Jade Biosciences, Inc. · NASDAQ:JBIO
Jade Biosciences — Investor Presentation (March 2026)
35 slides from Jade Biosciences's investor presentation, March 2026
Slide 1: Company Overview
Company Overview March 2026 NASDAQ: JBIO
Slide 2: Disclaimers
Disclaimers Forward Looking Statements Certain statements in 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" provisions under the Private Securities
Slide 3: Jade Biosciences is advancing potentially best-in-class therapies for autoimmune diseases
Jade Biosciences is advancing potentially best-in-class therapies for autoimmune diseases Well-capitalized to deliver on key milestones with $336 million in cash as of 12/31/25; runway into 1H 2028 MOA Program Discovery IND-enabling Phase 1 Expected Milestones Potential Indications • Interim Ph 1 Da
Slide 4: JADE101: a potentially best-in-class anti-APRIL mAb for IgAN
JADE101: a potentially best-in-class anti-APRIL mAb for IgAN 4
Slide 5: Jade is developing a potentially best-in-class anti-APRIL mAb
Jade is developing a potentially best-in-class anti-APRIL mAb Estimated Current treatments do not adequately Anti-APRIL Mechanism has potential to be disease- $20B+ address the need for long-term disease- modifying therapy in class poised to be frontline treatment modifying, reducing pathogenic IgA
Slide 6: IgAN is a $20B+ potential market, with a need for effective and convenient therapies
IgAN is a $20B+ potential market, with a need for effective and convenient therapies for life-long treatment IgAN is typically diagnosed in young adults; higher proteinuria ~169K+ IgAN patients in the U.S., with 60-75% requiring is associated with greater risk of kidney failure treatment per interna
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 the foundational therapy in IgAN IgAN patients at risk Expanding Patient Population of progressive kidney function loss • Kidney biopsy recommended in all adults with proteinuria ≥0.5 g/d where IgAN is a possible diagnosis In all patients the
Slide 8: JADE101: Ultra-high affinity, half-life extended mAb with potential for best-in-class activity
JADE101: Ultra-high affinity, half-life extended mAb with potential for best-in-class activity and patient convenience Femtomolar APRIL Affinity + Half Life Extension Potentially best-in-class Potential for ≤ 6 injections Avoids unnecessary efficacy per year immunosuppression APRIL inhibitors demons
Slide 9: Reducing pathogenic IgA production by plasma cells is a potentially disease-modifying approach for IgAN
Reducing pathogenic IgA production by plasma cells is a potentially disease-modifying approach for IgAN Broad B-cell depletion is ineffective in IgAN… …while targeted plasma cell modulation is highly effective. • B-cell depletion with rituximab (anti-CD20) failed to reduce Gd- • APRIL and dual APRIL
Slide 10: Phase 3 IgAN data have not demonstrated additional benefit from dual APRIL/BAFF versus selective APRIL inhibition
Phase 3 IgAN data have not demonstrated additional patient benefit from dual APRIL/BAFF versus selective APRIL inhibition Selective anti-APRIL Dual APRIL/BAFF Sibeprenlimab Atacicept Povetacicept UPCR Δ from baseline UPCR Δ from baseline UPCR Δ from baseline (%, 9 months) (%, 9 months) (%, 9 months)
Slide 11: Deeper APRIL suppression drives superior clinical efficacy
Deeper APRIL suppression drives superior clinical efficacy Sibeprenlimab Phase 2 Data • Highest proteinuria reduction and rates of clinical remission (proteinuria <0.3 g/day) for sibeprenlimab APRIL were accompanied by the deepest levels of APRIL suppression. • Safety profile consistent across dose
Slide 12: No clinical evidence that inhibiting BAFF provides additional efficacy beyond APRIL alone in IgAN
No clinical evidence that inhibiting BAFF provides additional efficacy beyond APRIL alone in IgAN Phase 2 clinical trials Sibeprenlimab Zigakibart Atacicept Povetacicept MoA anti-APRIL anti-APRIL TACI-Fc Engineered TACI-Fc Status Accelerated Approval Phase 3 Phase 3 Phase 3 IgA Gd-IgA1 UPCR IgA Gd-I
