The company remains in a pre-revenue state, reporting a widened operating loss of $43.4M in 2026Q1 as R&D expenditures climbed to $36.1M.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 9K | 0 | 282K | 96K | 68K | 15K | 1K |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | -9K | 0 | -282K | -96K | -68K | -15K | -1K |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | -193.75% | -41.18% | -353.33% | -1400% | - |
| Operating Expenses | 133.59M | 113.54M | 74.31M | 81.31M | 53.17M | 23.01M | 8.89M |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 24.44M | 20.42M | 21.13M | 17.09M | 14.55M | 8.02M | 948K |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 109.15M | 93.12M | 53.19M | 64.22M | 38.62M | 14.99M | 7.94M |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -133.6M | -113.54M | -74.6M | -81.41M | -53.24M | -23.02M | -8.89M |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -52.21% | 8.37% | -52.92% | -131.24% | -158.99% | - |
| EBITDA | -133.57M | -113.52M | -74.31M | -81.31M | -53.17M | -23.01M | -8.89M |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | -81.98% | -52.75% | 8.61% | -52.93% | -131.1% | -158.85% | - |
| D&A (Non-Cash Add-back) | 30K | 26K | 282K | 96K | 68K | 15K | 1K |
| EBIT | -133.6M | -113.54M | -69.57M | -75.47M | -51.49M | -22.96M | -9.54M |
| Net Interest Income | 10.27M | 7.78M | 5.04M | 5.95M | 1.83M | 65K | -75K |
| Interest Income | 10.27M | 7.78M | 5.04M | 5.95M | 1.83M | 65K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 75K |
| Other Income/Expense | 4.07M | -13.81M | 5.02M | 5.94M | 1.75M | 62K | -722K |
| Pretax Income | -129.53M | -127.35M | -69.57M | -75.47M | -51.49M | -22.96M | -9.61M |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 74K | 58K | 55K | 56K | 25K | 3K | 0 |
| Effective Tax Rate % | -0.06% | -0.05% | -0.08% | -0.07% | -0.05% | -0.01% | 0% |
| Net Income | -129.61M | -127.41M | -69.63M | -75.52M | -51.51M | -22.96M | -9.61M |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | -86.04% | -82.99% | 7.8% | -46.61% | -124.32% | -138.92% | - |
| Net Income (Continuing) | -129.61M | -127.41M | -69.63M | -75.52M | -51.51M | -22.96M | -9.61M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.24 | -4.06 | -85.26 | -100.38 | -73.67 | -32.96 | -14.00 |
| EPS Growth % | 95.61% | 95.24% | 15.06% | -36.26% | -123.54% | -135.41% | - |
| EPS (Basic) | - | -4.06 | -85.26 | -100.38 | -73.67 | -32.96 | -14.00 |
| Diluted Shares Outstanding | 57.78M | 31.36M | 816.63K | 752.33K | 699.2K | 697.44K | 697.44K |
| Basic Shares Outstanding | 57.78M | 31.36M | 816.63K | 752.33K | 699.2K | 697.44K | 697.44K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Clinical trial execution failure
As indicated by the latest quarterly financial statements, Jade Biosciences has seen R&D expenses climb to $36.1M in 2026Q1, reflecting a significant acceleration in clinical development activity compared to the $16.9M reported in 2023Q3 as the company transitions toward human trials.
The sharp increase in R&D spending suggests that the company is aggressively scaling its clinical trial infrastructure and CMC capabilities. Investors should monitor whether this expenditure trajectory remains sustainable given the company's current cash position and the lack of offsetting commercial revenue.
Based on reported figures, the company's operating loss widened to $43.4M in 2026Q1, demonstrating that the firm is currently in a phase of pure capital consumption with no revenue to provide operating leverage against its fixed overhead and clinical trial costs.
The absence of revenue means that every dollar of SG&A and R&D directly impacts the bottom line, resulting in a highly negative operating margin profile. This structure implies that the company will remain entirely dependent on external financing until a lead asset reaches a commercial inflection point.
According to recent SEC filings, the company reported a net loss of $40.4M for 2026Q1, a figure that is primarily driven by non-commercial R&D investments rather than operational inefficiencies or recurring debt service obligations typical of mature industrial entities.
The quality of these earnings is inherently tied to the success of the underlying pipeline, as the net loss is a direct proxy for the company's investment in future intellectual property. Analysts should focus on the efficiency of this spend relative to clinical milestones rather than traditional profitability metrics.
As reported in financial statements, the company's cash burn has accelerated to over $40M per quarter, which suggests that the initial $88.4M funding may be insufficient to reach critical H1 2026 data readouts without requiring additional dilutive equity financing.
The rapid depletion of cash reserves poses a significant risk to existing shareholders, as the company may be forced to raise capital during periods of market volatility. This potential for dilution warrants further investigation into the company's ability to manage its burn rate while maintaining its clinical development timelines.
Quick answers to the most common questions about buying JBIO stock.
For fiscal year 2025, Jade Biosciences, Inc. (JBIO) reported total revenue of $0.0M.
Jade Biosciences, Inc. (JBIO) reported a net loss of $127.4M for the fiscal year ending 2025.