季報
季度報告
10-Q
2026-08-10
Jade Biosciences第二季淨虧損擴至5577萬美元 完成融資後資金充裕
AI 繁中摘要
Jade Biosciences 發布 2026 財年第二季度（截至 6 月 30 日）10-Q 業績 📊
申報類型：10-Q（季度報告）
重點摘要：
Jade Biosciences（納斯達克代號：JBIO）前身為 Aerovate Therapeutics，於 2025 年 4 月完成反向資本重組後，以自身免疫疾病療法為核心。目前主要候選藥物包括針對 IgA 腎病（IgAN）的 JADE101、針對類風濕關節炎的 JADE201（已進入一期臨床），以及臨床前階段的 JADE301。
🔥 第二季度（截至 2026 年 6 月 30 日）財務表現：
- 淨虧損：5,576.5 萬美元（去年同期虧損 3,213.4 萬美元）
- 上半年累計淨虧損：9,613.3 萬美元（去年同期虧損 7,030.3 萬美元）
- 每股虧損（普通股）：第二季 0.76 美元；上半年 1.33 美元
- 研發費用：第二季 5,006.5 萬美元；上半年 8,611.8 萬美元
- 行政費用：第二季 885.1 萬美元；上半年 1,624.3 萬美元
- 經營活動現金流：上半年淨流出 6,773.7 萬美元
💰 資金狀況與融資活動：
- 截至 2026 年 6 月 30 日，現金及現金等價物為 1.0725 億美元，另有投資 3.5396 億美元，合共可動用資金約 4.612 億美元
- 2026 年 6 月完成新一輪融資，發行 1,150 萬股普通股，募資淨額約 1.6207 億美元
- 2026 年 5 月與 Jefferies 簽訂 ATM 銷售協議，總額最高 2 億美元；截至季末已利用該計劃出售約 132 萬股，淨籌資約 2,933 萬美元
- 公司表示，現有資金足以支持至少未來十二個月的營運及資本開支
📈 投資者影響：
公司仍處於臨床開發階段，未有產品收入，虧損隨研發推進而擴大屬預期之內。新一輪融資及 ATM 計劃提供充裕現金緩衝，有助支持多個候選藥物的臨床進展。惟需留意研發開支上升速度、臨床數據結果，以及股權攤薄效應。管理層未有提供具體財務展望，但強調資金可持續性。
⚠️ 風險提示：
- 無收入、持續虧損的臨床階段生物科技公司特性
- 藥物開發失敗風險
- 股權融資可能導致現有股東權益攤薄
展開英文正文
10-Q 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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ Commission File Number: 001-40544 Jade Biosciences, Inc. (Exact name of registrant as specified in its charter) Nevada 83-1377888 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 221 Crescent Street, Building 23, Suite 105 Waltham, Massachusetts 02453 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: 781-312-3013 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share JBIO The Nasdaq Capital Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of August 3, 2026, the registrant had 63,597,387 shares of common stock, $0.0001 par value per share, outstanding. Table of Contents Page PART I. FINANCIAL INFORMATION 2 Item 1. Financial Statements (Unaudited) 2 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations and Comprehensive Loss 3 Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Controls and Procedures 37 PART II. OTHER INFORMATION 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78 Item 3. Defaults Upon Senior Securities 78 Item 4. Mine Safety Disclosures 78 Item 5. Other Information 78 Item 6. Exhibits 79 Signatures 81 i PART I—FINANCIAL INFORMATION Item 1. Financial Statements. JADE BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except share amounts) June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 107,250 $ 88,438 Investments 353,955 247,720 Prepaid expenses and other current assets 10,046 12,658 Total current assets 471,251 348,816 Property and equipment, net 144 170 Operating lease right-of-use asset 649 726 Other assets 69 69 Total assets $ 472,113 $ 349,781 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 6,579 2,151 Accrued expenses and other current liabilities 14,922 9,419 Related party accrued expenses and other current liabilities 299 4,969 Warrant liability, related party 9,770 — Total current liabilities 31,570 16,539 Long-term liabilities: Long-term lease liability 628 724 Total liabilities 32,198 17,263 Commitments and contingencies (Note 12) Stockholders’ equity: Series A non-voting convertible preferred stock, $0.0001 par value; 12,622 shares authorized as of both June 30, 2026 and December 31, 2025; 12,622 shares issued and outstanding as of both June 30, 2026 and December 31, 2025 2 2 Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 63,556,065 and 49,316,287 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 6 5 Additional paid-in capital 711,089 506,771 Accumulated other comprehensive (loss) income (660 ) 129 Accumulated deficit (270,522 ) (174,389 ) Total stockholders’ equity 439,915 332,518 Total liabilities and stockholders' equity $ 472,113 $ 349,781 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 JADE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (In