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

Rhea-AI Summary

Jasper Therapeutics (Nasdaq: JSPR) reported Q3 2025 results and a corporate update on Nov 10, 2025. Key financials: $50.9M cash as of Sept 30, 2025 and a $30M underwritten offering that the company says extends cash runway through H1 2026. Q3 operating items included R&D $14.4M, G&A $4.8M, and a net loss $18.7M (loss per share $1.13).

Clinically, Jasper is investigating anomalous efficacy in two BEACON cohorts (240mg Q8W and 240mg/180mg Q8W) and reports preliminary findings that the anomalies do not appear related to drug substance or drug product. The company plans final investigation conclusions in Q4 2025, initial ETESIAN asthma data in Q4 2025, and additional BEACON/OLE updates in early Q1 2026, aiming to select dose and commence a Phase 2b CSU study mid-2026.

Positive

• $30M underwritten offering completed
• $50.9M cash on hand as of 9/30/2025
• Investigation found no apparent DS/DP manufacturing issues
• Planned Phase 2b CSU start targeted mid-2026
• Near-term data readouts: Q4 2025 and early Q1 2026

Negative

• Cash runway extends only through H1 2026
• Net loss $18.7M for Q3 2025
• Quarterly R&D burn $14.4M contributes to short runway

Insights

Clinical development expert

Investigation focuses on site-level factors; key efficacy readouts and KOL input will determine next-phase dosing.

Jasper reports anomalous efficacy in the 240mg Q8W and 240mg/180mg Q8W BEACON cohorts and states manufacturing and distribution (DS/DP) issues were not found after lot testing, blinded sample analysis and stability review. The team now directs attention to site‑level elements such as patient selection, administration technique and drug delivery variables, which could explain cohort-specific outcomes.

Final conclusions are planned in Q4 2025 with a key opinion leader panel to guide integration into the Phase 2b CSU design; initial ETESIAN asthma data are due in Q4 2025 and expanded BEACON/OLE data are expected in the first half of Q1 2026. Watch for the investigation’s root‑cause determination and any protocol or training changes over the next 1–3 months, since those findings directly affect dose selection and the Phase 2b timeline.

Corporate finance and program strategy expert

Cash runway extended to H1 2026 by a $30 million offering; near‑term data cadence will drive program financing needs.

Cash and equivalents stood at $50.9 million as of September 30, 2025, and Jasper completed a $30 million underwritten offering that management says extends runway through the first half of 2026. Quarterly R&D and G&A were $14.4 million and $4.8 million, respectively, producing a net loss of $18.7 million (loss per share $1.13) for the quarter.

Given the stated runway, near‑term milestones (investigation conclusion in Q4 2025, ETESIAN initial data in Q4 2025, and expanded BEACON/OLE data in early Q1 2026) will influence financing needs and dose selection decisions. Monitor cash burn against incoming data over the next 3–6 months to assess whether additional capital will be required before mid‑2026.

REDWOOD CITY, Calif., Nov. 10, 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 September 30, 2025 and provided a corporate update.

“With a number of data events expected in the coming months, we remain focused on advancing our programs in chronic urticaria and continue to believe that briquilimab has the potential to serve as a highly differentiated therapeutic in mast cell disease based on the results we’ve generated thus far,” said Ronald Martell, President and Chief Executive Officer of Jasper. “Our investigation into anomalous efficacy results observed in the 240mg Q8W and the 240mg/180mg Q8W cohorts of the BEACON study is nearing completion, and we are encouraged by the determination that the results seen in these two cohorts do not appear to be related to any issues with drug substance or drug product. We plan to complete the investigation and report final conclusions in the fourth quarter of this year.  We also plan to report initial data from the ETESIAN study in allergic asthma in the fourth quarter and now plan to report data from additional patients enrolled in the BEACON study, along with updated data from CSU and CIndU patients enrolled in the open-label extension study, in the first half of the first quarter of 2026.”

Highlights for Third Quarter 2025 and Recent Weeks

• Provided an update on the ongoing investigation into the confounded efficacy results reported in July 2025 from the 240mg Q8W and the 240mg followed by 180mg Q8W cohorts of the BEACON study in CSU. Based on the work conducted to date, Jasper believes the anomalous efficacy results in these two cohorts do not appear to be related to drug substance (“DS”) or drug product (“DP”) manufacturing or distribution processes. This conclusion reflects, among other factors:
  • A comprehensive review of manufacturing and distribution records;
  • Robust testing of multiple lots across the manufacturing and clinical supply chain;
  • Independent, blinded testing of returned drug product samples from trial sites; and
  • Review of stability samples from the lots used in the two cohorts compared against other lots.

      With no evidence of DS or DP issues, the ongoing investigation is now focused on clinical site activity, including:

• • Patient selection and enrollment processes;
  • Investigational product handling and administration at the site level;
  • Drug delivery methods (for example, injection site, needle and injection media); and
  • Additional patient and site-level data review.
• Jasper plans to report final conclusions from the investigation in the fourth quarter of 2025, supported by a key opinion leader panel that will review findings and provide clinical and chemistry, manufacturing and controls recommendations for integration into the planned Phase 2b CSU study.
  
• Continued to enroll additional patients across the 240mg/180mg Q8W and 240mg Q8W cohorts of the BEACON study, and continued to enroll CSU and CIndU patients in the open-label extension (OLE) study as they rolled off the BEACON and SPOTLIGHT studies.  Jasper expects that the additional data from these BEACON cohorts and from the OLE study, anticipated in the first half of the first quarter of 2026, should be adequate to complete dose selection for the planned Phase 2b CSU study, which is now expected to commence mid-2026.
  
