Executive Summary

JBIO reported a Q1 2025 net loss of $38.2M driven by R&D ramp for JADE101/201 and a $15.4M non-cash loss from revaluing convertible notes; cash was $49.9M at March 31, 2025, with runway “through 2027” post-merger financing .
As an early-stage, pre-revenue biotech, revenue was $0 and EPS was -$12.10; versus a thin S&P Global consensus of -$2.05 EPS (1 estimate), the apparent miss reflects non-cash financing impacts and share-base methodology differences following the April 28 reverse merger/split and exchange ratio . Q1 2025 Consensus EPS: -$2.05* (1 estimate) and Revenue: $0.0* (1 estimate).
Key operational milestones: JADE101 (anti-APRIL) remains on track to enter the clinic in 2H25 with “biomarker‑rich” interim data expected 1H26; JBIO also nominated JADE201 from its JADE‑002 program .
Strategic repositioning completed: reverse merger with Aerovate, Nasdaq relist as JBIO, and ~$300M+ gross proceeds across financing transactions to fund pipeline build-out; no separate earnings call transcript was furnished with the Q1 materials (8‑K furnished EX‑99.1/99.2/99.3/99.4) .

What Went Well and What Went Wrong

What Went Well

“Defining period” with reverse merger closing, Nasdaq listing (JBIO), and significant private financing, positioning JBIO with a strong balance sheet to advance its pipeline .
Clear clinical catalyst path: “become a clinical-stage company later this year,” FIH for JADE101 in 2H25 with “biomarker‑rich” readout in 1H26 to inform dosing/schedule in IgAN—an explicit near-term de‑risking timeline .
Pipeline progression: development candidate nominated from JADE‑002 (now JADE201), expanding optionality beyond JADE101 .

What Went Wrong

Large GAAP loss (-$38.2M) in Q1 2025, including a material non-cash hit (-$15.4M) from fair-value remeasurement of convertible notes; underscores earnings volatility from financing structure ahead of conversion .
Heavy R&D burn as the company scales CMC and toxicology for clinical entry (e.g., ~$5.7M CMC and ~$3.0M tox in Q1), pressuring near-term cash burn despite strong runway .
Thin estimates coverage (only 1 EPS and revenue estimate), complicating Street comparison and widening perceived miss versus consensus until modeling normalizes post-merger/split [3: GetEstimates].

Financial Results

Headline P&L and Estimate Comparison

Metric	Q4 2024	Q1 2025 Actual	Q1 2025 Consensus	Notes
Revenue ($M)	N/A (pre‑revenue)	$0.0	$0.0*	Early-stage biotech; no product revenue
Diluted EPS ($)	N/A	-$12.10	-$2.05* (1 est.)	EPS comparability affected by reverse merger, reverse split, exchange ratio

Note: Asterisks denote values retrieved from S&P Global. Values retrieved from S&P Global.

Operating Detail and Cash

Metric ($M)	Q4 2024	Q1 2025
R&D Expense	N/A	20.023
• JADE‑001 external R&D	N/A	9.767
• JADE‑002 external R&D	N/A	5.154
• JADE‑003 external R&D	N/A	0.733
• Personnel‑related (incl. SBC)	N/A	3.952
• Other R&D	N/A	0.417
G&A Expense	N/A	3.361
Other (net)	N/A	-14.785 (incl. -15.4M FV notes)
Net Loss	N/A	-38.169
Cash & Equivalents (end)	$69.386	$49.929
Cash from Operations	N/A	-18.757

Segment reporting: single reportable segment (R&D across JADE‑001/002/003) .

KPIs and Capitalization

KPI	Q1 2025
Net cash used in operating activities ($M)	-18.757
Shares outstanding post-merger (common + equivalents)	~40,002,173; plus 12,622,000 underlying Series A Preferred
Runway	“Through 2027” after $205M gross proceeds at closing; ~$300M+ raised to date

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Multi‑year	Not previously provided	“Through 2027” post financing/merger	Introduced
JADE101 FIH start	2H 2025	Not previously provided	Initiation in 2H25	Introduced
JADE101 interim data	1H 2026	Not previously provided	Biomarker‑rich interim readout in 1H26	Introduced
Pipeline—JADE‑002	2025	Not previously provided	Development candidate nominated (JADE201)	Introduced

No quantitative revenue/margin/OpEx guidance was furnished in Q1 materials; the company is pre‑revenue and focused on development milestones .

