Executive Summary

Q2 2025 results were typical of a pre‑clinical biotech: no revenue, operating loss driven by R&D scale‑up, and a wider net loss per share than Wall Street expected; EPS was -$0.86 vs S&P Global consensus of -$0.48 (miss of -$0.38), while revenue was in line at $0 vs $0 consensus* . Values retrieved from S&P Global.
Balance sheet strength remains the anchor: cash and cash equivalents were $220.9M at 6/30/25, with management reiterating runway through year‑end 2027 .
Pipeline execution advanced: JADE101 (anti‑APRIL for IgAN) Phase 1 healthy‑volunteer study is expected to begin in Q3 2025, with biomarker‑rich interim data in 1H 2026; JADE201 remains on track to enter the clinic in 1H 2026 .
Corporate build continued with appointment of CFO Brad Dahms; management emphasized “best‑in‑class” potential for JADE101 supported by preclinical data presented at ERA 2025 (ultra‑high APRIL affinity, half‑life and dosing convenience) .
Near‑term stock reaction catalysts: (i) Phase 1 start for JADE101 (Q3 2025), (ii) early biomarker readouts in 1H 2026, and (iii) continued visibility on JADE201 entry to clinic in 1H 2026 .

What Went Well and What Went Wrong

What Went Well

Pipeline momentum: “We’ve had a productive second quarter…presented compelling preclinical data on JADE101…excited to transition into a clinical‑stage company in the coming months” — CEO Tom Frohlich .
Strong cash runway: $220.9M cash at quarter‑end supports operations through 2027, funding multiple clinical inflection points .
Strategy and leadership: CFO appointment adds experienced finance leadership; company reiterates belief that anti‑APRIL can be foundational in IgAN and positions JADE101 for infrequent SC dosing (≥Q8W potential) based on PK/PD characteristics .

What Went Wrong

EPS missed Wall Street: Q2 EPS -$0.86 vs S&P Global consensus -$0.48; miss driven by operating expense scale‑up and non‑cash change in fair value of convertible notes prior to conversion* . Values retrieved from S&P Global.
Higher operating expenses: R&D rose to $22.5M and G&A to $5.2M in Q2 (including $4.0M total non‑cash SBC), reflecting pipeline advancement and public company costs .
Non‑operating headwind: Other expense, net was -$4.4M (including -$6.2M FV change on convertibles partially offset by $1.8M interest income) .

Financial Results

P&L, Cash, and Shares (QoQ comparison; oldest → newest)

Metric	Q1 2025	Q2 2025
Revenue ($M)	$0.0 (no revenue reported)	$0.0 (no revenue reported)
R&D Expense ($M)	$20.023	$22.547
G&A Expense ($M)	$3.361	$5.231
Total Operating Expenses ($M)	$23.384	$27.778
Other Income (Expense), net ($M)	-$14.785	-$4.356
Net Loss ($M)	-$38.169	-$32.134
Diluted EPS ($)	-$12.10	-$0.86
Cash & Equivalents ($M, period-end)	$49.929	$220.942
Weighted‑Avg Shares (basic & diluted)	3,155,500	28,431,158
Shares Outstanding (EOP, incl. equivalents)	~40.0M post‑merger (April)	52.6M at 6/30/25

Notes:

Q1 EPS/share base reflects pre‑merger share count; comparability to Q2 is limited .

Estimates vs. Actuals (S&P Global consensus; Q2 2025)

Metric	Consensus	Actual	Surprise
EPS ($)	-$0.48*	-$0.86	-$0.38
Revenue ($M)	$0.0*	$0.0	$0.0

Values retrieved from S&P Global.
Consensus coverage: EPS (# est.) = 3; Revenue (# est.) = 4*.

Operating Detail and Items

Other expense drivers: -$6.2M FV change in convertible notes before conversion; $1.8M interest income on money market funds .
Stock‑based compensation: $4.0M total SBC in Q2 (R&D $2.6M; G&A $1.4M) .
Related‑party amounts within Q2: R&D included $3.9M; FV change in convertible notes included $1.3M .

Segment Breakdown

The company reports one segment (R&D of JADE‑001/101, JADE‑002/201, JADE‑003) .

KPIs

KPI	Q1 2025	Q2 2025
Cash Runway (management guidance)	Through 2027	Through end of 2027
JADE101 clinical timing	2H 2025 start; 1H 2026 interim data	Q3 2025 start; 1H 2026 interim data
JADE201 clinical timing	Development candidate nominated	Enter clinic 1H 2026 (on track)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
JADE101 Phase 1 start	2025	2H 2025	Q3 2025	Narrowed window (maintained timing)
JADE101 interim biomarker data	1H 2026	1H 2026	1H 2026	Maintained
JADE201 clinical entry	1H 2026	Not specified previously (candidate nominated)	1H 2026 (on track)	New specificity
Cash runway	Through 2027	Through 2027	Through end of 2027	Maintained/clarified

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not available in our document set; synthesis below reflects Q1/Q2 filings and press releases.

