---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-110004"
form_type: "8-K"
ticker: "JBIO"
cik: "0001798749"
company_name: "Jade Biosciences, Inc."
filed_at: "2025-05-01T23:59:59+00:00"
generated_at: "2026-05-23T00:54:16.866462+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-110004
- form_type: 8-K
- ticker: JBIO
- cik: 0001798749
- company_name: Jade Biosciences, Inc.
- filed_at: 2025-05-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 2.01, 5.02, 9.01, 2.02, 3.03, 4.01, 5.01, 5.03, 5.05, 5.06, 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1798749/000119312525110004/0001193125-25-110004-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1798749/000119312525110004/d847557d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-110004
- JSON: https://secwatch.observer/filing/0001193125-25-110004.json
- Plain text: https://secwatch.observer/filing/0001193125-25-110004.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.