Jade Biosciences, Inc. Common Stock Citi 2026 Biopharma Back to School Summit

Yeah. Happy to, and first of all, thanks, Trevor, for hosting us and the entire Citi group. We're excited to be here. Jade Biosciences, we're a company focused on developing best-in-class therapeutics for autoimmune disease. We have three assets in our pipeline, all of which we've sourced from Paragon, which is a really high-quality protein engineering company based out of Boston, with a long track record of developing really high-quality antibodies that have half-life extension to really deliver the maximum efficacy available to any given target, with a really long duration of action that really minimizes treatment burden for patients. Our lead asset is JADE101. It's an anti-APRIL monoclonal antibody targeting IgA nephropathy as the lead indication. We think IgA nephropathy is an area of large unmet need, and potentially a very large market size, about a $20 billion opportunity in the U.S. alone.

We're completely convinced that the anti-APRIL class is going to become the dominant class within IgA, and really becoming foundational therapy for patients, because it really does have the ability to have deep reductions in IgA, which is the pathogenic driver of the disease. It has deep reductions in proteinuria and can stabilize kidney function as measured by eGFR with very good tolerability. JADE101 has a very straight line at becoming the best-in-class anti-APRIL. We've recently reported some phase I data showing that in healthy volunteers, you get very large reductions in IgA, actually nearing 70%, which is the largest reductions seen to date with any agent. So we believe that will drive really meaningful proteinuria reductions for patients, and then lead to stabilization of eGFR.

Also, in that data, we showed that that reduction in IgA could be sustained for 12 weeks, which we think will be extremely convenient for patients and minimize their treatment burden over time. So that program is very exciting for us. We're advancing it. It's currently in a phase II trial, with that data reading out next year in 2027. But we aren't waiting for that data to initiate a phase III. That data's not gating. We're very convinced by the characterization, the profile from that phase I data to enable us to activate that phase III. So we are aiming to get that trial initiated with the first patient dosed in the first half of 2027. So a very rapid pathway to getting to the market with JADE101.

The second program we have is JADE201, which is an anti-BAFF receptor antibody, really following the footsteps of ianalumab, which is a product targeting the same target at Novartis, currently in six different phase III across a number of different autoimmune diseases. That's a B-cell depleting drug, so it has really activity or the potential for activity in any indication where rituximab is standard of care. So it has very broad utility. We currently are in a phase I rheumatoid arthritis trial with that medication. We'll be reading out that data in 2027 to really give us a characterization of that product. What's interesting there is ianalumab, what we're doing is we're solving the limitation that it has. It has a very short human half-life, just 10 days in humans.

With JADE201, we're aiming to extend that half-life, which would allow us to be able to have more complete coverage of the receptor for the duration of the dosing interval, and then, of course, extend out that dosing interval as well to make a more convenient product for patients as well. So that program, we'll read out the data in 2027. On JADE301, our newly disclosed program, that's an anti-interferon beta targeting dermatomyositis, a very severe disease that has muscle weakness, muscle degradation, and then as well as painful and itchy skin lesions. Current treatment is very burdensome. It's treated by steroids and IVIG, which is very difficult for patients. There is an interesting pipeline coming along. brepocitinib, the JAK2 was just recently approved by Roivant, so really demonstrating the unmet need there, and they have very favorable pricing there.

We believe we can deliver a better profile with interferon beta. There is a more advanced asset with Pfizer right now that showed very compelling phase II data with interferon beta in dermatomyositis, with a very robust improvement in TIS. That's the primary endpoint. Very importantly, also very good efficacy on the skin component of dermatomyositis, which historically with other medications has been very difficult to treat. We're going going to improve upon dazukibart, which is the Pfizer interferon beta product.

It has a very low bioavailability, so it needs to be delivered IV. We believe with our protein engineering that we can overcome that and deliver a much more convenient format for patients. So that program is scheduled to enter into the clinic in Q4 of this year, with a readout in 2027 as well. So big year coming up. That's all underpinned with a very strong team. As well, we're significantly financed. We closed the last quarter with $461 million, which will fund us through all of those programs through into Q4 2028. So very exciting time for us with a big year coming up in 2027.

Yeah. We obviously looked at that data in detail and remained really excited about the best-in-class profile of JADE101. When we started out with the selection of a best-in-class anti-APRIL, we really focused on two properties that needed to be optimized relative to the first generation. One was half-life extension to be able to extend the dosing interval. IgAN is a disease that is diagnosed in 20 and 30-year-olds, and they require lifelong therapy. Reducing the patient burden and giving them freedom from their disease with a disease-modifying mechanism of action, we think represents a significant value for those patients. The second property where we saw limitations of the first-gen agents was on potency. There is a large amount of APRIL within the body that needs to be neutralized to drive rapid and deep and sustained IgA reductions, and the first-generation agents had relatively modest potency.

JADE101 was selected with ultra-high binding affinity to APRIL. It is actually a femtomolar inhibitor to APRIL, with a KD about 750-fold lower than sibeprenlimab, the drug approved by Otsuka, and about 2,000-fold higher than Climb Bio. When we review the new data set from Climb, they look to have effectively half-life extended the agent similar to JADE101. But where we see the big advantage for JADE101 is the superior potency, resulting in faster, deeper, and more consistent IgA reductions that we think has the ability to deliver the best-in-class efficacy, the full efficacy available to B-cell modulation, with a convenient infrequent quarterly dosing profile. Strong competitor from Climb, but we are still really comfortable with the properties and profile of JADE101 and are excited to really focus on rapid development and advancement of that program.

Yeah. So healthy volunteer data in IgAN, as you know, is very significant because you can measure IgA levels in healthy volunteers, and that's a direct read-through to what you anticipate seeing in patients, and it's a predictor of clinical activity. It's really de-risking for the program on the whole, as I mentioned in the intro, and allows us to move really quickly. Going into that, we wanted to have kind of comparable IgA reductions, as was seen with the first generation of anti-APRIL therapies, all of which achieved around 50%-55% reductions in IgA with a single dose. The other thing we want to do is have extended dosing on that. What we managed to achieve was nearly a 70% reduction in IgA, which is unprecedented and really hasn't been seen with any other agent with a single dose to date.

That lasted for up to 12 weeks, which really does support that idea that we can have a Q12-week dosing interval. It was really exciting data for us, really de-risked the program, showed that we did achieve that best-in-class profile that Andrew described, and gives us confidence to move forward really, really quickly.