Jade Biosciences, Inc. — Director's Dealing 2021

Jul 6, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Aerovate Therapeutics, Inc. (AVTE)
CIK: 0001798749
Period of Report: 2021-07-02

Reporting Person: RA CAPITAL MANAGEMENT, L.P. (Director, 10% Owner)
Reporting Person: RA Capital Healthcare Fund LP (Director, 10% Owner)
Reporting Person: RA Capital Nexus Fund, L.P. (Director)
Reporting Person: Kolchinsky Peter (Director, 10% Owner)
Reporting Person: Shah Rajeev M. (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-07-02	Common Stock	C	3938387	—	Acquired	4179854	Indirect
2021-07-02	Common Stock	P	2785714	$14.00	Acquired	6965568	Indirect
2021-07-02	Common Stock	C	987244	—	Acquired	987244	Indirect
2021-07-02	Common Stock	C	311170	—	Acquired	311170	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-07-02	Series Seed Preferred Stock	$	C	4000000	Disposed		Common Stock (1287825)	Indirect
2021-07-02	Series A Preferred Stock	$	C	8232679	Disposed		Common Stock (2650562)	Indirect
2021-07-02	Series A Preferred Stock	$	C	3066397	Disposed		Common Stock (987244)	Indirect
2021-07-02	Series A Preferred Stock	$	C	966506	Disposed		Common Stock (311170)	Indirect

Footnotes

F1: On July 2, 2021, each share of Series Seed Preferred Stock and Series A Preferred Stock (collectively, the "Preferred Stock") converted into shares of Common Stock of the Issuer on a one-for-3.1060103 basis without payment of further consideration upon closing of the initial public offering of the Issuer's common stock. The shares had no expiration date.

F2: These securities are held directly by RA Capital Healthcare Fund, L.P. (the "Fund").

F3: These securities are held directly by RA Capital Nexus Fund, L.P. (the "Nexus Fund").

F4: These securities are held directly by a separately managed account (the "Account").

F5: RA Capital Management, L.P. (the "Adviser") is the investment manager for the Fund and the Nexus Fund and the Account. The general partner of the Adviser is RA Capital Management GP, LLC (the "Adviser GP"), of which Dr. Peter Kolchinsky and Mr. Rajeev Shah are the managing members. The Adviser, the Adviser GP, Dr. Kolchinsky and Mr. Shah disclaim beneficial ownership of any of the reported securities, except to the extent of their pecuniary interest therein.