Jade Biosciences (NasdaqCM:JBIO) 2025 Conference November 17, 2025 10:30 AM ET Company ParticipantsAndrew King - Chief Scientific OfficerTom Frohlich - CEOConference Call ParticipantsAkash Tewari - Farm and Biotech AnalystAkash TewariAkash Tewari. I am a Farm and Biotech Analyst here at Jefferies. Day one of our London Healthcare Conference, and I got the pleasure of hosting the Jade Management Team. Why don't I hand it off to you for some intro remarks, and then we'll get started with Q&A?Tom FrohlichAbsol ...

Summary of Jade Biosciences Conference Call Company Overview - **Company**: Jade Biosciences (NasdaqCM:JBIO) - **Focus**: Development of therapies for autoimmune diseases, recently formed in June 2024 - **Key Assets**: Acquired three assets from Paragon Therapeutics, specializing in high affinity antibodies with half-life extension technology [1][2] Core Programs - **Lead Program**: JADE101, an anti-APRIL therapy targeting IgA nephropathy - **Market Potential**: Estimated at over $10 billion in the US [2] - **Mechanism**: Disease-modifying potential without unnecessary immunosuppression - **Dosing Schedule**: Aiming for one injection every eight weeks [2][4] - **Phase I Study**: Initiated with first cohort dosed, expected readout in the first half of next year [2][4] - **Second Program**: JADE201, a BAFF receptor targeting antibody - **Indication**: Initially targeting rheumatoid arthritis [3] - **Development Timeline**: First trial expected in the first half of next year [3] - **Third Program**: JADE03, details not extensively discussed, expected to enter the clinic in the first half of 2027 [4] Financial Position - **Funding**: - Initial reverse merger raised $300 million - Additional PIPE financing brought in $135 million [4] - **Cash Runway**: Pro forma cash position of approximately $356 million, expected to last into the first half of 2028 [42] Treatment Landscape for IgA Nephropathy - **Current Treatments**: Historically involved ACE inhibitors and steroids, evolving towards new therapies [6][7] - **KDIGO Guidelines**: New guidelines recommend treating all patients with agents that deplete pathogenic IgA and achieving ambitious proteinuria targets [8][9] - **Future Expectations**: Selective anti-APRIL therapies expected to become frontline treatments [8][9] Clinical Insights - **Biomarker Richness**: IgA nephropathy is biomarker-rich, aiding in the prediction of clinical efficacy [3][24] - **Phase III Trials**: Initial data from phase III trials of other therapies show promising results, with selective anti-APRIL showing a 51% reduction in proteinuria [12][20] JADE101 Design and Mechanism - **Potency**: JADE101 designed to have ultra-high binding affinity to APRIL, significantly higher than existing therapies [14][16] - **Half-Life Extension**: Incorporates YTE mutation for extended plasma exposure, aiming for convenient dosing [15][16] - **Clinical Activity**: Expected to provide significant clinical activity with minimal dosing frequency [23] JADE201 Development - **Mechanism**: Designed to deplete B-cells while blocking compensatory BAFF upregulation, enhancing therapeutic efficacy [35][36] - **Phase I Study**: Planned for rheumatoid arthritis patients, focusing on safety and pharmacokinetics [38] Regulatory Environment - **FDA Engagement**: Ongoing discussions with the FDA regarding the potential for accelerated approval based on proteinuria as a surrogate endpoint [31][32] Conclusion - Jade Biosciences is positioned to capitalize on significant market opportunities in autoimmune therapies, with a strong financial foundation and promising clinical programs aimed at addressing unmet medical needs in IgA nephropathy and other autoimmune conditions [4][42]

Company Overview - Vera Therapeutics, Inc. is a late clinical-stage biotechnology company focused on developing transformative treatments for serious immunological diseases [11] - The company's lead product candidate is atacicept, a fusion protein designed to block BAFF and APRIL, which are involved in B-cell activation and autoantibody production [11] Clinical Trials and Data - The ORIGIN Phase 3 clinical trial of atacicept for IgA nephropathy (IgAN) met its primary endpoint with a statistically significant reduction in proteinuria at week 36 [7] - The ORIGIN Phase 2b clinical trial also met its primary and key secondary endpoints, showing significant proteinuria reductions and stabilization of eGFR compared to placebo [6] - Atacicept has received FDA Breakthrough Therapy Designation for IgAN, indicating potential substantial improvement over existing therapies [8] Expert Involvement - The investor call will feature Jonathan Barratt, MD, PhD, FRCP, and Richard Lafayette, MD, FACP, both of whom are prominent figures in renal medicine and have extensive experience in IgAN research [2][3][4] Future Developments - The ORIGIN Extend study allows participants to access atacicept until its potential commercial availability, while also gathering long-term safety and efficacy data [10] - Vera Therapeutics is exploring atacicept's efficacy in additional conditions, including anti-PLA2R positive primary membranous nephropathy and focal segmental glomerulosclerosis [10]

