Jade Biosciences Raises $180M, Holds $336M Cash, Eyes JADE101 Data Q2 2026
Jade Biosciences closed 2025 with $336.2 million cash after raising $180 million, funding operations into H1 2028, plus Q4 net loss of $31.9 million and full-year loss of $127.4 million. The company expects Phase 1 interim data for JADE101 in Q2 2026 and Phase 2 IgAN trial to start mid-2026.
1. Financial Results
Jade Biosciences reported a fourth-quarter net loss of $31.9 million and a full-year net loss of $127.4 million for 2025. R&D expenses rose to $28.5 million in Q4 and $93.1 million for the year, while G&A expenses were $6.4 million in Q4 and $20.4 million for the full year.
2. Cash Position and Funding
As of December 31, 2025, Jade held $336.2 million in cash, cash equivalents, and investments, bolstered by $180 million in private placement financing completed in Q4. Management expects this funding to support operating and capital needs into the first half of 2028.
3. Pipeline Outlook
The company expects to report interim Phase 1 data for JADE101 in Q2 2026 and to initiate its Phase 2 IgA nephropathy trial mid-2026. It plans to start a first-in-human study of JADE201 in rheumatoid arthritis patients in Q2 2026 with interim data in 2027, and to launch JADE301’s Phase 1 trial in H1 2027.