Jasper Therapeutics (NASDAQ: JSPR) posts $75.8M 2025 loss, cash at $28.7M
Rhea-AI Filing Summary
Jasper Therapeutics reported its fourth quarter and full-year 2025 results and provided a corporate update focused on briquilimab, its antibody therapy for mast cell–driven diseases such as chronic urticaria and asthma. For 2025, operating expenses were $83.9 million, driven by $63.1 million in research and development and $20.8 million in general and administrative costs. Net loss for 2025 was $75.8 million compared with $71.3 million in 2024, reflecting continued investment in clinical programs. As of December 31, 2025, Jasper held $28.7 million in cash and cash equivalents, down from $71.6 million a year earlier, and reported total assets of $35.8 million and stockholders’ equity of $4.2 million. The company plans to begin enrolling patients in the Phase 2b portion of a planned Phase 2b/3 chronic spontaneous urticaria study in the second half of 2026, pending capital availability.
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Insights
Jasper remains a high-spend, clinical‑stage biotech with shrinking cash and growing losses.
Jasper reported 2025 operating expenses of $83.9M, up from $76.2M in 2024, as research and development rose to $63.1M. Net loss widened modestly to $75.8M, reflecting continued funding of briquilimab trials in chronic urticaria and asthma.
Cash and cash equivalents fell to $28.7M at December 31, 2025, from $71.6M a year earlier, while total stockholders’ equity dropped to $4.2M. The balance sheet now includes a warrant liability of $16.2M, which also affects reported losses through fair value changes.
The company expects to start enrolling patients in the Phase 2b portion of its planned Phase 2b/3 chronic spontaneous urticaria study in the second half of 2026, “pending capital availability.” Future disclosures will be important to understand how Jasper funds this next clinical phase and manages its cash runway.
8-K Event Classification
Key Figures
Key Terms
briquilimab medical
chronic spontaneous urticaria medical
Phase 2b/3 study medical
warrant liability financial
mast cell driven diseases medical
apoptosis medical
Earnings Snapshot
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 2.02 Results of Operations and Financial Condition.
On March 30, 2026, Jasper Therapeutics, Inc. issued a press release reporting its financial results for the quarter and year ended December 31, 2025 and providing a corporate update. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instructions B.2 of Form 8-K, the information in this Item 2.02, including the press release attached hereto as Exhibit 99.1, is being furnished under Item 2.02 and Item 9.01 of Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release, dated March 30, 2026. | |
| 104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 30, 2026 |
JASPER THERAPEUTICS, INC. | ||
| By: | /s/ Herb Cross | ||
| Name: | Herb Cross | ||
| Title: | Chief Financial Officer | ||
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Exhibit 99.1
Jasper Therapeutics Reports Fourth Quarter and Year-End 2025 Financial Results and Provides Corporate Update
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.
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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 clincal 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
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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 | ||||||||
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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 | ||||
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FAQ
How did Jasper Therapeutics (JSPR) perform financially in 2025?
What is Jasper Therapeutics’ cash position as of December 31, 2025?
How much is Jasper Therapeutics spending on R&D and G&A?
What are Jasper Therapeutics’ key plans for briquilimab in chronic urticaria?
Which diseases is Jasper Therapeutics targeting with briquilimab?
What non-operating items affected Jasper’s 2025 results?
Filing Exhibits & Attachments
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