Jade Biosciences (JBIO) FY Conference Transcript

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]