thousands, except share and per share amounts) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Operating expenses: Research and development(1) $ 50,065 $ 22,547 $ 86,118 $ 42,570 General and administrative(2) 8,851 5,231 16,243 8,592 Total operating expenses 58,916 27,778 102,361 51,162 Loss from operations (58,916 ) (27,778 ) (102,361 ) (51,162 ) Other income (expense): Interest income 3,228 1,828 6,330 2,443 Change in fair value of Convertible Notes payable(3) — (6,184 ) — (21,584 ) Other expense (62 ) — (71 ) — Total other income (expense), net 3,166 (4,356 ) 6,259 (19,141 ) Net loss before income tax expense (55,750 ) (32,134 ) (96,102 ) (70,303 ) Income tax expense (15 ) — (31 ) — Net loss $ (55,765 ) $ (32,134 ) $ (96,133 ) $ (70,303 ) Other comprehensive loss: Currency translation adjustment (73 ) (24 ) (71 ) (24 ) Unrealized loss on investments (245 ) — (718 ) — Comprehensive loss $ (56,083 ) $ (32,158 ) $ (96,922 ) $ (70,327 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.76 ) $ (0.86 ) $ (1.33 ) $ (3.45 ) Net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted $ (756.93 ) $ (863.46 ) $ (1,334.34 ) $ (3,450.78 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 61,050,775 28,431,158 59,423,013 15,932,206 Weighted-average shares used in computing net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted 12,622 8,781 12,622 4,439 (1) Includes related party amounts of $13.0 million and $17.3 million for the three and six months ended June 30, 2026, respectively, and $3.9 million and $11.7 million for the three and six months ended June 30, 2025, respectively (see Note 10). (2) Includes no related party amount for the three months ended June 30, 2026 and $0.2 million for the six months ended June 30, 2026. Includes related party amounts of $0.1 million for each of the three and six months ended June 30, 2025, respectively (see Note 10). (3) Includes no related party amounts for the three and six months ended June 30, 2026 and $1.3 million and $4.6 million for the three and six months ended June 30, 2025, respectively (see Note 6). The accompanying notes are an integral part of these condensed consolidated financial statements. 3 JADE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (unaudited) (In thousands, except share amounts) Series Seed Convertible Preferred Stock Series A Convertible Preferred Stock Common Stock Additional Paid-In Accumulated Other Comprehensive Accumulated Total Stockholders’ Shares Amount Shares Amount Shares Amount Capital (Loss) Income Deficit Equity (Deficit) Balance at December 31, 2024 20,000,000 $ 2 — — 3,672,794 $ 1 $ 179 $ — $ (46,979 ) $ (46,799 ) Stock-based compensation — — — — — — 1,458 — — 1,458 Net loss — — — — — — — — (38,169 ) (38,169 ) Balance at March 31, 2025 20,000,000 $ 2 — $ — 3,672,794 $ 1 $ 1,637 $ — $ (85,148 ) $ (83,510 ) Exchange of Series Seed convertible preferred stock for Series A non-voting convertible preferred stock upon the closing of the reverse recapitalization (20,000,000 ) $ (2 ) 12,622 $ 2 — — — — — 2 Conversion of convertible notes (including accrued interest and discount) into common stock and pre-funded warrants upon the closing of the reverse recapitalization — — — — 9,433,831 1 129,183 — — 129,184 Issuance of common stock and pre-funded warrants in the Pre-Closing Financing — — — — 18,301,109 1 204,999 — — 205,000 Issuance costs of Pre-Closing Financing and reverse recapitalization — — — — — — (18,887 ) — — (18,887 ) Issuance of common stock to former stockholders of Aerovate in connection with the closing of the reverse recapitalization — — — — 828,143 — (448 ) — — (448 ) Issuance of common stock in connection with exercise of pre-funded warrants — — — — 390,853 — — — — — Currency translation adjustment — — (24 ) (24 ) Stock-based compensation — — — — — — 