Slide 13: BAFF inhibition is accompanied by the potential for significant long-term B cell depletion
BAFF inhibition is accompanied by the potential for significant long-term B cell depletion Long-term BAFF inhibition … whereas chronic APRIL inhibition significantly depletes B cells… does not impact circulating lymphocytes Zigakibart Lymphocytes (109/L) ~7-year belimumab data in SLE shows long-term
Slide 14: Potentially best-in-class properties of JADE101
Potentially best-in-class properties of JADE101 Ultra-high (fM) APRIL binding Novel IP for composition affinity of matter into mid-2040s • Binds APRIL to neutralize activity • Greater APRIL binding affinity than sibeprenlimab, zigakibart, povetacicept and atacicept De novo antibody discovery Half-li
Slide 15: JADE101 has femtomolar affinity and a slow off-rate superior to other anti-APRILs
JADE101 has femtomolar affinity and a slow off-rate that is superior to other anti-APRILs currently in development APRIL affinity by SPR is highly predictive of in vivo APRIL affinity by SPR is highly predictive of potency to lower serum IgA in humans in vivo potency to lower serum IgA in humans 100
Slide 16: JADE101 avoids high molecular weight complex formation
JADE101 avoids high molecular weight complex formation High MW complex formation can occur with mAbs binding trimeric proteins, such as APRIL. Avoiding high MW complexes potentially mitigates risks of immunogenicity and target mediated drug disposition (TMDD). MW - molecular weight, mAbs – monoclona
Slide 17: JADE101 exhibits a highly differentiated NHP PK/PD profile
JADE101 exhibits a highly differentiated NHP PK/PD profile >3X increased half-life compared to sibeprenlimab* in NHPs Accompanied by deep and prolonged IgA reduction T1/2 ~27d T1/2 ~7d JADE101 has the potential to extend dosing interval through low clearance via half-life extension, target-mediated
Slide 18: Phase 1 JADE101 healthy volunteer trial ongoing; interim data expected in Q2 2026
Phase 1 JADE101 healthy volunteer trial ongoing; interim, biomarker-rich clinical data expected in Q2 2026 Phase 1 Study Design Objectives Randomized, double-blind, placebo-controlled SAD study Primary SC administration in healthy adult volunteers (n=32) ● Safety and tolerability SC Dose 4: Secondar
Slide 19: Anticipated HV data expected to enable JADE101 dose and dose interval selection
Anticipated HV data expected to enable JADE101 dose and dose interval selection for IgAN patients • Anti-APRIL MOA provides biomarker IgA reduction and APRIL neutralization in HVs rich-data in HVs expected to be predictive of clinical efficacy • Consistent PK/PD relationships in HV and IgAN patients
Slide 20: IgA responses are consistent between HVs and IgAN patients and predictive of clinical efficacy
IgA responses are consistent between HVs and IgAN patients and predictive of clinical efficacy IgA reduction in HVs is highly correlated with IgA …and early IgA reduction further correlates with W36 UPCR reduction in IgAN patients at multiple time points… reduction, in IgAN patients Notes: Sibeprenl
Slide 21: Minimizing injection burden for patients is a critical advantage in lifelong IgAN treatment
Minimizing injection burden for patients is a critical advantage in lifelong IgAN treatment Reducing injection frequency is anticipated to be a valuable choice driver • IgAN typically affects young JADE101 Sibeprenlimab Atacicept Povetacicept Zigakibart adults who may require lifelong therapy • Fewe
Slide 22: JADE201: a potentially best-in-class afucosylated anti-BAFF-R mAb
JADE201: a potentially best-in-class afucosylated anti-BAFF-R mAb 22
Slide 23: JADE201, a potentially best-in-class afucosylated anti-BAFF-R mAb with dual MOA
JADE201, a potentially best-in-class afucosylated anti-BAFF-R mAb with dual MOA B cell depletion to treat autoimmune diseases • B cell depletion has proven effective in autoimmune disease, but existing therapies like rituximab and anti-CD19 agents face limits: Incomplete B cell Residual B cells in R
