Jade Biosciences, Inc. · NASDAQ:JBIO

Jade Biosciences — Investor Presentation (September 2026)

48 slides from Jade Biosciences's investor presentation, September 2026

1. Slide 1: Company Overview

   September 2026 Company Overview NASDAQ: JBIO

2. Slide 2: Disclaimers

   Disclaimers FORWARD LOOKING STATEMENTS Certain statements contained in or made orally during this presentation, other than purely historical information, may constitute “forward-looking statements” within the meaning of the federal securities laws, including for purposes of the “safe harbor” provisi

3. Slide 3: Advancing potentially best-in-class therapies for autoimmune diseases

   Advancing potentially best-in-class therapies for COMPANY OVERVIEW autoimmune diseases Well-funded through multiple upcoming milestones; runway into the fourth quarter of 2028 POTENTIAL PROGRAM MOA PRECLINICAL PHASE 1 PHASE 2 PHASE 3 INDICATIONS Candidates designed to maximize clinical JADE101 anti-

4. Slide 4: JADE101

   JADE101 A potentially best-in-class anti- APRIL mAb for IgAN 4

5. Slide 5: IgAN is a $20B+ potential market in the U.S. alone

   IgAN is a $20B+ potential market in the U.S. alone JADE101 ~169K+ IgAN patients in the U.S., with 60-75% ~1M+ global patients, significant ex-U.S. requiring treatment per international guidelines market potential Require Treatment No Additional Treatment Required U.S. E.U. Japan China 0 50,000 100,0

6. Slide 6: A need for effective and convenient therapies for lifelong treatment

   A need for effective and convenient therapies for JADE101 lifelong treatment High lifetime risk of end-stage kidney disease IgAN is a progressive autoimmune kidney disease requiring lifelong treatment, with significant need for well-tolerated, disease- modifying therapies that offer convenient dosin

7. Slide 7: Updated KDIGO guidelines position the anti-APRIL class as the foundational therapy in IgAN

   Updated KDIGO guidelines position the anti-APRIL class as JADE101 the foundational therapy in IgAN KDIGO updates: IgAN patients at risk of progressive kidney  Expected to increase IgAN function loss diagnosis  Expand at-risk patient In all patients these population requiring Drivers of Manage the

8. Slide 8: Reducing pathogenic IgA production by plasma cells

   Reducing pathogenic IgA production by plasma cells JADE101 A potentially disease-modifying approach for IgAN B cell depletion or reduction is …while targeted plasma cell ineffective in IgAN… modulation is highly effective Neutralizing APRIL depletes Gd-IgA1,  B cell depletion with rituximab (anti-C

9. Slide 9: Phase 3 IgAN data have not demonstrated additional benefit from dual APRIL/BAFF

   Phase 3 IgAN data have not demonstrated additional patient JADE101 benefit from dual APRIL/BAFF vs selective APRIL inhibition Study populations were representative of high-risk, global IgAN patients Sibeprenlimab Atacicept Povetacicept UPCR Δ from baseline (%, 9 months) UPCR Δ from baseline (%, 9 mo

10. Slide 10: Potentially best-in-class properties of JADE101

    Potentially best-in-class properties of JADE101 JADE101 Fully-human, ultra-high binding affinity, and extended half-life Novel epitope discovered through de novo campaign to Ultra-high (fM) APRIL binding achieve first fully-human, affinity potentially best-in-class anti-  Binds APRIL to neutralize

11. Slide 11: IgA responses consistent between HVs and IgAN patients and predictive of clinical activity

    IgA responses are consistent between HVs and IgAN JADE101 patients and predictive of clinical activity IgA reduction in HVs is highly correlated with IgA …and early IgA reduction further correlates with reduction in IgAN patients at multiple time points… W36 UPCR reduction, in IgAN patients MEAN % C

12. Slide 12: JADE101 Interim Phase 1 Data

    JADE101 Interim Phase 1 Data 12

13. Slide 13: JADE101 Phase 1 study met or exceeded objectives

    JADE101 Phase 1 study met or exceeded objectives JADE101 Clinical data support potential for every-12-week subcutaneous dosing with best-in-class, disease- modifying potential ENDPOINT JADE101 OBJECTIVE JADE101 DATA Dosing  Single SC maintenance dose Q8W Potential for single SC maintenance dose Q12

14. Slide 14: JADE101 Phase 1 study ongoing

    JADE101 Phase 1 study ongoing PHASE 1 DESIGN Dose levels and length of follow-up to date  Randomized, double-blind, placebo- controlled  Single ascending dose 175 MG SC: Follow-up: ~8 months N = 6:2  Subcutaneous administration (175 mg/mL) POPULATION 350 MG SC:  32 healthy adult volunteers N = 6

