0001193125-26-096550
SEC filingJade 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.
Jade Biosciences, Inc. reported a net loss of $127.4 million for the fiscal year ending December 31, 2025. This loss was primarily driven by total operating expenses of $113.5 million, consisting of $93.1 million in research and development and $20.4 million in general and administrative expenses. Other income and expense resulted in a net other expense of $13.8 million, which included $7.8 million in interest income offset by a $21.6 million change in the fair value of convertible notes payable and an $8,000 other expense. Comprehensive loss was $127.3 million, reflecting a $28,000 currency translation adjustment and a $157,000 unrealized gain on investments. Basic and diluted net loss per share was $3.00, based on 31.4 million weighted-average shares. No prior year comparative figures were provided in the available data.
No revenue figures were disclosed in the provided XBRL financial data or document content for fiscal year 2025. The company's financial statements show operating expenses and net loss without corresponding revenue, indicating the company is in a pre-revenue stage of development. No segment breakdown, geographic mix, or revenue growth drivers were mentioned in the available information.
Gross margin and operating margin cannot be calculated as no revenue figures were disclosed. The company's cost structure is dominated by research and development expenses, which accounted for 82% of total operating expenses ($93.1 million out of $113.5 million). General and administrative expenses represented the remaining 18% ($20.4 million). The net loss margin relative to any potential revenue cannot be determined due to the absence of revenue data. Stock-based compensation expense was $20.0 million, representing a significant non-cash component of operating expenses.
Net cash used in operating activities was $94.7 million for FY 2025, primarily driven by the $127.4 million net loss adjusted for non-cash items including $21.6 million change in fair value of convertible notes payable and $20.0 million in stock-based compensation. Investing activities used $247.0 million in cash, mainly for purchases of investments ($261.2 million). Financing activities provided $360.8 million, with major contributions from proceeds from issuance of convertible notes payable ($95.0 million), Pre-Closing Financing ($189.1 million), and PIPE Financing ($171.1 million). The balance sheet shows total assets of $349.8 million, including $88.4 million in cash and cash equivalents and $247.7 million in investments. Total liabilities were $17.3 million, resulting in stockholders' equity of $332.5 million and an accumulated deficit of $174.4 million.
No specific management guidance, strategic priorities, or forward-looking financial projections were provided in the available document content. The risk factors section mentioned cybersecurity governance, with the Board of Directors and Audit Committee overseeing cybersecurity risks. The Vice President of Information Technology and senior management are responsible for assessing and managing cybersecurity risks, with the CFO having over six years of experience overseeing IT and cybersecurity. The company monitors cybersecurity risks through internal security personnel, threat intelligence from external sources, and security tools. No other outlook information was disclosed in the provided filing content.