Sofinnova Group Reports Reduced Stake Below 5% in Jade Biosciences Following Merger and Reverse Split

summarizeSummary

Sofinnova Venture Partners X and affiliated entities have reported that their beneficial ownership in Jade Biosciences, Inc. has fallen below 5% to 0.3% following a merger and 1-for-35 reverse stock split on April 28, 2025.

check_boxKey Events

• Reduced Beneficial Ownership

  Sofinnova Venture Partners X and its affiliated entities now beneficially own 0.3% of Jade Biosciences' common stock, down from over 5% previously.

• Triggered by Corporate Actions

  The reduction in ownership occurred on April 28, 2025, as a result of the merger of Jade Biosciences and Aerovate Therapeutics, Inc., and a 1-for-35 reverse stock split.

• Director Resignation

  Dr. Maha Katabi, a managing member of the Sofinnova group, resigned from the Issuer's board of directors on October 6, 2024.

• Delayed Disclosure

  The event causing the ownership change (merger and reverse stock split) occurred nearly a year prior to this filing date.

auto_awesomeAnalysis

This Schedule 13D/A filing indicates a significant reduction in the institutional ownership and influence of Sofinnova Venture Partners X and its affiliates in Jade Biosciences. While the change in ownership was triggered by corporate actions (merger and reverse stock split) nearly a year ago, the disclosure of falling below the 5% beneficial ownership threshold is a material update. This reduction, coupled with Dr. Maha Katabi's resignation from the board in October 2024, suggests a diminished strategic involvement from this key investor group. Investors should note the reduced institutional backing and potential implications for future governance and capital allocation.