<SEC-DOCUMENT>0001104659-25-027004.txt : 20250821
<SEC-HEADER>0001104659-25-027004.hdr.sgml : 20250821
<ACCEPTANCE-DATETIME>20250324105116
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-25-027004
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250324

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aerovate Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001798749
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				831377888
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		221 CRESCENT ST.
		STREET 2:		BUILDING 23, SUITE 105
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453
		BUSINESS PHONE:		(781) 312-3013

	MAIL ADDRESS:	
		STREET 1:		221 CRESCENT ST.
		STREET 2:		BUILDING 23, SUITE 105
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Aerovate Therapeutics, Inc.
		DATE OF NAME CHANGE:	20200103
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTAIN PORTIONS OF THIS LETTER AS FILED VIA EDGAR
HAVE BEEN OMITTED AND PROVIDED SEPARATELY TO THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED BY AEROVATE
THERAPEUTICS,&nbsp;INC. WITH RESPECT TO THE OMITTED PORTIONS. OMITTED INFORMATION HAS BEEN REPLACED IN THIS LETTER AS FILED VIA EDGAR
WITH A PLACEHOLDER IDENTIFIED BY THE MARK [***].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><U>VIA EDGAR AND OVERNIGHT
DELIVERY</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><U>CONFIDENTIAL</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Life Sciences<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">Attn:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Jessica Dickerson</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chris Edwards</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Tara Harkins</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Sasha Parikh</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Aerovate Therapeutics,&nbsp;Inc.<BR>
                                            Amendment No.&nbsp;3 to Registration Statement on Form&nbsp;S-4<BR>
                                            Filed March&nbsp;14, 2025<BR>
                                            File No.&nbsp;333-283562</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of Aerovate Therapeutics,&nbsp;Inc.
(the &ldquo;<U>Aerovate</U>&rdquo;) and Jade Biosciences,&nbsp;Inc. (&ldquo;<U>Jade</U>&rdquo;), we submit this supplemental letter in
response to a comment from the staff (the &ldquo;<U>Staff</U>&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
received by letter dated March&nbsp;21, 2025 (the &ldquo;<U>Comment Letter</U>&rdquo;) relating to Aerovate&rsquo;s Registration Statement
on Form&nbsp;S-4, originally filed with the Commission on December&nbsp;2, 2024 and amended on January&nbsp;22, 2025, February&nbsp;24,
2025 and March&nbsp;14, 2025 (the &ldquo;<U>Registration Statement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because of the commercially sensitive nature of
certain information contained herein, this supplemental letter is accompanied by Aerovate&rsquo;s request for confidential treatment
for selected portions of this supplemental letter. Aerovate has filed separate correspondence with the Office of Freedom of Information
and Privacy Act Operations in connection with its confidential treatment request, pursuant to Rule&nbsp;83 of the Commission&rsquo;s
Rules&nbsp;on Information and Requests, 17 C.F.R. &sect;200.83. For the Staff&rsquo;s reference, we have enclosed a copy of Aerovate&rsquo;s
correspondence to the Office of Freedom of Information and Privacy Act Operations, as well as an unredacted copy of this supplemental
letter, marked to show the portions redacted from the version filed via EDGAR and for which Aerovate is requesting confidential treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the convenience of the Staff, we have recited
the comment from the Comment Letter in italicized type and have followed the comment with Jade&rsquo;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONFIDENTIAL TREATMENT REQUESTED BY AEROVATE THERAPEUTICS,&nbsp;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>1.</I></FONT></TD><TD><I>Please
                                            address the following regarding the stock options and restricted stock units granted by Jade:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><I>Revise
                                            to provide a tabular presentation or revise your table on pages&nbsp;186-187 to provide the
                                            grant date, number of options or restricted stock units granted, exercise price, valuation
                                            of common stock used, compensation expense recognized for all options and restricted stock
                                            units granted.</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><I>Tell
                                            us and revise your disclosure to explain how the valuation used compares to the exchange
                                            ratio of the merger.</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><I>Tell
                                            us and revise your disclosure to address how the valuation process considered the common
                                            control nature of the relationship between Jade and Paragon at the time of grant. Further,
                                            explain how the valuation considered eventual conclusion of the overall plan of licensing
                                            of JADE-001, JADE-002 and JADE-003 between related parties.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jade submits the below additional information
to assist the Staff in its review of Jade&rsquo;s position with respect to its determination of the fair value of its restricted stock
and stock option awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Preliminary Valuation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Aerovate has complied with this request and
provided updated tabular disclosure in Amendment No. 4 to the Registration Statement, which is filed concurrently herewith.
