Jade Biosciences posts Q1 2026 loss, strong cash

Jade Biosciences, Inc. reported first quarter 2026 financial results and highlighted progress across its autoimmune disease pipeline.

Rhea-AI Filing Summary

Jade Biosciences, Inc. reported first quarter 2026 financial results and highlighted progress across its autoimmune disease pipeline. The company is advancing JADE101, a selective anti-APRIL antibody for IgA nephropathy, with initial biomarker-rich Phase 1 data expected and a Phase 2 trial planned.

Additional programs include JADE201, an afucosylated anti-BAFF-R antibody, and JADE301, an undisclosed antibody candidate, both targeting autoimmune indications. For the quarter ended March 31, 2026, Jade recorded a net loss of $40,368 thousand on operating expenses of $43,445 thousand, driven mainly by $36,053 thousand in research and development spending.

Cash, cash equivalents and investments totaled $311,295 thousand as of March 31, 2026, supporting ongoing clinical development. The company’s forward-looking statements note the potential for its cash runway to extend into the first half of 2028, while emphasizing typical clinical, regulatory and funding risks.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Cash, cash equivalents and investments: $311,295 Total operating expenses: $43,445 Research and development expense: $36,053 +5 more

8 metrics

Cash, cash equivalents and investments $311,295 In thousands; as of March 31, 2026

Total operating expenses $43,445 In thousands; three months ended March 31, 2026

Research and development expense $36,053 In thousands; three months ended March 31, 2026

General and administrative expense $7,392 In thousands; three months ended March 31, 2026

Net loss $40,368 In thousands; three months ended March 31, 2026

Net loss per share (common) $(0.57) Basic and diluted; three months ended March 31, 2026

Total assets $319,433 In thousands; as of March 31, 2026

Total stockholders’ equity $296,462 In thousands; as of March 31, 2026

Key Terms

IgA nephropathy, afucosylated, Phase 1 clinical trial, currency translation adjustment, +2 more

6 terms

IgA nephropathy medical

"JADE101 potentially best-in-class selective anti-APRIL monoclonal antibody for IgA nephropathy (IgAN)"

A kidney disease caused when deposits of the antibody called IgA collect in the tiny filters of the kidney, gradually reducing their ability to clear waste — like grit building up in a water filter. It matters to investors because it creates demand for diagnostics, drugs and long‑term care, drives clinical trial activity and regulatory decisions, and can influence the financial outlook of companies in pharma, biotech, medical devices and health insurance.

afucosylated medical

"Jade’s pipeline also includes JADE201, an afucosylated anti-BAFF-R monoclonal antibody"

Afucosylated describes a biologic drug—usually an antibody—that has had a specific sugar molecule (fucose) removed from its tail region, which changes how well immune cells can grab and destroy targeted cells. Removing that sugar is like replacing a weak magnet with a stronger one: it often boosts the drug’s ability to recruit immune attack, potentially making it more potent, allowing lower doses or clearer clinical advantages, but also adding manufacturing and regulatory considerations investors should watch.

Phase 1 clinical trial medical

"expected timelines for data from the Phase 1 clinical trial of JADE101"

A phase 1 clinical trial is the first stage of testing a new drug or treatment in people, typically involving a small group to assess safety, how the body handles the treatment, and appropriate dosing. For investors, phase 1 results are an early risk check — like a test drive that can reveal fatal flaws or promising signals — and they often cause big changes in a drug’s perceived value and the company’s prospects.

currency translation adjustment financial

"Other comprehensive income (loss): Currency translation adjustment"

unrealized loss on investments financial

"Other comprehensive income (loss): Unrealized loss on investments"

autoimmune diseases medical

"a biotechnology company focused on developing best-in-class therapies for autoimmune diseases"

Autoimmune diseases are conditions in which the body's immune system mistakenly attacks its own cells, tissues or organs, causing chronic inflammation and damage—think of the immune system as a home security system that wrongly targets the house instead of intruders. Investors care because these illnesses create sustained demand for diagnostics, long-term treatments and specialty drugs, influence regulatory scrutiny and healthcare costs, and can shape the commercial outlook for biotech and pharmaceutical investments.

