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November 2025 Company Overview NASDAQ: JBIO
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2 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 Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements relating to the expectations, hopes, beliefs, intentions or strategies of Jade Biosciences, Inc. (“Jade”) regarding the future of its pipeline and business including, without limitation, expectations with respect to cash runway, Jade’s ability to achieve the expected benefits or opportunities with respect to JADE101, JADE201 and JADE-003, expected timelines for clinical trials and for interim data from the phase 1 clinical trial of JADE101, the expected timelines for initiating phase 1 clinical trials of JADE201 and JADE-003, the potential for JADE101 healthy volunteer data to be predictive of clinical efficacy, the potential of surrogate endpoints to support IgAN approval, the potential for the anti-APRIL class to become frontline treatment for IgAN, the potential of JADE101, JADE201 and any product candidate from the JADE-003 program to become best-in-class drugs and their potential therapeutic uses, mechanisms of action, efficacy, dosing, durability, safety profile and market opportunities. The words "opportunity," "potential," "milestones," "pipeline," "can," "goal," "strategy," "target," "anticipate," "achieve," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "plan," "possible," "project," "should," "will," "would" and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Jade will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Jade's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the risks that the ongoing trial of JADE101 and any future clinical trials may not demonstrate safety and/or efficacy; Jade may experience unanticipated costs, difficulties or delays in the product development process; JADE101, JADE201 and Jade’s future product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; regulatory agencies may impose additional requirements or delay the initiation of clinical trials; risks associated with Jade’s dependence on third-party vendors for the development, manufacture and supply of its product candidates; risks relating to market conditions and the satisfaction of closing conditions of the additional financing; and the other risks, uncertainties and factors more fully described in Jade’s most recent filings with the Securities and Exchange Commission (including its most recent Quarterly Report on Form 10-Q), as well as risk factors associated with companies, such as Jade, that operate in the biopharma industry. Should one or more of these risks or uncertainties materialize, or should any of Jade's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Jade does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements. This communication does not purport to summarize all of the conditions, risks and other attributes of an investment in Jade. Market and Industry Data Certain information contained in this presentation and statements made orally during this presentation relate to or are based on studies, publications and other data obtained from third-party sources as well as our own internal estimates and research. While we believe these third-party sources to be reliable as of the date of this presentation, we have not independently verified, and make no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third party sources. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation. Statements as to our market and competitive position data are based on market data currently available to us, as well as management’s internal analyses and assumptions regarding the Company, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent sources, and there can be no assurance that the assumptions or estimates are accurate. While we are not aware of any misstatements regarding our industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors. As a result, we cannot guarantee the accuracy or completeness of such information contained in this presentation. Disclaimers
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3 Notes: Jade has entered into exclusive license agreements with Paragon Therapeutics for JADE101 and JADE201. Jade holds an exclusive option to license JADE- 003 from Paragon. Jade has not yet entered into a license agreement with respect to JADE-003. MOA – mechanism of action; FIH – First-in-Human, IgAN - IgA nephropathy; AI – autoimmune; BAFF-R – B cell-activating factor receptor Jade Biosciences is advancing potentially best -in-class therapies for autoimmune diseases Additional financing totaling $135 million in gross proceeds supports cash runway into H1 2028 MOA Program Discovery IND-enabling Phase 1 Expected Milestones Potential Indications JADE101 • Interim Data: 1H 2026 IgAN JADE201 • Planned FIH: 1H 2026 Multiple systemic AI diseases JADE-003 • Planned FIH: 1H 2027 Undisclosed anti-APRIL anti-BAFF-R Undisclosed Candidates designed to maximize clinical responses and allow patient friendly, infrequent dosing Development candidates from Paragon
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4 JADE101: a potentially best-in-class anti-APRIL mAb for IgAN