Additionally, Jade advises the Staff that the exchange ratio that is reflected in the documentation for the reverse merger with
Aerovate (the &ldquo;<U>Merger</U>&rdquo;) and the purchase price per share that is reflected in the documentation for the
pre-closing financing (the &ldquo;<U>Jade Pre-Closing Financing</U>&rdquo;), each reference a pre-money valuation of Jade of $175
million (the &ldquo;<U>Jade Merger Valuation</U>&rdquo;). The Jade Merger Valuation did not take into account the then-current lack
of liquidity for Jade&rsquo;s common stock and assumed a successful reverse merger, with no weighting attributed to any other
outcome for Jade&rsquo;s business, such as remaining as a privately held company or becoming a public company through an initial
public offering (an &ldquo;<U>IPO</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As is typical in reverse mergers, the Jade Merger
Valuation was determined (a)&nbsp;through arm&rsquo;s length negotiations with Aerovate&rsquo;s board of directors (the &ldquo;<U>Aerovate
Board</U>&rdquo;) as discussed on pages&nbsp;113-123 of the Registration Statement and (b)&nbsp;through arm&rsquo;s length negotiations
with leading investors in the life sciences industry with respect to their investment participation in the Jade Pre-Closing Financing.
The factors considered by the Aerovate Board in evaluating the Merger are set forth on pages&nbsp;123-126 of the Registration Statement.
Among the factors that were considered in estimating the Jade Merger Valuation with respect to the Jade Pre-Closing Financing were the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>Jade&rsquo;s
                                            financial position and prospects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONFIDENTIAL TREATMENT REQUESTED BY AEROVATE THERAPEUTICS,&nbsp;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>Jade&rsquo;s
                                            stage of operations and development of JADE-001;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            general conditions of the securities market and the recent market prices of, and the demand
                                            for, publicly traded common stock of comparable companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            expected timeframe for completion of the Merger;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            probability of receiving approval of the Merger by Aerovate&rsquo;s stockholders; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            probability of successfully closing the Merger and the Jade Pre-Closing Financing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the signing of the Agreement and
Plan of Merger on October&nbsp;30, 2024 (the &ldquo;<U>Merger Agreement</U>&rdquo;), Jade intended to complete an IPO. Prior to
beginning the IPO process in August&nbsp;2024, Jade&rsquo;s valuation was determined through discussions by and among Jade&rsquo;s
board of Directors (the &ldquo;<U>Jade Board</U>&rdquo;), members of Jade&rsquo;s senior management and through arm&rsquo;s length
negotiations with leading investors in the life sciences industry with respect to their investment in convertible notes of Jade in
July&nbsp;2024. In addition to Fairmount Funds Management LLC (&ldquo;Fairmount&rdquo;), which invested $20 million of the $95
million raised in the convertible notes financing (the &ldquo;<U>Convertible Notes Financing</U>&rdquo;), &#8239;other investors included Venrock Healthcare Capital Partners, Deep Track
Biotechnology Fund, Driehaus Life Sciences, Braidwell and Frazier Life Sciences. As is typical in a company&rsquo;s preparation for
an IPO, Jade&rsquo;s valuation thereafter until the time of the signing of the Merger Agreement was not derived using a formal
determination of fair value, but was determined through discussions among the Jade Board, members of Jade&rsquo;s senior management
and representatives of the underwriters. Among the additional factors that were considered in estimating Jade&rsquo;s value at the
time of the future IPO were the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>Jade&rsquo;s
                                            financial position and prospects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>an
                                            analysis of the typical valuation ranges seen in recent IPOs for comparable companies in
                                            Jade&rsquo;s industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            general conditions of the securities market and the recent market prices of, and the demand
                                            for, publicly traded common stock of comparable companies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            recent performance of IPOs of companies in the industry in which Jade operates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Grants of Restricted Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June&nbsp;18, 2024, the date of Jade&rsquo;s inception (the &ldquo;<U>Inception Date</U>&rdquo;), three individuals purchased an