Climb Bio Investor Event Summary Company Overview - **Company**: Climb Bio (NasdaqGM:CLYM) - **Focus**: Development of Climb 116 for IgA nephropathy treatment Key Industry Insights - **IgA Nephropathy**: A significant cause of end-stage renal disease with over 170,000 patients in the U.S. alone, expected to grow due to updated diagnostic guidelines [8][9] - **Market Opportunity**: IgA nephropathy represents a large and growing commercial opportunity with established regulatory pathways for drug approval [9][10] Core Points and Arguments - **Climb 116 Development**: - Climb 116 is a next-generation anti-APRIL monoclonal antibody, designed to target APRIL, a key player in IgA nephropathy pathogenesis [28][33] - The drug is expected to enter clinical trials later this year, with initial data anticipated by mid-2026 [48][50] - Climb 116 has shown potential for deeper and more durable IgA reductions compared to first-generation therapies [51][52] - **Clinical Strategy**: - Climb Bio's strategy emphasizes rigorous clinical development with a focus on differentiated monoclonal antibodies against validated B-cell targets [5][6] - The company plans to leverage partnerships, such as with Mabwell, to expedite development and commercialization [7][8] - **Preclinical Results**: - Climb 116 demonstrated superior pharmacokinetics (PK) and pharmacodynamics (PD) in non-human primate studies, showing a longer half-life and deeper IgA suppression compared to sibecrilimumab [42][44][46] - The drug's unique "sweeper" mechanism allows for effective recycling and prolonged APRIL suppression, which may lead to improved clinical outcomes [35][36][40] Important but Overlooked Content - **Regulatory Pathway**: The established regulatory precedent for IgA nephropathy treatments supports a streamlined clinical development process for Climb 116 [51] - **Biomarker Utilization**: The use of biomarkers such as proteinuria and IgA levels will guide dose selection and efficacy predictions in clinical trials [49][50] - **Immunogenicity Concerns**: While anti-drug antibodies (ADAs) were observed in non-human primate models, the company has low suspicion of immunogenicity in humans based on historical data [62] Conclusion - Climb Bio is positioned to potentially lead the market in IgA nephropathy treatments with Climb 116, which shows promise for improved efficacy and patient compliance through less frequent dosing and a favorable safety profile [52]

Summary of Jade Biosciences (JBIO) FY Conference Call - July 14, 2025 Company Overview - **Company**: Jade Biosciences (JBIO) - **Focus**: Development of therapies for autoimmune diseases, specifically targeting IgA nephropathy with lead candidate JAD 101 [1][2] Pipeline and Product Development - **Lead Candidate**: JAD 101, aimed at treating IgA nephropathy, currently in preclinical stage with plans to enter clinical trials in 2025 [6][34] - **Additional Assets**: - JAD 102: Broader B cell depleting target, expected to enter the clinic in the first half of 2026 [7] - JAD 103: More advanced asset with clinical validation anticipated to enter the clinic in 2027 [8] Market Opportunity - **Market Size**: Over $10 billion branded opportunity in the IgA nephropathy space, with 170,000 patients in the US, 60-70% of whom require further treatment [11][12] - **Current Treatments**: Existing medications do not modify the disease or preserve kidney function, indicating a significant demand for new therapies [12] Competitive Advantage of JAD 101 - **Mechanism of Action**: JAD 101 is a fully human monoclonal antibody that neutralizes APRIL, designed to avoid large immune complex formation, which is a limitation of first-generation anti-APRIL antibodies [20][22] - **Pharmacokinetics**: JAD 101 has a half-life of 27 days, significantly longer than competitors, allowing for less frequent dosing (every eight weeks) [19][22] - **Clinical Differentiation**: Expected to provide superior efficacy with a focus on minimizing immune modulation, which is preferred by nephrologists [15][16] Clinical Trial Design - **Phase 1 Study**: Conventional single ascending dose study in healthy volunteers to assess safety, tolerability, pharmacokinetics, and immunogenicity, with interim data expected in the first half of 2026 [24][25] - **Biomarker Tracking**: Focus on measuring free APRIL reductions and downstream immunoglobulin changes to define dosing and frequency for future clinical development [25][27] Global Strategy - **Market Expansion**: Significant focus on the Asia-Pacific region due to a higher prevalence of IgA nephropathy, with plans to efficiently access these markets [30][34] Intellectual Property - **IP Landscape**: JAD 101 is a de novo antibody with IP filed, expected to have protection extending into the mid-2040s [32] Financial Position and Future Catalysts - **Cash Position**: $50 million in cash post-reverse merger, with an additional $205 million from a PIPE financing, providing funding through 2027 [36] - **Upcoming Catalysts**: - Initiation of clinical trials for JAD 101 by the end of 2025 - Phase 1 readout in the first half of 2026 - Entry into the clinic with JAD 102 in the first half of 2026 [34][36]