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5 HV – healthy volunteer, mAb – monoclonal antibody, PoC – proof of concept Jade is developing a potentially best -in-class anti-APRIL mAb Estimated $10B+ branded market in the U.S. alone 5 Current treatments do not adequately address the need for long-term disease- modifying therapy in a typically young IgAN patient population Mechanism has potential to be disease- modifying, reducing pathogenic IgA and proteinuria, stabilizing kidney function Anti-APRIL class poised to be frontline treatment for IgAN Potentially best-in- class profile Efficient path to PoC and market JADE101 is designed to have superior potency and an extended half-life for maximal efficacy & convenient dosing Biomarker-rich and highly translational HV data expected in 1H26; potential for surrogate endpoints in future trials to support IgAN approval
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6 Notes: Per KDIGO guidelines, treatment should be initiated in all cases where patients have proteinuria ≥0.5 g/day. U.S. prevalence estimate from FDA; EU prevalence estimate from EMA; Japan / China prevalence estimates from a Novartis presentation. Estimated pricing of ~$120K-$150K per year based on Filspari and Tarpeyo. Sources: 2023 Pitcher (CJASN); FDA Reviews for Filspari / Tarpeyo; EMA; Novartis; 2018 Schena (Seminars in Nephrology); Reuters IgAN is a $10B+ potential market, with a need for effective and convenient therapies for life -long treatment ~169K+ IgAN patients in the U.S ., with 60-75% requiring treatment per international guidelines 169 205 103 0 100 200 300 400 1,300 ’000 Patients 783 IgAN est. prevalence 1,260 US EU Japan China IgAN is typically diagnosed in young adults; higher proteinuria is associated with greater risk of kidney failure Lifetime risk of progression to end-stage kidney disease begins at low proteinuria thresholds. ~1M+ global patients, significant ex-U.S. market potential IgAN is a progressive autoimmune kidney disease requiring lifelong treatment , with significant need for well-tolerated, disease-modifying therapies that offer convenient dosing.
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7 Expanding Patient Population • Kidney biopsy recommended in all adults with proteinuria ≥0.5 g/d where IgAN is a possible diagnosis • Recommends additional treatment should be initiated in all cases where patients have proteinuria ≥0.5 g/d Lower Proteinuria T argets • Establishes new treatment goal: proteinuria maintained at <0.5 g/day, preferably <0.3 g/day Redefining Treatment Strategies • New guidelines direct the use of treatments that have been proven to reduce pathogenic forms of IgA Sources: KDIGO 2025 Guidelines; 2023 Mathur (NEJM); Jade analysis KDIGO – Kidney Disease Improving Global Outcomes Updated KDIGO guidelines position the anti -APRIL class as the foundational therapy in IgAN Drivers of nephron loss In all patients these should be addressed simultaneously Reduce pathogenic forms of IgA and IgA immune complex formation Treatment strategies IgAN patients at risk of progressive kidney function loss Manage the IgAN-specific drivers for nephron loss Manage the generic response to IgAN-induced nephron loss Cardio- vascular risk reduction Reduce glomerular hyperfiltration and the impact of proteinuria on the tubulointerstitium Blood pressure control Reduce glomerular inflammation KDIGO updates anticipated to increase IgAN diagnosis, expand at-risk patient population requiring treatment, lower proteinuria target to clinical remission, and require targeted therapies that reduce pathogenic IgA.
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8 JADE101: Ultra-high affinity, half-life extended mAb with potential for best-in-class activity and patient convenience Potentially best-in-class efficacy APRIL inhibitors demonstrate greater proteinuria reduction and increased clinical remission rates with higher exposures and more complete APRIL suppression Potential for ≤ 6 injections per year Avoids unnecessary immunosuppression Selectively targeting APRIL provides disease modifying impact while avoiding B-cell depletion associated with BAFF inhibition Femtomolar APRIL Affinity + Half Life Extension Minimizes burden in a typically young IgAN patient population potentially requiring life -long therapy (no more than Q8W or less)
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9 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 Mathur (J Clin Med) 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- IgA1, anti-Gd-IgA1 autoantibody, or proteinuria and did not impact eGFR. • BAFF neutralization (blisibimod) did not reduce IgA or proteinuria. • APRIL and dual APRIL/BAFF neutralization result in significant and sustained depletion of Gd-IgA1, reduction in proteinuria, and eGFR stabilization. APRIL APRIL blocking therapy Plasma cell differentiation Antibody class-switching HIT 1 Production of galactose-deficient IgA1 (Gd-IgA1) HIT 2 Synthesis of anti-Gd-IgA1 autoantibodies HIT 3 Autoantibodies bind Gd-IgA1 to form pathogenic immune complexes HIT 4 Deposition of immune complexes in the mesangium and initiation of kidney injury Neutralizing APRIL depletes Gd -IgA1, reduces proteinuria, and preserves eGFR , providing a disease-modifying treatment of IgAN without impacting B -cell development and maturation.
