JSPR · Jasper Therapeutics, Inc.

Jasper Therapeutics' Q4 2025 results showed a narrower net loss of $9.1 million compared to $24.3 million in Q4 2024, driven by lower R&D expenses of $11.4 million versus $19.8 million and G&A of $4.5 million versus $5.5 million, reflecting cost management amid clinical progress. Full-year net loss widened slightly to $75.8 million from $71.3 million, with R&D rising to $63.1 million from $55.8 million due to briquilimab development. Cash burn reduced the position to $28.7 million from $71.6 million year-end 2024, signaling need for capital to fund upcoming trials. CEO Jeet Mahal highlighted briquilimab's differentiated profile in CSU and CIndU, with BEACON study data showing 67% complete response in Cohort 9.1 (240mg/180mg Q8W) and 75% in open-label extension, enabling dose selection for Phase 2b/3 study enrollment in H2 2026 pending funding. Investigation into prior BEACON cohort anomalies confirmed no drug product issues, leading to enhanced site and screening protocols. ETESIAN asthma proof-of-concept with single 180mg dose showed airway hyperresponsiveness reductions and eosinophil suppression at 6 and 12 weeks, though advancement depends on competitive landscape, partnerships, and capital. Stock-based compensation contributed $1.7 million in Q4. Balance sheet reflects $35.8 million total assets versus $79.9 million prior year, with warrant liability at $16.2 million. Investors should note going concern risks tied to capital raising for clinical continuity.