Monitor upcoming Phase 2b/3 trial initiation in CSU in the second half of 2026, which is contingent on capital availability. The reduced net loss and positive clinical data are encouraging, but declining cash reserves raise concerns about funding runway.
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Executive Summary
Jasper Therapeutics reported Q4 and full-year 2025 financial results, highlighting positive clinical data from its BEACON and ETESIAN studies, completion of an internal investigation into prior anomalous efficacy results, and a net loss of $9.1 million for the quarter. Cash reserves stood at $28.7 million as of year-end.
Key Financial Metrics
Key Facts
- Net loss of $9.1 million for Q4 2025, compared to $24.3 million in Q4 2024
- Cash and cash equivalents decreased to $28.7 million as of December 31, 2025, from $71.6 million a year earlier
- Positive updated data from briquilimab studies in chronic spontaneous urticaria: 67% of patients in Cohort 9.1 achieved complete response at 12 weeks
- Completed internal investigation into anomalous efficacy results, finding no issues with drug product
- Jeet Mahal appointed CEO
Financial Impact
Net loss narrowed to $9.1M in Q4 from $24.3M a year ago; R&D expenses decreased to $11.4M from $19.8M
Risk Factors
- Cash runway may be limited; future clinical studies depend on capital availability
- Pending capital availability for Phase 2b/3 study initiation
- Company is pre-revenue with a history of net losses
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-036448 |
| Document: ea0283364-8k_jasper.htm | 0001213900-26-036448 |
| Document: 0001213900-26-036448-index-headers.html | 0001213900-26-036448 |
| Document: 0001213900-26-036448-index.html | 0001213900-26-036448 |
| Document: 0001213900-26-036448.txt | 0001213900-26-036448 |
| 8-K Data (Synthetic) | 0001213900-26-036448 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 9, 2026 19w ago | 8-K | $0.0134 $0.009200 | ▲ +31.34% | ▲ +37.92% | — |
Jun 1, 2026 21w ago | 8-K | $0.0204 $0.009800 | ▲ +51.96% | ▲ +53.19% | — |
May 21, 2026 22w ago | 8-K | $0.0204 $0.0138 | ▼ −32.35% | ▼ −35.54% | — |
May 14, 2026 23w ago | 8-K | $0.0204 $0.0144 | ▲ +29.41% | ▲ +33.93% | — |
Mar 30, 2026 30w ago | 8-K | $0.0204 $0.0135 | ▼ −33.82% | ▼ −46.21% | — |
US Market Status
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