Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Jade Biosciences, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
7.94
15
38.6
64.2
53.2
93.1
General and administrative
0.95
8.04
14.6
17.2
21.4
20.4
Operating expenses
8.89
23
53.2
81.4
74.6
114
Operating income
-8.89
-23
-53.2
-81.4
-74.6
-114
Interest expense
0.08
Other non-operating income
-0.72
0.06
1.75
5.94
5.02
-13.8
Pre-tax income
-9.61
-23
-51.5
-75.5
-69.6
-127
Income tax
0
0.03
0.06
0.06
0.06
Net income
-9.61
-23
-51.5
-75.5
-69.6
-127
EBITDA
-8.89
-23
-53.2
-81.3
-74.3
-114
EPS, basic
-40.31
-1.87
-2.10
-2.87
-2.44
-3.19
EPS, diluted
-40.31
-1.87
-2.10
-2.87
-2.44
-3.19
Shares, basic (weighted)
0.24
12.3
24.5
26.3
28.6
31.4
Shares, diluted (weighted)
0.24
12.3
24.5
26.3
28.6
31.4
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
4.57
54.2
22.4
23.5
69.4
88.4
Short-term investments
113
107
98.9
0
248
Other current assets
0.1
6.96
2.28
1.79
0.27
12.7
Total current assets
4.68
174
131
124
69.7
349
Property, plant and equipment
0.04
0.19
0.24
0.29
0
0.17
Lease right-of-use assets
0.54
1
0.61
0
0.73
Other non-current assets
0.3
2.56
2.28
3.15
0.07
Total assets
4.72
175
135
127
72.8
350
Accounts payable
0.62
1.21
2.58
2.4
1.29
2.15
Accrued liabilities
0.19
0.79
1.69
4.37
4.13
9.42
Total current liabilities
1.77
2.55
7.78
17.6
12
16.5
Lease liabilities
0.38
0.71
0.26
0
0.72
Total liabilities
1.77
2.95
8.56
18
120
17.3
Paid-in capital
0.06
209
215
273
0.18
507
Retained earnings
-13.4
-36.4
-87.9
-163
-47
-174
Other comprehensive income
-0.06
-0.47
0.24
0
0.13
Shareholders' equity
-13.3
172
127
109
-46.8
333
Total equity
-13.3
172
127
109
-46.8
333
Total liabilities and equity
4.72
175
135
127
72.8
350
Shares outstanding
0.24
24.4
24.7
27.8
3.67
49.3
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-9.61
-23
-51.5
-75.5
-69.6
-127
Depreciation and amortization
0
0.02
0.07
0.1
0.28
0.03
Stock-based compensation
0.06
2.04
5.48
11.9
11.3
20
Deferred income tax
-0.04
Change in payables
0.04
0.61
1.37
-0.16
-2.17
0.36
Cash from operations
-7.86
-27.4
-39.1
-56.8
-71.2
-94.7
Capital expenditures
-0.18
-0.2
-0.14
-0.2
Purchases of investments
-113
-148
-124
-19.7
-261
Sales and maturities of investments
14.4
Cash from investing
-113
6.93
11.9
56
-247
Stock issued
0.01
127
0.62
44.9
23.9
0.09
Cash from financing
8.92
190
0.4
46
25.4
361
Net change in cash
1.06
49.6
-31.8
1.09
10.3
19.1
Free cash flow
-27.6
-39.3
-56.9
-94.9
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.42 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-34.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-32.5%
Net income / average total assets.
Return on invested capital (ROIC)
-39.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value CAGR, 3y
37.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
380.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
37.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
136.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
9.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
8.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
164.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
14.9x
Current assets / current liabilities.
Quick ratio
14.6x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
14.6x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$2.02
Cash from operations / diluted weighted shares.
Book value per share
$6.92
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
2.08x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.08x
Market cap / tangible book value, when positive.
Earnings yield
-16.7%
Net income / market cap (the inverse of P/E).
Was Jade Biosciences, Inc. profitable in fiscal 2025?
No. It reported a net loss of $127.4M.
How much free cash flow did Jade Biosciences, Inc. generate in fiscal 2025?
Cash from operations of $94.7M minus capital expenditures of $196.0K left free cash flow of -$94.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.