Financial Data and Key Metrics Changes - The company reported net product sales of $75.9 million for the first quarter, representing a 90% increase year-over-year and continued sequential growth [26][30] - Net sales for VILSPARI grew 182% year-over-year and 13% compared to the previous quarter, reflecting strong demand and uptake [7][26] - The net loss for the first quarter was $41.2 million, or $0.47 per basic share, compared to a net loss of $136.1 million, or $1.76 per basic share for the same period in 2024 [30] Business Line Data and Key Metrics Changes - VILSPARI generated approximately $56 million in net product sales in the first quarter, driven by an increasing prescriber base and deepening penetration among experienced prescribers [19][20] - Thiola and Thiola EC contributed $20 million in net product sales for the first quarter [26] - The company anticipates continued strong demand for VILSPARI in IgA nephropathy, with projected net product sales growth throughout the year [31] Market Data and Key Metrics Changes - The European Commission and MHRA in the UK converted FILSPARI's conditional approvals to full approvals for the treatment of adults with IgA nephropathy, enabling broader access across Europe and the UK [8] - Approximately 75% of nephrologists are now targeting proteinuria below 0.5 grams per gram, with nearly a third targeting even more ambitious goals of 0.3 grams [23] Company Strategy and Development Direction - The company aims to solidify VILSPARI's foundational positioning in IgA nephropathy and unlock additional growth through a potential new indication in FSGS [6] - The company is preparing for a potential launch of VILSPARI for FSGS, which is expected to be a significant opportunity, potentially larger than in IgA nephropathy [10][24] - The company is committed to advancing its investigational therapy PEG T for classical homocystinuria (HCU) and plans to restart patient enrollment in the Phase III HARMONY study next year [11][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy with strong fundamentals and a clear focus on executing key priorities [11] - The company is monitoring legislative developments and geopolitical uncertainties but believes that any potential tariffs on pharmaceutical products would not have a material impact on VILSPARI [31] - Management highlighted the importance of the upcoming finalization and publication of the KDIGO guidelines, which are expected to reinforce the shift to earlier and more ambitious treatments [23][100] Other Important Information - The company expects to receive a $17.5 million milestone payment from CSL V4 due to the recent conversion of FILSPARI's conditional approval to full approval in Europe [30] - The company has maintained broad coverage across payers, with criteria easing following the label expansion at full approval [21] Q&A Session Summary Question: Can you elaborate on any interactions with the agency regarding the sNDA for FSGS? - Management reported that interactions with the FDA have been progressing as expected, with consistency in the review process compared to previous experiences with the IGAN indication [34][35] Question: What do you think the label for FSGS will look like? - The expectation is that the indication statement will be for the treatment of FSGS in patients ages eight and up, based on the broad inclusion criteria of the duplex study [39][42] Question: How is the recent approval of Novartis' therapy impacting your sales reps in the field? - Management noted that it is early to assess the impact, but continued demand growth has been observed, indicating confidence in FILSPARI's profile [48][51] Question: Can you provide more detail on gross to net comments? - Management indicated that gross to net discounts are expected to be in the low twenties, with a more even distribution throughout the year compared to the previous year [56][58] Question: What is the split between new versus repeat prescribers for FILSPARI? - The split is slightly skewed towards experienced prescribers, with a healthy continuation of new prescribers as well [82]