Earnings Call Themes & Trends

Note: No separate earnings call transcript was furnished with the Q1 2025 8‑K package (furnished exhibits were 99.1 financials, 99.2 MD&A, 99.3 press release, 99.4 slides) .

Topic	Previous Mentions (Q-2, Q-1)	Current Period (Q1 2025)	Trend
Financing/runway	N/A	~$205M gross proceeds at close; runway “through 2027”; ~$300M+ raised to date	New disclosure; strong capitalization
Clinical timeline (JADE101)	N/A	FIH in 2H25; biomarker‑rich interim data in 1H26 to inform dose/schedule	New; clear catalyst path
Pipeline breadth	N/A	JADE201 nominated from JADE‑002; JADE‑003 preclinical ongoing	Expanding
Manufacturing/CMC	N/A	WuXi Biologics MSA; cell line license to support CMC scale‑up	Infrastructure building
Accounting/structure	N/A	Reverse merger, reverse split, exchange ratio; EPS recast note	Transition completed

Management Commentary

“The start to 2025 marked a defining period... we successfully completed our reverse merger, commenced trading as JBIO on Nasdaq, and closed a significant private financing... With a strong balance sheet, we are well‑positioned to advance our pipeline...” — Tom Frohlich, CEO .
“We’re especially excited to become a clinical-stage company later this year, with JADE101 on track to begin first‑in‑human studies in the second half of 2025... interim data expected in the first half of 2026.” .

Strategic message: capitalize strong balance sheet post-merger to execute a near‑term, biomarker‑led clinical plan for JADE101 and continue building pipeline depth (JADE201) .

Q&A Highlights

No Q1 2025 earnings call transcript was furnished with the company’s 8‑K package (only EX‑99.1/99.2/99.3/99.4 were furnished), so no Q&A themes to report from a call this quarter .

Estimates Context

Coverage is very thin (1 estimate each for EPS and revenue). Q1 2025 consensus: EPS -$2.05* (1), revenue $0.0* (1). Actuals: EPS -$12.10, revenue $0.0. The variance in EPS largely reflects non‑cash financing impacts (-$15.4M change in FV of notes) and share methodology differences tied to the reverse merger/reverse split/exchange ratio and EPS recast . Values retrieved from S&P Global.
Expect Street models to normalize post-conversion and as the company transitions to a clean post‑merger capital structure and begins clinical reporting.

Key Takeaways for Investors

Near‑term catalysts are clear: JADE101 FIH start in 2H25 and biomarker‑rich interim data in 1H26 that can rapidly inform dose/schedule for IgAN—key stock catalysts over the next 6–12 months .
Balance sheet strength and runway “through 2027” reduce financing overhang into early clinical milestones, supporting sustained execution .
Q1 loss was driven by purposeful R&D scale‑up (CMC/tox) plus a sizable non‑cash FV hit on converts; these items distort GAAP EPS and should be normalized in forward modeling post‑conversion .
Coverage is nascent (1 estimate); investors should watch for estimate initiation/updates and clarity on post‑merger share metrics to tighten consensus comparisons [3: GetEstimates] .
Manufacturing and licensing infrastructure (WuXi MSA, cell line license; Paragon agreements) position JBIO for efficient clinical entry and scalability if efficacy signals emerge .
Pipeline breadth is expanding (JADE201 nomination), offering optionality beyond JADE101 and potential follow‑on catalysts .
Strategic narrative: an asset‑centric biotech with biomarker‑driven development, strong sponsorship, and capital to execute—stock likely trades on clinical execution cadence and data quality more than near‑term P&L .

Appendix: Source Documents Read in Full

Form 8‑K (5/14/2025) including Exhibits 99.1 (Financials), 99.2 (MD&A), 99.3 (Press Release), 99.4 (Slides) .

Notes on Prior Periods and Call Materials

JBIO’s Q1 2025 8‑K furnished the first available quarterly financials for the standalone company formed in June 2024; no prior JBIO quarterly earnings materials were furnished in the exhibits, and no separate earnings call transcript was furnished for Q1 2025 .

Jade Biosciences, Inc. (JBIO)·Q1 2025 Earnings Summary