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• AV-101: A dry powder inhaled formulation of imatinib currently in Phase 2b/Phase 3 trial for the treatment of pulmonary arterial hypertension.

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Tom Frohlich Chief Executive Officer

Mr. Frohlich, a biotech and pharma industry veteran with over 20 years of experience, co-founded and served as Chief Operating Officer of Chinook Therapeutics, Inc., a Nasdaq-listed biopharmaceutical company. He guided Chinook Therapeutics through its growth, culminating in its $3.2 billion acquisition by Novartis in 2023. He also held leadership roles at Arbutus Biopharma, Johnson & Johnson, and Merck, managing commercial strategy and business development. From April 2018 to October 2023, he served as an Operating Principal and Entrepreneur in Residence at Versant Ventures, a healthcare investment firm, and was responsible for company creation and due diligence. Chinook Therapeutics was formed by Versant Ventures.

Bradford D. Dahms Chief Financial Officer

Mr. Dahms was appointed Chief Financial Officer of Jade Biosciences in July 2025. He brings over 15 years of financial and strategic leadership experience across the biotechnology and investment banking sectors. Most recently, he served as Chief Financial Officer and Chief Business Officer at IDRx, where he oversaw its sale to GSK for up to $1.15 billion. Prior to that, he was Chief Financial Officer at Theseus Pharmaceuticals, where he guided the company's initial public offering and subsequent sale to Concentra Biosciences. Earlier in his career, he held the CFO position at Selecta Biosciences, where he was instrumental in securing multiple rounds of financing and managing strategic partnerships. He began his career in healthcare investment banking, with roles at J.P. Morgan, RBC Capital Markets, and Cantor Fitzgerald.

Dr. Andrew King Chief Scientific Officer

Dr. King serves as the Chief Scientific Officer at Jade Biosciences. He previously worked with Tom Frohlich at Chinook Therapeutics as its Chief Scientific Officer. He also held the role of Vice President of Research at Chinook Therapeutics. His expertise includes small molecule and biologic drug discovery, with a focus on kidney diseases and oncology. Dr. King earned his Ph.D. in Biochemistry from the University of British Columbia.

Dr. Jason Wright Senior Vice President, Chemistry, Manufacturing and Controls (CMC)

Dr. Wright serves as Senior Vice President, Chemistry, Manufacturing and Controls (CMC) at Jade Biosciences, bringing 20 years of experience in managing CMC biologics programs. Previously, he served as VP, CMC and then SVP, CMC at Apexigen, Inc., where he was responsible for all CMC activities across multiple programs. Before Apexigen, he was Vice President of Manufacturing at Proclara Biosciences, where he established and managed CMC activities for neurodegenerative disease candidates. Dr. Wright also served as Head of CMC for Cambridge Antibody Technology, Inc. (a subsidiary of AstraZeneca) and was the CMC project lead for multiple programs at Rinat Neuroscience prior to its acquisition by Pfizer. He received his Doctorate in Cellular Biotechnology from the Swiss Federal Institute of Technology Lausanne (EPFL).

Dr. Hetal Kocinsky Chief Medical Officer

Dr. Kocinsky was appointed Chief Medical Officer of Jade Biosciences in October 2024. She is a veteran of Chinook Therapeutics, where she served as Vice President of Translational Medicine. Dr. Kocinsky brings deep expertise in developing therapies for autoimmune and kidney diseases and a background in translational medicine. Prior to Chinook, she worked at Apellis.

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Jade Biosciences (symbol: JBIO), formerly known as Aerovate Therapeutics Inc., is focused on developing therapies for rare cardiopulmonary diseases, with its primary product being AV-101. AV-101 is a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH), currently in Phase 2b/Phase 3 trials.

The global addressable market for pulmonary arterial hypertension (PAH) drugs is estimated to be approximately 8.58 billion USD in 2025 and is projected to reach 12.81 billion USD by 2032, demonstrating a compound annual growth rate (CAGR) of 5.9% from 2025 to 2032. The North American region is anticipated to hold the largest share of this market, at 40.8% in 2025.

Another estimate indicates that the PAH market is expected to reach 7.5 billion USD across the seven major markets (7MM), which include the US, France, Germany, Italy, Spain, UK, and Japan, by 2029. Aerovate Therapeutics, prior to becoming Jade Biosciences, also estimated the market for disease-modifying PAH therapies to be substantial, based on 5 billion USD in annual sales from existing vasodilator drugs. Pulmonary arterial hypertension affects approximately 70,000 individuals in the U.S. and Europe.

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For the public company Jade Biosciences (symbol: JBIO), previously Aerovate Therapeutics, Inc. which merged with Jade Biosciences in April 2025, the expected drivers of future revenue growth over the next 2-3 years are centered on the advancement of its clinical-stage pipeline in autoimmune and renal diseases, as the company currently generates no product sales revenue.

1. Advancement of JADE101 through early-stage clinical trials: The primary driver of future revenue potential is the successful progression of JADE101, the company's lead asset targeting IgA nephropathy (IgAN). JADE101 is an anti-APRIL antibody expected to enter first-in-human trials in the second half of 2025. Positive results from Phase 1 and subsequent early Phase 2 clinical trials would de-risk the asset, validate its therapeutic potential, and move it closer to eventual commercialization, thus laying the groundwork for future product revenue.
2. Expansion and progression of the autoimmune and renal disease pipeline: Jade Biosciences has a "Next-generation optimized antibody discovery program" aimed at diversifying its product portfolio. Successfully identifying and advancing additional promising drug candidates from this program into preclinical and early clinical development would broaden the company's potential revenue streams beyond JADE101 and reduce its reliance on a single asset.
3. Formation of strategic partnerships or licensing agreements: As a clinical-stage biopharmaceutical company, securing collaborations or licensing agreements with larger pharmaceutical entities could provide substantial non-dilutive funding, including upfront payments and milestone payments tied to development progress. These partnerships can also offer access to broader resources and expertise, accelerating development and commercialization, and thus contributing to future revenue.
4. Achievement of key regulatory designations for JADE101: Obtaining specific regulatory designations, such as Orphan Drug, Fast Track, or Breakthrough Therapy, from regulatory bodies like the U.S. Food and Drug Administration (FDA) for JADE101, would significantly enhance its future revenue potential. Such designations can expedite the development and review process, potentially leading to an earlier market entry and stronger commercial positioning.

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Share Issuance

• Jade Biosciences completed an all-stock merger with Aerovate Therapeutics in April 2025, where pre-merger Jade stockholders (including those from a pre-closing financing) were expected to own approximately 98.4% of the combined entity.
• Immediately prior to the merger, each outstanding share of Jade common stock was converted into 0.6311 shares of the new company's common stock, adjusted for a 1-for-35 reverse stock split of Aerovate's common stock. Following the merger, approximately 60.6 million shares of the combined company's common stock were outstanding on a fully-diluted basis.
• In October 2025, Jade Biosciences raised approximately $135 million in gross proceeds through a private investment in public equity (PIPE) financing, involving the sale of common stock and pre-funded warrants. This resulted in approximately 67.4 million shares of common stock and equivalents issued and outstanding.

Inbound Investments

• Prior to the merger with Aerovate Therapeutics in April 2025, Jade Biosciences secured an oversubscribed private investment round of approximately $300 million in gross proceeds, which included the conversion of $95 million in previously issued convertible notes.
• In October 2025, Jade Biosciences completed a PIPE financing, raising approximately $135 million in gross proceeds from new and existing investors. The proceeds are intended to fund research and development, general corporate expenses, and working capital.
• Jade Biosciences received approximately $45 million in gross proceeds from a private placement with BB Biotech in December 2025, with net proceeds allocated to research and development, general corporate expenses, and working capital.

Capital Expenditures

• For the full year ended December 31, 2025, capital expenditures totaled $196,000.
• In the fourth quarter of 2025, capital expenditures were $3,000, representing a 94.7% decrease from the prior quarter.
• Jade Biosciences expects its existing cash of $336.2 million as of December 31, 2025, to fund its operating expenses and capital expenditure requirements into the first half of 2028.