• Successfully completed a $30 million underwritten offering of common stock and warrants, which extends Jasper’s cash runway through the first half of 2026.
  

Third Quarter Fiscal 2025 Financial Results

• Cash and cash equivalents as of September 30, 2025, totaled $50.9 million.
• Research and development expense for the three months ended September 30, 2025, was $14.4 million.
• General and administrative expense for the three months ended September 30, 2025, was $4.8 million.
• Jasper reported a net loss of $18.7 million, or basic and diluted net loss per share attributable to common stockholders of $1.13 for the three months ended September 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, CIndU and asthma and its potential to be a highly differentiated therapy in mast cell disease; Jasper’s investigation into anomalous efficacy results observed in the 240mg Q8W and the 240mg/180mg Q8W cohorts of the BEACON study and timing for completing the investigation and reporting final conclusions; anticipated data events in the coming months, including the expected timing of reporting initial data from the ETESIAN study in allergic asthma and reporting data from additional patients enrolled in the BEACON study and updated data from CSU and CIndU patients enrolled in the open-label extension study; the belief that additional data from BEACON cohorts and the open-label extension should be adequate to complete dose selection for the planned Phase 2b CSU study; the expected timing for completing dose selection for  the planned Phase 2b CSU study; and Jasper’s cash runway. 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 confounded efficacy results from the 240mg Q8W and the 240mg followed by 180mg Q8W cohorts of the BEACON study in CSU 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 September 30,								Nine Months Ended September 30,
			2025				2024				2025				2024
	Operating expenses
	Research and development(1)	$	14,391			$	14,455			$	51,744			$	36,049
	General and administrative(1)		4,775				5,434				16,300				14,905
	Total operating expenses		19,166				19,889				68,044				50,954
	Loss from operations		(19,166	)			(19,889	)			(68,044	)			(50,954	)
	Interest income		342				1,284				1,403				4,120
	Change in fair value of warrants liability		2,099				—				2,099				—
	Other expense, net		(2,011	)			(32	)			(2,158	)			(114	)
	Total other income, net		430				1,252				1,344				4,006
	Net loss and comprehensive loss	$	(18,736	)		$	(18,637	)		$	(66,700	)		$	(46,948	)
	Net loss per share attributable to common stockholders, basic and diluted	$	(1.13	)		$	(1.24	)		$	(4.18	)		$	(3.25	)
	Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		16,635,784				15,000,516				15,968,203				14,442,637
	(1) Amounts include non-cash stock based compensation expense as follows (in thousands):
		Three Months Ended September 30,								Nine Months Ended September 30,
			2025				2024				2025				2024
	Research and development	$	938			$	1,420			$	3,452			$	3,249
	General and administrative		486				578				1,600				1,400
	Total	$	1,424			$	1,998			$	5,052			$	4,649

	JASPER THERAPEUTICS, INC.
	CONDENSED CONSOLIDATED BALANCE SHEETS
	(in thousands)
	(unaudited)
		September 30,				December 31,
	Assets		2025				2024
	Current assets:
	Cash and cash equivalents	$	50,899			$	71,637
	Prepaid expenses and other current assets		3,665				4,174
	Total current assets		54,564				75,811
	Property and equipment, net		1,102				1,875
	Operating lease right-of-use assets		1,236				976
	Restricted cash		417				417
	Other non-current assets		150				820
	Total assets	$	57,469			$	79,899
	Liabilities and Stockholders’ Equity
	Current liabilities:
	Accounts payable	$	9,166			$	4,027
	Current portion of operating lease liabilities		1,703				1,089
	Accrued expenses and other current liabilities		10,172				10,121
	Total current liabilities		21,041				15,237
	Non-current portion of operating lease liabilities		—				724
	Warrant liability		22,593				—
	Other non-current liabilities		2,264				2,264
	Total liabilities		45,898				18,225
	Commitments and contingencies		—				—
	Stockholders’ equity:
	Preferred stock		—				—
	Common stock		3				2
	Additional paid-in capital		319,137				302,541
	Accumulated deficit		(307,569	)			(240,869	)
	Total stockholders’ equity		11,571				61,674
	Total liabilities and stockholders’ equity	$	57,469			$	79,899

FAQ

What did Jasper Therapeutics announce about the BEACON 240mg Q8W cohorts (JSPR) on Nov 10, 2025?

Jasper said an investigation into anomalous efficacy in the 240mg Q8W and 240mg/180mg Q8W cohorts is nearing completion and initial work suggests the anomalies do not appear related to drug substance or drug product.

How much cash did Jasper Therapeutics (JSPR) report on Sept 30, 2025 and how long is the runway?

Jasper reported $50.9M cash as of Sept 30, 2025 and said the recent $30M offering extends runway through H1 2026.

When will Jasper Therapeutics (JSPR) report additional clinical data and what studies are affected?

Jasper plans initial ETESIAN allergic asthma data in Q4 2025 and additional BEACON and OLE data in early Q1 2026.

What are Jasper Therapeutics' (JSPR) key Q3 2025 financial figures?

For Q3 2025 Jasper reported R&D $14.4M, G&A $4.8M, and a net loss $18.7M (loss per share $1.13).

What is Jasper Therapeutics' next development milestone after the investigation?

The company expects to complete the investigation in Q4 2025, convene a KOL panel, and use findings to finalize dose selection for a planned Phase 2b CSU study targeted to start mid-2026.