Jade Biosciences raises $135 million in private placement

Jade Biosciences Inc. (NASDAQ: JBIO) announced it has entered into a securities purchase agreement for a private investment in public equity financing expected to generate gross proceeds of approximately $135 million before fees and expenses.

The clinical-stage biotechnology company, which develops therapies for autoimmune diseases, said the financing includes participation from both new and existing investors. Notable participants include Janus Henderson Investors, Fairmount, RA Capital Management, Marshall Wace, Aberdeen Investments, Great Point Partners LLC, Venrock Healthcare Capital Partners, Samsara BioCapital, and Avidity Partners.

Under the agreement terms, Jade is selling 13,368,164 shares of common stock at $9.14 per share and pre-funded warrants to purchase 1,402,092 shares at $9.1399 per warrant. The pre-funded warrants carry an exercise price of $0.0001 per share and may be exercised at any time after issuance, subject to beneficial ownership limitations.

Following the transaction, approximately 67.4 million shares of common stock and common stock equivalents will be issued and outstanding, including shares underlying pre-funded warrants and Series A non-voting convertible preferred stock. The financing is expected to close on or about October 8, 2025, subject to customary closing conditions.

The company plans to use net proceeds, combined with existing cash and securities, to fund research and development, general corporate expenses, and working capital needs. Based on current operating plans, Jade expects its cash resources will fund operations into the first half of 2028.

Jefferies, TD Cowen, Stifel, and Wedbush & Co. are serving as placement agents for the transaction. The securities are being sold in a private transaction and have not been registered under the Securities Act of 1933.

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