Jasper Therapeutics Reports Fourth Quarter and Year-End 2025 Financial Results and Provides Corporate Update

Rhea-AI Summary

Jasper Therapeutics (Nasdaq: JSPR) reported Q4 and full-year 2025 results and clinical updates on briquilimab, an anti‑c‑Kit antibody for chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU) and asthma. Key clinical signals: positive BEACON and open‑label extension CSU data, ETESIAN asthma proof‑of‑concept, dose selection for Phase 2b planned H2 2026. Financials: cash of $28.7M at Dec 31, 2025 and a 2025 net loss of $75.8M. Company noted Phase 2b enrollment timing is pending capital availability.

Positive

• CSU Cohort 9.1: 67% complete response at 12 weeks (n=6)
• 75% OLE CSU participants (n=36) achieved complete response or well‑controlled disease at 12 weeks
• ETESIAN asthma: single 180mg dose showed reduced airway hyperresponsiveness at 6 and 12 weeks
• Dose selection completed for Phase 2b in CSU; study planned H2 2026

Negative

• Cash balance of $28.7M at Dec 31, 2025
• Full‑year net loss of $75.8M for 2025
• Phase 2b enrollment timing pending capital availability

News Market Reaction – JSPR

-2.64% 2.0x vol

18 alerts

-2.64% News Effect

+3.3% Peak Tracked

-15.7% Trough Tracked

-$729K Valuation Impact

$26.88M Market Cap

2.0x Rel. Volume

On the day this news was published, JSPR declined 2.64%, reflecting a moderate negative market reaction. Argus tracked a peak move of +3.3% during that session. Argus tracked a trough of -15.7% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $729K from the company's valuation, bringing the market cap to $26.88M at that time. Trading volume was above average at 2.0x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Cash & equivalents: $28.7M R&D expense: $11.4M G&A expense: $4.5M +5 more

8 metrics

Cash & equivalents $28.7M As of Dec 31, 2025

R&D expense $11.4M Q4 2025

G&A expense $4.5M Q4 2025

Net loss $9.1M Q4 2025

Net loss $75.8M Full-year 2025

Loss per share $0.32 Q4 2025 basic and diluted

Complete response rate 67% (n=6) CSU BEACON Cohort 9.1 at 12 weeks

UAS7 reduction 31 points Mean change at 12 weeks in BEACON Cohort 9.1

Market Reality Check

Price: $0.8762 Vol: Volume 798,831 is 2.28x t...

high vol

$0.8762 Last Close

Volume Volume 798,831 is 2.28x the 20-day average of 350,066, indicating elevated pre-news activity. high

Technical Shares at $0.90 trade below the 200-day MA of $2.38 and sit 87.48% under the 52-week high.

Peers on Argus

JSPR was down 5.41% while several biotech peers showed smaller mixed moves (e.g....

2 Up 1 Down

JSPR was down 5.41% while several biotech peers showed smaller mixed moves (e.g., ESLA -1.9%, LVTX -3.87%, PEPG -6.83%). Momentum scanner shows names like LTRN up 14.98%, suggesting stock-specific factors for JSPR rather than a uniform sector move.

Common Catalyst Some peers also reported earnings or clinical updates, but price directions were mixed, pointing to company-specific drivers rather than a broad biotech trend.

Previous Earnings Reports

5 past events · Latest: Nov 10 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 10	Q3 2025 earnings	Neutral	+0.0%	Reported Q3 2025 results, new $30M offering and CSU program plans.
Aug 13	Q2 2025 earnings	Neutral	+2.0%	Q2 2025 results with strong urticaria efficacy and workforce reduction.
May 12	Q1 2025 earnings	Neutral	+1.7%	Q1 2025 results plus updates on BEACON, SPOTLIGHT and ETESIAN trials.
Feb 27	FY 2024 results	Neutral	-2.2%	Q4 and full-year 2024 results with positive CSU and CIndU data.
Nov 07	Q3 2024 earnings	Neutral	-4.3%	Q3 2024 results, early CIndU data, LR-MDS discontinuation, study plans.

Pattern Detected

Earnings and corporate updates have historically produced modest average moves of about -0.56%, with both positive and negative single-day reactions but no consistent large swings.

Recent Company History

Across the last five earnings-tagged updates since Feb 2024, Jasper has consistently highlighted progress for briquilimab in CSU, CIndU, and asthma while reporting ongoing net losses and cash usage. Cash balances fell from $92.5M in Q3 2024 to $50.9M by Q3 2025, alongside workforce reductions and program prioritization. Share-price reactions around these earnings events were generally modest (average move -0.56%). Today’s Q4 2025 and year-end update, with cash of $28.7M and continued losses, extends this pattern of clinical advancement against a constrained financial backdrop.

Historical Comparison

-0.6% avg move · In the past five earnings updates, JSPR’s average one-day move was -0.56%. Today’s -5.41% reaction t...

earnings

-0.6%

Average Historical Move earnings

In the past five earnings updates, JSPR’s average one-day move was -0.56%. Today’s -5.41% reaction to Q4 2025 and year-end results is notably larger than typical earnings-related moves.

Earnings reports have tracked briquilimab’s evolution from early CSU/CIndU data to broader asthma proof-of-concept, while cash fell from $92.5M (Q3 2024) to $50.9M (Q3 2025) and now $28.7M, underscoring rising financing pressure alongside clinical progress.

Market Pulse Summary

This announcement combines additional briquilimab efficacy data in CSU and asthma with year-end 2025...

Analysis

This announcement combines additional briquilimab efficacy data in CSU and asthma with year-end 2025 financials, including $28.7M in cash and a $75.8M annual net loss. It reiterates plans for a Phase 2b/3 CSU trial targeted for the second half of 2026, contingent on capital. Historically, earnings updates have produced modest average moves of -0.56%. Investors may watch future cash runway disclosures, trial initiation timing, and any partnering activity as key markers of execution and risk.

Key Terms

c-kit (cd117), chronic spontaneous urticaria (csu), chronic inducible urticaria (cindu), phase 2b/3, +4 more

8 terms

c-kit (cd117) medical

"briquilimab, a novel antibody therapy targeting c-Kit (CD117) to address mast cell..."

c-kit (CD117) is a protein on the surface of certain cells that acts like an antenna, receiving growth signals and helping control cell survival and division; it is commonly used as a diagnostic marker to identify specific cell types, including some stem cells and certain cancers. Investors pay attention because therapies that block or target c-kit, and tests that detect it, can create or protect commercial opportunities—so clinical results, approvals, or wider diagnostic use can materially affect a company’s drug pipeline and valuation.

chronic spontaneous urticaria (csu) medical

"...mast cell driven diseases such as chronic spontaneous urticaria (CSU), chronic inducible..."

Chronic spontaneous urticaria (CSU) is a disease in which red, itchy hives or swollen welts recur for six weeks or more without a clear trigger, often flaring unpredictably and lasting months to years. For investors, CSU represents a defined and persistent patient population where new drugs, regulatory approvals, trial results, or changes in coverage can meaningfully affect treatment demand and a company’s revenue outlook—like a market reshaped by a reliable, long‑term product.

chronic inducible urticaria (cindu) medical

"...such as chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU) and asthma..."

Chronic inducible urticaria (CIndU) is a long-lasting form of hives that repeatedly appears when a specific physical trigger—such as cold, heat, pressure, sunlight, or exercise—touches or affects the skin. Think of it like a smoke alarm that goes off only when a particular sensor is triggered. It matters to investors because its persistent nature creates ongoing demand for effective diagnostics, symptom-management products, and new drug development, which can influence healthcare spending and clinical trial activity.

phase 2b/3 medical

"dose selection for the Phase 2b portion of our planned Phase 2b/3 study in CSU..."

A phase 2b/3 trial is a combined late-stage clinical study that first refines the best dose and measures how well a treatment works (phase 2b) then expands to a larger, definitive test of safety and effectiveness needed for regulatory approval (phase 3). For investors, results from a phase 2b/3 act like a dress rehearsal that turns into opening night: positive, well-controlled outcomes substantially raise the chance of approval and future sales, while failures can sharply reduce a drug’s value.

open label extension medical

"open label extension study (180mg Q8W) achieved a complete response or well controlled..."

