Jade Biosciences, Inc. — Director's Dealing 2021

Jul 2, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Aerovate Therapeutics, Inc. (AVTE)
CIK: 0001798749
Period of Report: 2021-04-02

Reporting Person: NIVEN RALPH (Chief Development Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-04-02	Stock Option (Right to Buy)	$2.144	A	16294	Acquired	2031-04-01	Common Stock (16294)	Direct
2021-04-02	Stock Option (Right to Buy)	$2.144	A	109640	Acquired	2031-04-01	Common Stock (109640)	Direct
2021-06-29	Stock Option (Right to Buy)	$14.00	A	26300	Acquired	2031-06-28	Common Stock (26300)	Direct

Footnotes

F1: On June 22, 2021, the Issuer completed a one-for-3.1060103 reverse stock split of the Issuer's Common Stock (the "Reverse Split"). This amount has been adjusted to give effect to the Reverse Split.

F2: This transaction occurred prior to the Issuer's initial public offering, and is being reported on Form 4 solely for purposes of compliance with Rule 16a-2(a) under the Securities Exchange Act of 1934, as amended. The securities covered by such transaction were previously included on the Reporting Person's Form 3.

F3: This option shall vest and become exercisable in 48 substantially equal monthly installments, with the first installment vested on May 2, 2021.

F4: This option shall vest and become exercisable in 48 substantially equal monthly installments, with the first installment vesting on July 4, 2021.

F5: This option shall vest and become exercisable in 48 substantially equal monthly installments, with the first installment vesting July 29, 2021.