Jade Biosciences, Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
JBIO$16.40+5.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
| Nine Months EndedSeptember 30, 2025 | Period from June 18, 2024 (Inception) Through September 30, 2024 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(95,478) | $(16,867) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Change in fair value of Convertible Notes payable | 21,584 | 1,700 |
| Stock-based compensation | 10,613 | 27 |
| Non-cash lease expense | 57 | — |
| Accretion/amortization on investments | (174) | — |
| Depreciation expense | 17 | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (1,771) | (215) |
| Accounts payable | 60 | 298 |
| Accrued expenses and other current liabilities | 7,440 | 244 |
| Operating lease liabilities | 68 | — |
| Related party accrued expenses and other current liabilities | (3,456) | 8,011 |
| Net cash used in operating activities | (61,040) | (6,802) |
| Cash flows from investing activities: | ||
| Purchases of investments | (148,592) | — |
| Payment of security deposit | (59) | — |
| Purchases of property and equipment | (193) | — |
| Net cash used in investing activities | (148,844) | $— |
| Cash flows from financing activities: | ||
| Proceeds from issuance of Convertible Notes payable(1) | — | 95,000 |
| Payment of deferred offering costs | — | (228) |
| Proceeds from the Pre-Closing Financing, net of 14,548 of offering costs | 190,452 | — |
| Cash acquired in connection with the reverse recapitalization | 156 | — |
| Net cash provided by financing activities | 190,608 | 94,772 |
| Effect on exchange rates on cash and cash equivalents | (4) | |
| Net (decrease) increase in cash and cash equivalents | (19,280) | 87,970 |
| Cash and cash equivalents at beginning of period | 69,386 | — |
| Cash and cash equivalents at end of period | $50,106 | $87,970 |
| Supplemental disclosure of non-cash operating, investing, and financing activities: | ||
| Unpaid deferred offering costs | $114 | $— |
| Deferred offering costs reclassified from other assets to equity | $2,998 | $— |
| Deferred offering costs in accrued expenses and other current liabilities | $— | $306 |
| Deferred offering costs in accounts payable | $— | $625 |
| Operating lease liability arising from obtaining right-of-use asset | $773 | $— |
| Prepaids and other current assets acquired in connection with the reverse recapitalization | $416 | $— |
| Other liabilities assumed in connection with the reverse recapitalization | $(1,020) | $— |
| Convertible note principal and non-cash accrued interest converted to common stock and pre-funded warrants | $129,184 | $— |
| Non-cash exchange of Series Seed Convertible Preferred Stock for Company Series A non-voting convertible preferred stock | $2 | $— |
(1)Includes related party amount of $20.0 million for the period from June 18, 2024 (inception) to September 30, 2024.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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