An open-label extension is a follow-on phase of a clinical trial where participants keep receiving the experimental drug and both doctors and patients know what treatment is being given. It matters to investors because it produces longer-term safety and effectiveness information, helps regulators and companies assess ongoing benefits or risks, and can indicate whether a therapy has staying commercial value — like an extended test drive revealing durability and real-world performance.

cohort medical

"patients (n=6) enrolled in Cohort 9.1 (240mg/180mg Q8W) of the BEACON study..."

A cohort is a group of people, customers, or study participants who share a specific characteristic or experience within a defined time frame—for example, patients given the same treatment or customers who started using a service in the same month. Investors use cohort analysis to track performance, revenue patterns, or risks over time, much like comparing different batches of a product to see which approaches produce lasting results.

airway hyperresponsiveness medical

"Reductions in airway hyperresponsiveness and suppressed eosinophilic response at both 6 weeks..."

A tendency for the breathing tubes in the lungs to constrict too easily in response to triggers like cold air, allergens or exercise, causing coughing, wheeze or shortness of breath. For investors, it matters because therapies or tests that reduce or measure this heightened sensitivity can drive drug development, clinical trial success, regulatory approval and market demand for respiratory treatments — think of it as a car alarm that goes off at the slightest bump, and fixing it or detecting false alarms can be commercially valuable.

eosinophilic medical

"Reductions in airway hyperresponsiveness and suppressed eosinophilic response at both 6 weeks..."

Eosinophilic describes the presence or overabundance of eosinophils, a specific type of white blood cell involved in immune reactions and inflammation. Investors should care because eosinophilic conditions — such as certain asthma types, allergic diseases, or organ inflammation — drive demand for diagnostics, targeted drugs, and regulatory attention; think of eosinophils as a dashboard warning light that can create market opportunities or signal safety and approval risks for therapies and devices.

AI-generated analysis. Not financial advice.

REDWOOD CITY, Calif., March 30, 2026 (GLOBE NEWSWIRE) -- Jasper Therapeutics, Inc. (Nasdaq: JSPR) (Jasper), a clinical stage biotechnology company focused on development of briquilimab, a novel antibody therapy targeting c-Kit (CD117) to address mast cell driven diseases such as chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU) and asthma, today reported results for the fiscal quarter and year ended December 31, 2025 and provided a corporate update.

"Briquilimab has demonstrated the potential for a compelling and differentiated profile in both CSU and CIndU, along with proof of concept in asthma," said Jeet Mahal, President and Chief Executive Officer of Jasper. “We are very pleased with the chronic urticaria data we reported in January from the BEACON study as well the open-label extension study, which reaffirmed the potential of briquilimab to drive rapid and durable disease control in patients. We are finalizing dose selection for the Phase 2b portion of our planned Phase 2b/3 study in CSU where we will evaluate two efficacious doses versus placebo to demonstrate the differentiated profile based on briquilimab’s unique biological properties. We remain on track to commence patient enrollment in the second half of 2026, pending capital availability.”

Highlights for Fourth Quarter 2025 and Recent Weeks

• Jeet Mahal appointed as Chief Executive Officer to lead next phase of clinical growth.
• Reported positive updated data from briquilimab studies in chronic spontaneous urticaria:
  • 67% of additional patients (n=6) enrolled in Cohort 9.1 (240mg/180mg Q8W) of the BEACON study achieved a complete response at 12 weeks with a mean UAS7 reduction of 31 points,
  • 75% of CSU participants (n=36) enrolled in the open label extension study (180mg Q8W) achieved a complete response or well controlled disease at 12 weeks,
  • With a median duration of follow up of more than 200 days on 63 participants in the open label extension study, KIT related AEs were predominantly low-grade events that resolved while on study, and
  • BEACON and open label extension data sets are now sufficient to select doses for the Phase 2b study of briquilimab in CSU planned to commence in the second half of 2026.
• Announced the completion of the Company’s internal investigation into the anomalous lack of clinical response observed in the July 2025 BEACON data for cohort 8 (240mg Q8W) and cohort 9 (240mg/180mg Q8W). Results indicated there were no issues with the drug product utilized in the study, and the key opinion leader panel convened generated recommendations to enhance site selection and patient screening criteria going forward. Jasper’s internal investigation included:
  • Switching all US patients to a new lot of drug product for the remainder of their doses on study to determine if drug product played a role,
  • A comprehensive review of all manufacturing records, drug handling, site training/ logs and data handling,
  • Recovery and testing by Jasper and independent labs of drug product samples from across the supply chain,
  • A review of all US sites and all US patients, including protocol adherence patient medical histories, patient screening and all pharmacokinetics, pharmacodynamics and efficacy data, and
  • Assembling a KOL panel to review the internal investigation findings, including full patient dossiers, which provided its input and conclusions from the findings.
• Reported positive preliminary data from ETESIAN study of briquilimab in asthma:
  • Reductions in airway hyperresponsiveness and suppressed eosinophilic response at both 6 weeks and 12 weeks observed after a single 180mg dose of Briquilimab in the ETESIAN Study, and
  • The positive proof of concept data generated in the ETESIAN study supports further development in the broader asthma population; however, advancing any future clinical studies in asthma would be based on an evaluation of the competitive landscape, the potential for strategic partnerships and capital availability.
    