aggregate of 819,672 shares of Jade restricted stock. Such shares were purchased at the par value, $0.0001 per share. Jade
determined this value based on the early stage of the company, the fact that it had no operations or assets and the uncertain nature
and probability of any potential financing that would enable Jade to acquire operations or assets (which financing would require the participation of a number of other funds beyond affiliated entities). With respect to the
Staff&rsquo;s question of </FONT>how the valuation process at such time considered the common control nature of the relationship
between Jade and Paragon Therapeutics,&nbsp;Inc. (&ldquo;<U>Paragon</U>&rdquo;) at the time of this grant, Jade considered the
possibility that Fairmount, a common controlling entity of Jade and Paragon, may in the future support Jade&rsquo;s acquisition of
certain assets in the form of rights to intellectual property related to Jade&rsquo;s anticipated anti-APRIL program,
JADE-001,&#8239;from Paragon, an affiliate of Fairmount; however, at the time of such grant, such a possibility of support was too
premature and speculative to have resulted in any valuation impact at Jade. Furthermore, at such time, the intellectual property
assets owned by Paragon that ultimately became the subject of the option agreement with Jade were at a very early stage and several
months away from even producing a potential discovery candidate for JADE-001, while JADE-002 and JADE-003 were not yet contemplated at all. In addition, the net value of any assets after accounting for the
associated spend and financing that would have been required to support such programs was negligible or negative. Finally, other
than Jade&rsquo;s chief scientific officer, Jade had not hired adequate management members in order to execute on its development
plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONFIDENTIAL TREATMENT REQUESTED BY AEROVATE THERAPEUTICS,&nbsp;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Summary of Option Awards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">From the Inception Date
to March&nbsp;24, 2025, Jade has issued the following stock option awards to its employees, consultants and members of the Jade Board:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Grant Date</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;<BR> shares of common <BR> stock underlying <BR> equity awards</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Exercise price per <BR> share of common<BR> stock</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Grant
    Date Fair Value<BR>
 per Stock Option <SUP>(1)</SUP></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 53%; font: 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 12pt">September&nbsp;4, 2024</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">198,633</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.31</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.24</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 12pt">October&nbsp;12, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,673,437</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.96</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 12pt">October&nbsp;29, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">765,908</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 12pt">December&nbsp;29, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">153,441</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.96</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -12pt; padding-left: 12pt">January&nbsp;23, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,820,790</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><SUP>(1)</SUP> Calculated in accordance with
Financial Accounting Standards Board Topic 718.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Historical Determinations of Fair Value of Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As there has been no public market for the
shares of common stock underlying Jade&rsquo;s equity awards, for all periods prior to the Merger, the fair value of the shares of
common stock underlying the equity awards was estimated on each grant date by the Jade Board. In order to determine the fair value
of shares of the Jade&rsquo;s common stock, the Jade Board considered, among other things, 409A valuations performed by third party
valuation firms, valuations reflected in the Convertible Notes Financing&#8239;in July&nbsp;and September&nbsp;2024, and the
valuation reflected in the sale of Jade common stock to third party investors in the Jade Pre-Closing Financing. In light of the
absence of public market valuation data, the Jade Board considered various objective and subjective factors to determine the fair