2,373 — — 2,373 Net loss — — — — — — — — (32,134 ) (32,134 ) Balance at June 30, 2025 - $ - 12,622 $ 2 32,626,730 $ 3 $ 318,857 $ (24 ) $ (117,282 ) $ 201,556 Series A Convertible Preferred Stock Common Stock Additional Paid-In Accumulated Other Comprehensive Accumulated Total Stockholders’ Shares Amount Shares Amount Capital (Loss) Income Deficit Equity Balance at December 31, 2025 12,622 $ 2 49,316,287 $ 5 $ 506,771 $ 129 $ (174,389 ) $ 332,518 Exercise of stock options — — 29,680 — 45 — — 45 Currency translation adjustment — — — — — 2 — 2 Unrealized loss on investments — — — — — (473 ) — (473 ) Stock-based compensation — — — — 4,738 — — 4,738 Net loss — — — — — — (40,368 ) (40,368 ) Balance at March 31, 2026 12,622 $ 2 49,345,967 $ 5 $ 511,554 $ (342 ) $ (214,757 ) $ 296,462 Issuance of common stock in the June 2026 Financing — — 11,500,000 1 172,499 — — 172,500 Issuance costs of June 2026 Financing — — — — (10,917 ) — — (10,917 ) Issuance of common stock in connection with exercise of pre-funded warrants — — 1,062,297 — — — — — Issuance of common stock under the ATM, net of $600 issuance costs — — 1,319,738 — 29,331 — — 29,331 Issuance of stock under employee stock purchase plan — — 50,986 — 585 — — 585 Exercise of stock options — — 277,077 — 1,534 — — 1,534 Currency translation adjustment — — — — — (73 ) — (73 ) Stock-based compensation — — — — 6,503 — — 6,503 Unrealized loss on investments — — — — — (245 ) — (245 ) Net loss — — — — — — (55,765 ) (55,765 ) Balance at June 30, 2026 12,622 $ 2 63,556,065 $ 6 $ 711,089 $ (660 ) $ (270,522 ) $ 439,915 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 JADE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Cash flows from operating activities: Net loss $ (96,133 ) $ (70,303 ) Adjustments to reconcile net loss to net cash used in operating activities: Change in fair value of Convertible Notes payable — 21,584 Stock-based compensation 21,011 6,318 Non-cash lease expense 51 74 Accretion/amortization on investments (851 ) — Depreciation expense 18 5 Changes in operating assets and liabilities: Prepaid expenses and other current assets 2,612 (1,358 ) Other assets — 88 Accounts payable 4,428 4,938 Accrued expenses and other current liabilities 5,856 2,862 Related party accrued expenses and other current liabilities (4,670 ) (3,124 ) Operating lease liabilities (59 ) — Net cash used in operating activities (67,737 ) (38,916 ) Cash flows from investing activities: Purchases of property and equipment — (136 ) Purchases of investments (216,221 ) — Proceeds from sales/maturities of investments 110,119 — Net cash used in investing activities $ (106,102 ) $ (136 ) Cash flows from financing activities: Proceeds from the Pre-Closing Financing, net of $14,548 of offering costs — 190,452 Cash acquired in connection with the reverse recapitalization — 156 Issuance costs from the December 2025 PIPE Financing (809 ) — Issuance costs from the October 2025 PIPE Financing (31 ) — Proceeds from the June 2026 Financing, net of issuance costs 162,073 — Proceeds from at-the-market offerings, net of commissions 29,331 — Proceeds from stock option exercises 1,579 — Proceeds from ESPP issuances 585 — Net cash provided by financing activities 192,728 190,608 Effect of exchange rates on cash and cash equivalents (77 ) — Net increase in cash and cash equivalents 18,812 151,556 Cash and cash equivalents at beginning of period 88,438 69,386 Cash and cash equivalents at end of period $ 107,250 $ 220,942 Supplemental disclosure of non-cash operating, investing, and financing activities: Purchases of property and equipment in accounts payable $ — $ 16 Deferred offering costs reclassified from Other assets to equity $ — $ 2,998 Deferred offering costs in accounts payable or accrued expenses and other current liabilities $ 490 $ 1,341 Operating