Biotech Values

[DewDiligence]

AVTE reverse-mergers with —(private)—Jade Biosciences:

https://finance.yahoo.com/news/aerovate-therapeutics-jade-biosciences-announce-110000878.html

Upon completion of the merger, the combined company plans to operate under the name Jade Biosciences and trade on Nasdaq under the ticker symbol “JBIO.”

…Prior to closing, Aerovate expects to declare a cash dividend to pre-merger Aerovate stockholders, distributing excess net cash expected to be approximately $65 million [roughly $2/sh].

…pre-merger Aerovate stockholders are expected to own approximately 1.6% of the combined company, while pre-merger Jade stockholders — including those investors participating in the pre-closing financing — are expected to own approximately 98.4% of the combined entity.

… Jade Biosciences is focused on developing best-in-class therapies to address critical unmet needs in autoimmune diseases. Its lead asset, JADE-001, will target the anti-A PRoliferation-Inducing Ligand (APRIL) pathway for immunoglobulin A (IgA) nephropathy, with Investigational New Drug Application-enabling studies underway and initiation of a first-in-human trial expected in the second half of 2025.

Since AVTE is contributing no cash to the merged company, its only asset of value to the merged company is its Nasdaq listing. AVTE has been a shell company since terminating clinical development and firing nearly all employees a few months ago (#msg-174686907).