value of the shares of Jade&rsquo;s common stock as of each grant date, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            prices at which Jade sold its convertible notes to third parties and existing investors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONFIDENTIAL TREATMENT REQUESTED BY AEROVATE THERAPEUTICS,&nbsp;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            continued build-out of Jade&rsquo;s management team;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>external
                                            market conditions affecting, and the trends within, the pharmaceutical and biotechnology
                                            sectors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>Jade&rsquo;s
                                            financial position, including cash on hand, and its historical and forecasted performance
                                            and operating results;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>Jade&rsquo;s
                                            negative cash flows and its need for additional financing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            lack of an active public market for Jade&rsquo;s common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            likelihood of achieving a liquidity event, such as an IPO or a M&amp;A transaction, in light
                                            of prevailing market conditions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            market performance of similar public companies in the pharmaceutical and biotechnology sectors
                                            following their listing as a public company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jade&rsquo;s most recent third-party 409A
valuations, which were relied upon by management in determining the fair value of its common stock, were prepared as of
July&nbsp;24, 2024, September&nbsp;30, 2024, October&nbsp;22, 2024, October&nbsp;31, 2024 and December&nbsp;31, 2024. These
third-party 409A valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public
Accountants&rsquo; Accounting and Valuation Guide, <I>Valuation of Privately-Held-Company Equity Securities Issued as
Compensation.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jade considered the following methods for allocating
enterprise value to determine the estimated fair value of its common stock:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Option
Pricing Method</I></FONT> (&ldquo;<U>OPM</U>&rdquo;): The OPM treats common stock and preferred stock as call options on the total equity
value of a company, with exercise prices based on the value thresholds at which the allocation among the various holders of a company&rsquo;s
securities changes. Under this method, the common stock has value only if the funds available for distribution to shareholders exceed
the value of the liquidation preference at the time of a liquidity event, and assumes the company has funds available to make a liquidation
preference meaningful and collectible by the shareholders. The OPM requires the input of subjective assumptions, including the expected
term of the award, the expected volatility, risk-free interest rates, and the dividend yield. The expected life of the awards granted
during the period was determined based on an expected time to the liquidation event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Hybrid
Method</I></FONT>. The hybrid method is a probability-weighted expected return method (&ldquo;<U>PWERM</U>&rdquo;), where the equity
value is allocated in one or more of the scenarios using an OPM. The PWERM is a scenario-based methodology that estimates the fair value
of each share based upon an analysis of future values, assuming various outcomes. The value of the common stock is based on the probability-weighted
value across the scenarios, considering the OPM to estimate the value within certain scenarios given the rights of each class of stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONFIDENTIAL TREATMENT REQUESTED BY AEROVATE THERAPEUTICS,&nbsp;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, a discount for lack of marketability
(&ldquo;<U>DLOM</U>&rdquo;) of the common stock is then applied to arrive at an indication of fair value for the common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jade&rsquo;s independent third-party
valuations were used, in part, by the Jade Board to determine the price per share of common stock and by management to determine the
estimated fair value of the common stock. These 409A valuations utilized the Hybrid Method to value the common stock as of
July&nbsp;24, 2024 (the &ldquo;<U>July&nbsp;24, 2024 Valuation</U>&rdquo;), September&nbsp;30, 2024 (the
 &ldquo;<U>September&nbsp;30, 2024 Valuation</U>&rdquo;), October&nbsp;22, 2024 (the &ldquo;<U>October&nbsp;22, 2024
Valuation</U>&rdquo;), and included both IPO and future M&amp;A scenarios. Following the signing of the Merger Agreement, these 409A
