Jade Biosciences, Inc.

Jade Biosciences, Inc. reported a net loss of $127.4 million for fiscal year 2025, driven by significant operating expenses of $113.5 million, primarily from research and development ($93.1 million) and general and administrative costs ($20.4 million). The company generated $7.8 million in interest income but recorded a net other expense of $13.8 million, including a $21.6 million change in the fair value of convertible notes payable. Comprehensive loss was $127.3 million. The balance sheet shows total assets of $349.8 million, with strong liquidity from $88.4 million in cash and $247.7 million in investments. Total liabilities were $17.3 million, resulting in stockholders' equity of $332.5 million. Cash flow from operations was negative $94.7 million, while financing activities provided $360.8 million, primarily from convertible notes and PIPE financings, leading to a net increase in cash of $19.1 million. No revenue or gross profit figures were disclosed for the period.

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