Slide 24: JADE201's dual MOA expected to deliver deeper, more durable B cell depletion
JADE201's dual MOA expected to deliver deeper, more durable B cell depletion Direct Cytotoxicity via Enhanced Effector Function B Cell Inhibition and Depletion by BAFF Starvation • Validated mechanism that induces rapid B cell • Mechanism works in context of low receptor depletion expression • Enhan
Slide 25: Potentially best-in-class properties of JADE201
Potentially best-in-class properties of JADE201 Binds BAFF-R broadly expressed on B cells • Enhanced ADCC activity on B cells similar to ianalumab • Blocks BAFF activity similar to ianalumab HLE via Fc LS mutation • Predicted to match, with potential for improved clinical activity due to increased e
Slide 26: JADE201 retains high BAFF-R binding affinity and functional activity in preclinical studies
JADE201 retains high BAFF-R binding affinity and functional activity in preclinical studies BAFF-R Binding (HEK Cells) BAFF-R Blockade (Competition ELISA) ADCC Activity – Primary human CD19+ B Cells Additional Attributes Similar Between Clones 3000 • Affinity to human/cyno BAFF-R by SPR Live B cells
Slide 27: JADE201 demonstrates deep B cell depletion in NHPs
JADE201 demonstrates deep B cell depletion in NHPs JADE201 PK PK BAFF-Receptor Occupancy Receptor Occupancy BBCell Cell Depletion Depletion 1000000 120 140 JADE201 Concentration (ng/ml) 0.001mg/kg 0.001mg/kg Mean (±SEM) B Cell Density 100000 100 120 0.01mg/kg 0.01mg/kg BAFF RO on B Cells (count/ul)
Slide 28: JADE201 demonstrates a differentiated NHP PK profile from ianalumab
JADE201 demonstrates a differentiated NHP PK profile from ianalumab HLE has potential to provide sustained BAFF receptor >2X HLE demonstrated in NHPs occupancy and improved clinical response • Ianalumab has an observed human T1/2 ~ 10 days JADE201 NHP • JADE201 with HLE has the potential to provide
Slide 29: JADE201 first-in-human trial in rheumatoid arthritis patients on track to begin in Q2 2026
JADE201 first-in-human trial in rheumatoid arthritis patients on track to begin in Q2 2026 Phase 1 Study Design Objectives Randomized, double-blind, placebo-controlled SAD study Primary SC administration in adults (n=36) with rheumatoid arthritis. ● Safety and tolerability SC Dose 6: N = 5:1 Seconda
Slide 30: JADE201 profile expected to enable broad opportunity in multiple indications
JADE201 profile expected to enable broad opportunity in multiple indications, including potential best-in-class and first-in-class Rheumatology Neurology Gastroenterology • ANCA – Associated Vasculitis • Multiple Sclerosis • Autoimmune Hepatitis • Autoimmune Myositis • Myasthenia Gravis • Primary Bi
Slide 31: Pipeline beyond JADE101 & JADE201
Pipeline beyond JADE101 & JADE201 31
Slide 32: Additional Jade programs expected to focus on best-in-class product profiles
Additional Jade programs expected to focus on best-in-class product profiles in high-value autoimmune indications Autoimmune Potentially best- Potential rapid Limited Jade team indications with in-class and path to clinical competition expertise significant best-in- PoC expected market indication op
Slide 33: Jade Biosciences is advancing potentially best-in-class therapies for autoimmune diseases
Jade Biosciences is advancing potentially best-in-class therapies for autoimmune diseases Well-capitalized to deliver on key milestones with $336 million in cash as of 12/31/25; runway into 1H 2028 MOA Program Discovery IND-enabling Phase 1 Expected Milestones Potential Indications • Interim Ph 1 Da
Slide 34: Current capitalization
Current capitalization Number of Shares* Common stock Shares outstanding 49,316,287 Preferred stock (as converted to 12,622,000 Common stock equivalents common stock) Pre-funded warrants 8,777,486 Common stock & common Total outstanding 70,715,773 stock equivalents *As of December 31, 2025 34
Slide 35: Thank you
Thank you www.JadeBiosciences.com | info@jadebiosciences.com NASDAQ: JBIO
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