secwatch.observer — SEC 8-K summary
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Issuer:     Jade Biosciences, Inc. (JBIO)
CIK:        0001798749
Form:       8-K
Filed at:   2025-05-01T23:59:59+00:00
Accession:  0001193125-25-110004
Event type: m_and_a
Sentiment:  neutral
Materiality: 1.00
Item codes: 1.01, 2.01, 5.02, 9.01, 2.02, 3.03, 4.01, 5.01, 5.03, 5.05, 5.06, 7.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1798749/000119312525110004/0001193125-25-110004-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1798749/000119312525110004/d847557d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-110004

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer