Jade Biosciences (JBIO)


Market Price (9/26/2026): $14.31 | Market Cap: $873.8 MilSector: Health Care | Industry: Biotechnology

Jade Biosciences (JBIO)


Market Price (9/26/2026): $14.31
Market Cap: $873.8 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Targeted Therapies, Show more.

Weak multi-year price returns
3Y Excs Rtn is -34%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.76, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -165 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21%

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52%
1 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Targeted Therapies, Show more.
2 Weak multi-year price returns
3Y Excs Rtn is -34%
3 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.76, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18%
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -165 Mil
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21%

JBIO in ETFs

Weight = JBIO's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
XBI0.25%
IWO0.04%
VTWO0.02%
VHT0.01%
ONEQ0.00%
+2 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/23/2026

Jade Biosciences (JBIO) stock has lost about 30% since 5/31/2026 because of the following key factors:

1. Share dilution from public offering in early fiscal Q3 2026.

Jade Biosciences completed a public offering on June 5, 2026, selling 11,500,000 shares of common stock, including the full exercise of underwriters' option, at $15.00 per share. This offering generated gross proceeds of $172.5 million, but increased the number of outstanding shares, typically leading to dilution and downward pressure on the stock price.

2. Increased net loss reported for fiscal Q2 2026 (ended June 30, 2026).

On August 10, 2026, Jade Biosciences announced a net loss of $55.765 million for the fiscal quarter ending June 30, 2026. This represents a significant increase from the $32.134 million loss recorded in fiscal Q2 2025. The company reported zero revenue for both periods, with the majority of operating expenses attributed to research and development costs totaling $50.065 million in fiscal Q2 2026.

Show more
Updated on 9/23/2026

Jade Biosciences (JBIO) stock has lost about 30% since 5/31/2026 because of the following key factors:

1. Share dilution from public offering in early fiscal Q3 2026.

Jade Biosciences completed a public offering on June 5, 2026, selling 11,500,000 shares of common stock, including the full exercise of underwriters' option, at $15.00 per share. This offering generated gross proceeds of $172.5 million, but increased the number of outstanding shares, typically leading to dilution and downward pressure on the stock price.

2. Increased net loss reported for fiscal Q2 2026 (ended June 30, 2026).

On August 10, 2026, Jade Biosciences announced a net loss of $55.765 million for the fiscal quarter ending June 30, 2026. This represents a significant increase from the $32.134 million loss recorded in fiscal Q2 2025. The company reported zero revenue for both periods, with the majority of operating expenses attributed to research and development costs totaling $50.065 million in fiscal Q2 2026.

3. Recent analyst downgrades contributed to negative sentiment.

As of September 22, 2026, two analysts downgraded Jade Biosciences' stock within the preceding month, with no upgrades reported during the same period. Analyst downgrades often result in a sudden adjustment of a stock's price due to shifting investor sentiment.

4. Concerns regarding JADE101's efficacy compared to competitors and the need for further clinical validation.

Presentations at recent investor forums, including the Stifel 2026 Virtual Immunology and Inflammation Forum on September 23, 2026, indicated that while initial Phase 1 data for JADE101 in IgA nephropathy were positive, management acknowledged the need to deliver "key clinical proof points". Additionally, some analysts noted that Phase 2 data showed IgA reductions in healthy volunteers were lower than those observed with competing products, raising questions about JADE101's potential efficacy and commercial appeal.

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Stock Movement Drivers

Fundamental Drivers

The -31.5% change in JBIO stock from 5/31/2026 to 9/25/2026 was primarily driven by a -47.2% change in the company's Shares Outstanding (Mil).
(LTM values as of)53120269252026Change
Stock Price ($)21.0414.42-31.5%
Change Contribution By: 
Total Revenues ($ Mil)�00.0%
P/S Multiple�∞0.0%
Shares Outstanding (Mil)3261-47.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/25/2026
ReturnCorrelation
JBIO-31.5% 
Market (SPY)2.2%9.1%
Sector (XLV)14.7%12.0%

Fundamental Drivers

The -2.8% change in JBIO stock from 2/28/2026 to 9/25/2026 was primarily driven by a -35.2% change in the company's Shares Outstanding (Mil).
(LTM values as of)22820269252026Change
Stock Price ($)14.8314.42-2.8%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)4061-35.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/25/2026
ReturnCorrelation
JBIO-2.8% 
Market (SPY)13.0%22.7%
Sector (XLV)7.5%18.3%

Fundamental Drivers

The 82.5% change in JBIO stock from 8/31/2025 to 9/25/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120259252026Change
Stock Price ($)7.9014.4282.5%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)2861-53.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/25/2026
ReturnCorrelation
JBIO82.5% 
Market (SPY)20.9%22.6%
Sector (XLV)26.4%21.7%

Fundamental Drivers

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Market Drivers

8/31/2023 to 9/25/2026
ReturnCorrelation
JBIO  
Market (SPY)77.8%22.4%
Sector (XLV)34.7%20.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
JBIO Return----52%-5%45%
Peers Return11%21%13%-8%16%15%87%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
JBIO Win Rate----67%44% 
Peers Win Rate50%55%52%52%58%53% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
JBIO Max Drawdown------45% 
Peers Max Drawdown-20%-20%-20%-30%-26%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, REGN, BMRN, AMGN, GILD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)

How Low Can It Go

JBIO has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

EventXLVS&P 500
2025 US Tariff Shock
  % Loss-11.7%-18.8%
  % Gain to Breakeven13.3%23.1%
  Time to Breakeven142 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-13.8%-24.5%
  % Gain to Breakeven15.9%32.4%
  Time to Breakeven166 days427 days
2020 COVID-19 Crash
  % Loss-27.9%-33.7%
  % Gain to Breakeven38.8%50.9%
  Time to Breakeven77 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-15.0%-19.2%
  % Gain to Breakeven17.6%23.8%
  Time to Breakeven191 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-15.9%-12.2%
  % Gain to Breakeven18.9%13.9%
  Time to Breakeven165 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-15.8%-17.9%
  % Gain to Breakeven18.8%21.8%
  Time to Breakeven153 days123 days

Compare to VRTX, REGN, BMRN, AMGN, GILD

In The Past

State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

JBIO has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

EventXLVS&P 500
2020 COVID-19 Crash
  % Loss-27.9%-33.7%
  % Gain to Breakeven38.8%50.9%
  Time to Breakeven77 days140 days
2008-2009 Global Financial Crisis
  % Loss-37.9%-53.4%
  % Gain to Breakeven61.1%114.4%
  Time to Breakeven767 days1085 days

Compare to VRTX, REGN, BMRN, AMGN, GILD

In The Past

State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Jade Biosciences (JBIO)

Aerovate Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the development of drugs that enhance the lives of patients with rare cardiopulmonary diseases in the United States. The company focuses on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension, which is in Phase 2b/Phase 3 trial. Aerovate Therapeutics, Inc. was incorporated in 2018 and is headquartered in Waltham, Massachusetts.

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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.

Peer Outperformance in Biotechnology

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Share of Biotechnology constituents that JBIO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
81%
of 467 industry peers · 78.9% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is JBIO's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 10.8%42.7%87.6% CAH 380% · MCK 337% · COR 165%
Managed Health Care 8 34.8%-9.4%3.1% OSCR 74% · HQY 34% · ELV 12%
Health Care Services 20 21.2%37.1%0.2% HIMS 263% · RDNT 142% · DGX 70%
Health Care Facilities 24 4.5%14.6%-0.9% NHC 275% · THC 264% · ENSG 135%
Health Care Equipment 50 -1.7%-1.1%-19.3% POCI 11475% · UFPT 375% · GKOS 205%
Health Care Supplies 12 29.6%-7.7%-38.4% LNTH 270% · HAE 52% · MMSI 21%
Pharmaceuticals 62 -8.9%7.3%-41.9% LQDA 2284% · INDV 1094% · ETON 1051%
Life Sciences Tools & Services 113 1.3%-10.1%-67.2% SNWV 1957% · NTRA 249% · MEDP 212%
Health Care Technology 21 -32.6%-53.0%-78.2% SPOK 72% · HSTM 2% · VEEV -6%
Biotechnology ← 375 -8.7%-23.0%-79.7% CELZ 1371% · DNTH 1085% · ELVN 965%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Jade Biosciences Earnings Notes12/16/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

JBIOVRTXREGNBMRNAMGNGILDMedian
NameJade Bio.Vertex P.Regenero.BioMarin.Amgen Gilead S. 
Mkt Price14.42526.19788.0460.26414.61150.93282.77
Mkt Cap0.9133.581.011.7223.9187.6107.3
Rev LTM012,58715,5353,40738,09530,45614,061
Op Inc LTM-1654,7774,17414911,42611,7164,475
FCF LTM-1243,7963,57572510,17512,9433,686
FCF 3Y Avg-1,9573,4395438,7549,7363,439
CFO LTM-1244,2934,68185712,47813,5524,487
CFO 3Y Avg-2,3984,49865110,31210,2964,498

Growth & Margins

JBIOVRTXREGNBMRNAMGNGILDMedian
NameJade Bio.Vertex P.Regenero.BioMarin.Amgen Gilead S. 
Rev Chg LTM-10.2%9.3%11.2%9.1%5.5%9.3%
Rev Chg 3Y Avg-9.8%7.0%15.1%12.8%3.6%9.8%
Rev Chg Q-12.5%16.7%19.9%9.5%10.2%12.5%
QoQ Delta Rev Chg LTM-3.0%4.1%5.1%2.4%2.4%3.0%
Op Inc Chg LTM-90.0%2,497.9%6.1%-80.8%39.5%7.6%6.9%
Op Inc Chg 3Y Avg-792.2%-1.7%80.3%12.3%-0.8%12.3%
Op Mgn LTM-37.9%26.9%4.4%30.0%38.5%30.0%
Op Mgn 3Y Avg-23.9%28.2%13.8%24.5%37.0%24.5%
QoQ Delta Op Mgn LTM--0.2%1.1%-5.3%1.6%-1.6%-0.2%
CFO/Rev LTM-34.1%30.1%25.2%32.8%44.5%32.8%
CFO/Rev 3Y Avg-19.6%31.2%21.0%29.3%35.2%29.3%
FCF/Rev LTM-30.2%23.0%21.3%26.7%42.5%26.7%
FCF/Rev 3Y Avg-15.7%23.9%17.4%24.9%33.3%23.9%

Valuation

JBIOVRTXREGNBMRNAMGNGILDMedian
NameJade Bio.Vertex P.Regenero.BioMarin.Amgen Gilead S. 
Mkt Cap0.9133.581.011.7223.9187.6107.3
P/S-10.65.23.45.96.25.9
P/Op Inc-5.327.919.478.119.616.019.5
P/EBIT-5.326.515.550.117.3-196.016.4
P/E-5.730.318.7159.725.6-57.922.2
P/CFO-7.131.117.313.617.913.815.6
Total Yield-17.4%3.3%5.8%0.6%6.3%0.4%2.0%
Dividend Yield0.0%0.0%0.5%0.0%2.4%2.2%0.2%
FCF Yield 3Y Avg-1.6%4.9%4.8%5.2%7.7%4.9%
D/E0.00.00.00.40.30.10.1
Net D/E-0.5-0.0-0.10.30.20.10.0

Returns

JBIOVRTXREGNBMRNAMGNGILDMedian
NameJade Bio.Vertex P.Regenero.BioMarin.Amgen Gilead S. 
1M Rtn-32.4%-3.9%-3.3%-8.2%-5.8%2.5%-4.8%
3M Rtn-34.5%7.1%24.7%2.1%16.4%18.7%11.7%
6M Rtn7.7%21.5%7.1%11.3%20.5%13.8%12.6%
12M Rtn78.9%37.8%42.6%14.5%57.1%39.3%41.0%
3Y Rtn42.2%49.6%-4.4%-31.6%68.6%119.6%45.9%
1M Excs Rtn-33.3%-4.7%-4.2%-9.0%-6.7%1.6%-5.7%
3M Excs Rtn-39.7%1.8%19.4%-3.2%11.1%13.4%6.4%
6M Excs Rtn-16.2%-3.6%-15.1%-11.1%-0.6%-7.9%-9.5%
12M Excs Rtn60.9%23.1%20.6%-4.6%36.0%19.4%21.8%
3Y Excs Rtn-33.7%-26.5%-80.2%-107.7%-8.8%42.9%-30.1%

Comparison Analyses

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Financials

Segment Financials

Assets by Segment
$ Mil20252024
Research and development of its programs, JADE101, JADE201, and JADE30135073
Total35073


Price Behavior

Price Behavior
Market Price$14.42 
Market Cap ($ Bil)0.9 
First Trading Date06/30/2021 
Distance from 52W High-46.3% 
   50 Days200 Days
DMA Price$20.06$12.40
DMA Trendupindeterminate
Distance from DMA-28.1%16.3%
 3M1YR
Volatility57.4%73.6%
Downside Capture265.0087.43
Upside Capture-9.51137.79
Correlation (SPY)23.2%23.3%
JBIO Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.561.510.441.291.36-0.77
Up Beta4.233.304.293.092.780.10
Down Beta7.550.80-0.25-0.530.63-0.38
Up Capture141%76%-51%158%221%20%
Bmk +ve Days10213268138427
Stock +ve Days11203160130164
Down Capture27%119%-86%88%66%53%
Bmk -ve Days11213259113324
Stock -ve Days10223366119169