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10 Selective APRIL inhibition resulted in numerically greater proteinuria reduction compared to dual APRIL/BAFF in Phase 3 IgAN trials UPCR Δ from baseline (%, W36) Sibeprenlimab Studies enrolled a high -risk, global, IgAN patient population, similar to other pivotal studies. Active treatments were well tolerated with favorable safety profiles comparable to placebo. 2.1 -50.2 Placebo N=168 Sibeprenlimab N=152 Δ -51% (p < 0.0001) Δ -42% (p < 0.0001) -7 -46 Atacicept N=103 Placebo N=95 Notes: Cross-trial comparisons are inherently limited and presented for hypothesis-generating purposes only. Data digitized from graphs where publications did not provide specific values. Sources: Perkovic et al. ERA 2025 (sibeprenlimab),ORIGIN 3 clinical trial (atacicept, NCT04716231) Atacicept
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11 Note: Estimatedsibeprenlimab Phase 3 dose (400 mg SC) based onaverage 85 kgIgAN patient(95% CI ~50-120 kg) and 75% bioavailability. SC – subcutaneous, IV – Intravenous Source: 2023 Mathur (NEJM) Deeper APRIL suppression drives superior clinical efficacy APRIL % patients < 0.3 g/day at 12M ΔUPCR (% at 36w) 3% 7% 12% 26% 13% 50% 57% 63% • Highest proteinuria reduction and rates of clinical remission (proteinuria <0.3 g/day) for sibeprenlimab were accompanied by the deepest levels of APRIL suppression. • Safety profile consistent across dose levels, with no increase in overall infections. • Sibeprenlimab Phase 3 dose approximates Phase 2 mid-dose, which did not capture the full efficacy expected to beavailable to the mechanism of action JADE101 has potential to more completely suppress APRIL, produce larger proteinuria reductions and maximize remission rates in significantly more patients than other anti-APRIL programs in development. 400 mg SC Phase 3 dose ~ equivalent dose (3.5 mg/kg IV) PROTEINURIA Sibeprenlimab Phase 2 Data Placebo 2 mg/kg IV 4 mg/kg IV 8 mg/kg IV
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12 Sibeprenlimab Zigakibart Atacicept Povetacicept MoA anti-APRIL anti-APRIL TACI-Fc Engineered TACI-Fc Status Phase 3 Phase 3 Phase 3 Phase 3 Δ from baseline in critical disease markers (W36 timepoint*) N=79 (4/8 mg/kg pooled) N=35 (600 mg) N=32 (150 mg) N=18 (80 mg) GFR stabilization ✓ (1 year) ✓ (2 years) ✓ (2 years) ✓ (1 year) Hematuria resolution ✓ ✓ ✓ ✓ Safety ✓ Well-tolerated, no overall ↑ infections, slight ↑ in URTIs vs. placebo ✓ Well-tolerated (no placebo), no drug discontinuations ✓ Well-tolerated, slight ↑ in infections (& URTIs) vs. placebo ✓ Well-tolerated (no placebo) 240 mg ↑ infections Phase 3 Dosing 400 mg SC, Q4W 600 mg SC, Q2W 150 mg SC, QW 80 mg SC, Q4W Notes: Cross-trial comparisons are inherently limited and presented for hypothesis-generating purposes only. Zigakibart IgA / Gd-IgA data at W40; UPCR data at W52 (only timepoint available); change from baseline is not placebo-controlled; N represents patients on dose(s) for which data is shown. Atacicept infections/URTIs placebo - (32%/0%), 25 mg (38%/0%), 75 mg (49%/9%), 150 mg (39%/6%). Povetacicept infection rates: Grade 1/2/≥3 – 80 mg 10%/5%/0%, 240 mg 18%/27%/3%.Gd-IgA1(n=9) and UPCR data at W36; UPCR based on digitized plot. IgA N=8. Sibeprenlimab infections/URTIs placebo - (55%/0%), 2 mg/kg (39.5%/8%), 4 mg/kg (56%/12%), 8 mg /kg (53%/5%). Sources: 2023 Mathur (NEJM); 2024 Barratt (ERA Presentation); VERA January 2024 R&D Day; ALPN 2024 WCN Investor Update; 2024 Madan (ASN Presentation); 2025 Li Jiahua (ASN Presentation) No clinical evidence that inhibiting BAFF provides additional efficacy beyond APRIL alone in IgAN Phase 2 clinical trials IgA Gd-IgA1 UPCR 67% 60% 60% IgA Gd-IgA1 UPCR 64% 69% 53% IgA Gd-IgA1 UPCR 63% 68 33% IgA Gd-IgA1 UPCR 65% 66% 56%
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13 Sources: 2022 Struemper (Lupus Sci Med);2025 Barratt (Kidney International) BAFF inhibition is accompanied by the potential for significant long-term B cell depletion Long-term BAFF inhibition significantly depletes B cells … … whereas chronic APRIL inhibition does not impact circulating lymphocytes Lymphocytes (10 9/L) ~7-year belimumab data in SLE shows long-term BAFF inhibition lowers CD19+ B cells by ~80% Long-term BAFF suppression , in an otherwise young and healthy patient population, is unnecessary given equivalent efficacy in IgAN from anti -APRILs and TACI-Fcs observed to date. Zigakibart
