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Jade Biosciences, Inc. (JBIO)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 EPS of $(0.48) beat S&P Global consensus of $(0.67)* as operating expense growth moderated sequentially; the company remains pre‑revenue .*
  • Initiated the Phase 1 healthy‑volunteer study of JADE101 (anti‑APRIL) and unveiled JADE201 (afucosylated anti‑BAFF‑R); interim, biomarker‑rich JADE101 data are expected in 1H26 and JADE201 first‑in‑human in RA is expected in 1H26 .
  • Closed a $135M private placement in October (13.37M common at $9.14 and 1.40M pre‑funded warrants at $9.1399), extending cash runway into 1H28; pro‑forma cash/investments ~$325.6M as of 9/30/25 .
  • Management highlighted best‑in‑class potential for JADE101 supported by Kidney Week preclinical and translational data and emphasized readiness to execute multiple 2026 clinical milestones .

What Went Well and What Went Wrong

  • What Went Well
    • EPS beat: GAAP diluted EPS $(0.48) vs $(0.86) in Q2 and above $(0.67) consensus*, driven by lower change in FV of notes (none in Q3) and higher interest income .*
    • Clinical execution: Phase 1 HV trial for JADE101 started; interim data planned 1H26 to inform dosing for IgAN patients; translational analysis indicates HV biomarkers predict anticipated therapeutic outcomes in IgAN .
    • Strengthened balance sheet: $135M private placement (13.37M shares, 1.40M pre‑funded warrants) with top-tier healthcare investors; runway extended into 1H28 .
    • CEO quote: “The third quarter marked meaningful progress… [we] presented preclinical safety and translational data that support JADE101’s potential… and completed a $135 million private financing” .
  • What Went Wrong
    • Operating spend remains elevated as the company scales R&D and G&A (R&D $22.0M; G&A $5.4M), widening YoY net loss to $(25.2)M (from $(16.3)M) .
    • Pre‑revenue stage persists; margin metrics (gross/EBITDA) remain not meaningful, keeping valuation/catalysts solely reliant on pipeline and financing execution .
    • YoY opex growth driven by personnel, CMC, and early clinical activity (R&D up ~62% YoY; G&A up ~3.9x YoY), a watch‑item for burn trajectory despite higher interest income .

Financial Results

Note: The company is pre‑revenue; margin metrics such as gross margin and EBITDA margin are not applicable at this stage .

MetricQ3 2024Q2 2025Q3 2025Consensus (Q3 2025)
Revenues ($M)N/A (pre‑revenue) N/A (pre‑revenue) N/A (pre‑revenue) $0.0*
GAAP Diluted EPS ($)$(5.16) $(0.86) $(0.48) $(0.67)*
R&D Expense ($M)$13.58 $22.55 $22.01 —
G&A Expense ($M)$1.38 $5.23 $5.39 —
Total Operating Expenses ($M)$14.97 $27.78 $27.40 —
Operating Loss ($M)$(14.97) $(27.78) $(27.40) —
Interest Income ($M)$0.39 $1.83 $2.25 —
Change in FV of Conv. Notes ($M)$(1.70) $(6.18) — —
Net Loss ($M)$(16.28) $(32.13) $(25.18) —

Liquidity and Shares

  • Cash, cash equivalents and investments at 9/30/25: $198.9M; pro‑forma including the October placement: ~$325.6M .
  • Cash & cash equivalents at 6/30/25: $220.9M .
  • Shares outstanding: 67.394M pro‑forma post‑placement vs 52.6M at 6/30/25 .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayMulti‑yearThrough end of 2027 Into 1H 2028 Raised
JADE101 Phase 1 Start2H 2025Expected to begin in Q3 2025 Initiated enrollment in HV Achieved
JADE101 Interim Data1H 2026Interim, biomarker‑rich data 1H 2026 Interim, biomarker‑rich data 1H 2026 Maintained
JADE201 First‑in‑Human1H 2026On track to enter clinic 1H 2026 (details 2H 2025) First‑in‑human RA trial expected 1H 2026 Maintained/Updated
Financing4Q25N/A$135M private placement closed Oct. 2025 New

Earnings Call Themes & Trends

Note: No Q3 2025 earnings call transcript was posted in our document set; themes below reflect management messaging from press materials.