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with JBIO
JBIO78.0%73.4%1.09-
Sector ETF (XLV)26.9%16.2%1.2821.5%
Equity (SPY)17.7%13.0%0.9823.0%
Gold (GLD)14.7%29.3%0.4613.9%
Commodities (DBC)46.8%20.7%1.75-11.9%
Real Estate (VNQ)4.5%13.6%0.0717.9%
Bitcoin (BTCUSD)-25.5%44.8%-0.5312.5%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with JBIO
JBIO8.0%80.8%0.68-
Sector ETF (XLV)6.8%15.2%0.2620.7%
Equity (SPY)13.3%17.2%0.5922.3%
Gold (GLD)19.2%18.8%0.838.3%
Commodities (DBC)11.2%19.5%0.45-7.4%
Real Estate (VNQ)0.9%18.9%-0.0620.0%
Bitcoin (BTCUSD)12.3%52.6%0.4111.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with JBIO
JBIO3.9%80.8%0.68-
Sector ETF (XLV)10.9%16.7%0.5320.7%
Equity (SPY)15.5%17.9%0.7322.3%
Gold (GLD)12.1%16.4%0.618.3%
Commodities (DBC)8.7%18.1%0.39-7.4%
Real Estate (VNQ)4.8%20.7%0.1920.0%
Bitcoin (BTCUSD)63.9%66.2%1.0411.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity11.0 Mil
Short Interest: % Change Since 83120269.9%
Average Daily Volume0.9 Mil
Days-to-Cover Short Interest11.8 days
Basic Shares Quantity61.1 Mil
Short % of Basic Shares18.0%

Earnings Returns History

Updated 9/11/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/2026-1.0%12.5%-11.4%
5/7/20266.6%-0.4%-38.2%
3/6/20261.2%-0.1%16.5%
1/5/2026-7.3%-4.4%20.3%
11/14/202510.5%18.6%65.7%
8/13/2025-7.6%-6.5%5.0%
5/14/2025-2.0%-0.8%-10.5%
SUMMARY STATS   
# Positive324
# Negative453
Median Positive6.6%15.6%18.4%
Median Negative-4.7%-0.8%-11.4%
Max Positive10.5%18.6%65.7%
Max Negative-7.6%-6.5%-38.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/2026-1.0%12.5%-11.4%
5/7/20266.6%-0.4%-38.2%
3/6/20261.2%-0.1%16.5%
1/5/2026-7.3%-4.4%20.3%
11/14/202510.5%18.6%65.7%
8/13/2025-7.6%-6.5%5.0%
5/14/2025-2.0%-0.8%-10.5%
SUMMARY STATS   
# Positive324
# Negative453
Median Positive6.6%15.6%18.4%
Median Negative-4.7%-0.8%-11.4%
Max Positive10.5%18.6%65.7%
Max Negative-7.6%-6.5%-38.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/07/202610-Q
09/30/202511/14/202510-Q
06/30/202508/13/202510-Q
12/31/202403/06/202610-K
09/30/202412/03/2024S-4
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/07/202610-Q
09/30/202511/14/202510-Q
06/30/202508/13/202510-Q
12/31/202403/06/202610-K
09/30/202412/03/2024S-4

Recent Forward Guidance

Updated 8/11/2026

Latest: Q2 2026 Earnings Reported 8/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash RunwayReported 2,029 0.0% RaisedGuidance: 2,028 for 2028


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash RunwayReported 2,028    

Q4 2025 Earnings Reported 3/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash RunwayReported      

Q4 2025 Earnings Reported 1/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash, cash equivalents, and investmentsReported 336.00 Mil    

Investor Activity (13F)

Updated Sep 26, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Remedium Capital Partners, LLC$22.2 Mil7.9%6Hold13F
Avidity Partners Management LP$19.7 Mil4.0%45Hold13F
Fairmount Funds Management LLC$64.0 Mil4.6%12Hold13F
Great Point Partners LLC$13.6 Mil3.3%39ADD +19.6%13F
Acorn Capital Advisors, LLC$11.1 Mil3.1%22New13F
Venrock Adviser, LLC$45.2 Mil1.7%33Hold13F
Samsara Biocapital, LLC$13.6 Mil1.3%22Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Acorn Capital Advisors, LLC$11.1 Mil3.1%22New13F
Great Point Partners LLC$13.6 Mil3.3%39ADD +19.6%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Fairmount Funds Management LLC$64.0 Mil4.6%12Hold13F
Venrock Adviser, LLC$45.2 Mil1.7%33Hold13F
Avidity Partners Management LP$19.7 Mil4.0%45Hold13F
Remedium Capital Partners, LLC$22.2 Mil7.9%6Hold13F
Samsara Biocapital, LLC$13.6 Mil1.3%22Hold13F
Great Point Partners LLC$13.6 Mil3.3%39ADD +19.6%13F
Acorn Capital Advisors, LLC$11.1 Mil3.1%22New13F
Core Cache Last Updated: 9/25/2026