Jade Biosciences, Inc. announced financial results for the fourth quarter and full year ended December 31, 2025, reporting a net loss of $31.9 million for Q4 and $127.4 million for the year, with cash and equivalents of $336.2 million providing runway into the first half of 2028. The company provided pipeline updates including JADE101 Phase 1 interim data expected Q2 2026 and JADE201 first-in-human trial starting Q2 2026.
Key takeaways
Cash, cash equivalents, and investments of $336.2 million as of December 31, 2025, runway into first half of 2028
Q4 2025 R&D expenses $28.5 million vs $17.6 million Q4 2024; full year $93.1 million vs $31.2 million since inception
Q4 2025 G&A expenses $6.4 million vs $2.4 million Q4 2024; full year $20.4 million vs $4.3 million
Q4 2025 net loss $31.9 million vs $30.1 million Q4 2024; full year $127.4 million vs $47.0 million
JADE101 Phase 1 interim data Q2 2026, Phase 2 in IgAN mid-2026