Jade Biosciences (JBIO) AI Stock Analysis

• Market Cap: $736.07M
• Dividend Yield: 14.68%
• Average Volume (3M): 127.19K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.11
• Revenue Growth: N/A
• EPS Growth: 89.16%
• Country: US
• Employees: 50
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.48
• Shares Outstanding: 46,004,204
• 10 Day Avg. Volume: 252,880
• 30 Day Avg. Volume: 127,195
• PEG Ratio: 0.07
• Price to Book (P/B): 0.99
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.06
• Enterprise Value/Market Cap: 0.64
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -22.51K
• Enterprise Value/Ebitda: -7.54
• 1Y Price Target: $22.33
• Price Target Upside: 39.56% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: $17.50 ▲(9.38% Upside)

The score is held back primarily by weak financial performance (no revenue, growing losses, and heavy cash burn). Offsetting factors include constructive technical positioning versus longer-term moving averages and positive corporate events that extend the cash runway and advance pipeline plans, while valuation signals remain mixed due to negative earnings despite a high dividend yield.

Positive Factors

Cash runway

A large cash balance (~$336M) that the company expects will fund operations into H1 2028 materially reduces near-term funding pressure and enables execution of multiple clinical programs and milestone-driven de-risking across 2-3 years without immediate reliance on dilutive financing.

Low leverage

Minimal debt exposure (~$0.4M) lowers refinancing and interest-rate risk, preserving flexibility to allocate cash toward R&D and trials. Low leverage supports strategic optionality and reduces burden on future cash flows while the biotech advances preclinical and clinical programs.

Advancing autoimmune pipeline

A multi-asset autoimmune portfolio with staged clinical milestones (Phase 1 progress, planned Phase 2 in IgAN, and additional FIH starts) provides multiple durable development catalysts and diversification of program risk, increasing chances that at least one program advances to value-creating inflection points.

Negative Factors

No revenue & widening losses

The company remains pre-revenue with materially widening net losses, demonstrating that operating expenses outpace any commercial cash inflow. This structural lack of revenue means long-term viability hinges entirely on clinical success or sustained external financing rather than internal cash generation.

Worsening operating cash burn

Operating cash outflows have roughly doubled in two years, indicating rising R&D and G&A commitments. Persistent and increasing cash burn is a durable pressure point that will continue to require careful capital planning and could accelerate financing needs if clinical timelines slip or programs expand.

Dependence on external financing

The company has relied on sizable private placements to fund operations, which underscores dependence on external capital. This structural funding model creates dilution risk and execution risk if future raises become costlier or investor appetite wanes, especially if clinical milestones are delayed.

Jade Biosciences Business Overview & Revenue Model

Company Description

Jade Biosciences, Inc. is a biotechnology company focused on developing best-in-class therapies to address critical unmet needs in autoimmune diseases. Their lead asset, JADE-001, targets the anti-A PRoliferation-Inducing Ligand (APRIL) pathway for the treatment of immunoglobulin A (IgA) nephropathy. JADE-001 is anticipated to enter clinical trials in the second half of 2025, with initial data expected in the first half of 2026. The company's pipeline also includes two preclinical antibody programs, JADE-002 and JADE-003.

How the Company Makes Money

Aerovate Therapeutics makes money primarily through the development and commercialization of its therapeutic products. The company aims to generate revenue by bringing its lead product candidate, AV-101, to market, pending successful clinical trials and regulatory approval. Revenue streams are expected to include sales of AV-101 upon commercialization, potential partnerships or collaborations with other pharmaceutical companies, and licensing agreements that may provide upfront payments, milestone payments, and royalties. Additionally, Aerovate may seek grants or funding from health organizations to support its research and development efforts.

Jade Biosciences Financial Statement Overview

Summary

Income statement and cash flow are weak for a development-stage biotech (no revenue, widening losses, and worsening operating cash burn). The balance sheet shows low debt, but equity and assets have declined over time, reflecting ongoing cash needs despite reduced leverage risk.

Income Statement

The company reports no revenue across the annual periods provided (2019–2024), consistent with a pre-commercial biotechnology profile. Losses have expanded materially over time, with net income declining from about -$3.3M (2019) to about -$69.6M (2024), indicating rising operating spend without offsetting revenue. Margins are shown as 0% due to zero revenue, which underscores that profitability is not yet in sight and results are highly dependent on future development and commercialization progress.

Balance Sheet

Leverage is very low in the most recent annual period (2024 total debt of ~$0.4M), which reduces financial risk from interest and refinancing pressure. However, equity has fallen notably from ~$172.4M (2021) to ~$76.4M (2024), reflecting ongoing losses and cash burn that are eroding the capital base over time. Total assets also declined from ~$175.4M (2021) to ~$80.3M (2024), suggesting shrinking balance sheet capacity unless replenished through future financing.

