The Q2 results are backward-looking and pre-combination — the stock will trade on pipeline catalysts. Watch for KP-104 Phase 2 interim data in Q4 2026 and briquilimab BLA path update in Q1 2027. The $132M PIPE removes near-term financing risk but adds significant dilution overhang from the convertible preferred stock.
Price Chart
Executive Summary
Jasper Therapeutics reported Q2 2026 EPS of -$0.10, a 94.3% beat vs the -$1.74 year-ago loss, but this is largely a mechanical artifact of a massive share count increase (28.7M vs 15.3M shares) following the all-stock Kira acquisition and $132M PIPE financing. The company ended the quarter with only $7.3M cash, though the post-quarter PIPE provides runway into H2 2028. The stock's move will hinge on pipeline catalysts — KP-104 Phase 2 interim data in Q4 2026 and briquilimab BLA path updates in Q1 2027 — not the legacy quarterly financials, which are pre-revenue and pre-combination.
Key Financial Metrics
Key Facts
- Net loss per share was -$0.10 for Q2 2026 vs -$1.74 in Q2 2025, a 94.3% improvement driven by share count increase from 15.3M to 28.7M
- Cash and cash equivalents were $7.3M as of June 30, 2026, before the $132M PIPE closed July 16, 2026
- Post-quarter acquisition of Kira Pharmaceuticals closed July 16, 2026, in an all-stock transaction with concurrent $132M PIPE financing
- KP-104 Phase 2 basket trial interim data in rare renal indications expected Q4 2026; end-of-Phase 2 meeting with FDA for PNH planned H1 2027
- Briquilimab pre-BLA meeting with FDA expected Q1 2027; KP-701 IND/CTA filing expected Q1 2027
Financial Impact
Net loss improved from -$26.7M to -$2.8M YoY, but this reflects the pre-combination entity; $132M PIPE post-quarter provides runway through H2 2028
Risk Factors
- Pre-revenue clinical-stage biotech with no approved products; all value depends on clinical trial outcomes
- Massive dilution from the all-stock Kira acquisition and $132M PIPE convertible preferred stock
- Cash burn rate post-combination likely much higher than the legacy $9.2M quarterly operating loss
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3345490 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | SC TO-I/A | $0.5100 | awaiting T+5 | — | $0.5050 (−0.98%) |
Oct 20, 2026 6d ago | DEF 14A | $0.4999 | awaiting T+5 | — | $0.5050 (+1.02%) |
Oct 15, 2026 12d ago | 8-K | $0.5321 $0.4956 | ▼ −6.86% | ▼ −5.85% | $0.5050 (−5.09%) |
Oct 15, 2026 12d ago | Press Release | $0.5320 $0.4960 | ▲ +6.77% | ▲ +5.75% | $0.5050 (+5.08%) |
Oct 14, 2026 12d ago | S-3 | $0.5321 $0.4956 | ▲ +6.86% | ▲ +5.85% | $0.5050 (+5.09%) |
Oct 7, 2026 20d ago | 8-K | $0.5697 $0.5010 | ▼ −12.06% | ▼ −11.08% | $0.5050 (−11.36%) |
Oct 7, 2026 20d ago | SC TO-I | $0.5697 $0.5010 | ▼ −12.06% | ▼ −11.08% | $0.5050 (−11.36%) |
Sep 24, 2026 4w ago | 25-NSE | $0.6091 $0.5652 | ▲ +7.21% | ▲ +6.99% | $0.5050 (+17.09%) |
Aug 14, 2026 10w ago | Press Release | $0.7901 $0.7160 | ▼ −9.38% | ▼ −8.01% | $0.5050 (−36.08%) |
Jul 31, 2026 12w ago | 8-K | $0.6300 $0.7095 | ▲ +12.62% | ▲ +9.11% | $0.5050 (−19.84%) |
US Market Status
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