.3M | $119.6M | $18.0M | $8.6M | $2.9M | $1.8M | — |
| Retained earnings | -$174.4M | -$47.0M | -$163.4M | -$87.9M | -$36.4M | -$13.4M | — |
| Total equity | $332.5M | $1.0K | $109.5M | $126.7M | $172.4M | -$13.3M | -$3.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$94.7M | -$71.2M | -$56.8M | -$39.1M | -$27.4M | -$7.9M | — |
| Depreciation and amortisation | $26.0K | $282.0K | $96.0K | $68.0K | $15.0K | $1.0K | — |
| Stock-based compensation | $20.0M | $11.3M | $11.9M | $5.5M | $2.0M | $58.0K | — |
| Capital expenditure | $196.0K | — | $142.0K | $195.0K | $181.0K | — | — |
| Investing cash flow | -$247.0M | $56.0M | $11.9M | $6.9M | -$113.4M | — | — |
| Financing cash flow | $360.8M | $25.4M | $46.0M | $396.0K | $190.5M | $8.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-096550.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$9.6M | -$23.0M | -$51.5M | -$75.5M | -$69.6M | -$127.4M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Results announced Item 2.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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