Cash Flow

Cash generation is weak, with operating cash flow consistently negative and worsening in recent years (about -$39.1M in 2022 to about -$71.2M in 2024). Free cash flow is also consistently negative and roughly tracks net losses (free cash flow to net income ~1.0 across periods), indicating limited non-cash offsets and a business model still reliant on external funding. The recent jump in free cash flow growth appears driven by a larger cash burn year-over-year rather than improvement in underlying cash economics.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-21.00K	-282.00K	-96.00K	-68.00K	-15.00K	-1.00K
EBITDA	-62.66M	-69.29M	-75.37M	-51.42M	-22.95M	-9.54M
Net Income	-62.74M	-69.63M	-75.52M	-51.51M	-22.96M	-9.61M
Balance Sheet
Total Assets	202.45M	80.33M	127.42M	135.30M	175.36M	4.71M
Cash, Cash Equivalents and Short-Term Investments	198.91M	78.62M	122.44M	129.22M	167.38M	4.57M
Total Debt	747.00K	417.00K	675.00K	1.09M	574.00K	0.00
Total Liabilities	23.10M	3.90M	17.96M	8.56M	2.94M	1.77M
Stockholders Equity	179.35M	76.43M	109.46M	126.74M	172.42M	2.94M
Cash Flow
Free Cash Flow	-69.90M	-71.20M	-56.92M	-39.32M	-27.58M	-7.86M
Operating Cash Flow	-69.71M	-71.20M	-56.78M	-39.12M	-27.40M	-7.86M
Investing Cash Flow	-148.56M	56.03M	11.88M	6.93M	-113.43M	0.00
Financing Cash Flow	191.16M	25.43M	46.00M	396.00K	190.46M	8.92M

Jade Biosciences Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 16.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JBIO, the sentiment is Positive. The current price of 16 is above the 20-day moving average (MA) of 15.19, above the 50-day MA of 14.64, and above the 200-day MA of 10.19, indicating a bullish trend. The MACD of 0.54 indicates Negative momentum. The RSI at 54.98 is Neutral, neither overbought nor oversold. The STOCH value of 72.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JBIO.

Jade Biosciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JBIO	55 Neutral	$736.07M	-1.41	-50.23%	14.68%	―	89.16%
TECX	55 Neutral	$434.59M	-6.03	-32.21%	―	―	60.40%
CLLS	54 Neutral	$266.78M	-10.62	-31.07%	―	158.54%	66.90%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IMMP	48 Neutral	$397.00M	-9.93	-35.86%	―	―	-17.16%
GALT	46 Neutral	$190.86M	-5.01	―	―	―	18.82%
HUMA	45 Neutral	$184.93M	-4.01	―	―	―	82.23%

Jade Biosciences Corporate Events

Jade Biosciences Outlines 2026 Autoimmune Pipeline Priorities

On January 5, 2026, Jade Biosciences announced its 2026 strategic priorities ahead of the J.P. Morgan Healthcare Conference, detailing plans to advance its monoclonal antibody pipeline for autoimmune diseases, including ongoing Phase 1 testing of JADE101 in healthy volunteers, the planned start of a Phase 2 trial in IgA nephropathy in mid-2026 with preliminary data in 2027, and positioning selective anti-APRIL therapy as a potential foundational treatment in IgAN. The company also outlined development timelines for JADE201, which is expected to enter a first-in-human rheumatoid arthritis study in the second quarter of 2026, and JADE301, which is in preclinical testing with a first-in-human trial planned for the first half of 2027, while providing a preliminary financial update indicating approximately $336 million in cash, cash equivalents and investments as of December 31, 2025, expected to fund operations into the first half of 2028, underscoring sufficient capital to support multiple clinical catalysts and expansion of its autoimmune pipeline.

The most recent analyst rating on (JBIO) stock is a Hold with a $17.00 price target. To see the full list of analyst forecasts on Jade Biosciences stock, see the JBIO Stock Forecast page.

Jade Biosciences Announces Private Placement Agreement

On December 13, 2025, Jade Biosciences entered into a securities purchase agreement with BB Biotech for a private placement of 3,214,286 shares of common stock at $14.00 per share, expected to raise approximately $45 million. The proceeds will fund research and development, corporate expenses, and working capital. The private placement, exempt from public offering registration, is set to close on December 16, 2025, with a registration rights agreement to file a resale registration statement with the SEC.

The most recent analyst rating on (JBIO) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Jade Biosciences stock, see the JBIO Stock Forecast page.

Jade Biosciences Reports Q3 2025 Financial Results

On April 28, 2025, Jade Biosciences, formerly Aerovate Therapeutics, completed a business merger, resulting in a name change and a reverse stock split. The company presented promising preclinical data for JADE101 and initiated a Phase 1 study, with interim results expected in 2026. They also introduced JADE201, targeting autoimmune diseases, and completed a $135 million private placement to extend their cash runway into 2028. The third quarter of 2025 saw increased R&D and G&A expenses, leading to a net loss of $25.2 million.

The most recent analyst rating on (JBIO) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on Jade Biosciences stock, see the JBIO Stock Forecast page.