Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting

Segment Reporting

17. Segment Reporting

The Company has one reportable segment relating to the research and development of its programs, JADE101, JADE201, and JADE301. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, manages the Company’s operations on a consolidated basis and uses consolidated net loss for the allocation of resources and the assessment of performance. Although the Company’s financial reporting package that is reviewed and approved by the CODM disaggregates significant expenses such as program-level external research and development costs, personnel costs, including stock-based compensation expense, and professional and consulting fees, all decisions made by the CODM are based upon reviewing operating metrics and performance indicators at the Company-wide consolidated level and consolidated net loss. The CODM uses consolidated net loss to evaluate loss generated from the Company’s business activities in deciding how to allocate company resources and in monitoring budget versus actual results. Assets are also managed on a Company-wide consolidated basis.

The table below is a summary of the significant expenses categories regularly provided to the CODM (in thousands):

	Twelve Months Ended December 31, 2025		Period from June 18, 2024 (Inception) to December 31, 2024
Operating Expenses
JADE101 external research and development costs	$	28,943	$	22,992
JADE201 external research and development costs		24,249		2,437
JADE301 external research and development costs		8,897		2,141
Research and development personnel-related costs    (including stock-based compensation)		28,560		3,509
Other research and development costs		2,472		155
General and administrative personnel-related costs    (including stock-based compensation)		12,691		1,714
Professional and consulting fees		6,933		2,253
Other general and administrative costs		797		337
Total operating expenses	$	113,542	$	35,538