Jasper Therapeutics, Inc.

Listed Company

JSPRCIK 0001788028NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-75.80M

Total Assets

—

Equity

—

Shares Out

28.00M

Op. Cash Flow

$-77.16M

Business

Jasper Therapeutics, Inc. is a clinical-stage biotechnology company developing therapeutics that target mast cell–driven diseases and therapies for hematopoietic stem cell conditioning. Its principal product candidate, briquilimab, is a humanized anti–c-Kit monoclonal antibody being developed to deplete mast cells for conditions such as chronic spontaneous and inducible urticarias and allergic asthma, and as a conditioning agent for stem cell transplant in SCID. Business is organized around clinical development programs (Phase 1b/2a studies, open-label extensions and a Phase 1/2 SCID trial) and in-licensed intellectual property and manufacturing collaborations. Jasper conducts clinical trials primarily in the United States and plans regulatory and commercial activities in North America, Europe and Japan, while leveraging strategic partnerships for manufacturing and international commercialization.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	63	56	52	35	25
General and administrative	21	20	17	17	11
Total operating expenses	84	76	69	51	37
Loss from operations	−84	−76	−69	−51	−37
Interest income	2	5	5	701,000	—
Change in fair value of warrant liability	9	—	−575,000	7	500,000
Other expense, net	−2	−88,000	−246,000	586,000	−80,000
Total other income, net	8	5	4	—	—
Net loss and comprehensive loss	−76	−71	−65	−38	−31
Net loss per share attributable to common stockholders, basic (in Dollars per share)	−3.95	−4.89	−6.18	−10.33	−2.69
Net loss per share attributable to common stockholders, diluted (in Dollars per share)	−3.95	−4.89	−6.18	−10.33	−2.69
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in Shares)	19	15	10	4	11
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in Shares)	19	15	10	4	11

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	29	72	87	38	85
Prepaid expenses and other current assets	6	4	2	3	3
Total current assets	35	76	89	42	88
Property and equipment, net	102,000	2	3	4	4
Operating lease right-of-use assets	502,000	976,000	1	2	1
Restricted cash	417,000	417,000	417,000	417,000	345,000
Other non-current assets	113,000	820,000	1	759,000	645,000
Total assets	36	80	95	48	94
Accounts payable	6	4	4	2	4
Current portion of operating lease liabilities	1	1	972,000	865,000	505,000
Accrued expenses and other current liabilities	6	10	7	4	4
Total current liabilities	13	15	12	7	8
Non-current portion of operating lease liabilities	—	724,000	2	3	2
Warrant liability	16	—	—	150,000	—
Other non-current liabilities	2	2	2	2	643,000
Total liabilities	32	18	16	12	24
Commitments and contingencies (Note 8)	—	—	—	—	—
Preferred stock: $0.0001 par value 10,000,000 shares authorized at December 31, 2025 and 2024; none issued and outstanding at December 31, 2025 and 2024	—	—	—	—	—
Common stock: $0.0001 par value 492,000,000 shares authorized at December 31, 2025 and 2024; 27,996,819 and 15,022,122 shares issued and outstanding at December 31, 2025 and 2024, respectively	3,000	2,000	1,000	—	4,000
Additional paid-in capital	321	303	248	141	137
Accumulated deficit	−317	−241	−170	−105	−67
Total stockholders equity	4	62	78	36	70
Total liabilities and stockholders equity	36	80	95	48	94

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	1	1	1	975,000	377,000
Impairment of long-lived assets	1	—	—	—	—
Non-cash lease expense	1	491,000	419,000	—	—
Stock-based compensation expense	7	7	5	4	1
Offering costs recognized in other expense, net	2	—	—	—	—
Prepaid expenses and other current assets	−2	−2	767,000	312,000	−2
Other non-current assets	707,000	523,000	−584,000	−114,000	−347,000
Accounts payable	2	−122,000	2	−2	3
Accrued expenses and other current liabilities	−4	3	3	836,000	959,000
Operating lease liability	−2	−973,000	−865,000	−589,000	−117,000
Net cash used in operating activities	−77	−63	−52	−46	−34
Purchases of property and equipment	−7,000	−552,000	−267,000	−576,000	−2
Proceeds from sales of property and equipment	12,000	20,000	—	—	—
Net cash provided by (used in) investing activities	5,000	−532,000	−267,000	−576,000	−2
Proceeds from issuance of common stock through ATM offering, net	6	—	101	28,000	—
Proceeds from issuance of common stock and warrants through underwritten offering, net	28	47	—	—	—
Proceeds from exercise of common stock options	—	329,000	388,000	27,000	235,000
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plan	243,000	360,000	—	—	—
Net cash provided by financing activities	34	48	101	55,000	101
Net decrease in cash, cash equivalents and restricted cash	−43	−15	49	−46	65
Right-of-use asset obtained in exchange for lease liabilities	1	—	—	1	—
Warrant liability recognized in connection with underwritten offering	25	—	—	—	—

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