Jade Biosciences Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Corporate Update

Core Insights - Jade Biosciences reported strong momentum at the end of 2025, with significant advancements in its clinical pipeline and a solid financial position [2][8]. Pipeline and Corporate Updates - JADE101 is a selective anti-APRIL monoclonal antibody targeting IgA nephropathy, with Phase 1 healthy volunteer interim data expected in Q2 2026 and a Phase 2 trial anticipated to begin mid-2026 [3][9]. - JADE201, an anti-BAFF-R monoclonal antibody, is set to enter a first-in-human study for rheumatoid arthritis in Q2 2026, with interim data expected in 2027 [4][8]. - JADE301, an undisclosed antibody program, is projected to start its first-in-human clinical trial in the first half of 2027, with more details to be revealed in H2 2026 [5][8]. Financial Results - As of December 31, 2025, Jade had cash, cash equivalents, and investments totaling approximately $336 million, providing a runway into the first half of 2028 [12][8]. - Research and Development (R&D) expenses for Q4 2025 were $28.5 million, up from $17.6 million in Q4 2024, with full-year R&D expenses reaching $93.1 million compared to $31.2 million in the previous year [12][16]. - General and Administrative (G&A) expenses for Q4 2025 were $6.4 million, compared to $2.4 million in Q4 2024, with full-year G&A expenses totaling $20.4 million [12][16]. - The net loss for Q4 2025 was $31.9 million, slightly higher than the $30.1 million loss in Q4 2024, with a total net loss of $127.4 million for the full year [12][16].