Reverse Recapitalization and Pre-Closing Financing

9 Months Ended

Sep. 30, 2025

Reverse Recapitalization [Abstract]

Reverse Recapitalization and Pre-Closing Financing

3. Reverse Recapitalization and Pre-Closing Financing

As described within the Reverse Recapitalization and Pre-Closing Financing section in Note 1, on April 28, 2025, the reverse Merger between Pre-Merger Jade and Aerovate was consummated. The Merger was accounted for as a reverse recapitalization in accordance with U.S. GAAP. At the effective time of the Merger, substantially all of the assets of Aerovate consisted of cash and cash equivalents and other non-operating assets and liabilities. No goodwill or intangible assets were recognized as a result of the Merger.

As part of the recapitalization, the Company acquired the assets and assumed the liabilities listed below (in thousands):

	Amount
Cash and cash equivalents	$	156
Prepaids and other current assets		416
Other current liabilities		(1,020	)
Net liabilities assumed	$	(448	)