    

Fourth Quarter Fiscal 2025 Financial Results

• Cash and cash equivalents as of December 31, 2025, totaled $28.7 million.
• Research and development expense for the three months ended December 31, 2025, was $11.4 million.
• General and administrative expense for the three months ended December 31, 2025, was $4.5 million.
• Jasper reported a net loss of $9.1 million and $75.8 million, or basic and diluted net loss per share attributable to common stockholders of $0.32 and $3.95, for the three months and year ended December 31, 2025, respectively.
  
  

About Jasper

Jasper is a clinical-stage biotechnology company focused on developing briquilimab as a therapeutic for chronic mast cell diseases. Briquilimab is a targeted aglycosylated monoclonal antibody that blocks stem cell factor from binding to the cell-surface receptor KIT, thereby inhibiting signaling through the receptor. This inhibition disrupts the critical survival signal, leading to the depletion of the mast cells via apoptosis which removes the underlying source of the inflammatory response in mast cell driven diseases such as chronic urticaria and asthma. Jasper is currently evaluating briquilimab as a treatment in patients with CSU, CIndU and asthma. Briquilimab has a demonstrated efficacy and safety profile in patients and healthy volunteers, with positive clinical outcomes in CSU, CIndU and allergic asthma. For more information, please visit us at www.jaspertx.com.    

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding briquilimab’s potential, including with respect to its compelling and differentiated profile in both CSU and CIndU and proof of concept in asthma; the potential of briquilimab to drive rapid and durable disease control in patients; the Phase 2b portion of Jasper’s planned Phase 2b/3 study in CSU, including dose selection, expected timing of patient enrollment, pending capital availability, and planned commencement of the study; Jasper’s next phase of clinical growth; briquilimab’s differentiated profile and any potential advancement of future clinical studies in asthma. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Jasper and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Many actual events and circumstances are beyond the control of Jasper. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, political and business conditions; the risk that the potential product candidates that Jasper develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; the risk that clinical trials may not confirm any safety, potency or other product characteristics described or assumed in this press release; the risk that prior test, study and trial results may not be replicated in continuing or future studies and trials; Jasper’s ability to continue as a going concern and the risk that Jasper may be unable to raise capital to continue its operations and continue its Phase 2b/3 study in CSU; the risk that Jasper will be unable to successfully market or gain market acceptance of its product candidates; the risk that prior study results may not be replicated; the risk that Jasper’s product candidates may not be beneficial to patients or successfully commercialized; patients’ willingness to try new therapies and the willingness of physicians to prescribe these therapies; the effects of competition on Jasper’s business; the risk that third parties on which Jasper depends for laboratory, clinical development, manufacturing and other critical services will fail to perform satisfactorily; the risk that Jasper’s business, operations, clinical development plans and timelines, and supply chain could be adversely affected by the effects of health epidemics; the risk that Jasper will be unable to obtain and maintain sufficient intellectual property protection for its investigational products or will infringe the intellectual property protection of others; and other risks and uncertainties indicated from time to time in Jasper’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the SEC on or about the date hereof. If any of these risks materialize or Jasper’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While Jasper may elect to update these forward-looking statements at some point in the future, Jasper specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Jasper’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts:

