Jade Biosciences Inc., a biotechnology company specializing in therapies for autoimmune diseases, reported its financial results for the second quarter ending June 30, 2025. The company experienced a net loss of $32.1 million, which includes non-cash stock-based compensation of $4.0 million. Other expenses were reported at $4.4 million, influenced by a $6.2 million expense related to the change in fair value of convertible notes, partially offset by $1.8 million in interest earned from investments. Research and Development expenses reached $22.5 million, with personnel-related charges accounting for $5.7 million, including $2.6 million in non-cash stock-based compensation. General and Administrative expenses were reported at $5.2 million, with $3.1 million attributed to personnel-related costs, including $1.4 million in non-cash stock-based compensation. The company reported cash and cash equivalents totaling $220.9 million. Jade anticipates that this financial position will support its operating expenses and capital expenditure requirements through the end of 2027. In terms of business updates, Jade Biosciences highlighted the presentation of preclinical data for JADE101, its anti-APRIL monoclonal antibody aimed at treating IgA nephropathy, at the 62nd European Renal Association Congress. The company also announced plans for a Phase 1 healthy-volunteer study of JADE101, expected to commence in the third quarter of 2025, with interim data anticipated in the first half of 2026. CEO Tom Frohlich expressed confidence in the company's progress toward becoming a clinical-stage company.