Cash runway is critically short (~3 months at Q1 burn rate). The company explicitly needs additional funding to start its Phase 2b CSU study. Watch for equity offering, partnership, or going concern disclosure in the next 10-Q. The warrant liability revaluation is non-cash and masks the underlying operating burn.
Price Chart
Executive Summary
Jasper Therapeutics reported Q1 2026 results with a net loss of $1.2M ($0.04/share) vs $21.2M loss ($1.41/share) in Q1 2025, driven by a $9.6M non-cash gain from warrant liability revaluation. Cash burn reduced to $14.6M from $50.0M in Q1 2025, but cash dropped to $14.1M from $28.7M at year-end. The company refiled its Phase 2b CSU protocol with the FDA but explicitly needs additional funding to start the study in H2 2026 — a going concern risk that overshadows the narrower loss.
Key Financial Metrics
Key Facts
- Cash and cash equivalents fell to $14.1M as of March 31, 2026, from $28.7M at December 31, 2025
- Net loss of $1.2M ($0.04/share) for Q1 2026, compared to $21.2M ($1.41/share) in Q1 2025
- Net loss narrowed primarily due to a $9.6M non-cash gain from change in fair value of warrant liability
- Operating expenses (R&D + G&A) were $11.0M, down from $21.8M in Q1 2025
- Cash used in operations was $14.6M in Q1 2026 vs $50.0M in Q1 2025
- Company refiled Phase 2b protocol with FDA but needs additional funding to commence study in H2 2026
- Stockholders' equity fell to $3.4M from $4.1M at year-end 2025
- Warrant liability decreased to $6.5M from $16.2M at year-end 2025
Financial Impact
Cash burn of $14.6M in Q1 2026 leaves only ~$14.1M cash, implying ~3 months of runway at current burn rate without additional financing
Risk Factors
- Going concern risk — cash may be insufficient to fund operations through H2 2026 without additional financing
- Dilution risk from potential equity offering to fund Phase 2b study
- Clinical execution risk — Phase 2b CSU study start contingent on capital availability
- Warrant liability revaluation ($9.6M gain) is non-cash and masks true operating burn
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-056596 |
| Document: ea0290792-8k_jasper.htm | 0001213900-26-056596 |
| Document: 0001213900-26-056596-index-headers.html | 0001213900-26-056596 |
| Document: 0001213900-26-056596-index.html | 0001213900-26-056596 |
| Document: 0001213900-26-056596.txt | 0001213900-26-056596 |
| 8-K Data (Synthetic) | 0001213900-26-056596 |
Track record builds as more directional reports settle.
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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