Jade Biosciences Stifel 2026 Healthcare Conference

Brad, over to you. Yeah, thanks a lot, Alex, and thanks to Stifel for hosting us at this conference.

It's really great to be here. Jade Biosciences, we are a company that was founded in 2024 with monoclonal antibodies focused on autoimmune diseases. We were the fourth spin-out of Paragon. Paragon now, I think, has nine companies, if memory serves, although I've admittedly lost count. Apogee, Oruka, and then Spyre, and then Jade was spun out to, again, to focus on autoimmune diseases. We have rights to three assets. Our lead program is JADE101, which is an anti-APRIL monoclonal antibody being initially developed for the treatment of IgA nephropathy, with the potential to expand indications. JADE101 was designed to really address two key challenges we had observed in the space. One was binding affinity. JADE101 is a femtomolar binder to APRIL, and we think the potency really matters to get really deep and durable IgA reductions, which can have a benefit on UPCR, and then obviously on kidney function over time as well.

The second one was, of course, extending the half-life. There's a YTE modification in the Fc for an extended half-life. We can get to our phase I data later, but we think that both of those two features are manifesting themselves in the clinic so far and give us confidence as we move forward. We initiated a phase II in May. Soon thereafter, we announced our positive phase I results in June. We'll have the phase II interim results in the second quarter of 2027, where we'll be focused on UPCR among other things that we can talk about.

Yeah. Our phase III is expected to initiate this quarter as well, so we're moving at a very rapid clip.

I would say priority number one is getting this drug to the market as quickly as possible. It's a very exciting opportunity in IgAN, which we estimate is a $20 billion market in the U.S. alone. JADE201 is our second program. It's our afucosylated anti-BAFF-R monoclonal antibody initially being developed in RA, where we have a phase I ongoing that was initiated in May. We'll have data in 2027 for that program, after which we will declare our lead indication or indications. We want to have a very focused development strategy there because there's obviously a lot of places you can take a BAFF-R. Our third program is JADE301.

It's an anti-interferon beta monoclonal antibody for the treatment initially of dermatomyositis, which is a very exciting indication, and that's really leveraging some of the Pfizer data that we've seen, which had best in disease total improvement score and best in disease CDASI. We're starting in subQ, whereas that drug is IV. We've also shown an extended half-life there. From a capital standpoint, $461 million as of June 30. We'll report earnings in the next couple days here. We'll provide an update, but runway into the fourth quarter of 2028, so feeling very well capitalized to execute on all these programs and excited about three catalysts next year.

Ed? Yeah, I think the key takeaway is, again, you're seeing stability, eGFR over two years.

I think some of the key data points that we saw, particularly on sibeprenlimab, they did an outcomes measure looking at renal outcomes, which was either dialysis or 30% or greater reduction in kidney function, which is a large metric, and showed a 97% reduction. That's very key, both obviously from a patient standpoint, because that significant amount of kidney loss puts you well on your way to eventually needing dialysis, but very much from a health economic outcome, which is obviously important from a payer perspective as well.

The other piece of sibi data that didn't maybe get as much attention, but I think is equally important, is if you look at their IgG curve over time, there was some talk that maybe there was some slight decline, but at the two-year mark, very much stable to actually even coming up. So they've seen it in that 30%-35% drop range. They haven't seen any evidence of hypogammaglobulinemia, which is also important from a safety perspective.

Yeah. It's interesting. I mean, there's obviously competitors that make a claim that it matters. We just look at the clinical data, right? I think if you do the cross-trial comparisons, there's three phase III's that have read out so far.