Jade Biosciences Q1 2025 net loss $38.2M, cash $49.9M, merger closed Apr 28

Jade Biosciences, Inc.

2025-Q1 EPS reported -$0.09

Net loss of $38.2M for Q1 2025; R&D expenses $20.0M, G&A $3.4M; change in fair value of convertible notes added $15.4M to other expense.
Cash and equivalents $49.9M as of March 31, 2025, down from $69.4M at Dec 31, 2024; expects existing cash plus $334.2M from Pre-Closing Financing to fund operations for at least 12 months.
Merger with Aerovate Therapeutics completed on April 28, 2025; combined entity renamed Jade Biosciences, Inc., trades on Nasdaq as JBIO.
Lead candidate JADE-101 (APRIL-targeting antibody) for IgA nephropathy; two preclinical programs JADE-002 and JADE-003 in antibody discovery.
Company had $123M in convertible notes payable (including $26M related party) and $2M warrant liability as of March 31, 2025.

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