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14 Notes; Paragon has filed provisional patent applications covering the subject matter of JADE101, which we have exclusively licensed from Paragon. No head-to-head clinical trials have been conducted between JADE101 and the referenced drug candidates. Cross-trial comparisonsare inherently limited and presented for hypothesis-generating purposes only. fM – femtomolar Potentially best-in-class properties of JADE101 Effector-null human IgG1 Fc Half-life extension through validated YTE Fc modification • Longer exposure intended to maximize efficacy and reduce dosing frequency De novo antibody discovery campaign pursued to achieve fully- human, potentially best-in-class mAb Novel IP for composition of matter into mid-2040s Ultra-high (fM) APRIL binding affinity • Binds APRIL to neutralize activity • Greater APRIL binding affinity than sibeprenlimab, zigakibart, povetacicept and atacicept 14
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15 Source: Internal data; Benchmarks manufactured based on publicly available sequences. Atacicept APRIL KD 672 pM (Vera internal data). IgA EC50 estimates calculated using compartmental PK models linked to indirect response models to describe IgA kinetics built using published PK and IgA concentration-time profiles for each molecule. Sibeprenlimab: Mathur, 2022 and Zhang, 2023; Ziga: ASN, 2021/2022 and WCN, 2021; Povetacicept: Davies, 2024; Atacicept: Willen, 2020, Nestorov, 2008/2010, Munafo, 2007). These data are derived from different trials at different points in time, with differences in trial design and populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials of JADE101 and other agents have been conducted. 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 potency to lower serum IgA in humans 0.1 1 10 100 1000 1 10 100 1000 Sibe Ziga Pove Ataci APRIL affinity by SPR is highly predictive of in vivo potency to lower serum IgA in humans EC50 (ηM) KD(pM) R2 = 0.9987
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16 MW - molecular weight, mAbs – monoclonal antibodies Source: Filbert et al. ERA 2025 (JADE101) 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).
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17 >3X increased half-life compared to sibeprenlimab * in NHPs Accompanied by deep and prolonged IgA reduction *Sibeprenlimab generated from publicly available sequence. YTE-Sibe was engineered on the IgG1 framework. Confirmed ADA+ samples excluded. No head-to-head clinical trials have been conducted between JADE101 and the referenced drug candidates. NHP - Non-human Primates, IV – Intravenous JADE101 exhibits a highly differentiated NHP PK/PD profile JADE101 has the potential to extend dosing interval through low clearance via half -life extension, target-mediated drug disposition mitigation & ultra -high (fM) human affinity. T1/2 ~27d T1/2 ~7d
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18 Notes: ClinicalTrials.govID: NCT07059312.Numbers presented as subjects receiving JADE101 relative to placebo. Each cohort to include a sentinel group, n = 2 (1 JADE101, 1 placebo); remainder dosed after safety clearance. SAD – Single Ascending Dose, MAD – Multiple Ascending Dose, SC - Subcutaneous Phase 1 JADE101 healthy volunteer trial ongoing; interim, biomarker -rich clinical data expected in H1 2026 Phase 1 Study Design Endpoints Primary ● Safety and tolerability Secondary & Exploratory ● Pharmacokinetics ● Pharmacodynamics (APRIL, IgA, immunoglobulins) ● Immunogenicity Randomized, double-blind, placebo-controlled SAD study SC administration in healthy adult volunteers (n=32) Depth and duration of APRIL inhibition anticipated to predict clinical activity, reflect disease-modifying potential , and define dose and dose interval for IgAN patient trials SC Dose 4: N = 6:2 SC Dose 3: N = 6:2 SC Dose 2: N = 6:2 SC Dose 1: N = 6:2 Follow Up Half-life extended antibodies require extended follow up for full characterization (~1-year) and provide exposures that exceed those observed in MAD studies with typical mAbs.
