Jade Biosciences is a clinical-stage company developing antibodies for autoimmune diseases, led by JADE101, an anti-APRIL antibody for IgA nephropathy; none are approved.
Jade's case depends on JADE101 translating IgA lowering into benefit in IgA nephropathy with infrequent dosing. JUNIPER interim data are now expected in the second quarter of 2027; EVERGREEN Phase 3 initiation is expected in the fourth quarter of 2026. JADE201 is dosing in rheumatoid arthritis, while JADE301 is approaching healthy-volunteer development for dermatomyositis. A completed $172.5 million offering supports the pipeline; management expects funding into the fourth quarter of 2028 under current operating plans.
Thesis checklist
0 risks need attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: JADE101 lowers proteinuria in IgA nephropathy patients
Does JADE101 meaningfully reduce proteinuria in IgA nephropathy patients with a tolerable, infrequent dosing regimen?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
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JADE101 Phase 3 planned earlier; JUNIPER patient results remain central
JADE101's Phase 2 IgAN efficacy readout will determine whether its pharmacodynamic superiority over sibeprenlimab and povetacicept translates to clinical differentiation
JADE101's Phase 1 biomarker readout will define whether JBIO's BAFF-pathway antibody approach can differentiate in a crowding IgA nephropathy field
Merger with Aerovate Therapeutics completed
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Disease areas: Kidney diseases, Neuromuscular diseases, Autoimmune and inflammatory diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
10 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.