valuations also utilized the Hybrid Method to value the common stock as of October&nbsp;31, 2024 (the &ldquo;<U>October&nbsp;31,
2024 Valuation</U>&rdquo;) and December&nbsp;31, 2024 (the &ldquo;<U>December&nbsp;31, 2024 Valuation</U>&rdquo;); however, such
409A valuations instead included both reverse merger and future M&amp;A scenarios.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>July&nbsp;24, 2024 Valuation</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An independent third-party 409A valuation of
Jade determined that the July&nbsp;24, 2024 Valuation as of July&nbsp;24, 2024 was $0.31 per share. The fair value of Jade&rsquo;s
common stock was estimated using a Hybrid Method. This approach was determined to be the most appropriate method because
Jade&rsquo;s early stage of development, with no revenue projections available and no historically priced round of equity financing
from third party investors made income-based and market approaches inappropriate. The implied probability-weighted total equity
value was calculated by considering the likelihood of the two potential exit scenarios. The IPO scenario was weighted at 15% and
involved projecting the future equity value at the time of the IPO, discounting it back to the present value, and adjusting for the
discount for lack of marketability. The M&amp;A scenario was weighted at 85% and involved using an adjusted net assets method to
determine the equity value and applying the OPM for allocation. The weighted average value of the common stock per share,
considering both scenarios, was determined to be $0.31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The marketable value per share of Jade&rsquo;s
common stock was calculated under the IPO scenario. &#8239;The future projected IPO price per share of $[***] was discounted back to the present
value, resulting in a marketable value of $[***] per share. After applying a [***]% discount for lack of marketability, the final marketable
value per share was determined to be $[***]. To account for the lack of access to an active public market, a DLOM of [***]% for the IPO
scenario and [***]% for the M&amp;A scenario was applied to the marketable value to arrive at the resulting fair value of $0.31 per share
of Jade&rsquo;s common stock as of July&nbsp;24, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONFIDENTIAL TREATMENT REQUESTED BY AEROVATE THERAPEUTICS,&nbsp;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to the Staff&rsquo;s question of </FONT>how the valuation process at such time considered the common control nature of the
relationship between Jade and Paragon at the time of this grant and all future grants, Jade took into account its relationship with
Fairmount in determining the probability of various scenarios in the July&nbsp;24, 2024 Valuation and considered that such
probability may be relatively higher than other fully independent companies given Fairmount&rsquo;s ability to provide limited
support to the company. However, following its initial formation stage, such potential support was limited. First, it was necessary
for Jade to enter into fully arms-length third party contracts, such as the Merger Agreement with Aerovate and the Jade Pre-Closing
Financing with numerous third-party investors, which collectively were investing substantially more money in Jade than Fairmount, in
order for Jade&#8239;to pursue a plan to execute on its corporate goals, primarily the development of its JADE-001 program, as the JADE-002 and JADE-003 programs were not contemplated until the end of September 2024 and, even then, were in very preliminary
stages of development.
Ultimately, Jade&rsquo;s success will be primarily dependent on third party investors to provide the necessary financing to
appropriately capitalize Jade and Fairmount is not able on its own to supply such capital. Furthermore, for grants made on or after
September&nbsp;4, 2024, Jade&rsquo;s valuation was primarily based on the factors discussed above in the section titled
 &ldquo;Historical Determinations of Fair Value of Common Stock,&rdquo; which factors were being evaluated by health care funds
participating in the Jade Pre-Closing Financing (as well as the preceding Convertible Notes Financing) and wherein the likelihood of
future successful drug development by Jade was based on the Jade team&rsquo;s skills and experience and the specific nature of the
licensed technology and the selected technology target(s), including the execution of the antibody discovery and option agreement
with Paragon on July 24, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September&nbsp;4, 2024, Jade granted options
to purchase a total of 198,633 shares of Jade&rsquo;s common stock at an exercise price of $0.31 per share. The Jade Board determined
on the grant date that no internal or external developments during the period from the July&nbsp;24, 2024 Valuation to September&nbsp;4,
2024 warranted a change in the estimated fair value of Jade&rsquo;s common stock when determining the exercise price of the options.