TopicPrevious Mentions (Q2 2025)Current Period (Q3 2025)Trend
Anti‑APRIL (JADE101)Preclinical data (ERA 2025) supporting best‑in‑class potential; Phase 1 HV expected to begin in Q3’25; interim data 1H’26 Phase 1 HV initiated; Kidney Week translational data link HV biomarkers to IgAN outcomes; interim data 1H’26 to define dose/interval for Phase 2/3 Execution progressing; evidence base strengthened
Anti‑BAFF‑R (JADE201)On track for clinic in 1H’26; details to be disclosed 2H’25 Unveiled attributes (half‑life‑extended, afucosylated); RA first‑in‑human planned 1H’26 Program clarity increased
Financing/RunwayCash $220.9M; runway through 2027 $135M placement closed; runway into 1H’28; pro forma cash ~$325.6M Strengthened
R&D Scaling/CMCBuilding R&D org; higher personnel and CMC costs Continued opex build; R&D $22.0M; G&A $5.4M; drivers remain personnel/CMC/early clinical Opex elevated but stable QoQ
Regulatory/Clinical TimelinesJADE101: Phase 1 start Q3’25; interim 1H’26 JADE101: Phase 1 started; interim 1H’26; JADE201: 1H’26 FIH Timelines maintained/advanced

Management Commentary

  • Strategic message: Management emphasizes a best‑in‑class profile for JADE101 based on ultra‑high affinity, translational biomarker consistency across species, and potential for infrequent SC dosing; execution focus on 2026 data readouts and dose selection for patient studies .
  • CEO quote: “We… presented preclinical safety and translational data that support JADE101’s potential to be a best‑in‑class, selective anti‑APRIL therapy… We also introduced… JADE201… and completed a $135 million private financing” — Tom Frohlich, CEO .

Q&A Highlights

  • No Q&A available; the company did not post an earnings call transcript in our document corpus for Q3 2025. Management commentary cited herein is drawn from the earnings press release .

Estimates Context

  • EPS vs consensus: Q3 2025 GAAP diluted EPS $(0.48) beat S&P Global consensus $(0.67) by $0.19; Q2 2025 actual $(0.86) vs $(0.48) consensus (miss by $0.38). Revenue consensus was $0.0 for both quarters as the company is pre‑revenue .*
  • Estimate detail: Q3 2025 EPS consensus mean based on 6 estimates; revenue consensus mean $0.0 on 6 estimates. Q2 2025 EPS consensus mean based on 3 estimates; revenue consensus mean $0.0 on 4 estimates.*
MetricQ2 2025Q3 2025
Primary EPS Consensus Mean ($)(0.48)*(0.67)*
Revenue Consensus Mean ($M)0.0*0.0*
Primary EPS – # of Estimates3*6*
Revenue – # of Estimates4*6*

Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

  • Near‑term execution upside: JADE101 interim biomarker‑rich data in 1H26 could unlock dose selection and de‑risk Phase 2/3, a key stock catalyst .
  • Platform expansion: JADE201 details (afucosylated, half‑life‑extended BAFF‑R) and 1H26 FIH in RA broaden optionality across autoimmune diseases .
  • Balance sheet de‑risked: $135M private placement extends runway into 1H28, reducing financing overhang through multiple 2026 milestones .
  • Expense trajectory watch‑item: R&D and G&A remain elevated with org build‑out; interest income partially offsets, but spend discipline will influence burn and future raise needs .
  • Pre‑revenue risk: With margins/EBITDA not meaningful, stock is catalyst‑driven; sensitivity to clinical data quality, timelines, and competitive APRIL/BAFF‑R readouts remains high .
  • Q/Q improvement: Sequentially better EPS (less FV‑of‑notes drag, higher interest income) signals manageable P&L optics absent revenue; sustainability depends on opex pacing .
  • Regulatory clarity: Kidney Week translational analyses support HV‑to‑patient biomarker translation, potentially accelerating dose/interval decisions for IgAN .

Citations: Q3 2025 earnings 8‑K and Exhibit 99.1 press release ; Q2 2025 earnings 8‑K and press release ; October 2025 $135M private placement 8‑K .