Topic	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Anti‑APRIL/IgAN strategy	JADE101 to enter clinic 2H 2025; biomarker‑rich design; goal of best‑in‑class profile	Q3 2025 start; preclinical data highlight ultra‑high affinity (~50 fM KD), sustained IgA suppression, ~27‑day half‑life; potential ≥Q8W SC dosing	Increasing conviction and detail
Capital & runway	~$205M raised in April; runway through 2027	$220.9M cash at 6/30; runway through 2027	Solidified balance sheet
Org build	Transition to public company; scaling G&A	CFO appointed; continued build for clinical stage	Strengthening leadership
Manufacturing & CMO	WuXi Biologics MSA and cell line license (Feb 2025)	Continuing execution implied; no new MFG disclosures	Steady
Macro/supply chain	Monitored macro risks in MD&A	No change emphasized in Q2 PR	Stable backdrop

Management Commentary

“We’ve had a productive second quarter…advanced a pipeline aimed at delivering potentially best‑in‑class therapies…excited to transition into a clinical‑stage company in the coming months, and believe we are uniquely positioned to shape the treatment landscape for IgAN and other autoimmune diseases.” — Tom Frohlich, CEO .
“The start to 2025 marked a defining period…successfully completed our reverse merger…closed a significant private financing…well‑positioned to advance our pipeline…JADE101 on track to begin first‑in‑human studies in the second half of 2025.” — Tom Frohlich, CEO (Q1 release) .

Q&A Highlights

No Q2 2025 earnings call transcript was available in the documents reviewed; we therefore rely on the press releases and filings for commentary and guidance updates. If a transcript becomes available, we can augment this section with analyst focus areas (dose selection, biomarker thresholds, competitive anti‑APRIL landscape, and cash runway cadence) and management clarifications .

Estimates Context

EPS: Actual -$0.86 vs S&P Global consensus -$0.48 (miss), likely driven by higher operating expenses and the non‑cash fair value change in convertible notes before conversion* . Values retrieved from S&P Global.
Revenue: Actual $0 vs S&P Global consensus $0 (in line)* . Values retrieved from S&P Global.
Coverage snapshot: EPS estimates (n=3), Revenue estimates (n=4); Target price consensus $19.8 (n=5)*. Values retrieved from S&P Global.

Key Takeaways for Investors

Balance‑sheet strength de‑risks near‑term execution: $220.9M cash with runway into 2027 supports Phase 1 execution for JADE101 and initiation of JADE201, limiting financing overhang near‑term .
The Q2 EPS miss is not thesis‑critical for a pre‑commercial biotech; the drivers were expected (R&D scale‑up, non‑cash FV change on notes) and are consistent with transition to clinical stage .
Execution catalysts: (i) JADE101 Phase 1 start (Q3 2025), (ii) biomarker‑rich interim readout in 1H 2026 that should inform dose/interval and enable a fast path into patient studies, and (iii) JADE201 clinic entry in 1H 2026 .
Scientific positioning: preclinical package (ultra‑high APRIL affinity, sustained IgA suppression, ~27‑day half‑life) supports potential for durable efficacy and convenient ≥Q8W dosing — a key differentiation vector vs peers in anti‑APRIL .
Watch governance/related‑party flows: meaningful related‑party R&D line items and historical note holdings are disclosed; continue to monitor for arm’s‑length terms and transparency .
Manufacturing readiness is in place via WuXi agreements; reduces CMC risk into Phase 1/2 but warrants tracking for timelines and scale‑up .
Medium‑term thesis hinges on translational biomarkers and early clinical signals; strong biomarker outcomes in healthy volunteers could reset expectations and drive estimate/target revisions ahead of patient efficacy reads .

References:

Q2 2025 Form 8‑K (Item 2.02) and Exhibit 99.1 press release; financial statements and disclosures .
Q1 2025 Form 8‑K with financial statements (Ex. 99.1), MD&A (Ex. 99.2), and press release (Ex. 99.3) .

S&P Global estimates (consensus values marked with an asterisk in tables and text): EPS, revenue, target price, and number of estimates for Q2 2025. Values retrieved from S&P Global.

Jade Biosciences, Inc. (JBIO)·Q2 2025 Earnings Summary