Jade Biosciences, Inc. (JBIO) Cash Flow Statement
Where JBIO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$94.7M
- Capital expenditures
- $196,000
- Free cash flow
- −$94.9M
- Returned to shareholders
- —
- Change in cash
- $19.1M cash at year-end $88.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
JBIO operating cash flow, capex and free cash flow
JBIO cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$7.9M2020 | −$94.7M2025 | — | |
| Capital expenditures | $02020 | $196,0002025 | — | |
| Free cash flow | −$7.9M2020 | −$94.9M2025 | — | |
| Stock-based compensation | $2,5122024 | $20.0M2025 | +796,436.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JBIO cash flow by activity
JBIO net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
JBIO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$127.4M | −$69.6M | −$75.5M | −$51.5M | −$23.0M | −$9.6M |
| Depreciation & amortization | $26,000 | $282,000 | $96,000 | $68,000 | $15,000 | $1,000 |
| Stock-based compensation | $20.0M | $2,512 | — | — | — | — |
| Change in working capital | −$8.2M | −$11.2M | $9.8M | $7.8M | −$6.5M | $974,000 |
| Other non-cash items | $20.9M | $9.3M | $8.8M | $4.6M | $2.1M | $777,000 |
| Cash from operating activities | −$94.7M | −$71.2M | −$56.8M | −$39.1M | −$27.4M | −$7.9M |
| Investing activities | ||||||
| Capital expenditures | −$196,000 | $0 | −$142,000 | −$195,000 | −$181,000 | $0 |
| Investments (net) | −$246.8M | — | — | — | — | — |
| Acquisitions & other investing | −$31,000 | $56.0M | $12.0M | $7.1M | −$113.3M | — |
| Cash from investing activities | −$247.0M | $56.0M | $11.9M | $6.9M | −$113.4M | — |
| Financing activities | ||||||
| Net borrowing (repayment) | $0 | — | — | — | — | — |
| Shares issued | $189.1M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $171.7M | $25.4M | $46.0M | $396,000 | $190.5M | $8.9M |
| Cash from financing activities | $360.8M | $25.4M | $46.0M | $396,000 | $190.5M | $8.9M |
| Summary | ||||||
| Net change in cash | $19.1M | $10.3M | $1.1M | −$31.8M | $49.6M | $1.1M |
| Cash at end of period | $88.4M | $33.8M | $23.5M | $22.4M | $54.2M | $4.6M |
| Free cash flow | −$94.9M | −$71.2M | −$56.9M | −$39.3M | −$27.6M | −$7.9M |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$55.8M | −$40.4M | −$31.9M | −$25.2M | −$32.1M | −$38.2M | −$30.1M | −$16.9M | −$24.8M | −$23.2M | −$20.4M | −$19.6M |
| Depreciation & amortization | $9,000 | $9,000 | $9,000 | $12,000 | $5,000 | $0 | $8,000 | — | $28,000 | $28,000 | $28,000 | $25,000 |
| Stock-based compensation | $13.6M | $7.4M | $9.4M | $4.3M | $3.9M | $2.4M | $1.2M | $27,000 | — | — | — | — |
| Change in working capital | −$1.2M | $9.3M | −$10.5M | −$1.1M | $1.8M | $1.6M | $2.2M | $8.3M | $1.1M | −$4.0M | $3.3M | $1.5M |
| Other non-cash items | −$333,000 | −$467,000 | −$584,000 | −$191,000 | $6.2M | $15.4M | $10.9M | $1.7M | $3.2M | $3.4M | $2.3M | $2.4M |
| Cash from operating activities | −$43.7M | −$24.1M | −$33.6M | −$22.1M | −$20.2M | −$18.8M | −$15.8M | −$6.8M | −$20.4M | −$23.7M | −$14.8M | −$15.6M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | −$3,000 | −$57,000 | −$136,000 | $0 | $0 | $0 | $0 | $0 | −$64,000 | −$32,000 |
| Investments (net) | −$97.6M | −$8.5M | −$98.2M | −$148.7M | $0 | $0 | — | — | — | — | — | — |
| Acquisitions & other investing | $0 | $0 | $28,000 | $57,000 | $0 | — | $13.1M | −$26.8M | $18.0M | $8.8M | $5.7M | −$13.1M |
| Cash from investing activities | −$97.6M | −$8.5M | −$98.2M | −$148.7M | −$136,000 | — | $13.1M | −$26.8M | $18.0M | $8.8M | $5.6M | −$13.1M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | — | — | $0 | — | — | — | $0 | $95.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $193.5M | −$795,000 | $170.2M | $0 | $191.3M | −$700,000 | −$2.8M | −$228,000 | $24.4M | $471,000 | $463,000 | $20,000 |
| Cash from financing activities | $193.5M | −$795,000 | $170.2M | $0 | $191.3M | −$700,000 | −$2.8M | $94.8M | $24.4M | $471,000 | $463,000 | $20,000 |
| Summary | ||||||||||||
| Net change in cash | $52.2M | −$33.4M | $38.3M | −$170.8M | $171.0M | −$19.5M | −$18.6M | $88.0M | $21.9M | −$14.4M | −$8.7M | −$28.7M |
| Cash at end of period | $107.2M | $55.1M | $88.4M | $50.1M | $220.9M | $49.9M | $69.4M | $88.0M | $31.1M | $9.1M | $23.5M | $32.2M |
| Free cash flow | −$43.7M | −$24.1M | −$33.7M | −$22.2M | −$20.2M | −$18.8M | −$15.8M | −$6.8M | −$20.4M | −$23.7M | −$14.9M | −$15.6M |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
JBIO cash generation
In fiscal 2025 (ended December 31, 2025), Jade Biosciences generated -$94.7 million of cash from operations and spent $0.2 million on capital expenditures, leaving free cash flow of -$94.9 million. Cash and equivalents rose by $19.1 million over the year.
Related: JBIO income statement, JBIO balance sheet. See the JBIO stock overview for the latest quote and news.
JBIO cash flow FAQ
What is Jade Biosciences's free cash flow?
Jade Biosciences's free cash flow was -$94.9 million in fiscal 2025: -$94.7 million of operating cash flow minus $0.2 million of capital expenditures It was -$71.2 million a year earlier..
How much cash does Jade Biosciences generate from operations?
Jade Biosciences generated -$94.7 million of cash from operating activities in fiscal 2025.
How much does Jade Biosciences spend on capital expenditures?
Jade Biosciences spent $0.2 million on capital expenditures in fiscal 2025.