Jade Biosciences Finalizes Merger With Aerovate Therapeutics And Secures $300 Million To Advance Autoimmune Therapies

Jade Biosciences, Inc., a biotechnology company pioneering treatments for autoimmune diseases, has officially completed its merger with Aerovate Therapeutics, Inc. As part of this strategic move, Jade Biosciences will continue operating under its name and begin trading on the Nasdaq Capital Market under the ticker symbol “JBIO” starting April 29, 2025.

The company also announced the successful closing of its previously disclosed private placement, raising approximately $300 million. This financing round, led by prominent healthcare investors such as Fairmount and Venrock Healthcare Capital Partners, along with contributions from Deep Track Capital, OrbiMed, and others, reflects strong confidence in Jade’s mission and leadership. The raise includes the conversion of $95 million from previously issued convertible notes.

Tom Frohlich, Chief Executive Officer of Jade, "We’ve made remarkable progress since our founding, assembling a talented team with deep expertise in drug development for autoimmune diseases. With a strong financial foundation, we aim to advance best-in-class therapeutics for autoimmune diseases, offering more patient-friendly dosing regimens with the potential of better outcomes. Our lead program, JADE-001, is just one example that reflects our commitment to providing patients with better solutions."

Under the terms of the merger, every share of Jade common stock was exchanged for 0.6311 shares of the combined company, following a 1-for-35 reverse stock split of Aerovate’s common stock. As part of the merger closing, Aerovate is issuing a special cash dividend of approximately $2.40 per share to its pre-merger stockholders of record as of April 25, 2025. 

Following these transactions, Jade Biosciences now has about 60.6 million shares outstanding on a fully diluted basis, or 52.6 million shares excluding equity awards. JADE-001 is on track to enter clinical trials in the second half of 2025, with initial data anticipated in the first half of 2026. Jade has also initiated preclinical development of two additional antibody programs, JADE-002 and JADE-003.