As a result, the Jade Board determined that an exercise price of $0.31 per share with respect to each grant made on September&nbsp;4,
2024 was appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>September&nbsp;30, 2024 Valuation</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An independent 409A third-party valuation of
Jade determined that the September&nbsp;30, 2024 Valuation as of September&nbsp;30, 2024 was $0.96 per share. The fair value of
Jade&rsquo;s common stock was estimated using the Hybrid Method. The IPO scenario was weighted at 35%, an increase from the July 24,
2024 Valuation IPO probability due to certain factors which were primarily the submission of an initial draft registration statement
for the IPO and the hiring of certain key management personnel, including the Senior Vice President, Finance and Chief Medical
Officer,&#8239;and involved projecting the future equity value at the time of the IPO, discounting it back to the present value, and
adjusting for the discount for lack of marketability. The M&amp;A scenario was weighted at 65% and involved using a market adjusted
equity value method to determine the equity value and applying the OPM for allocation. The weighted average value of the common
stock per share, considering both scenarios, was determined to be $0.96.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONFIDENTIAL TREATMENT REQUESTED BY AEROVATE THERAPEUTICS,&nbsp;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The marketable value per share of
Jade&rsquo;s common stock was calculated under the IPO scenario. The future projected IPO price per share of $[***] was discounted
back to the present value, resulting in a marketable value of $[***] per share. After applying a [***]% discount for lack of
marketability, the final marketable value per share was determined to be $[***]. To account for the lack of access to an active
public market, a DLOM of [***]% for the IPO scenario and [***]% for the M&amp;A scenario was applied to the marketable value to
arrive at the resulting fair value of $0.96 per share of Jade&rsquo;s common stock as of September&nbsp;30, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&nbsp;12, 2024, Jade granted options
to purchase a total of 2,673,437 shares of common stock at an exercise price of $0.96 per share. The Jade Board determined on the grant
date that no internal or external developments during the period from the September&nbsp;30, 2024 Valuation to October&nbsp;12, 2024
warranted a change in the estimated fair value of Jade&rsquo;s common stock when determining the exercise price of the options. As a
result, the Jade Board determined that an exercise price of $0.96 per share with respect to each grant made on October&nbsp;12, 2024
was appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>October&nbsp;22, 2024 Valuation</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An independent third-party 409A valuation of
Jade determined that the October&nbsp;22, 2024 Valuation was $1.46 per share. The fair value of Jade&rsquo;s common stock was
estimated using Hybrid Method. The IPO scenario was weighted at [***]%, an increase from the September 30, 2024 Valuation IPO
probability due to the submission of an amended draft registration statement to the Commission and continued build-out of the
management team, including hiring a chief executive officer and general counsel,&#8239;and involved projecting the future equity
value at the time of the IPO, discounting it back to the present value, and adjusting for the discount for lack of marketability.
