Jade Biosciences completes reverse merger with Aerovate; former Aerovate holders own ~1.4%

Jade Biosciences, Inc.

Merger closed April 28, 2025; Aerovate stockholders received ~$69.6M special dividend ($2.40 pre-split) and ~1.4% of combined entity.
Jade securityholders own ~98.6% of combined company; gross proceeds ~$334.2M raised including $95M convertible note conversion.
Aerovate 1-for-35 reverse stock split effective prior to close; combined company renamed Jade Biosciences, Inc., ticker JBIO.
Post-merger outstanding: 32.2M common shares, 7.8M pre-funded warrants, and 12.6M shares underlying Series A Preferred Stock.
Unaudited pro forma combined financials filed; business focus on autoimmune disease therapies from Paragon Therapeutics license.

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