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19 Anticipated 1H26 HV expected to enable JADE101 dose and dose interval selection for IgAN patients • Anti-APRIL MOA provides biomarker rich-data in HVs expected to be predictive of clinical efficacy • Consistent PK/PD relationships in HV and IgAN patients o HV PK highly predictive of IgAN PK and directly linked to APRIL suppression o HV IgA reduction expected to highly correlate with IgAN IgA reduction o Early IgA response expected to highly correlate with future UPCR reduction in IgAN o Depth and duration of APRIL and IgA suppression in HVs will determine dose and dose interval for JADE101 in IgAN patients PD – pharmacodynamics, UPCR - urine protein-to-creatinine ratio.These data are derived from different trials at different points in time, with differences in methodology, design and populations. As a result, cross-trial comparisons cannot be made. Sources: 2025 Gufford, ASN Presentation IgA reduction and APRIL neutralization in HVs ~Phase 3 dose 25 50 75 100 Duration of Sustained Max Response (days) IgA fAPRIL 0.5 mg/kg IV 2 mg/kg IV 6 mg/kg IV 12 mg/kg IV 200 mg SC 400 mg SC 600 mg SC 10 mg IV 50 mg IV 150 mg IV 300 mg IV 300 mg SC 450 mg IV 1350 mg IV 2.4 mg IV 8 mg IV 24 mg IV 80 mg IV 80 mg SC 240 mg IV 240 mg SC 480 mg IV 480 mg SC 960 mg IV 960 mg SC -120 -100 -80 -60 -40 -20 0 Max Response (%) Sibeprenlimab Zigakibart *Does not reach max response Povetacicept * * * * * * *
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20 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 effectively 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 are best linear fit.These data are derived from different trials at different points in time, with differences in methodology, design and populations. As a result, cross-trial comparisons cannot be made. Sources: Sources: 2025 Gufford, ASN Presentation IgA responses are consistent between HVs and IgAN patients and predictive of clinical efficacy IgA reduction in HVs is highly correlated with IgA reduction in IgAN patients at multiple time points … …and early IgA reduction further correlates with W36 UPCR reduction, in IgAN patients
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21 JADE101 Sibeprenlimab Atacicept Povetacicept Zigakibart Target APRIL APRIL APRIL + BAFF APRIL + BAFF APRIL Format mAb mAb Fc-fusion Fc-fusion mAb APRIL KD (pM) 0.046 pM 34.7 pM 672 pM 0.89 pM 94.4 pM Human T1/2 (days) TBD ~23 days ~6.7 days ~3.7 days ~20 days Dose (mg) TBD 400 mg 150 mg 80 mg 600 mg Dose Frequency Anticipated to be Q8W+ Q4W QW Q4W Q2W Volume Anticipated to be 2ml 2ml 1ml 1ml 2 x 2ml Injections per year 6 injections or less 12 injections 52 injections 12 injections 52 injections Injections / 10 years ≤ 60 120 520 120 520 Source: Filbert et al. ERA 2025 (JADE101), Perkovic et al. ERA 2025 (sibeprenlimab),ORIGIN 3 clinical trial (atacicept, NCT04716231), Davies, 2024 (Povetacicept), Barratt et al. ERA 2025 (Zigakibart) Minimizing injection burden for patients is a critical advantage in lifelong IgAN treatment • IgAN typically affects young adults who may require lifelong therapy • Fewer subcutaneous injections ease burden, improve adherence, and give patients more freedom • Dose and dose frequency driven by potency, half-life, and TMDD threshold With ultra-high affinity and extended half-life, JADE101 has potential to offer best -in- class efficacy with the fewest injections. Reducing injection frequency is anticipated to be a valuable choice driver
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22 JADE201: a potentially best-in-class afucosylated anti-BAFF-R mAb