The M&amp;A scenario was weighted at [***]% and involved using a market adjusted equity value method to determine the equity value
and applying the OPM for allocation. The weighted average value of the common stock per share, considering both scenarios, was
determined to be $1.46.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The marketable value per share of
Jade&rsquo;s common stock was calculated under the IPO scenario. The future projected IPO price per share of $[***] was discounted
back to the present value, resulting in a marketable value of $[***] per share. After applying a [***]% discount for lack of
marketability, the final marketable value per share was determined to be $[***]. To account for the lack of access to an active
public market, a DLOM of [***]% for the IPO scenario and [***]% for the M&amp;A scenario was applied to the marketable value to
arrive at the resulting fair value of $1.46 per share of Jade&rsquo;s common stock as of October&nbsp;22, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&nbsp;29, 2024, Jade granted options
to purchase a total of 765,908 shares of common stock at an exercise price $1.46 per share. The Jade Board determined on the grant date
that no internal or external developments during the period from the October&nbsp;22, 2024 Valuation to October&nbsp;29, 2024 warranted
a change in the estimated fair value of Jade&rsquo;s common stock when determining the exercise price of the options. As a result, the
Jade Board determined that an exercise price of $1.46 per share with respect to each grant made on October&nbsp;29, 2024 was appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONFIDENTIAL TREATMENT REQUESTED BY AEROVATE THERAPEUTICS,&nbsp;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>October&nbsp;31, 2024 Valuation</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An independent third-party 409A valuation of
Jade determined that the October&nbsp;31, 2024 Valuation as of October&nbsp;31, 2024 was $3.75 per share. Jade&rsquo;s equity was
valued using the Hybrid Method. Two scenarios were considered: an M&amp;A scenario and a reverse merger scenario. The decision to
change the exit scenario from an IPO to a reverse merger between the October&nbsp;22, 2024 Valuation and the October&nbsp;31, 2024
Valuation was due to the signing of the Merger Agreement&#8239;and the securities purchase agreement (&ldquo;<U>SPA</U>&rdquo;) for
the Jade Pre-Closing Financing on October 30, 2024 and the corresponding public announcement on October 31, 2024. The reverse merger
scenario was not reflected in prior valuations because the transaction developed and was ultimately consummated on an extremely
short timeline and the consummation of the Merger Agreement up until the time of signing was highly uncertain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the October&nbsp;31, 2024 Valuation, the reverse
merger scenario was weighted at 70% due to the signing of the SPA and the Merger Agreement&#8239;and involved projecting the future equity value at the time of the Merger, discounting it back to
the present value, and adjusting for the DLOM. The M&amp;A scenario was weighted at 30% and involved using a market adjusted equity value
method to determine the equity value and applying the OPM for allocation. The weighted average value of the common stock per share, considering
both scenarios, was determined to be $3.75.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The marketable value per share of
Jade&rsquo;s common stock was calculated under the reverse merger scenario. The future projected price per share of $5.94 is
consistent with the Jade Merger Valuation, as reflected in the Merger Agreement and the Jade Pre-Closing Financing. This implied
value of a share of Jade common stock was then discounted back to the present value, resulting in a marketable value of $[***] per
share. After applying a [***]% DLOM, the final marketable value per share was determined to be $[***]. To account for the lack of
access to an active public market, a DLOM of [***]% for the reverse merger scenario and [***]% for the M&amp;A scenario was applied
to the marketable value to arrive at the resulting fair value of $[***] per share of Jade&rsquo;s common stock as of
October&nbsp;31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December&nbsp;29, 2024, Jade granted options to purchase a total of </FONT>153,441 shares of common stock at an exercise price $3.75
per share. The Jade Board determined on the grant date that no internal or external developments during the period from the October&nbsp;31,
2024 Valuation to December&nbsp;29, 2024 warranted a change in the estimated fair value of Jade&rsquo;s common stock when determining
the exercise price of the options. As a result, the Jade Board determined that an exercise price of $3.75 per share with respect to each
grant made on December&nbsp;29, 2024 was appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>December&nbsp;31, 2024 Valuation</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An independent third-party 409A valuation of
Jade determined that the December&nbsp;31, 2024 Valuation as of December&nbsp;31, 2024 was $3.80 per share. Jade&rsquo;s equity was
valued using Hybrid Method. Similar to the October&nbsp;31, 2024 Valuation, the reverse merger scenario was weighted at 70% and the
M&amp;A scenario was weighted at 30%. The marketable value per share of Jade&rsquo;s common stock was calculated under the reverse
merger scenario. The future projected price per share of
$5.94 is consistent with the Jade Merger Valuation, as reflected in the Merger Agreement and the Jade Pre-Closing Financing. This
implied value of a share of Jade common stock was then discounted back to the present value, resulting in a marketable value of
$[***] per share. After applying a [***]% DLOM, the final marketable value per share was determined to be $[***]. To account for the
lack of access to an active public market, a DLOM of [***]% for the reverse merger scenario and [***]% for the M&amp;A scenario was