Earnings Snapshot

Net loss: $40,368 · Guidance included

Q1 2026

Net loss $40,368 $40,368 vs $38,169 prior-year quarter

Total operating expenses $43,445 $43,445 vs $23,384 prior-year quarter

Research and development expense $36,053 $36,053 vs $20,023 prior-year quarter

Cash, cash equivalents and investments $311,295 $311,295 vs $336,158 as of December 31, 2025

Guidance

Forward-looking statements indicate the potential for Jade’s cash runway to extend into the first half of 2028, subject to clinical, regulatory and funding risks described in its SEC filings.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Jade Biosciences (JBIO) key financial results for Q1 2026?

Jade Biosciences reported a Q1 2026 net loss of $40,368 thousand on total operating expenses of $43,445 thousand. Research and development accounted for $36,053 thousand, reflecting heavy investment in its autoimmune pipeline, while general and administrative expenses were $7,392 thousand.

How much cash did Jade Biosciences (JBIO) have at March 31, 2026?

As of March 31, 2026, Jade Biosciences held $311,295 thousand in cash, cash equivalents and investments. Total assets were $319,433 thousand, with stockholders’ equity of $296,462 thousand, providing substantial resources to fund clinical programs for its autoimmune disease candidates.

Which drug candidates are in Jade Biosciences (JBIO) pipeline?

Jade’s pipeline includes JADE101, a selective anti-APRIL antibody for IgA nephropathy, JADE201, an afucosylated anti-BAFF-R antibody for autoimmune diseases, and JADE301, an undisclosed antibody program. The company expects important Phase 1 and Phase 2 clinical milestones from these programs.

What did Jade Biosciences (JBIO) say about its cash runway?

Jade indicated its cash runway has the potential to extend into the first half of 2028. This outlook is part of its forward-looking statements and depends on factors such as clinical trial progress, development costs, and risks described in its SEC filings, including the latest Form 10-K.

How did Jade Biosciences (JBIO) research and development spending change year over year?

Research and development expenses were $36,053 thousand for Q1 2026, compared with $20,023 thousand in Q1 2025. This increase reflects greater investment in clinical and preclinical work for JADE101, JADE201 and JADE301, as the company advances its autoimmune disease pipeline.

What was Jade Biosciences (JBIO) net loss per share in Q1 2026?

For Q1 2026, net loss per share attributable to common stockholders was $(0.57), based on 57,777,165 weighted-average shares. Net loss per share attributable to Series A non-voting convertible preferred stockholders was $(573.44), on 12,622 weighted-average preferred shares outstanding during the quarter.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/07/2026 - 04:16 PM Learn about SEC filing dates

NASDAQ false 0001798749 0001798749 2026-05-07 2026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2026

Jade Biosciences, Inc.

(Exact name of Registrant as specified in its charter)

Nevada		001-40544		83-1377888
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

221 Crescent St., Building 23
Suite 105
Waltham, MA		02453
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (781) 312-3013

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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, $0.0001 par value per share		JBIO		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☒

Item 2.02. Results of Operations and Financial Condition.

On May 7, 2026, Jade Biosciences, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).

This Item 2.02 and Exhibit 99.1 to this Report are being furnished to the SEC and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

EXHIBIT INDEX

Exhibit		Description
99.1		Press release issued on May 7, 2026.
104		Cover page interactive data file (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Jade Biosciences, Inc.
				(Registrant)
Date: May 7, 2026				By:		/s/ Bradford Dahms
				Name:		Bradford Dahms
				Title:		Chief Financial Officer and Treasurer

Exhibit 99.1

Jade Biosciences Reports First Quarter 2026 Financial Results and Provides Corporate Update

• Interim biomarker-rich Phase 1 data for JADE101 to be featured in an oral session at the 63rd European Renal Association Congress

• Phase 2 trial of JADE101 in IgA nephropathy patients expected to begin in the second quarter of 2026; interim data expected in 2027

• Phase 1 study of JADE201, a half-life extended afucosylated anti-BAFF-R antibody, expected to begin in the second quarter of 2026; interim data expected in 2027

• Phase 1 clinical trial for JADE301 remains on track to begin in the first half of 2027

• $311 million in cash, cash equivalents, and investments as of March 31, 2026 expected to provide runway into the first half of 2028

San Francisco and Vancouver, British Columbia – May 7, 2026 – Jade Biosciences, Inc. (“Jade” or the “Company”) (Nasdaq: JBIO), a biotechnology company focused on developing best-in-class therapies for autoimmune diseases, today announced financial results for the first quarter ending March 31, 2026, and provided a corporate update.