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23 • B cell depletion has proven effective in autoimmune disease, but existing therapies like rituximab and anti-CD19 agents face limits: Sources: 1. Merino-Vico Euro J Immunol 2023; 2. Ramwadhdoebe Rheumatology 2019; 3. Daneshvar E Int J Derm 2023; 4. Cornec, ACR Convergence 2025. HLE – half-life extension. JADE201, a potentially best -in-class afucosylated anti -BAFF-R mAb with dual MOA B cell depletion to treat autoimmune diseases JADE201 builds on ianalumab’s proof-of-concept, adding HLE for expected improved durability, less frequent dosing, and potentially best-in-class profile. • Resistance mechanisms, particularly elevated BAFF after anti-CD20 therapy, enable autoreactive B cells to repopulate, undermining durability • Ianalumab, an afucosylated anti-BAFF-R, provided proof-of-concept for overcoming these barriers, including clinical tissue B cell depletion4 Incomplete B cell depletion due to low target receptor expression on some B cell subsets or paucity of effector cells to mediate killing1 Sparing pathogenic autoantibody producing cells, including plasmablasts Residual B cells in secondary lymphoid tissues and/or ineffective depletion of B cells in ectopic lymphoid tissue after treatment2 Resistance mechanisms, including increased BAFF expression following treatment with rituximab3
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24 ADCC – antibody-dependent cellular cytotoxicity JADE201's dual MOA expected to deliver deeper, more durable B cell depletion B Cell Inhibition and Depletion by BAFF StarvationDirect Cytotoxicity via Enhanced Effector Function • Validated mechanism that induces rapid B cell depletion • Enhanced cytotoxicity by ADCC • Potent depletion of circulating B cells • Mechanism works in context of low receptor expression • Relevant in secondary and ectopic lymphoid tissues where effector cells may be scarce • Avoids B cell repopulation and resistance due to increased BAFF expression following B cell depletion with anti-CD20 agents
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25 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 Novel IP for COM into mid 2040s afucosylated for enhanced ADCC 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
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26 *LS mutation ~10x higher affinity to FcRn. Note: These data are derived from different studies at different points in time, with differences in methodology, design and populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials of JADE201 and other agents have been conducted. 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 • Affinity to human/cyno BAFF-R by SPR • BAFF-R binding (Raji B cells) • FcR binding (excluding FcRn*) • C1q binding • ADCC activity on Raji B cells Additional Attributes Similar Between Clones 0 0 10 100 1000 10 100 1000 0 1000 2000 3000 Antibody Concentration (pM) Live B cells (count) Media Vehicle (0.1% PBS) ianalumab JADE201
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27 JADE201 demonstrates deep B cell depletion in NHPs Predose 8h24h D2 D4 D7 D14 D21 D28 D35 D42 D49 D56 D63 D77 D91 D105 D119 0 20 40 60 80 100 120 140 B Cell Depletion Timepoints Mean (±SEM) B Cell Density (count/ul) CFB (%) 0.001mg/kg 0.01mg/kg 0.1mg/kg 1mg/kg 10mg/kg B Cell Depletion Receptor Occupancy Time Post-Treatment BAFF RO on B Cells (% Mean±SEM) -1hr 10min 1hr 4hr 8hr Day 1 Day 2 Day 3 Day 4 Day 7 Day 10 Day 14 -40 -20 0 20 40 60 80 100 120BAFF-Receptor Occupancy Notes: ADA+ not yet ID and excluded. Accelerated recovery at 10 mg/kg v 1 mg/kg potentially related to ADA or hook effect. -1h 10 min 1h 4h 8h24h D2 D3 D4 D7 D10 D14 D18 D21 D28 D35 D42 D49 D56 0.01 0.1 1 10 100 1000 10000 100000 1000000 PK Timepoints JADE201 Concentration (ng/ml) 0.001mg/kg 0.01mg/kg 0.1mg/kg 1mg/kg 10mg/kg JADE201 PK JADE201 demonstrates dose -dependent PK. Rapid RO observed with complete RO achieved at doses above 1 mg/kg. Deep and sustained B cell depletion achieved after single dose of JADE201 in NHPs.
