Jade Biosciences (NASDAQ: JBIO) is a clinical-stage biopharmaceutical company developing novel biologic therapies for patients with autoimmune diseases. The company has no commercial revenue as of December 31, 2025, and does not expect to achieve profitability in the near future. Jade was incorporated on June 18, 2024, and completed a reverse recapitalization in 2025 that included the exchange of Series Seed convertible preferred stock, conversion of convertible notes into common stock and pre-funded warrants, and multiple equity financings including a Pre-Closing Financing, an October 2025 Financing, and a December 2025 Financing. The company carries federal and state net operating loss carryforwards as of December 31, 2025. Operations depend on contract manufacturing organizations and contract research organizations for clinical development. The company has not received regulatory approval for any product candidate and is not permitted to market or promote any of its pipeline assets.

Revenue model

No revenue as of December 31, 2025. The company is pre-commercial and funds operations through equity financings and convertible notes. It has not disclosed any partnership, licensing, or royalty revenue streams in the filing excerpts.

Products and services

Novel biologic therapies targeting autoimmune diseases, all at clinical stage with no approved products as of the filing date of March 6, 2026. Specific product candidates are not named in the available filing excerpts.

Customers and end markets

Patients with autoimmune diseases are the intended end market. No commercial customers exist as of December 31, 2025. Clinical trial participants are the current recipients of the company's investigational therapies.

Value-chain role

Drug developer reliant on third-party contract manufacturing organizations for production and contract research organizations for clinical trial execution. The company does not own manufacturing facilities and outsources clinical and manufacturing operations.

Geographic exposure

Incorporated in the United States. Clinical trials and regulatory filings reference the FDA as the primary regulatory authority, with references to foreign regulatory authorities and EU health technology assessment regulations, indicating potential international clinical development activity. Specific country-level revenue or operational breakdown is not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-06

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