San Francisco-based Jade Biosciences, Inc. (Nasdaq: JBIO) announced the pricing of a public offering of common stock to raise USD 150 million in gross proceeds, as the autoimmune disease biotechnology company moves to accelerate clinical development across its antibody pipeline. The raise follows Phase I data for its lead asset and extends the company's stated cash runway into the first half of 2028.
Jade priced 10 million shares at USD 15.00 per share in the primary offering, with all shares sold by the company. Underwriters hold a 30-day option to purchase up to an additional 1.5 million shares at the same price, which would bring total gross proceeds to USD 172.5 million if fully exercised. The offering was expected to close on or around June 5, 2026, subject to customary closing conditions. Jefferies, TD Cowen, and UBS Investment Bank acted as joint book-running managers; LifeSci Capital served as passive book-running manager; and BTIG acted as lead manager. No specific institutional investors were named in the announcement, and no insider participation was disclosed. Proceeds are earmarked for clinical trials, preclinical studies, manufacturing, research and development, capital expenditures, and general corporate purposes.
Jade is a clinical-stage company focused on developing antibody therapies for autoimmune diseases. Its lead candidate, JADE101, targets APRIL (a proliferation-inducing ligand), a cytokine implicated in B-cell survival and immunoglobulin production, and is being evaluated in immunoglobulin A nephropathy (IgAN). The asset is currently in Phase I development, with the recent data readout cited as a catalyst supporting the timing of this Jade Biosciences common stock offering.
The pipeline also includes JADE201, an afucosylated anti-BAFF-R monoclonal antibody targeting systemic autoimmune diseases, and JADE301, an undisclosed antibody program. All three assets were exclusively licensed from Paragon Therapeutics, an antibody discovery engine founded by Fairmount, under an agreement that includes milestone payments and royalties tied to development and commercial progress.
Jade reached Nasdaq through a reverse merger with Aerovate Therapeutics, completed in April 2025, in which pre-merger Jade stockholders received approximately 98.4% of the combined entity. The company has raised approximately USD 300 million in aggregate prior to this offering, including a USD 135 million PIPE in October 2025 and a USD 45 million private placement with Switzerland-based BB Biotech AG.