Jade Biosciences licenses undisclosed target antibody program from Paragon

Jade Biosciences, Inc. disclosed in an 8-K that on June 29, 2026 it signed a license agreement with Paragon Therapeutics, Inc. covering an undisclosed antibody target. Under the deal, Paragon granted the Company a royalty-bearing, worldwide, exclusive and sublicensable license to use, make, sell, import, export and otherwise exploit certain monospecific antibodies and products targeting an undisclosed target in the field of prophylaxis, palliation, treatment and diagnosis of human disease and disorders in all therapeutic areas.¹

On the payment structure, the Company is obligated to pay Paragon up to $22.0 million based on specific development and regulatory milestones, including a $1.5 million fee for nomination of a development candidate, which was paid in January 2026, and a further milestone payment of $2.5 million upon the first dosing of a human patient in a Phase 1 trial.¹ Separately, the Company is obligated to pay sublicensing fees of up to approximately $20.1 million, mainly upon the achievement of commercial milestones, on a product-by-product basis.¹

Royalty terms are tiered by product type. Jade will pay Paragon a low to mid-single-digit percentage royalty based on annual net sales of monospecific products, and a mid-single-digit percentage royalty on multispecific products, subject to a 30% reduction if there is no valid patent covering the product in the country of sale.¹ The royalty term ends, on a country-by-country basis, on the later of the twelfth anniversary of the date of first sale of a Company product or the expiration of the last-to-expire valid patent covering the product in that country.¹

The agreement also restricts Paragon's future activity in this space, since Paragon will not conduct any new campaigns that generate monospecific antibodies targeting the Target in the Field for at least five years.¹ Termination provisions allow termination on 60 days' notice by Jade, on material breach without cure, and, to the extent permitted by law, on a party's insolvency or bankruptcy.¹

The full agreement text is expected to be filed as an exhibit to Jade's Quarterly Report on Form 10-Q for the quarter ending June 30, 2026.¹