One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Jade Biosciences, Inc.
JBIO · NCM · Healthcare · Biotechnology
Current price
$13.47
52-week range
$8.36 - $28.00
Market cap
$856.66M
Balance sheet
Healthy
-14.59x Concerning
Net cash $459.82M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
0 Risks
0 rewards · 0 risks
Highlights are unavailable right now.
What this company does
Jade Biosciences, Inc.
Jade Biosciences, Inc. is a company that creates new medicines to help people with autoimmune diseases, which are conditions where the body's own defense system attacks itself. Their main moneymaker will eventually come from selling these new drugs, like their experimental one called JADE101, which is currently in early testing to see if it's safe and might work. Understanding this helps because it shows how the company is trying to solve a big health problem, and if their drug is successful, it could lead to significant sales and profits down the road, impacting its stock price.
How the company got here
Jade Biosciences was founded in 2024 as a private company focused on developing treatments for autoimmune diseases, particularly kidney conditions. It later merged with Aerovate Therapeutics, a public company, and began trading on the Nasdaq under the ticker JBIO in April 2025. This strategic move allowed Jade to access public markets and funding to advance its research. The company's foundation is built on assets licensed from Paragon Therapeutics, a company that specializes in discovering and developing new antibody-based medicines. Jade is the fourth company to emerge from Paragon's development pipeline, highlighting a strategy of creating new entities around promising drug candidates. As a clinical-stage biotechnology company, Jade Biosciences is not yet generating revenue from product sales, which is typical for its stage of development.
What it actually does
Jade Biosciences is a biotechnology company that develops therapies for autoimmune diseases. These are conditions where the body's immune system mistakenly attacks its own healthy tissues. The company focuses on creating new medicines, primarily antibody-based treatments, to help manage or treat these conditions. Currently, Jade Biosciences does not have any approved products on the market; its work involves researching and developing potential new drugs that are in various stages of clinical testing.
JADE101 for IgA Nephropathy
Jade Biosciences is developing a drug called JADE101, which is a type of therapy known as a monoclonal antibody. This specific antibody is designed to target and block a protein called APRIL (A PRoliferation-Inducing Ligand). APRIL plays a significant role in a kidney disease called IgA nephropathy (IgAN), where it contributes to inflammation and damage in the kidneys. By blocking APRIL, JADE101 aims to reduce the production of harmful IgA antibodies, lower protein in the urine (a sign of kidney damage), and help preserve kidney function. JADE101 is currently in Phase 2 clinical trials, with interim data expected in 2027, and is designed for patient-friendly subcutaneous (under the skin) dosing, potentially as infrequently as every eight weeks.
JADE201 for Autoimmune Diseases
Another key therapy in Jade Biosciences' pipeline is JADE201, also a monoclonal antibody. This drug targets the B-cell activating factor receptor (BAFF-R), which is involved in the survival and activity of B cells, a type of immune cell that can contribute to autoimmune diseases. JADE201 is designed to work in two ways: by blocking BAFF signaling to reduce B cell survival and by enhancing the body's immune response to eliminate these B cells. This dual action aims to provide a more effective and durable treatment for various autoimmune conditions. JADE201 is currently in Phase 1 clinical trials, with interim data anticipated in 2027, and is engineered for extended half-life to allow for less frequent dosing.
JADE-003 and Other Preclinical Programs
In addition to JADE101 and JADE201, Jade Biosciences is also working on other potential therapies. One of these is JADE-003, which is an antibody discovery program currently in the preclinical development stage. Preclinical development means the drug is being studied in laboratory and animal models before it can be tested in humans. The company also has other undisclosed antibody programs in preclinical development. These early-stage efforts represent the company's ongoing commitment to discovering and developing new treatments for a range of autoimmune diseases.
What management is betting on now
Jade Biosciences' main strategy is to develop "best-in-class" therapies for autoimmune diseases, focusing on areas with significant unmet medical needs. This means they aim to create treatments that are not only effective but also offer advantages over existing or other developing options, such as improved efficacy, better safety profiles, or more convenient dosing schedules. The company is heavily investing in advancing its lead drug candidates, JADE101 and JADE201, through clinical trials to demonstrate their potential benefits. Management is also focused on leveraging its scientific expertise and partnerships, like the one with Paragon Therapeutics, to build a robust pipeline of innovative antibody-based medicines for patients suffering from debilitating autoimmune conditions.
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q2
$-36.67M
FY2025 Q3
$-22.18M
FY2025 Q4
$-33.65M
Revenue
—
Net income
$-55.77M
Diluted EPS
-0.76
Operating cash flow
$-43.66M
Free cash flow
—
Fetching…
Sources
Revenue
—
Net income
$-40.37M
Diluted EPS
-0.57
Operating cash flow
$-24.08M
Free cash flow
—
Fetching…
Sources
Revenue
—
Net income
$-67.58M
Diluted EPS
-1.76
Operating cash flow
$-33.65M
Free cash flow
$-33.65M
Fetching…
Sources
Revenue
—
Net income
$-25.18M
Diluted EPS
-0.48
Operating cash flow
$-22.12M
Free cash flow
$-22.18M
Fetching…
Sources
Revenue
—
Net income
$-32.13M
Diluted EPS
-0.86
Operating cash flow
$-36.53M
Free cash flow
$-36.67M
Fetching…
Sources
Revenue
—
Net income
$-2.52M
Diluted EPS
-0.09
Operating cash flow
$-2.38M
Free cash flow
—
Fetching…
Sources
Revenue
—
Net income
$-46.98M
Diluted EPS
-14.89
Operating cash flow
$-15.81M
Free cash flow
—
Fetching…
Sources
Revenue
—
Net income
$-16.24M
Diluted EPS
-0.56
Operating cash flow
$-6.80M
Free cash flow
—
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $13.47
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $459.8M - more cash than debt. Interest coverage -14.6x.
Net debt
$-459.82M
Interest coverage
-14.59x
Jade Biosciences, Inc. is healthier than 0 of 1 peers on balance-sheet leverage.
Healthy
Worse cushion
Baseline
Better cushion
JBIO
BASELINE
Jade Biosciences, Inc.
Total debt $1.39M Interest coverage -14.59x This is the baseline the peer rows are being compared against.
What you should know
The case for and against JBIO
0 Rewards
0 Risks
Rewards
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-5.06x
P/B
1.95x
P/S
—
EV/EBITDA
-2.41x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
0.0%
Net margin
0.0%
ROE
—
ROA
—
Health
Liquidity and balance-sheet strength
Debt / equity
0.00x
Current ratio
14.93x
Quick ratio
14.61x
Total debt
$1.39M
Total cash
$461.20M
Growth
How the business has been compounding
Revenue TTM
$0.00
Revenue 5Y CAGR
—
EPS TTM
-1.92
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-123.51M
Free CF TTM
$-94.89M
FCF margin
—
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
—
Last ex-div date
—