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28 JADE201 demonstrates a differentiated NHP PK profile from ianalumab >2X HLE demonstrated in NHPs Note: Individual NHP time points that appear to be impacted by ADA excluded from half-life determinations and mean concentration-time plots. These data are derived from different studies at different points in time, with differences in methodology, design and populations. As a result, cross-trial comparisons cannot be made, and No head-to-head clinical trials of JADE201 and other agents have been conducted. JADE201 NHP t1/2 = 5.4 days t1/2 = 2.7 days HLE has potential to provide sustained BAFF receptor occupancy and improved clinical response • Ianalumab has an observed human T1/2 ~ 10 days • JADE201 with HLE has the potential to provide complete BAFF-R coverage for an extended duration • Potential for deeper, more durable clinical responses • Extended dosing interval providing a more convenient, infrequent SC dosing profile
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29 Notes: Numbers presented as subjects receiving JADE201 relative to placebo. Each cohort to include a sentinel group, n = 2 (1 JADE201, 1 placebo); remainder dosed after safety clearance. DAS – Disease Activity Score JADE201 first-in-human trial in rheumatoid arthritis patients on track to begin in H1 2026 Phase 1 Study Design Endpoints Primary ● Safety and tolerability Secondary & Exploratory ● Pharmacokinetics ● Pharmacodynamics ● Immunogenicity ● B-cell depletion ● DAS28 Randomized, double-blind, placebo-controlled SAD study SC administration in adults (n=36) with rheumatoid arthritis. SC Dose 4: N = 5:1 SC Dose 3: N = 5:1 SC Dose 2: N = 5:1 SC Dose 1: N = 5:1 SC Dose 5: N = 5:1 SC Dose 6: N = 5:1 JADE201 preclinical profile supports potential for best -in-class clinical efficacy with convenient, patient -friendly dosing
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30 JADE201 profile expected to enable broad opportunity in multiple indications, including potential best -in-class and first-in-class Rheumatology • ANCA – Associated Vasculitis • Autoimmune Myositis • Rheumatoid Arthritis • Sjogren’s Disease* • Systemic Lupus Erythematosus* • Systemic Sclerosis * Neurology • Multiple Sclerosis • Myasthenia Gravis • Neuromyelitis Opica Spectrum Disorder Nephrology • Primary Membranous Nephropathy • Lupus Nephritis* Gastroenterology • Autoimmune Hepatitis • Primary Biliary Cholangitis Dermatology • Hidradenitis Suppurativa • Bullous Pemphigoid • Pemphigus Hematology • Idiopathic Thrombocytopenic Purpura (ITP)* • Warm AIHA* Endocrinology • Grave’s Disease • Thyroid Eye Disease Source: GlobalData and other publicly available sources (2025 forecasted sales for approved systemic advanced therapies in US/EU5/JP). *Ianalumab ongoing phase 3 study; Primary endpoint met in ianalumab Phase 3 studies in Sjogren’s Disease and ITP. Approximately 17 million patients and a total addressable market of over $80bn across potential indications
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31 Pipeline beyond JADE101 & JADE201
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32 Additional Jade programs expected to focus on best -in-class product profiles in high-value autoimmune indications Autoimmune indications with significant market opportunity Potentially best- in-class and best-in- indication product profile Potential rapid path to clinical PoC Limited competition expected Jade team expertise Evaluating additional opportunities to build pipeline of potentially best-in- class autoimmune therapies.
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33 Notes: Jade has entered into exclusive license agreements with Paragon Therapeutics for JADE101 and JADE201. Jade holds an exclusive option to license JADE- 003 from Paragon. Jade has not yet entered into a license agreement with respect to JADE-003. MOA – mechanism of action; FIH – First-in-Human, IgAN - IgA nephropathy; AI – autoimmune; BAFF-R – B cell-activating factor receptor Jade Biosciences is advancing potentially best -in-class therapies for autoimmune diseases Additional financing totaling $135 million in gross proceeds supports cash runway into H1 2028 MOA Program Discovery IND-enabling Phase 1 Expected Milestones Potential Indications JADE101 • Interim Data: 1H 2026 IgAN JADE201 • Planned FIH: 1H 2026 Multiple systemic AI diseases JADE-003 • Planned FIH: 1H 2027 Undisclosed anti-APRIL anti-BAFF-R Undisclosed Candidates designed to maximize clinical responses and allow patient friendly, infrequent dosing Development candidates from Paragon
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34 *As of October 6, 2025 Current capitalization Number of Shares* Shares outstanding 45,994,894 Preferred stock (as converted to common stock) 12,622,000 Pre-funded warrants 8,777,486 Common stock Common stock equivalents Common stock & common stock equivalents 67,394,380Total outstanding
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