<span item_type="fundamental" item_id="0f28106493238b61e70029de1a846ac0" counter_id="ST/US/JBIO" env="prod"></span><span item_type="announcement" item_id="582659961305632129" env="prod"></span><p>Revenue: As of FY2025 Q3, the actual value is USD 0.</p><p>EPS: As of FY2025 Q3, the actual value is USD -0.48.</p><p>EBIT: As of FY2025 Q3, the actual value is USD -29.66 M.</p><p></p><h3>Financial Metrics</h3><h4>Cash Position</h4><ul><li>As of September 30, 2025, Jade Biosciences had cash, cash equivalents, and investments totaling $198.9 million. Following a $135 million private placement in October, the pro forma cash position was approximately $325.6 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1798749/000119312525281498/d26766dex991.htm"></span></li></ul><h4>Research and Development (R&amp;D) Expenses</h4><ul><li>R&amp;D expenses for the third quarter of 2025 were $22.0 million, up from $13.6 million in the same quarter of 2024. The increase was primarily due to higher personnel-related costs and increased costs around CMC and early clinical activity.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1798749/000119312525281498/d26766dex991.htm"></span></li></ul><h4>General and Administrative (G&amp;A) Expenses</h4><ul><li>G&amp;A expenses for the third quarter of 2025 were $5.4 million, compared to $1.4 million for the same period in 2024. This increase was mainly due to higher personnel-related costs as the company expanded its internal infrastructure.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1798749/000119312525281498/d26766dex991.htm"></span></li></ul><h4>Net Loss</h4><ul><li>The net loss for the third quarter of 2025 was $25.2 million, compared to a net loss of $16.3 million for the third quarter of 2024. The increase in net loss was primarily due to higher R&amp;D and G&amp;A expenses.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1798749/000119312525281498/d26766dex991.htm"></span></li></ul><h4>Shares Outstanding</h4><ul><li>After the $135 million private placement, Jade had 67,394,380 shares of common stock and common stock equivalents issued and outstanding.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1798749/000119312525281498/d26766dex991.htm"></span></li></ul><h3>Outlook / Guidance</h3><ul><li>Jade Biosciences expects interim, biomarker-rich data from the Phase 1 trial of JADE101 in the first half of 2026, which will inform dose and dose interval selection for subsequent trials. The company anticipates that its existing cash will fund operations into the first half of 2028.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1798749/000119312525281498/d26766dex991.htm"></span></li></ul><h3>Financial Data and Outlook Summary</h3><h4>Segment Revenue</h4><ul><li>No revenue reported for the period from June 18, 2024 (inception) to December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1798749/000119312525281498/d26766dex992.htm"></span></li></ul><h4>Operational Metrics</h4><ul><li><strong>Net Loss</strong>: - $46.979 million for the period from June 18, 2024 (inception) to December 31, 2024.</li><li><strong>Total Operating Expenses</strong>: $35.538 million for the period from June 18, 2024 (inception) to December 31, 2024.<ul><li>Research and Development: $31.234 million</li><li>General and Administrative: $4.304 million</li></ul></li><li><strong>Loss from Operations</strong>: - $35.538 million for the period from June 18, 2024 (inception) to December 31, 2024.</li><li><strong>Other Income / (Expense)</strong>: - $11.441 million for the period from June 18, 2024 (inception) to December 31, 2024.<ul><li>Interest Income: $1.159 million</li><li>Change in Fair Value of Convertible Notes Payable: - $12.600 million<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1798749/000119312525281498/d26766dex992.htm"></span></li></ul></li></ul><h4>Cash Flow</h4><ul><li><strong>Net Cash Used in Operating Activities</strong>: - $22.614 million for the period from June 18, 2024 (inception) to December 31, 2024.</li><li><strong>Net Cash Provided by Financing Activities</strong>: $92.000 million for the period from June 18, 2024 (inception) to December 31, 2024.</li><li><strong>Cash and Cash Equivalents at End of Period</strong>: $69.386 million as of December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1798749/000119312525281498/d26766dex992.htm"></span></li></ul><h4>Unique Metrics</h4><ul><li><strong>Convertible Notes Payable</strong>: $107.600 million as of December 31, 2024.</li><li><strong>Convertible Preferred Stock</strong>: $2 thousand as of December 31, 2024.</li><li><strong>Stock-Based Compensation Expense</strong>: $1.256 million for the period from June 18, 2024 (inception) to December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1798749/000119312525281498/d26766dex992.htm"></span></li></ul><h4>Outlook / Guidance</h4><ul><li>The company has substantial doubt about its ability to continue as a going concern within twelve months of the date that the consolidated financial statements are issued due to significant operating losses and negative cash flows from operations since inception. The company will need substantial additional funding to support its operating activities as it advances its potential product candidates through development, seeks regulatory approval, and prepares for commercialization. Adequate funding may not be available to the company on acceptable terms, or at all.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1798749/000119312525281498/d26766dex992.htm"></span></li></ul>

Jade Biosciences | 8-K: FY2025 Q3 Revenue: USD 0