Jade Biosciences Q3 net loss $25.2M; cash runway into H1 2028 after $135M placement

Jade Biosciences, Inc.

2025-Q3 EPS reported -$3.08

Q3 2025 net loss of $25.2M vs $16.3M loss in Q3 2024; R&D expenses $22.0M, G&A $5.4M.
Cash, equivalents, and investments $198.9M at Sep 30; pro-forma ~$325.6M after $135M private placement closed in October.
Phase 1 trial of JADE101 (anti-APRIL for IgAN) enrolled; interim biomarker data expected H1 2026.
Unveiled JADE201 (anti-BAFF-R); first-in-human trial in rheumatoid arthritis planned for H1 2026.
Private placement of $135M extended cash runway into first half of 2028.

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