Liquidity is tightening as evidenced by a quarterly free cash flow outflow of $24.1M in 2026Q1, reflecting a reliance on external funding to sustain operations.
| Cash from Operations | -116.39M | -94.69M | -71.2M | -56.78M | -39.12M | -27.4M | -7.86M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -442.71% | -33% | -25.39% | -45.13% | -42.79% | -248.63% | - |
| Net Income | -129.61M | -127.41M | -69.63M | -75.52M | -51.51M | -22.96M | -9.61M |
| Depreciation & Amortization | 22K | 0 | 282K | 96K | 68K | 15K | 1K |
| Stock-Based Compensation | 4.29M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 6.93M | 40.92M | 9.32M | 8.85M | 4.57M | 2.06M | 777K |
| Working Capital Changes | 1.97M | -8.2M | -11.17M | 9.8M | 7.75M | -6.51M | 974K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.84M | 361K | -2.17M | -164K | 1.37M | 609K | 37K |
| Cash from Investing | -268.33M | -247.01M | 56.03M | 11.88M | 6.93M | -113.43M | 0 |
| Capital Expenditures | -196K | -196K | 0 | -142K | -195K | -181K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -98.22M | -246.81M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 359.97M | 360.77M | 25.43M | 46M | 396K | 190.46M | 8.92M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 2.5M |
| Equity Issued (Net) | 360.66M | 360.61M | 25.43M | 46M | 396K | 190.46M | 6.42M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -684K | 156K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -77.57M | -33.75M | 10.26M | 1.09M | -31.8M | 49.62M | 1.06M |
| Free Cash Flow | -116.58M | -94.89M | -71.2M | -56.92M | -39.32M | -27.58M | -7.86M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | -553.17% | -33.27% | -25.08% | -44.77% | -42.56% | -250.94% | - |
| FCF per Share | -2.02 | -3.03 | -87.18 | -75.66 | -56.23 | -39.54 | -11.27 |
| FCF Conversion (FCF/Net Income) | 0.90x | 0.74x | 1.02x | 0.75x | 0.76x | 1.19x | 0.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, the persistent gap between net losses and operating cash flow, highlighted by an OCF/NI ratio of 0.60 in 2026Q1, confirms that Jade Biosciences is currently in a pre-revenue phase where accounting losses are driven by non-cash R&D investment.
The divergence between net income and cash burn suggests that the company's financial profile is dominated by development-stage accounting rather than operational performance. Investors should monitor this ratio closely, as it indicates that cash outflows are currently decoupled from traditional earnings metrics, reflecting the high-risk nature of the firm's clinical pipeline.
Based on recent SEC filings, Jade Biosciences' free cash flow has consistently trended into negative territory, reaching a quarterly outflow of $24.1M in 2026Q1, which underscores the company's reliance on external capital to fund its ongoing clinical development and research initiatives.
The trajectory of free cash flow appears to be accelerating in its negative intensity as the company moves deeper into its clinical trial schedule. This trend suggests that the firm's cash runway is being consumed at a rate that may necessitate further dilutive financing before meaningful clinical data is realized.
According to the company's reported figures, working capital changes have been highly erratic, swinging from a $10.5M outflow in 2025Q4 to a $9.3M inflow in 2026Q1, which complicates the assessment of the underlying cash burn rate for the business.
These fluctuations in working capital appear to be driven by the timing of clinical trial payments and vendor management rather than core operational efficiency. Analysts should look past these temporary shifts to focus on the structural cash burn, as the volatility may obscure the true pace of capital depletion.
As indicated by the cash flow statement, the minimal capital expenditure figures, such as the $0 reported in 2026Q1, suggest that the company's primary cash commitments are likely buried within operating expenses rather than traditional asset-based investments, warranting further investigation into potential off-balance-sheet milestone obligations.
The lack of significant capital expenditure may imply that the company is outsourcing its manufacturing and clinical infrastructure, shifting the burden to operating expenses. This structure warrants caution, as it may hide long-term contractual liabilities that could impact future liquidity if clinical milestones are achieved.
Quick answers to the most common questions about buying JBIO stock.
Jade Biosciences, Inc. (JBIO) generated $-94.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jade Biosciences, Inc. (JBIO) reported negative free cash flow of $94.9M in 2025, indicating capital requirements exceeded cash from operations.
Jade Biosciences, Inc. (JBIO) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.