---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-119856"
form_type: "8-K"
ticker: "JBIO"
cik: "0001798749"
company_name: "Jade Biosciences, Inc."
filed_at: "2025-05-14T23:59:59+00:00"
generated_at: "2026-05-21T09:47:03.595072+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-119856
- form_type: 8-K
- ticker: JBIO
- cik: 0001798749
- company_name: Jade Biosciences, Inc.
- filed_at: 2025-05-14T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.01, 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1798749/000119312525119856/0001193125-25-119856-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1798749/000119312525119856/d72148d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-119856
- JSON: https://secwatch.observer/filing/0001193125-25-119856.json
- Plain text: https://secwatch.observer/filing/0001193125-25-119856.txt

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