Summary of Jade Biosciences Conference Call - October 07, 2025 Company Overview - **Company**: Jade Biosciences (NasdaqCM: JBIO) - **Focus**: Development of novel therapies for autoimmune diseases - **Recent Financing**: Announced a private financing round with gross proceeds of approximately $135 million to support pipeline development [3][12] Key Development Candidates 1. **JADE-101**: - **Type**: Selective APRIL inhibitor - **Current Phase**: Phase 1 for IgA nephropathy (IgAN) - **Market Potential**: IgAN affects approximately 169,000 patients in the US, with a branded market expected to exceed $10 billion [7][8] - **Therapeutic Landscape**: No currently approved treatment reliably modifies the disease, indicating a significant unmet need [8] 2. **JADE-201**: - **Type**: Half-life extended afucosylated monoclonal antibody targeting B cell activating factor receptor (BAF-R) - **Mechanism**: Dual action to enhance B cell depletion and block BAF signaling [13][14] - **Market Potential**: Total addressable market exceeds $80 billion across multiple autoimmune diseases [14][29] - **Clinical Development**: First in human study planned for patients with rheumatoid arthritis in 2026 [26] 3. **JADE-003**: - **Status**: Undisclosed antibody discovery program anticipated to enter first in human studies in 2027 [11] Mechanism of Action and Competitive Advantage - **JADE-201** aims to provide deeper and more durable B cell depletion compared to existing therapies like rituximab, which has limitations such as slow IV infusions and incomplete tissue B cell depletion [30] - **Clinical Validation**: Builds on the success of Novartis' inalumab, which has shown promising results in multiple autoimmune indications [15][64] - **Pharmacokinetics**: J201 demonstrated approximately twofold increase in half-life compared to inalumab, allowing for less frequent dosing [25][26] Financial Position and Future Outlook - **Funding**: The recent financing is expected to support operations into 2028, facilitating the advancement of both JADE-101 and JADE-201 [12][31] - **Team Development**: Focus on building a team with expertise in drug development, regulatory strategy, and commercial execution [31] Important Metrics and Clinical Endpoints - **Phase 1 Study for JADE-201**: Focus on safety, tolerability, pharmacokinetics, and exploratory efficacy measures such as BAF-R occupancy and B cell depletion [27][46] - **DAS28 Score**: Considered an important exploratory endpoint for assessing clinical activity in rheumatoid arthritis patients [47] Market Context and Competitive Landscape - **Autoimmune Disease Market**: Significant unmet needs across various indications, with room for multiple successful therapies [62] - **Differentiation from Other Therapies**: JADE-201's dual mechanism of action is expected to provide advantages over CD19, CD20, and CAR T therapies by effectively targeting autoreactive B cells while sparing non-pathogenic B cells [64][65] Conclusion - Jade Biosciences is positioned to make significant advancements in the treatment of autoimmune diseases with its innovative pipeline, strong financial backing, and a focus on best-in-class therapies. The upcoming clinical trials for JADE-201 and the continued development of JADE-101 are critical to the company's growth and impact in the market [31][32]