“With the upcoming initial biomarker-rich Phase 1 data for our lead program, JADE101, and an additional program expected to enter the clinic this quarter, we are transitioning into a new phase of focused clinical execution,” said Tom Frohlich, Chief Executive Officer of Jade Biosciences. “We believe these milestones position us to generate meaningful clinical insights across our portfolio over the coming quarters, while continuing to rapidly advance our pipeline of potentially best-in-class therapies for autoimmune diseases.”

Pipeline and Corporate Updates

JADE101: potentially best-in-class selective anti-APRIL monoclonal antibody for IgA nephropathy (IgAN)

• Biomarker-rich interim data from the Phase 1 healthy volunteer study of JADE101 to be presented in an oral session at the 63rd European Renal Association (ERA) Congress. These data are expected to define the dose and dosing interval for subsequent JADE101 IgAN patient studies and further characterize JADE101’s profile.

• Following review of the Phase 1 data, Jade expects to evaluate potential opportunities to accelerate the clinical development of JADE101.

• The company expects to initiate a Phase 2 clinical trial evaluating JADE101 in patients with IgAN in the second quarter of 2026; interim data are expected in 2027. A Trial-in-Progress presentation will be delivered during an oral session at the 2026 ERA Congress.

JADE201: potentially best-in-class anti-BAFF-R monoclonal antibody for autoimmune diseases

• The company expects to initiate a Phase 1 clinical trial evaluating JADE201 in patients with rheumatoid arthritis in the second quarter of 2026. Interim Phase 1 data are expected in 2027 and will inform indication prioritization and a focused clinical development strategy.

• JADE201 has broad potential across multiple autoimmune indications supported by B cell and BAFF-R biology.

JADE301: undisclosed antibody program for autoimmune diseases

• JADE301, an undisclosed antibody program targeting autoimmune diseases, is expected to enter a first-in-human clinical trial in the first half of 2027. Additional details are expected to be disclosed in the second half of 2026.

Corporate

• Jade appointed Edward R. Conner, M.D., as Chief Medical Officer (CMO). Dr. Conner is an accomplished biopharmaceutical executive with deep experience in clinical development, translational medicine and regulatory strategy across early- and late-stage programs. As CMO, he will lead Jade’s clinical and medical organization and advance the Company’s pipeline of potentially disease-modifying therapies for autoimmune diseases.

• The company announced the promotion of Dr. Andrew King to President, Research and Development, reflecting his expanded leadership and strategic oversight across the research and development organization.

First Quarter 2026 Financial Results

• Cash Position: As of March 31, 2026, Jade had cash, cash equivalents, and investments of $311.3 million. Based on its current operating plans, Jade believes that its existing cash will enable it to fund its operating expenses and capital expenditure requirements into the first half of 2028.

• Research and Development (R&D) expenses: R&D expenses totaled $36.1 million for the first quarter ended March 31, 2026, compared to $20.0 million for the quarter ended March 31, 2025. R&D expenses increased primarily due to increased costs around chemistry, manufacturing and controls and clinical activity as well as higher personnel-related costs as the Company builds out the internal R&D function.

• General and Administrative (G&A) expenses: G&A expenses totaled $7.4 million for the first quarter ended March 31, 2026, compared to $3.4 million for the quarter ended March 31, 2025. G&A expenses increased primarily due to higher personnel-related costs as the Company builds out its internal infrastructure.

• Net loss: Net loss totaled $40.4 million for the first quarter ended March 31, 2026, compared to $38.2 million for the quarter ended March 31, 2025. Net loss increased primarily due to higher R&D and G&A expenses, as described above.

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• Shares Outstanding: As of March 31, 2026, Jade had approximately 70,745,453 shares of common stock and common stock equivalents outstanding, including shares underlying pre-funded warrants and non-voting convertible preferred stock.

About Jade Biosciences, Inc.

