Jade Biosciences raises $135M in PIPE; unveils BAFF-R candidate JADE201

Jade Biosciences, Inc.

Private placement raises ~$135M gross via 13.37M shares at $9.14 and pre-funded warrants; close expected Oct 8, 2025.
Pro forma shares outstanding ~67.4M; cash runway extended into first half 2028.
Licenses BAFF-R antibodies from Paragon Therapeutics; up to $22M in milestones plus low-to-mid-single-digit royalties.
JADE201 is a half-life extended afucosylated anti-BAFF-R mAb; Phase 1 in rheumatoid arthritis expected H1 2026.
NHP data shows ~2-fold half-life increase vs ianalumab and sustained B-cell depletion after single SC dose.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.98

Jade Biosciences, Inc. issued pre-funded warrants to purchase an aggregate of 1,402,092 shares of common stock of warrant to institutional and accredited investors for purchase price of $9.1399 per pre-funded warrant.

Security: warrant
Shares: pre-funded warrants to purchase an aggregate of 1,402,092 shares of common stock
Purchaser: institutional and accredited investors
Consideration: purchase price of $9.1399 per pre-funded warrant

Exact text from the filing

million, (i) an aggregate of 13,368,164 shares (the “Common Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at a price per share of $9.14, and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 1,402,092 shares of Common Stock at a purchase price of $9.1399 per Pre-Funded Warrant,

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Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.98

Jade Biosciences, Inc. issued 13,368,164 shares of common stock of common stock to institutional and accredited investors for aggregate purchase price of approximately $135 million.

Security: common stock
Shares: 13,368,164 shares of common stock
Purchaser: institutional and accredited investors
Consideration: aggregate purchase price of approximately $135 million

Exact text from the filing

“Closing”) is expected to occur on October 8, 2025. Pursuant to the Purchase Agreement, the Purchasers have agreed to purchase, for an aggregate purchase price of approximately $135 million, (i) an aggregate of 13,368,164 shares (the “Common Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at a price per share of $9.14, and

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Jade Biosciences, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-25-232562

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