applied to the marketable value to arrive at the resulting fair value of $3.80 per share of Jade&rsquo;s common stock as of
December&nbsp;31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONFIDENTIAL TREATMENT REQUESTED BY AEROVATE THERAPEUTICS,&nbsp;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January&nbsp;23, 2025, Jade granted options to purchase a total of </FONT>8,820,790 shares of common stock at an exercise price of $3.80
per share. The Jade Board determined on the grant date that no internal or external developments during the period from the December&nbsp;31,
2024 Valuation to January&nbsp;23, 2025 warranted a change in the estimated fair value of Jade&rsquo;s common stock when determining
the exercise price of the options. As a result, the Jade Board determined that an exercise price of $3.80 per share with respect to each
grant made on January&nbsp;23, 2025 was appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The table below summarizes some of the assumptions
used by Jade in 409A valuations discussed above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">Valuation</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">IPO<BR> Probability</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">IPO <BR>DLOM</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">M&amp;A <BR> Scenario<BR> Probability</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">M&amp;A <BR> Scenario <BR> DLOM</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font-size: 10pt; text-align: left">July 24, 2024</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">15</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">[***]</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">85</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">[***]</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">September 30, 2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[***]</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">65</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[***]</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">October 22, 2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[***]</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[***]</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">Valuation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Reverse <BR> Merger<BR> Probability</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Reverse<BR> Merger <BR>DLOM</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">M&amp;A <BR> Scenario<BR> Probability</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">M&amp;A<BR> Scenario <BR> DLOM</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif; text-align: left">October&nbsp;31, 2024</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">70</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">[***]</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">30</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">[***]</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">December&nbsp;31, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">[***]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">[***]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Difference between Recent Valuations Leading up to the Contemplated
Reverse Merger and Jade Merger Valuation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONFIDENTIAL TREATMENT REQUESTED BY AEROVATE THERAPEUTICS,&nbsp;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The difference between the
fair value of Jade&rsquo;s common stock as of December&nbsp;31, 2024 of $3.80 per share and the Jade Merger Valuation of approximately
$5.9407 per share is the result of &#8239;(a) the exclusion of any discounts for lack of marketability of Jade&rsquo;s common stock and the time value of money and (b) the probabilistic
weighting of the Merger Scenario and M&amp;A Scenario, respectively, and, all of which was taken into account in Jade&rsquo;s determination
of the fair value of its common stock in all prior valuations (except that the Merger Scenario was replaced by the IPO Scenario in certain
prior valuation exercises).&#8239;Additionally, the Jade Merger
Valuation is based only upon a scenario in which Jade completes the Merger and the Jade Merger Valuation and is not probability weighted,
in contrast to Jade&rsquo;s prior valuations of its common stock, which considered multiple potential outcomes, which would result in
a lower valuation of Jade&rsquo;s common stock than the Merger. In the December&nbsp;31, 2024 Valuation, the probability weighting of
the reverse merger scenario was 70%. If Jade had instead applied a weighting of 100% to the scheduled reverse merger scenario, the fair
value of Jade&rsquo;s common stock in the December&nbsp;31, 2024 Valuation would have been $5.52 per share (before giving effect to any
discount for lack of marketability) as of December&nbsp;31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jade respectfully submits that the deemed per
share fair values used as the basis for determining the equity-based compensation in connection with its grants of options are reasonable
and appropriate for the reasons described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you have any questions or comments with
regard to this matter, please do not hesitate to contact me at (917) 302-4510 or bberns@gibsondunn.com or Ryan A. Murr at (415)
393-8373 or rmurr@gibsondunn.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Branden C. Berns</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gibson, Dunn&nbsp;&amp; Crutcher LLP</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">cc:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Tom Frohlich, Jade Biosciences,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Elizabeth Balta, Jade Biosciences,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Jonathan Quick, Jade Biosciences,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Ryan A. Murr, Gibson, Dunn&nbsp;&amp; Crutcher LLP</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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