lease liability arising from obtaining right-of-use asset $ — $ 773 Prepaids and other current assets acquired in connection with the reverse recapitalization $ — $ 416 Other liabilities assumed in connection with the reverse recapitalization $ — $ (1,020 ) Convertible note principal and non-cash accrued interest converted to common stock and pre-funded warrants $ — $ 129,184 Non-cash exchange of Series Seed Convertible Preferred Stock for Company Series A non-voting convertible preferred stock $ — $ 2 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 JADE BIOSCIENCES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Nature of the Business and Basis of Presentation Background and Basis of Presentation Jade Biosciences, Inc. together with its subsidiaries (“Jade” or the “Company”), formerly known as Aerovate Therapeutics, Inc., is the resulting company of the Merger and Redomestication discussed below. Prior to the Merger and Redomestication, the private corporation Jade Biosciences, Inc. (“Pre-Merger Jade”) was established and incorporated under the laws of the state of Delaware on June 18, 2024 (referred to in these notes as the inception of the Company). Jade is focused on developing therapies to address critical unmet needs in autoimmune diseases. Its lead product candidate, JADE101, is a monoclonal antibody (“mAb”) targeting a cytokine called “A PRoliferation Inducing Ligand” (“APRIL”) that modulates plasma cell survival and immunoglobulin production, which the Company is initially developing for the treatment of IgA nephropathy (“IgAN”). Jade’s second product candidate is JADE201, a mAb targeting B cell activating factor receptor (“BAFF-R”) currently being evaluated in a Phase 1 clinical trial in patients with rheumatoid arthritis. Jade’s pipeline also includes JADE301, a mAb targeting Interferon beta (“IFN-β”) which is currently in pre-clinical development. Jade was launched based on assets licensed from Paragon Therapeutics Inc. (“Paragon”), an antibody discovery engine founded by healthcare investor Fairmount Funds Management LLC (“Fairmount”). The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2026, its results of operations for the three and six months ended June 30, 2026 and June 30, 2025 and cash flows for the six months ended June 30, 2026 and June 30, 2025. The condensed consolidated balance sheet at December 31, 2025 was derived from the audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements for the period ended December 31, 2025 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 6, 2026 (the “Annual Report”). The accompanying condensed consolidated statements include accounts of the Company and its wholly owned subsidiaries, Jade Biosciences Canada ULC, Jade Biosciences MA Security Corporation, and Aerovate MA Securities Corporation (dissolved on December 29, 2025). All intercompany amounts are eliminated in consolidation. Reverse Recapitalization and Pre-Closing Financing On April 28, 2025 (the “Closing Date”), the Company consummated the previously announced transaction (the “Closing”) pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of October 30, 2024, (the “Merger Agreement”) by and among Pre-Merger Jade, Aerovate Therapeutics, Inc., a Delaware corporation (“Aerovate”), Caribbean Merger Sub I, Inc., a Delaware corporation and wholly-owned subsidiary of Aerovate (“First Merger Sub”), and Caribbean Merger Sub II, LLC, a Delaware limited liability company and wholly-owned subsidiary of Aerovate (“Second Merger Sub”). As part of the Closing, First Merger Sub merged with and into Pre-Merger Jade, with Pre-Merger Jade continuing as a wholly owned subsidiary of Aerovate and the surviving corporation of the merger (the “First Merger” and such time, the “First Effective Time”), and Pre-Merger Jade merged with and into Se