JSPR · Jasper Therapeutics, Inc.

Jasper Therapeutics, a clinical-stage biotechnology company, continued to incur substantial losses in FY2025, reflecting the capital-intensive nature of advancing product candidates toward commercialization without generating revenue. Operating income deteriorated to -$83.9 million from -$76.2 million in FY2024, a 10.0% widening driven by escalating research and development expenses as the company progressed its pipeline, including production and testing at Lonza facilities in Switzerland and the United Kingdom. This underscores the challenge of balancing program advancement with cost discipline in a pre-revenue environment.