Jade Biosciences is a clinical-stage biotechnology company focused on developing best-in-class therapies that address critical unmet needs in autoimmune diseases. Jade’s lead candidate, JADE101, targets the cytokine APRIL, and is currently being evaluated for the treatment of immunoglobulin A nephropathy. Jade’s pipeline also includes JADE201, an afucosylated anti-BAFF-R monoclonal antibody, as well as JADE301, an undisclosed antibody candidate. Jade was launched based on assets licensed from Paragon Therapeutics, an antibody discovery engine founded by Fairmount. For more information, visit JadeBiosciences.com and follow the Company on LinkedIn.

Forward-Looking Statements

Certain statements in this communication, other than purely historical information, may constitute “forward-looking statements” within the meaning of the federal securities laws, including for purposes of the “safe harbor” provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements relating to Jade’s expectations, hopes, beliefs, intentions or strategies regarding the future of its pipeline and business including, without limitation: Jade’s ability to achieve the expected benefits or opportunities with respect to JADE101, JADE201 and JADE301; plans for future clinical trials, including the expected timelines for initiation of the Phase 2 clinical trial of JADE 101 and first-in-human clinical trials of JADE201 and JADE301; expected timelines for data from the Phase 1 clinical trial of JADE101, the Phase 2 clinical trial of JADE101 and the Phase 1 clinical trial of JADE201 and the potential to accelerate the clinical development of JADE101; the potential of Jade’s product candidates to become best-in-class therapies; their potential therapeutic uses, efficacy, safety profiles, and dosing; and the potential for Jade’s cash runway to extend into the first half of 2028. The words “opportunity,” “potential,” “milestones,” “pipeline,” “can,” “goal,” “strategy,” “target,” “anticipate,” “achieve,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “plan,” “possible,” “project,” “should,” “will,” “would” and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Jade will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Jade’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the risks that the Phase 1 clinical trial of JADE101, the planned Phase 2 clinical trial of JADE101, the planned Phase 1 clinical trials of JADE201 and JADE301 and any other future trials may be delayed or may not demonstrate desirable efficacy; adverse events and safety signals may occur; Jade may experience unanticipated costs, difficulties or delays in the product development process; Jade’s product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; enrollment or regulatory challenges; risks associated with Jade’s dependence on third-party vendors for the development, manufacture and supply of its product candidates; Jade may use its capital resources sooner than expected; and the other risks, uncertainties and factors more fully described in Jade’s most

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recent filings with the Securities and Exchange Commission (including the Annual Report on Form 10-K for the year ended December 31, 2025 and its subsequent filings). Should one or more of these risks or uncertainties materialize, or should any of Jade’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Jade does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements, except as required by law. This communication does not purport to summarize all of the conditions, risks and other attributes of an investment in Jade.

Jade Biosciences Contact

Priyanka Shah

Media@JadeBiosciences.com

IR@JadeBiosciences.com

908-447-6134

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JADE BIOSCIENCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

		March 31, 2026				December 31, 2025
Cash, cash equivalents and investments		$	311,295			$	336,158
Other assets			8,138				13,623
Total assets		$	319,433			$	349,781
Total liabilities		$	22,971			$	17,263
Total stockholders’ equity (deficit)			296,462				332,518
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)		$	319,433			$	349,781

JADE BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

		Three Months Ended March 31, 2026				Three Months Ended  March 31, 2025
Operating expenses
Research and development(1)		$	36,053			$	20,023
General and administrative(2)			7,392				3,361
Total operating expenses			43,445				23,384
Loss from operations			(43,445	)			(23,384	)
Other income (expense):
Interest income			3,102				615
Change in fair value of Convertible Notes payable(3)			—				(15,400	)
Other expense			(9	)			—
Total other income (expense), net			3,093				(14,785	)
Net loss before income tax expense			(40,352	)			(38,169	)
Income tax expense			(16	)			—
Net loss			(40,368	)			(38,169	)
Other comprehensive income (loss):
Currency translation adjustment		$	2			$	—
Unrealized loss on investments		$	(473	)		$	—
Comprehensive loss		$	(40,839	)		$	(38,169	)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.57	)		$	(12.10	)
Net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted		$	(573.44	)		$	—
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted			57,777,165				3,155,500
Weighted-average shares used in computing net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted			12,622				—

(1) Includes related party amounts of $4.3 million and $7.8 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

(2) Includes related party amounts of $0.2 million and $0.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

(3) Includes no related party amounts for the three months ended March 31, 2026 and $3.3 million for the three months ended March 31, 2025.

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Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 57.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 19.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.9 KB