Jasper Therapeutics Reports Second Quarter 2025 Financial Results and Provides Corporate Update

Rhea-AI Summary

Jasper Therapeutics (NASDAQ:JSPR) reported Q2 2025 financial results and provided updates on briquilimab, its novel antibody therapy targeting c-Kit. The company reported strong efficacy data in chronic urticaria trials, with 89% complete response rate in CSU patients across 240mg and 360mg single-dose cohorts, and 92% complete response in CIndU patients in the 180mg SPOTLIGHT cohort.

However, the company is investigating anomalous results in two BEACON study cohorts where 11 of 13 patients showed no UAS7 reduction, potentially due to product lot variability. Jasper implemented a 50% workforce reduction to focus on urticaria programs and reported Q2 financials with $39.5M cash position and a net loss of $26.7M. The planned Phase 2b CSU study is now delayed to mid-2026.

Positive

• 89% complete response rate in CSU patients across 240mg and 360mg single-dose cohorts
• 92% complete response rate in CIndU SPOTLIGHT study 180mg cohort
• 73% of CSU patients maintained complete response at 12 weeks in open-label extension
• Favorable safety profile with no dose-limiting toxicities observed
• $39.5M cash position as of June 30, 2025

Negative

• Anomalous results in BEACON study cohorts affecting 11 of 13 patients
• Phase 2b CSU study delayed to mid-2026
• 50% workforce reduction implemented
• Net loss of $26.7M in Q2 2025
• Halted multiple clinical programs including SCID and asthma trials

Insights

Biopharmaceutical Clinical Development Expert

Jasper reports mixed briquilimab results: strong efficacy in CSU/CIndU but investigating anomalous cohorts while restructuring to preserve capital.

Jasper's briquilimab data presents a compelling yet complicated clinical picture. The c-Kit antibody therapy is showing remarkably high complete response rates in chronic urticaria patients - 89% in single-dose cohorts (240mg/360mg) for CSU, 73% at 12 weeks in the open-label extension, and 92% in CIndU patients. These are extraordinarily high efficacy rates for urticaria, where many patients remain symptomatic on current therapies.

However, the company is investigating anomalous results in two cohorts (240mg Q8W and 240mg/180mg Q8W) that unexpectedly showed minimal symptom improvement. Their hypothesis centers on potential product lot variability, as all 10 patients who received drug from a specific lot failed to show UAS7 score reductions. This warrants close attention as manufacturing consistency is crucial for biologics.

The safety profile remains favorable with no dose-limiting toxicities - particularly important for c-Kit inhibitors, which can potentially affect multiple cell types beyond mast cells. The restructuring to focus exclusively on mast cell-driven diseases is strategically sound given the promising urticaria data, though halting the SCID program represents a significant pipeline narrowing. The 50% workforce reduction will extend their $39.5 million cash runway but suggests financial constraints are influencing development priorities.

The delayed Phase 2b CSU study (now mid-2026) indicates that resolving the anomalous cohort data is critical to their clinical development path. If manufacturing variability is confirmed as the issue, this represents a fixable problem rather than an efficacy concern, but would require rigorous quality control improvements.

Biotech Financial Analyst

Despite strong efficacy data, investigation into anomalous results and restructuring signal financial pressures amid $26.7M quarterly loss.

Jasper's financial situation reveals significant cash burn amid promising but complex clinical developments. With $39.5 million in cash and a quarterly net loss of $26.7 million, the company's runway appears limited - explaining their dramatic 50% workforce reduction and program prioritization. At the current burn rate, they would have approximately 1.5 quarters of cash remaining without these cost-cutting measures.

The restructuring reflects strategic prioritization of their most promising assets but signals financial constraints. R&D expenses of $21.2 million and G&A of $5.9 million quarterly indicate significant operational costs that the company is now working to reduce. The decision to halt non-mast cell programs, including the SCID clinical program, represents a major strategic narrowing that suggests management is concentrating resources on their most promising near-term opportunities.

The investigation into anomalous results in two cohorts creates uncertainty around their clinical development timeline, pushing their Phase 2b CSU study to mid-2026 - a significant delay. If manufacturing variability is confirmed as the issue, addressing these challenges could require additional resources. The $1.74 quarterly loss per share reflects substantial dilution risks if additional financing becomes necessary before reaching their next major milestone.

While the high response rates in urticaria patients represent significant potential commercial value, the company appears to be in a race against time to deliver conclusive clinical data before requiring additional capital. The restructuring should extend their runway, but investor focus will likely remain on both the investigation outcomes and the company's ability to manage its limited resources.

REDWOOD CITY, Calif., Aug. 13, 2025 (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 ended June 30, 2025 and provided a corporate update.

