JBIOJade Biosciences, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$114M
- 53% YoY
- Market cap
- $894M
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- 1.5
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo81% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.5 per 10K words · 44th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$894M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Operating income | −$23M | −$53M | −$81M | −$75M | −$114M | 52% |
| Net income | −$23M | −$52M | −$76M | −$70M | −$127M | 83% |
| Operating cash flow | −$27M | −$39M | −$57M | −$71M | −$95M | 33% |
| Capex | $181K | $195K | $142K | — | $196K | |
| Stock-based comp | $2M | $5M | $12M | $11M | $20M | 77% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 9, 2026 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 20.0% | Passive |
| Mar 5, 2026 | Sofinnova Venture Partners X, L.P. | SCHEDULE 13D/A | 0.3% | Passive |
| Oct 8, 2025 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 20.0% | Passive |
| May 1, 2025 | Fairmount Funds Management LLC | SCHEDULE 13D | 22.5% | Passive |
| Apr 30, 2025 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 4.1% | Passive |
| Apr 30, 2025 | Atlas Venture Fund XII, L.P. | SCHEDULE 13D/A | 0.3% | Passive |
| Jun 20, 2024 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 32.0% | Passive |
| Apr 30, 2024 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 28.9% | Passive |
| Feb 20, 2024 | Sofinnova Venture Partners X, L.P. | SC 13D/A | 13.6% | Passive |
| Jun 27, 2023 | RA CAPITAL MANAGEMENT, L.P. | SC 13D/A | 30.0% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.