Deep Track exits reportable position in Jade Biosciences (JBIO) with 0% stake

Rhea-AI Filing Summary

Deep Track Capital and related investors now report no beneficial ownership of Jade Biosciences, Inc. common stock. As of the event date of December 31, 2025, Deep Track Capital, Deep Track Biotechnology Master Fund, Ltd., and David Kroin each report 0 shares beneficially owned, representing 0.00% of the common stock.

The ownership calculations use 46,004,205 common shares outstanding as of November 7, 2025, as disclosed in Jade Biosciences’ prior quarterly report. The filing confirms that the securities referenced were not acquired or held for the purpose of changing or influencing control of Jade Biosciences.

Insights

Institutional ownership and governance analyst

Key institutional holder now reports 0% ownership in Jade Biosciences.

The filing shows Deep Track Capital, its biotechnology master fund, and David Kroin collectively reporting beneficial ownership of 0 shares and 0.00% of Jade Biosciences’ common stock. This indicates they no longer meet the threshold that requires reporting as significant shareholders.

The calculations rely on 46,004,205 common shares outstanding as of November 7, 2025, taken from Jade Biosciences’ earlier quarterly report. The signatories certify that the securities referenced were not acquired or held to change or influence control, framing this as a passive ownership position rather than an activist one.

Future ownership disclosures in company or institutional filings will clarify whether any new large holders emerge or whether Deep Track or its affiliates re-establish a reportable stake in later periods.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Jade Biosciences, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

008064206

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 008064206

1

Names of Reporting Persons

Deep Track Capital, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 008064206

1

Names of Reporting Persons

Deep Track Biotechnology Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 008064206

1

Names of Reporting Persons

David Kroin

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Jade Biosciences, Inc.
(b)	Address of issuer's principal executive offices: 221 Crescent St., Building 23, Suite 105, Waltham, MA 02453
Item 2.
(a)	Name of person filing: (i) Deep Track Capital, LP (ii) Deep Track Biotechnology Master Fund, Ltd. (iii) David Kroin
(b)	Address or principal business office or, if none, residence: (i) 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830 (ii) c/o Walkers Corporate Limited, 190 Elgin Ave, George Town, KY1-9001, Cayman Islands (iii) c/o Deep Track Capital, LP, 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830
(c)	Citizenship: (i) Delaware (ii) Cayman Islands (iii) United States
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 008064206
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 0.00%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Deep Track Capital, LP is the relevant entity for which David Kroin may be considered a control person.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Deep Track Capital, LP

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Managing Member of the General Partner of the Investment Adviser
Date:	02/13/2026

Deep Track Biotechnology Master Fund, Ltd.

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Director
Date:	02/13/2026

David Kroin

Signature:	/s/ David Kroin
Name/Title:	David Kroin
Date:	02/13/2026

Exhibit Information

Item 4: Information with respect to the Reporting Persons' ownership of the Common Stock as of December 31, 2025, is incorporated by reference to items (5) - (9) and (11) of the cover page of the respective Reporting Person The amount beneficially owned by each Reporting Person is determined based on 46,004,205 Common Stock outstanding as of November 7, 2025, according to the issuer's 10-Q filed with the SEC on November 14, 2025. JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G/A, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G/A, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: February 13, 2026 Deep Track Capital, LP By: /s/ David Kroin David Kroin, Managing Member of the General Partner of the Investment Adviser Deep Track Biotechnology Master Fund, Ltd. By: /s/ David Kroin David Kroin, Director David Kroin By: /s/ David Kroin David Kroin

FAQ

What does Deep Track’s Schedule 13G/A filing for JBIO show?

The filing shows Deep Track Capital, its biotech master fund, and David Kroin now report 0 shares and 0.00% beneficial ownership of Jade Biosciences common stock as of December 31, 2025, meaning they no longer hold a reportable stake.

How many Jade Biosciences shares were used to calculate Deep Track’s ownership?

Ownership percentages are calculated using 46,004,205 shares of Jade Biosciences common stock outstanding as of November 7, 2025, based on the issuer’s Form 10-Q filed on November 14, 2025.

Who are the reporting persons in the Jade Biosciences (JBIO) Schedule 13G/A?

The reporting persons are Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin. Each reports 0 shares beneficially owned and 0.00% of Jade Biosciences’ common stock as of December 31, 2025.

Does Deep Track’s filing indicate an attempt to control Jade Biosciences (JBIO)?

No. The certification states the securities were not acquired or held to change or influence control of Jade Biosciences and were not part of any transaction with that purpose, other than activities related to a nomination under Rule 240.14a-11.

What ownership threshold does this Jade Biosciences filing relate to?

The filing confirms “Ownership of 5 percent or less of a class.” By reporting 0 shares and 0.00% ownership, Deep Track and David Kroin indicate they are below the 5% beneficial ownership reporting threshold for Jade Biosciences’ common stock.

Who signed the Jade Biosciences (JBIO) Schedule 13G/A on behalf of the reporting persons?

David Kroin signed in multiple capacities: as Managing Member of the General Partner of the Investment Adviser to Deep Track Capital, as Director of Deep Track Biotechnology Master Fund, Ltd., and individually, each dated February 13, 2026.