“The compelling results we are generating in both CSU and CIndU continue to reinforce our belief that briquilimab has the potential to be a highly differentiated therapy in mast cell-driven diseases,” said Ronald Martell, President and Chief Executive Officer of Jasper. “We continue to generate strong data, with briquilimab driving complete responses in 89% of patients across the 240 mg and 360 mg single-dose cohorts in the BEACON study in CSU, 73% of CSU patients at 12 weeks in the open-label extension dosed at 180mg Q8W, and 92% of CIndU patients in the 180mg SPOTLIGHT cohort. With the favorable safety and tolerability profile we continue to observe, we believe briquilimab has the potential to be an important treatment option in chronic urticarias, and we remain well-positioned to deliver multiple catalysts over the coming quarters, which we believe can drive meaningful benefits for patients and long-term value for stockholders.”

“Our investigation into the 240mg Q8W and the 240mg/180mg Q8W cohorts of the BEACON study, which did not demonstrate the rapid onset and deep symptom control at levels we have observed in previous cohorts at varying dose levels, remains ongoing,” said Daniel Adelman, M.D., Interim Chief Medical Officer of Jasper. “We are pursuing a number of avenues of investigation and expect to provide an update on the status of the investigation later this year. Meanwhile, the lack of any observed dose-limiting safety signals in these two cohorts enables us to also proceed with redosing those patients with drug product from a different lot, as well as enrolling an additional 10-12 new patients across those cohorts. We plan to report data from both the new patients added and the redosed patients in late 2025.”

Highlights for Second Quarter 2025 and Recent Weeks

• Presented updated data from the BEACON Phase 1b/2a of subcutaneous briquilimab in adult participants with CSU, as well as from CSU patients in the related open-label extension study, both of which demonstrated robust efficacy:
  • 89% (8 of 9) of participants in the 240mg and 360mg single-dose cohorts achieved complete response (UAS7=0) following a single dose, with 7 of those patients achieving an initial clinical response by week 2.
  • 73% (8 of 11) patients in the open-label extension study at 180 mg Q8W maintained a complete response at 12 weeks, and 82% of patients (9 of 11) demonstrated well-controlled disease at 12 weeks.
  • Data from an additional 10-12 new patients being enrolled across the 240mg Q8W and the 240mg/180mg Q8W BEACON cohorts as well as additional data from the open-label extension study are anticipated later this year.
  • Briquilimab continued to be well-tolerated with no dose limiting toxicities observed, and any safety observations potentially related to KIT blockade were infrequent and generally limited to low grade events, none of which resulted in discontinuations or dose delays and the majority of which resolved during repeat dosing.

• Commenced an investigation to identify the root cause of an atypical absence of UAS7 reduction in 11 of the 13 patients enrolled in the 240mg Q8W and 240mg/180mg Q8W cohorts of the BEACON study. Among other factors being examined, Jasper is assessing potential product lot variability in one lot of drug product first introduced into the BEACON study in those two cohorts, as all 10 patients dosed with drug supply from that lot failed to show reductions in their reported UAS7 scores. Jasper expects to complete the investigation in the second half of 2025, and in the near-term has provided new clinical drug supply from a different lot for ongoing dosing of existing patients, and is enrolling an additional 10-12 new patients in aggregate across those two cohorts. Jasper expects that the additional data on these cohorts, expected to be reported in late 2025, should be adequate to complete dose selection for the planned Phase 2b CSU study, which is now expected to commence mid-2026.

• Presented data from the 180mg cohort in the SPOTLIGHT study demonstrating 92% (11 of 12) complete response rate, 100% (12 of 12) clinical response, no serious or grade or higher adverse events, and a rapid onset of action with responses observed as early as one week-post treatment.

• Implemented a corporate restructuring, including a workforce reduction of approximately 50%, to focus resources on its urticaria programs and preserve capital. As part of the reorganization, Dr. Edwin Tucker stepped down as Chief Medical Officer effective August 1, 2025. He was succeeded in an interim capacity by Dr. Adelman, a member of Jasper’s scientific advisory board and an industry veteran with a strong track record of advancing therapies for allergy and immunology indications.

• Halted its non-mast cell focused clinical and preclinical programs, including ongoing investigator sponsored trials and the SCID clinical program, to concentrate fully on briquilimab development in mast-cell driven diseases such as CSU and CIndU. Jasper also halted enrollment in the ETESIAN study in asthma and expects to report data from that study, as well as determine next steps in asthma, once the investigation into the anomalous BEACON cohorts is completed, which is expected to be in the second half of 2025.

Second Quarter Fiscal 2025 Financial Results

• Cash and cash equivalents as of June 30, 2025, totaled $39.5 million.
• Research and development expense for the three months ended June 30, 2025, was $21.2 million.
• General and administrative expense for the three months ended June 30, 2025, was $5.9 million.
• Jasper reported a net loss of $26.7 million, or basic and diluted net loss per share attributable to common stockholders of $1.74 for the three months ended June 30, 2025.

