Jade Biosciences, Inc. · NASDAQ:JBIO
Jade Biosciences — Aerovate Therapeutics — Merger or Acquisition (April 2025)
27 slides from Jade Biosciences's merger presentation, Apr 7, 2025
Slide 1: Jade Biosciences April 2025
BIOSCIENCES April 2025 ) Jade Company oe
Slide 2: Disclaimer and forward-looking statements
2 This presentation is for informational purposes only and only a summary of certain information related to Jade Biosciences, I nc. (the “Company”). It does not purport to be complete and does not contain all information that an investor may need to consider in making an investment decision. The inf
Slide 3: Jade aims to develop transformative therapies for high-value I&I indications
3 • Advancing potential best - in - class therapies for autoimmune diseases , including IgAN. • Fourth company launched to research and develop antibody candidates licensed from Paragon Therapeutics, an antibody discovery engine founded by Fairmount. • Building on success of Apogee, Spyre, and Oruka
Slide 4: Experienced team with backing from Paragon
4 Experienced team with backing from Paragon Andrew King CSO, Head of R&D Company Leadership Tom Frohlich CEO Valerie Fauvelle SVP, Regulatory & Quality Hetal Kocinsky CMO Jonathan Quick SVP, Finance Amy Sullivan SVP, Development Operations Elizabeth Balta GC & Corporate Secretary Sandy Lewis SVP, B
Slide 5: JADE-001: a potential best-in-class anti-APRIL mAb for IgAN
5 JADE - 001: a potential best - in - class anti - APRIL mAb for IgAN
Slide 6: Jade is developing a potential best-in-class anti-APRIL mAb for IgAN
6 HV – Healthy Volunteers; PoC – proof of concept Jade is developing a potential best - in - class anti - APRIL mAb designed to have disease - modifying MoA in IgAN CONFIDENTIAL Estimated $10B+ branded market Current treatments do not adequately address the need for long - term disease - modifying t
Slide 7: High unmet need for disease-modifying treatments in IgAN
7 There is a high unmet need for disease - modifying treatments that are safe, well - tolerated, and convenient for life - long therapy in a young patient population . • IgAN is an autoimmune kidney disease , typically diagnosed in 20 - to 30 - year - olds, requiring life - long therapy . • ~169K+ p
Slide 8: Ideal IgAN therapy versus current treatments
8 Ideal IgAN therapy Fabhalta Tarpeyo Filspari SGLT2i Systemic glucocorticoids ACEi / ARB Complement Factor B inhibitor GI - released systemic glucocorticoid Dual endothelin / angiotensin inhibition SGLT2 inhibition General immunosuppression Renin - angiotensin system inhibition MoA Accelerated appr
Slide 9: Proposed KDIGO updates highlight need for therapies like JADE-001
9 Sources: KDIGO Guidelines Public Review Draft; 2023 Mathur (NEJM); Jade analysis KDIGO – Kidney Disease Improving Global Outcomes Proposed updates to KDIGO guidelines highlight the need for therapies like JADE - 001, which may reduce pathogenic IgA CONFIDENTIAL KDIGO updates anticipated to increas
Slide 10: Reducing pathogenic IgA production by plasma cells is potentially disease-modifying
10 APRIL dependency HSC Pro B cell Large pre - B cell Small pre - B cell Immature B cell Mature Naïve B cell Memory B cell Plasma cell Bone marrow Mucosa Mucosa & bone marrow CD20 expression BAFF dependency *Gradient indicates level of receptor expression Sources: 2024 Cheung (Front Nephrol); 2023 M
Slide 11: APRIL importance over BAFF in IgAN
11 Existing genomic, mechanistic, IgAN model, and clinical data support the importance of APRIL over BAFF in IgAN, and APRIL - only blockade avoids the potential for unnecessary immunosuppression . Selectively targeting APRIL potentially provides disease modification without added immunosuppression
Slide 12: APRIL inhibition is the driving force behind TACI-Fc efficacy
12 Reductions in proteinuria and IgA in IgAN clinical studies indicate APRIL inhibition is the driving force behind TACI - Fc efficacy Notes: Cross - trial comparisons are inherently limited and presented for hypothesis - generating purposes only. Data digitized from graphs where publications did no
Slide 13: Anti-APRILs match or beat TACIs with reduced immune suppression
13 Povetacicept Atacicept Zigakibart Sibeprenlimab Engineered TACI - Fc TACI - Fc anti - APRIL anti - APRIL MoA P3 P3 P3 P3 Status N=9 (80 mg) N=32 (150 mg) N=35 (600 mg) N=79 (4/8 mg/kg pooled) Δ from baseline in critical disease markers (W36 timepoint*) ✓ (12 months) ✓ (24 months) ✓ (18 months) ✓
Slide 14: BAFF inhibition accompanied by long-term B cell depletion
14 Sources: 2022 Struemper (Lupus Sci Med); Barratt ASN 2024 BAFF inhibition is accompanied by the potential for significant long - term B cell depletion Long - term BAFF inhibition significantly depletes all B cell populations … … whereas chronic APRIL inhibition does not impact circulating lym
