Research Reports

Key takeaways

Cash and equivalents fell to $14.1 million as of March 31, 2026 from $28.7 million at year-end.

Q1 2026 net loss $1.2 million or ($0.04) per share, improved from ($21.2 million) or ($1.41) per share in Q1 2025.

R&D expenses $5.8 million, G&A $5.1 million for Q1 2026, down from $16.2 million and $5.6 million prior year.

Refiled updated Phase 2b protocol with FDA for briquilimab in CSU, planning study start in H2 2026 pending funding.

Positive briquilimab data: 67% complete response in BEACON extension, 75% in open-label at 12 weeks.

Jeet Mahal appointed CEO to lead clinical growth phase.

Full analysis

Jasper Therapeutics' Q1 2026 results showed significant improvement in net loss to $1.2 million from $21.2 million year-over-year, driven by sharply lower R&D expenses at $5.8 million versus $16.2 million, likely reflecting optimized spending amid cash preservation efforts as cash dropped to $14.1 million from $28.7 million at December 31, 2025. A $9.6 million gain from warrant liability fair value change boosted other income, contributing to the narrower loss and EPS of ($0.04) versus ($1.41). On the clinical front, CEO Jeet Mahal highlighted progress in briquilimab for CSU, with refiled Phase 2b protocol selecting two dosing regimens from BEACON, SPOTLIGHT, and open-label data showing strong response rates—67% complete response in BEACON extension and 75% in open-label—plus durable safety over 200 days median follow-up. The company seeks funding for H2 2026 Phase 2b start, underscoring liquidity as a key investor watchpoint given low cash runway.

JSPR · Jasper Therapeutics, Inc.

Summary

Key takeaways

Full analysis