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 conducting clinical studies of 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 both CSU and CIndU. 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 potential in mast cell driven diseases such as CSU and CIndU, its potential to be a highly differentiated therapy in mast cell-driven diseases, its potential to be an important treatment option in chronic urticarias; Jasper’s ability to deliver multiple catalysts over the coming quarters, and the possibility such catalysts may drive meaningful benefits for patients and long term value for stockholders; Jasper’s focus of its resources on the development of briquilimab in mast-cell driven diseases such as CSU and CIndU, including halting its other clinical and preclinical programs; the expected timing of announcing additional data from the BEACON and ETESIAN studies; the expected timing for initiating the planned Phase 2b CSU study; and the expected timing for completing the investigation regarding an atypical lack of UAS7 reduction in certain cohorts and for providing an update on such investigation. 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; the risk that Jasper’s investigation into the drug product lot may be inconclusive or may not lead to the anticipated conclusion; the risk that Jasper may be unable to raise capital to continue its operations and continue the BEACON study; 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, 2024 and subsequent Quarterly Reports on Form 10-Q. 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

Molly Devlin (media)
Real Chemistry
443-416-6675
mdevlin@realchemistry.com

JASPER THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share data) (unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Operating expenses
Research and development(1)	$	21,196			$	11,296			$	37,353			$	21,594
General and administrative(1)		5,880				4,697				11,525				9,471
Total operating expenses		27,076				15,993				48,878				31,065
Loss from operations		(27,076	)			(15,993	)			(48,878	)			(31,065	)
Interest income		437				1,450				1,061				2,836
Other expense, net		(84	)			(40	)			(147	)			(82	)
Total other income, net		353				1,410				914				2,754
Net loss and comprehensive loss	$	(26,723	)		$	(14,583	)		$	(47,964	)		$	(28,311	)
Net loss per share attributable to common stockholders,    basic and diluted	$	(1.74	)		$	(0.97	)		$	(3.16	)		$	(2.00	)
Weighted-average shares used in computing net loss per share    attributable to common stockholders, basic and diluted		15,333,962				14,986,367				15,178,904				14,160,634
(1) Amounts include non-cash stock based compensation expense as follows (in thousands):
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Research and development	$	1,274			$	1,009			$	2,514			$	1,829
General and administrative		543				473				1,114				822
Total	$	1,817			$	1,482			$	3,628			$	2,651

 

JASPER THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited)
Assets	June 30, 2025				December 31, 2024
Current assets:
Cash and cash equivalents	$	39,510			$	71,637
Prepaid expenses and other current assets		3,456				4,174
Total current assets		42,966				75,811
Property and equipment, net		1,331				1,875
Operating lease right-of-use assets		1,560				976
Restricted cash		417				417
Other non-current assets		192				820
Total assets	$	46,466			$	79,899
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	8,034			$	4,027
Current portion of operating lease liabilities		1,954				1,089
Accrued expenses and other current liabilities		10,512				10,121
Total current liabilities		20,500				15,237
Non-current portion of operating lease liabilities		201				724
Other non-current liabilities		2,264				2,264
Total liabilities		22,965				18,225
Commitments and contingencies		—				—
Stockholders’ equity:
Preferred stock		—				—
Common stock		2				2
Additional paid-in capital		312,332				302,541
Accumulated deficit		(288,833	)			(240,869	)
Total stockholders’ equity		23,501				61,674
Total liabilities and stockholders’ equity	$	46,466			$	79,899

FAQ

What were the key efficacy results for Jasper Therapeutics' (JSPR) briquilimab in CSU trials?

In the BEACON study, 89% of patients achieved complete response in the 240mg and 360mg single-dose cohorts, while 73% of patients maintained complete response at 12 weeks in the open-label extension study at 180mg Q8W.

Why did Jasper Therapeutics (JSPR) implement a workforce reduction in Q2 2025?

Jasper implemented a 50% workforce reduction to focus resources specifically on its urticaria programs and preserve capital, while halting non-mast cell focused clinical and preclinical programs.

What caused the delay in Jasper Therapeutics' (JSPR) Phase 2b CSU study?

The delay to mid-2026 was caused by an investigation into anomalous results in two BEACON study cohorts, where 11 of 13 patients showed no UAS7 reduction, potentially due to product lot variability.

What is Jasper Therapeutics' (JSPR) financial position as of Q2 2025?

As of June 30, 2025, Jasper had $39.5M in cash and cash equivalents, with a quarterly net loss of $26.7M ($1.74 per share).

What were the safety results for briquilimab in Jasper Therapeutics' (JSPR) clinical trials?

Briquilimab showed a favorable safety profile with no dose-limiting toxicities. Safety observations related to KIT blockade were infrequent, generally low grade, and resolved during repeat dosing without causing discontinuations.