Alex Gray (investors)
Jasper Therapeutics
650-549-1454 
agray@jaspertx.com

Joyce Allaire (investors)
LifeSci Advisors
617-435-6602
jallaire@lifesciadvisors.com

Media:
media@jaspertx.com
  

JASPER THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
(unaudited)
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Operating expenses
Research and development(1)	$	11,360			$	19,772			$	63,104			$	55,821
General and administrative(1)		4,479				5,513				20,779				20,418
Total operating expenses		15,839				25,285				83,883				76,239
Loss from operations		(15,839	)			(25,285	)			(83,883	)			(76,239	)
Interest income		338				938				1,741				5,058
Change in fair value of warrant liability		6,429				—				8,528				—
Other income/(expense), net		(29	)			26				(2,187	)			(88	)
Total other income, net		6,738				964				8,082				4,970
Net loss and comprehensive loss	$	(9,101	)		$	(24,321	)		$	(75,801	)		$	(71,269	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.32	)		$	(1.62	)		$	(3.95	)		$	(4.89	)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		28,663,484				15,008,473				19,168,110				14,584,870
(1) Amounts include non-cash stock based compensation expense as follows (in thousands):
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Research and development	$	395			$	639			$	1,995			$	2,039
General and administrative		1,266				1,331				4,718				4,580
Total	$	1,661			$	1,970			$	6,713			$	6,619

JASPER THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
	December 31,				December 31,
Assets		2025				2024
Current assets:
Cash and cash equivalents	$	28,692			$	71,637
Prepaid expenses and other current assets		5,953				4,174
Total current assets		34,645				75,811
Property and equipment, net		102				1,875
Operating lease right-of-use assets		502				976
Restricted cash		417				417
Other non-current assets		113				820
Total assets	$	35,779			$	79,899
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	6,220			$	4,027
Current portion of operating lease liabilities		1,235				1,089
Accrued expenses and other current liabilities		5,745				10,121
Total current liabilities		13,200				15,237
Non-current portion of operating lease liabilities		—				724
Warrant liability		16,164				—
Other non-current liabilities		2,264				2,264
Total liabilities		31,628				18,225
Commitments and contingencies		—				—
Stockholders’ equity:
Preferred stock		—				—
Common stock		3				2
Additional paid-in capital		320,818				302,541
Accumulated deficit		(316,670	)			(240,869	)
Total stockholders’ equity		4,151				61,674
Total liabilities and stockholders’ equity	$	35,779			$	79,899

FAQ

What CSU results did Jasper (JSPR) report from the BEACON study on March 30, 2026?

The BEACON update showed a 67% complete response at 12 weeks in Cohort 9.1 (n=6). According to the company, this cohort received 240mg/180mg Q8W and demonstrated a mean UAS7 reduction of 31 points, supporting dose selection for Phase 2b.

How did briquilimab perform in Jasper's open‑label extension (OLE) study for CSU (JSPR)?

In the OLE, 75% of participants (n=36) achieved complete response or well‑controlled disease at 12 weeks. According to the company, median follow‑up exceeded 200 days and KIT‑related adverse events were predominantly low‑grade and resolved on study.

What did Jasper report about briquilimab in the ETESIAN asthma study (JSPR)?

ETESIAN showed proof‑of‑concept with reductions in airway hyperresponsiveness and suppressed eosinophilic response at 6 and 12 weeks after one 180mg dose. According to the company, the data support further asthma development but progression depends on strategy and capital availability.

When will Jasper (JSPR) begin the Phase 2b portion of the briquilimab CSU study?

Jasper plans to commence Phase 2b enrollment in the second half of 2026, subject to capital availability. According to the company, doses have been selected and the trial will evaluate two efficacious doses versus placebo to show a differentiated profile.

What are Jasper's (JSPR) key financial figures reported for Q4 and full‑year 2025?

As of Dec 31, 2025, Jasper held $28.7M cash and reported a $75.8M net loss for the year. According to the company, Q4 R&D expense was $11.4M, Q4 G&A was $4.5M, and Q4 net loss was $9.1M.