Jade Biosciences, Inc. (JBIO): M&A transaction — 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.

item 2.01 item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Jade Biosciences, Inc. completed an acquisition involving Jade Biosciences, Inc. (private Delaware corporation) for Not specified in the provided excerpt (closed 2025-04-28).

Action: acquisition
Counterparty: Jade Biosciences, Inc. (private Delaware corporation)
Consideration: Not specified in the provided excerpt
Closing: 2025-04-28

Exact text from the filing

On April 28, 2025 (the “ Closing Date ”), Jade Biosciences, Inc., a Nevada corporation (formerly known as Aerovate Therapeutics, Inc., a Delaware corporation) (prior to the Closing Date, unless context otherwise requires, “ Aerovate ” and, after the Closing Date, the “ Company ”), consummated the previously announced business combination (the “ Merger ”) pursuant to that certain Agreement and Plan of Merger, dated as of October 30, 2024, by and among Aerovate, Caribbean Merger Sub I, Inc., a Delaware corporation and wholly owned subsidiary of Aerovate, Caribbean Merger Sub II, LLC, a Delaware limited liability company and wholly owned subsidiary of Aerovate, and Jade Biosciences, Inc., a private Delaware corporation (prior to the Closing Date, unless context otherwise requires, “ Jade ”).

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Jade Biosciences, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-25-119856

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