Jade Biosciences, Inc.
JBIO · Pharmaceutical Preparations · 49.4M shares · -36%/yr ↓ buyback · EDGAR filings ↗
Reference price $7.40 · est. market cap ~$365M — last insider purchase, 2025-05-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — immunology clinical, very cash-rich.
Strengths
- Liquidity — current ratio 21.1 (95th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-94.9M)
- Buying back stockNet buyback — share count -36%/yr over 3y
- Strong balance sheetStrong balance sheet — $336M cash & investments, ~14 quarters of runway
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Pending merger85 Corporate Transactions The Merger On April 28, 2025, we consummated the previously announced transaction (the “Closing”) pursuant to that certain Agreement and Plan of Merger, dated as of Oc
Key metrics
Return on equity
-38.3%
Return on assets
-36.4%
Current ratio
21.1×
Free cash flow
-$95M
Tangible book value
$333M
Cash & investments
$336M
Cash runway
14q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-12 | Dahms Bradford D. | Grant | 38K | — |
| 2026-02-12 | Balta Elizabeth | Grant | 28K | — |
| 2026-02-12 | Frohlich Tom | Grant | 79K | — |
| 2026-02-12 | King Andrew James | Grant | 41K | — |
| 2025-10-06 | Fairmount Funds Management LLC | Grant | 1.3M | $9.14 |
| 2025-05-16 | Frohlich Tom | Buy | 6.0K | $7.40 |
| 2025-04-28 | RA CAPITAL MANAGEMENT, L.P. | Other | 1.1M | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07541287 ↗ | A Study of JADE101 in Participants With Immunoglobulin A Nephropathy IgA Nephropathy | PHASE2 | Recruiting | 2029-01-01 |
| NCT07533955 ↗ | A Phase 1 Study of JADE201 in Participants With Rheumatoid Arthritis Rhematoid Arthritis | PHASE1 | Recruiting | 2027-10-01 |
| NCT07525947 ↗ | A Single Dose, Phase 1 Study of JADE101 in Healthy Japanese and Chinese Participants Healthy Volunteers (HV) | PHASE1 | Recruiting | 2027-05-01 |
| NCT07059312 ↗ | A Phase 1 Study of JADE101 in Healthy Participants Healthy Volunteers | PHASE1 | Active Not Recruiting | 2026-10-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-06-11 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-06-04 | OtherExhibits | filing ↗ |
| 2026-06-01 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-22 | Exec/director change | filing ↗ |
| 2026-04-02 | Exec/director change | filing ↗ |
| 2026-03-06 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-25 | 0001193125-26-283906 ↗ |
| 8-K | 2026-06-11 | 2026-06-08 | 0001193125-26-267640 ↗ |
| 8-K | 2026-06-04 | 2026-06-03 | 0001193125-26-257733 ↗ |
| 8-K | 2026-06-01 | 2026-06-01 | 0001193125-26-249763 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-212088 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-211973 ↗ |
| 8-K | 2026-04-22 | 2026-04-18 | 0001193125-26-168351 ↗ |
| 8-K | 2026-04-02 | 2026-03-31 | 0001193125-26-140091 ↗ |
| 8-K | 2026-03-06 | 2026-03-06 | 0001193125-26-094967 ↗ |
| 10-K | 2026-03-06 | 2025-12-31 | 0001193125-26-096550 ↗ |
| 8-K | 2026-01-05 | 2026-01-05 | 0001193125-26-001502 ↗ |
| 8-K | 2025-12-15 | 2025-12-13 | 0001193125-25-318436 ↗ |