Jade Biosciences (JBIO) Registration filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on novel biologic therapies for autoimmune diseases, aiming to improve dosing, convenience, safety, and clinical activity compared to current treatments.

• Lead product candidate JADE101 targets APRIL for IgA nephropathy; pipeline includes JADE201 (BAFF-R) and JADE301 (undisclosed pathway).

• Recently completed a merger and redomestication, now incorporated in Nevada and led by the pre-merger management team.

Financial performance and metrics

• Net tangible book value as of March 31, 2026: $296.5 million, or $6.00 per share, with 49,345,967 shares outstanding.

• After a $200 million offering at $25.26 per share, as adjusted net tangible book value would be $492.1 million, or $8.59 per share.

• Immediate dilution to new investors in the offering is estimated at $16.67 per share.

Use of proceeds and capital allocation

• Net proceeds from offerings will be used for working capital and general corporate purposes.

• May also invest in complementary businesses, products, or technologies, though no current commitments exist.

• Pending use, proceeds may be invested in short- and intermediate-term, interest-bearing instruments.