Slide 15: JADE-001 is a potential best-in-class anti-APRIL
15 JADE - 001 is a potential best - in - class anti - APRIL Blocks APRIL with greater potency than clinical benchmarks • Validated mechanism of action • Binds APRIL to neutralize activity • Greater binding affinity than sibeprenlimab (≥5x) and zigakibart (≥14x) Effector - null human IgG1 Fc Half - l
Slide 16: Jade mAbs employ proven half-life extension technology
16 pH 5.5 pH 7 • Jade mAbs designed to be recycled back into circulation more readily • Drug exists at much higher levels to enable longer duration of effect • Fewer injections decrease patient burden and can improve compliance and penetration SOURCE: Adapted from Ko S et al BioDrugs 2021 Jade mAbs
Slide 17: High potency can potentially drive lower dosing frequency
17 • High potency can potentially further drive lower dosing frequency • Already demonstrated for APRIL by sibeprenlimab’s Q4W dosing vs. zigakibart’s Q2W dosing despite near - equivalent half - life. Sources: 2019 Myette (Kidney Intl); 2022 Mathur (KI Reports); 2018 Dulos (ASN Poster); 2020 Lo (ERA
Slide 18: Differentiated NHP PK/PD profile from sibeprenlimab
18 JADE - 001 exhibits a highly differentiated NHP PK/PD profile from sibeprenlimab >3X increased half - life compared to sibeprenlimab in NHPs coupled with successful mitigation of TMDD … … which is accompanied by deep and prolonged IgA reduction in NHPs following a single, saturating dose PHAR
Slide 19: Deeper APRIL suppression drives superior clinical efficacy
19 JADE - 001 has potential to demonstrate superior clinical activity by maximizing remission rates in significantly more patients than other anti - APRIL programs in development. • Highest rates of (proteinuria <0.3 g/day) for sibeprenlimab were accompanied by the • across dose levels. • Potential
Slide 20: Sibeprenlimab potentially under-dosed in Phase 3 trial
20 • Sibeprenlimab dosed as a single 400mg SC injection Q4W in ongoing global Phase 3 VISIONARY trial. • 400 mg SC Q4W equates to ~3.5 mg/kg IV for average IgAN patient (2.5 - 6 mg/kg). • Estimated Phase 3 equivalent dose range demonstrated lower efficacy on key endpoints in Phase 2 ENVISION trial (
Slide 21: Potential path to early clinical proof-of-concept and accelerated approval
21 Potential path to early clinical proof - of - concept and accelerated approval in the US • NHP and Phase 1 PK/PD could provide early signals of clinical activity; IgA reduction in health volunteers has been observed to be highly correlated with clinical activity . • 9 - month proteinuria data pre
Slide 22: IgA reduction in healthy volunteers is the critical inflection point
22 Notes: Sibeprenlimab IgAN IgA reductions (LHS) are average of 4 mg/kg and 8 mg/kg cohorts (HV data is from 6 mg/kg cohort); the two cohorts saw ef fe ctively equivalent IgA reduction at W4 and W8. Zigakibart UPCR data is at 52W. Atacicept IgAN W8 is average of W4 and W12 datapoints. Trend lines a
Slide 23: Pipeline opportunities beyond IgAN
23 Pipeline opportunities beyond IgAN
Slide 24: Additional Jade programs focus on best-in-class I&I profiles
24 Additional Jade programs expected to focus on best - in - class product profiles in high - value inflammation and immunology indications I&I indications with significant market opportunity Potential best - in - class and best - in - indication product profile Potential rapid path to clinical PoC
Slide 25: Jade well capitalized with ~$300M committed funding
25 Jade aims to develop transformative therapies for high - value inflammation and immunology indications Planned Healthy Volunteer Data Planned Clinical FIH IND - enabling Discovery Program MOA 1H26 2H25 JADE - 001 anti - APRIL 1H26 JADE - 002 Undisclosed 1H27 JADE - 003 Undisclosed *Includes a $20
Slide 26: Estimated capitalization of Jade following merger with Aerovate
26 Estimated total as - converted shares of common stock of the combined company post - closing *** 2,120,044,355 Shares on an as - converted basis 28,985,019* • Shares of common stock outstanding Aerovate • Shares of common stock outstanding (including shares underlying option grants) 407,057,032 J
Slide 27: Contact and forward-looking statements
27 CONFIDENTIAL www.JadeBiosciences.com info@jadebiosciences.com Forward-Looking Statements Certain statements in this communication, other than purely historical information, may constitute “forward-looking statements” within the meaning of the federal securities laws, including for purposes of the
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