Jade Biosciences (JBIO) Investor Update summary

Financial and Operational Update

• Secured $135 million in private financing, extending cash runway into the first half of 2028.

• Funding supports clinical development of JADE101, JADE201, and JADE-003, as well as general corporate expenses.

• Team expansion continues, adding experienced drug developers and commercial strategists.

Pipeline and Clinical Milestones

• Advancing JADE101, JADE201, and JADE-003, with exclusive licenses for the first two and an option for the third.

• JADE201 and JADE101 are engineered for half-life extension, supporting infrequent and convenient subcutaneous dosing.

• JADE201 first-in-human trial in rheumatoid arthritis is planned for the first half of 2026, with a randomized, placebo-controlled, single ascending dose design.

• Interim data for JADE101 expected in the first half of 2026; JADE-003 first-in-human trial planned for the first half of 2027.

JADE201 Program and Differentiation

• JADE201 is a half-life-extended, afucosylated anti-BAFF-R monoclonal antibody with dual mechanisms: enhanced B-cell cytotoxicity and BAFF signaling blockade.

• Preclinical studies in non-human primates show robust, dose-dependent B-cell depletion, high BAFF-R occupancy, and a twofold increase in half-life over ianalumab.

• Demonstrates enhanced ADCC, broad BAFF-R binding, and improved pharmacokinetics for less frequent dosing.

• Study endpoints include safety, PK/PD, BAFF-R occupancy, B-cell phenotyping, and exploratory efficacy (DAS-28) in RA.

• RA chosen for feasibility and rapid response, but not necessarily as a lead indication for later-stage development.