[SCHEDULE 13G] Jade Biosciences, Inc. SEC Filing

Rhea-AI Filing Summary

Deep Track Capital and affiliates have disclosed an 8.64% ownership stake in Jade Biosciences, representing 2,784,648 shares of common stock. The Schedule 13G filing reveals three reporting entities: Deep Track Capital LP, Deep Track Biotechnology Master Fund Ltd, and David Kroin.

Key details of the ownership structure:

• All three entities share voting and dispositive power over 2,784,648 shares
• None of the reporting persons have sole voting or dispositive power
• Ownership percentage is calculated based on 32,235,926 shares outstanding as of April 28, 2025
• David Kroin serves as both Managing Member of Deep Track Capital's General Partner and Director of Deep Track Biotechnology Master Fund

The filing certifies that the securities were not acquired to influence control of Jade Biosciences. The reporting persons have entered into a joint filing agreement, with each party responsible for their own information accuracy while sharing filing obligations.

Positive

• Deep Track Capital and affiliated entities have acquired a significant 8.64% stake (2,784,648 shares) in Jade Biosciences, indicating strong institutional confidence in the company

Negative

• None.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Jade Biosciences, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

008064206

(CUSIP Number)

04/28/2025

(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 2,784,648.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,784,648.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,784,648.00

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)

8.64 %

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 2,784,648.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,784,648.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,784,648.00

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)

8.64 %

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 2,784,648.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,784,648.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,784,648.00

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)

8.64 %

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: 2,784,648
(b)	Percent of class: 8.64%
(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: 2,784,648
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 2,784,648
Item 5.	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:	06/20/2025

Deep Track Biotechnology Master Fund, Ltd.

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Director
Date:	06/20/2025

David Kroin

Signature:	/s/ David Kroin
Name/Title:	David Kroin
Date:	06/20/2025

Exhibit Information

Item 4: Information with respect to the Reporting Persons' ownership of the Common Stock as of June 20, 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 32,235,926 Common Stock outstanding as of April 28, 2025, according to the issuer's 8-K filed with the SEC on May 1, 2025. JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, 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: June 20, 2025 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 percentage of JBIO stock does Deep Track Capital own as of June 2025?

Deep Track Capital owns 2,784,648 shares representing 8.64% of JBIO's common stock, based on 32,235,926 shares outstanding as of April 28, 2025.

Who are the reporting persons in JBIO's Schedule 13G filing?

The reporting persons are: (1) Deep Track Capital, LP, (2) Deep Track Biotechnology Master Fund, Ltd., and (3) David Kroin. All three entities collectively report beneficial ownership of the same 2,784,648 shares.

What is the voting power distribution for JBIO shares held by Deep Track Capital?

Deep Track Capital has zero sole voting power but holds shared voting power of 2,784,648 shares. Similarly, it has zero sole dispositive power but shared dispositive power of 2,784,648 shares.

When did Deep Track Capital's ownership in JBIO trigger this 13G filing?

The event that required this Schedule 13G filing occurred on April 28, 2025, as indicated in the filing. The document was signed on June 20, 2025, and filed with the SEC on June 28, 2025.

What is David Kroin's role in the JBIO stock ownership structure?

David Kroin serves multiple roles: he is the Managing Member of the General Partner of Deep Track Capital, LP (the Investment Adviser), a Director of Deep Track Biotechnology Master Fund, Ltd., and is listed as an individual reporting person with control person status (HC, IN classification).