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: Sofinnova Venture Partners X, L.P. (10% Owner)
Reporting Person: Sofinnova Management X, L.L.C. (10% Owner)
Reporting Person: HEALY JAMES (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-07-02	Common Stock	C	3401544	—	Acquired	3401544	Direct
2021-07-02	Common Stock	P	357142	$14	Acquired	3758686	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-07-02	Series A Preferred Stock	$	C	10565238	Disposed		Common Stock (3401544)	Direct

Footnotes

F1: Each share of Series A Preferred Stock was convertible at any time at the holder's election and automatically upon the closing of the Issuer's initial public offering. The Preferred Stock converted into Common Stock on a one-for-3.1060103 basis upon the closing of the Issuer's initial public offering without payment or additional consideration. The Preferred Stock had no expiration date.

F2: The shares are held directly by Sofinnova Venture Partners X, L.P. ("SVP X"). Sofinnova Management X, L.L.C. ("SM X") is the general partner of SVP X and may be deemed to have sole voting, investment and dispositive power with respect to the shares held by SVP X. James I. Healy and Maha Katabi are the managing members of SM X and may be deemed to have shared voting, investment and dispositive power with respect to the shares held by SVP X. Each of the Reporting Persons disclaims beneficial ownership of such securities, except to the extent of his, her or its proportionate pecuniary interest therein.