15. Slide 15: Baseline characteristics were typical of healthy volunteers

    Baseline characteristics were typical of healthy volunteers PHASE 1 JADE101 AND 175 MG 350 MG 700 MG 1,400 MG ALL COHORTS PLACEBO N 8 8 8 8 32 Age, (yr), 38.0 (7.86) 44.5 (9.87) 28.0 (9.04) 37.6 (13.70) 37.0 (11.51) Mean (SD) Female 2 (25) 6 (75) 3 (38) 5 (63) 16 (50) N (%) White 5 (63) 6 (75) 4 (50

16. Slide 16: JADE101 demonstrated favorable safety profile across all evaluated doses

    JADE101 demonstrated favorable safety profile and was PHASE 1 well tolerated across all evaluated doses  No severe AEs or deaths Healthy Volunteer SAD Safety Summary  All TEAEs were mild/moderate in JADE101 AND ALL severity PLACEBO 175 MG 350 MG 700 MG 1400 MG COHORTS  No clinically significant c

17. Slide 17: JADE101 single dose IgA reductions exceeded first-generation molecules

    JADE101 single dose IgA reductions exceeded those PHASE 1 reported with first-generation molecules IgA Change from IgA reduction in Healthy Baseline by Dose Volunteers  Prolonged IgA reductions of ~70% -20 SIBEPRENLIMAB POVETACICEPT JADE101 following a single dose of JADE101 Commercial Dose Phase 3

18. Slide 18: JADE101 demonstrated compelling in vivo potency to lower IgA

    JADE101 demonstrated compelling in vivo potency to lower PHASE 1 IgA APRIL Binding Affinity and IgA Lowering Potency  Ultra-high APRIL binding affinity predicted JADE101’s enhanced in vivo potency to lower serum IgA in humans 1000  JADE101 has shown rapid, deep and sustained IgA depletion 100 Ziga

19. Slide 19: JADE101 PD modeling supports Q12W maintenance dosing

    JADE101 PD modeling supports Q12W maintenance dosing PHASE 1 Deeper IgA reductions simulated over first-generation anti-APRILs Simulated IgA vs Time – 48 weeks  JADE101 induction dose (700 mg) 0 predicted to rapidly maximize IgA depletion -10 JADE101 350 mg SC Q12W maintenance  >70% IgA reductions

20. Slide 20: IgA reductions for 12 weeks enabled by dose-dependent PK and fAPRIL suppression

    IgA reductions for 12 weeks enabled by dose-dependent PK PHASE 1 and rapid, complete, and sustained fAPRIL suppression Pharmacokinetics fAPRIL  ~8.7 fold longer half-life than povetacicept; ~2.6 fold longer than sibeprenlimab 100  JADE101 half-life: 24.2 days 50 JADE101 CONC. (μg/mL)  JADE101 TMD

21. Slide 21: Changes in IgG, IgM and IgE consistent with selective anti-APRIL MoA

    Changes in IgG, IgM and IgE were consistent with the PHASE 1 selective anti-APRIL MoA IgG IgM IgE  Magnitude of IgG- lowering consistent 10 10 with relatively IgG- 0 70 0 sparing selective- -10 50 -10 anti-APRIL MoA IgM CFB (%) IgG CFB (%) IgE CFB (%) 30  No cases of IgG -30 -30 10 0 ≤ 3 g/L -10 -

22. Slide 22: JADE101 Next steps

    JADE101 Next steps 22

23. Slide 23: Q12W dosing expected to optimize clinical activity and convenience for patients

    Q12W dosing expected to optimize clinical activity and NEXT STEPS convenience for patients  Plan to evaluate two dosing regimens (Q12W and Q8W) in Phase 2 and Phase 3  Two dose Phase 3 may enable an accelerated Phase 3 initiation without awaiting Phase 2 data  Supports global regulatory expectati

24. Slide 24: JADE101 Phase 2 IgAN patient trial initiated; interim data anticipated in 2027

    JADE101 Phase 2 IgAN patient trial initiated; interim data NEXT STEPS anticipated in 2027 WEEK 0 DESIGN Induction Dose 700 mg  Randomized, open-label  Subcutaneous administration POPULATION WEEK 4  Adults with IgAN within 5 yrs Maintenance Dosing 350 mg  Proteinuria ≥0.75 g/g  eGFR ≥30 mL/min/m

