Shares of Jade Biosciences Inc (NASDAQ:JBIO) fell 6.5% in after‑hours trading following the announcement of an underwritten public offering of common stock or, alternatively, pre‑funded warrants.
The company plans to sell the securities directly to investors, and underwriters have a 30‑day option to purchase up to an additional 15% of the offered securities at the public offering price, less underwriting discounts and commissions.
Jade Biosciences provided no assurance regarding whether the offering will be completed, nor disclosed the final size or specific terms of the offering.
Net proceeds from the offering, combined with existing cash, cash equivalents, and investments, will be allocated to fund clinical trials, preclinical studies, and manufacturing for its programs, as well as additional research and development activities, capital expenditures, working capital, and other general corporate purposes.
Jefferies, TD Cowen, and UBS Investment Bank are acting as joint book‑running managers; LifeSci Capital is also serving as a book‑running manager, and BTIG is acting as the lead manager for the proposed offering.
Jade Biosciences focuses on developing therapies for autoimmune diseases.