25. Slide 25: JADE201

    JADE201 a potentially best-in-class afucosylated anti-BAFF-R mAb 25

26. Slide 26: A potentially best-in-class afucosylated anti-BAFF-R mAb

    A potentially best-in-class afucosylated anti-BAFF-R mAb JADE201 With dual MOA B cell depletion to treat autoimmune diseases  B cell depletion has proven effective in autoimmune disease, but existing therapies like  Resistance mechanisms, particularly elevated BAFF after JADE201 builds rituximab a

27. Slide 27: JADE201's dual MOA expected to deliver deeper, more durable B cell depletion

    JADE201's dual MOA expected to deliver deeper, more JADE201 durable B cell depletion Direct Cytotoxicity via Enhanced B Cell Inhibition and Depletion by BAFF Effector Function Starvation  Validated mechanism that induces rapid B cell  Mechanism works in context of low receptor expression depletion

28. Slide 28: Potentially best-in-class properties of JADE201

    Potentially best-in-class properties of JADE201 JADE201 HLE via Fc LS mutation  Predicted to match, with potential for improved clinical activity due to increased exposure compared to ianalumab with less frequent dosing Binds BAFF-R broadly expressed on B cells afucosylated for enhanced  Enhanced

29. Slide 29: JADE201 exhibits high BAFF-R binding affinity and functional activity in preclinical studies

    JADE201 exhibits high BAFF-R binding affinity and JADE201 functional activity in preclinical studies BAFF-R Binding (HEK Cells) BAFF-R Blockade (Competition ELISA) 15000 120 100 INHIBITION% 10000 EC50(nM) IC50(nM) 80 ianalumab 1.65 ianalumab 2.01 MFI 60 JADE201 1.87 JADE201 2.04 5000 40 20 0 0 0.000

30. Slide 30: JADE201 demonstrates deep B cell depletion in NHPs

    JADE201 demonstrates deep B cell depletion in NHPs JADE201 JADE201 PK BAFF-Receptor B Cell Depletion JADE201 Occupancy (RO) demonstrates 106 120 140 BAFF RO ON B CELLS (% MEAN±SEM) JADE201 CONCENTRATION (NG/ML) MEAN (±SEM) B CELL DENSITY (COUNT/UL) CFB (%) dose-dependent 105 100 120 PK. Rapid RO 104

31. Slide 31: JADE201 demonstrates a differentiated NHP PK profile from ianalumab

    JADE201 demonstrates a differentiated NHP PK profile JADE201 from ianalumab >2X HLE demonstrated in NHPs HLE has potential to provide sustained 1000 Ianalumab, 30 mg/kg IV BAFF receptor occupancy and improved clinical response JADE201, 30 mg/kg IV MEAN (+SD) CONCENTRATION (μG/ML) 100  Ianalumab has

32. Slide 32: JADE201 first-in-human trial underway; interim data expected in 2027

    JADE201 first-in-human trial underway; interim data JADE201 expected in 2027 Phase 1 Study Design Objectives JADE201 Randomized, double-blind, placebo-controlled SAD study PRIMARY preclinical profile SC administration in adults (n=36) with rheumatoid arthritis. supports potential  Safety and tolera

33. Slide 33: JADE201 profile could enable broad opportunity in multiple indications

    JADE201 profile could enable broad opportunity in multiple JADE201 indications where B cells are pathogenic U.S. DISEASE PREVALENCE1 DISEASE SEVERITY AND KEY TX MODALITIES ACROSS INDICATIONS2 JADE201 core opportunity Lupus nephritis ~85,000 Immune thrombocytopenia ~85,000 Moderate-to-severe Refracto

34. Slide 34: JADE301: IFN-β Neutralizing mAb for Dermatomyositis (DM)

    JADE301: IFN-β Neutralizing mAb for Dermatomyositis (DM) 34

35. Slide 35: JADE301: building on validated IFN-β biology with best-in-disease potential

    JADE301: building on validated IFN-β biology with best-in- JADE301 disease potential; rapid path to human data Dermatomyositis: IFN-β: JADE301: Large, underserved opportunity Clinically validated mechanism Disease-modifying approach • Debilitating autoimmune disease • IFN-β is a critical upstream dr

36. Slide 36: Dermatomyositis is a debilitating autoimmune disease affecting ~50K U.S. adults

    Dermatomyositis is a debilitating autoimmune disease JADE301 affecting ~50K U.S. adults A chronic, multisystem disease High impact on daily activities  Affects adults and children, with higher prevalence Potential lung, CV and 58% in women malignancy-related 53% complications experience  60–80% of

37. Slide 37: Despite treatment advances, DM remains burdensome with incomplete disease control

    Despite treatment advances, DM remains burdensome with JADE301 incomplete disease control  Steroids are used in ~80% of DM patients Therapies Received by ~34K and come with significant side effects Opportunity for a Treated Dermatomyositis Patients targeted, disease-  Treatment depends on severity

38. Slide 38: IFN-β is a key driver of skin and muscle disease in DM

    IFN-β is a key driver of skin and muscle disease in DM JADE301 Excess IFN-β can amplify inflammation, impair muscle repair and contribute to tissue damage  Type I interferon signaling is markedly overactive in DM skin and muscle  Excess signaling activates immune cells, impairs muscle repair and E

39. Slide 39: JADE301 combines a targeted mechanism with a differentiated molecular profile in DM

    JADE301 combines a targeted mechanism with a JADE301 differentiated molecular profile in DM JADE301 designed to selectively neutralize IFN-β and interrupt disease-driving signal  Designed to directly inhibit activity of IFN-β, quieting immune activation, muscle and skin damage  Potential disease-m

40. Slide 40: Selective IFN-β blockade and SC dosing position JADE301 for best-in-disease potential

    Selective IFN-β blockade and SC dosing position JADE301 JADE301 for best-in-disease potential EFFICACY (PBO-ADJUSTED) PRODUCT WEEK 12 / FURTHEST REPORTED SAFETY DOSING CONVENIENCE MECHANISM · ROUTE · STAGE TIS (MUSCLE) CDASI (SKIN) IVIG (Octagam 10%)  24.9 / o nd / Boxed warning: thrombosis, renal

41. Slide 41: IFN-β is a clinically validated target for DM based on dazukibart data

    IFN-β is a clinically validated target for DM based on clinical JADE301 data of dazukibart  Dazukibart Phase 2 data demonstrated best-in- DAZUKIBART PHASE 2 DATA disease improvement in cutaneous disease activity (CDASI), and was well-tolerated MoA anti-IFN-β  Dazukibart is dosed Q4W, IV Status Pha

42. Slide 42: Potentially best-in-class properties of JADE301

    Potentially best-in-class properties of JADE301 JADE301 Novel anti-IFN-β mAb from a de novo antibody discovery Predicted differentiated SC campaign dosing for patient convenience Binds IFN-β with higher affinity than existing therapies Effector-null fully human Half-life extension through IgG1 Fc va

43. Slide 43: JADE301 delivered high-affinity, selective and potent IFN-β neutralization

    JADE301 delivered high-affinity, selective and potent IFN-β JADE301 neutralization in preclinical studies SPR Binding to Recombinant Inhibition of IFN-β Inhibition of IFN-β Human IFN-β induced pSTAT induced MX-1 JADE301 DAZUKIBART* 1.75 KD = 11.3 pM KD = 28.1 pM 100 M X - 1 E X P R E S S I O N ( 2 -

44. Slide 44: JADE301 showed extended half-life and favorable SC bioavailability in NHPs

    JADE301 showed extended half-life and favorable SC JADE301 bioavailability in NHPs Preclinical data supports clinical evaluation of infrequent SC dosing ~3× longer IV half-life vs. dazukibart comparator Favorable PK following SC administration MEAN (+SD) CONCENTRATION (μg/ml) MEAN (+SD) CONCENTRATIO

45. Slide 45: JADE301 Phase 1 healthy volunteer study expected to begin Q4 2026

    JADE301 Phase 1 healthy volunteer study expected to begin JADE301 Q4 2026; interim data anticipated in 2H 2027 Phase 1 Study Design Objectives Phase 1 HV study Placebo-controlled, single ascending-dose study PRIMARY designed to SC administration in healthy volunteers (N=24) generate key data  Safet

46. Slide 46: Advancing potentially best-in-class therapies for autoimmune diseases

    Advancing potentially best-in-class therapies for COMPANY OVERVIEW autoimmune diseases Well-funded through multiple upcoming milestones; runway into the fourth quarter of 2028 POTENTIAL PROGRAM MOA PRECLINICAL PHASE 1 PHASE 2 PHASE 3 INDICATIONS Candidates designed to maximize clinical JADE101 anti-

47. Slide 47: Current capitalization

    Current capitalization CURRENT CAPITALIZATION Common stock Shares outstanding 63,556,065 Preferred stock (as converted to common stock) 12,622,000 Common stock equivalents Pre-funded warrants 7,715,189 Common stock & Total outstanding 83,893,254 common stock equivalents Notes: As of June 30, 2026 47

48. Slide 48: Thank you

    Thank you JADEBIOSCIENCES.COM INFO@JADEBIOSCIENCES.COM NASDAQ: JBIO

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