Efficacy of Briquilimab 180mg - A single 180mg dose of briquilimab demonstrated a 100% clinical response in participants with Chronic Inducible Urticaria (CIndU) [31] - 92% (11 out of 12) of participants in the 180mg cohort achieved a Complete Response (CR) by week 8 [21] - 83% (10 out of 12) of participants at 180mg had tryptase measurements below the Lower Limit of Quantification (LLOQ) [16] - 67% (8 out of 12) of patients in the 180mg group achieved a clinical response by week 2 [24] - Durability was shown with 58% (7 out of 12) clinical response maintained at 8 weeks (5 CRs and 2 PRs) in the 180mg dose [31] Safety and Tolerability - Briquilimab was well-tolerated in participants with CIndU [31] - Possibly KIT-related adverse events observed were low-grade and transient [31] - A reduction to below Lower Limit of Quantification (LLOQ) (1 µg/L) was seen in 833% (10/12) participants at 180mg [18] Study Design and Demographics - The SPOTLIGHT study is a Phase 1b/2a open-label, single ascending dose study in Chronic Inducible Urticaria [12] - The study included approximately 27 participants across ~5 sites in the EU [12] - The study evaluated briquilimab at 40mg (n=3), 120mg (n=12), and 180mg (n=12) single doses [12]

Core Insights - Jasper Therapeutics, Inc. presented promising data from the 180mg cohort of its SPOTLIGHT Phase 1b/2a study, showing that 100% of participants achieved a clinical response and 92% achieved a complete response [1][2][5] - The study demonstrated rapid and durable efficacy, with significant improvements observed as early as week 1, and 66% of participants achieving clinical response by week 2 [1][5][10] - Briquilimab was well tolerated, with no serious adverse events reported in the 180mg cohort, indicating a potentially differentiated safety profile [1][9][10] Study Design and Results - The SPOTLIGHT study is an open-label clinical trial evaluating briquilimab in adult participants with cold urticaria or symptomatic dermographism who are refractory to antihistamines, enrolling 27 participants across three dose cohorts: 40mg, 120mg, and 180mg [3][4] - Among the 12 participants in the 180mg cohort, 25% were diagnosed with cold urticaria and 75% with symptomatic dermographism, with a high disease burden indicated by provocation threshold testing [4][5] - Overall, 81% of participants in the study achieved a complete response, and 96% achieved either a complete or partial response [6][7] Safety and Tolerability - The mean baseline serum tryptase for the 180mg cohort was 5.1 ng/ml, with significant reductions observed, correlating with clinical responses [8] - No serious adverse events or grade 3 or higher adverse events were reported, with mild, transient drops in neutrophil counts observed in some participants [9][10] - The safety profile of briquilimab appears favorable, with low frequency and low-grade adverse events that resolved quickly [10] Company Information - Jasper Therapeutics is focused on developing briquilimab as a therapeutic for chronic mast cell diseases, including chronic spontaneous urticaria and asthma [13] - The company is conducting clinical studies to further evaluate briquilimab's efficacy and safety profile in patients with chronic urticaria and asthma [13]

Summary of Jasper Therapeutics Conference Call Company Overview - **Company**: Jasper Therapeutics - **Lead Program**: Briquilimab, targeting mast cell-mediated diseases [2][4] Industry Context - **Focus Area**: Mast cell-driven diseases, including chronic spontaneous urticaria, chronic inducible urticaria, and asthma [2][6] - **Market Opportunity**: Significant potential in treating over 3.5 million patients with urticaria and a large asthma market [39] Core Insights and Arguments 1. **Mechanism of Action**: Briquilimab targets the KIT receptor on mast cells, leading to apoptosis and depletion of these cells, which are implicated in various diseases [4][5] 2. **Clinical Trials**: Currently conducting trials for chronic spontaneous urticaria, chronic inducible urticaria, and asthma [6][35] 3. **Efficacy in Urticaria**: Briquilimab demonstrated rapid onset of clinical activity, with significant responses observed within the first week [9][18] 4. **Dosing Strategy**: The company is exploring optimal dosing intervals to maximize efficacy while minimizing adverse effects [7][8] 5. **Safety Profile**: Favorable safety profile with transient adverse events, including hair color changes and taste alterations, which resolved before the next dose [20][25][30] 6. **Comparative Efficacy**: Briquilimab shows competitive efficacy compared to other drugs in development for urticaria [19][28] Additional Important Points 1. **Upcoming Data Releases**: Mid-year data expected from ongoing studies, including the BEACON study and the asthma challenge study [32][38] 2. **Phase 2b Clinical Trial**: Planned initiation in the second half of the year, leading to phase 3 registrational trials [40] 3. **Market Differentiation**: Briquilimab and barzolimab are the only drugs aimed at depleting mast cells, while others only inhibit them [39] Conclusion - **Transformative Year Ahead**: 2025 is projected to be pivotal for Jasper Therapeutics with significant data readouts and trial initiations [40]

Summary of Jasper Therapeutics (JSPR) Conference Call Company Overview - Jasper Therapeutics focuses on mast cell-mediated diseases, with its lead asset being briquelimab, a monoclonal antibody targeting c-KIT on mast cells [2][3] Core Points and Arguments Mechanism of Action - Briquelimab targets c-KIT, which is crucial for mast cell survival. Inhibition leads to mast cell apoptosis, making it a clean mechanism for treating related diseases [3][4][5] Clinical Trials and Data - The BEACON study is a Phase 1/2 trial exploring optimal dosing of briquelimab in chronic spontaneous urticaria (CSU) [6] - Initial data showed a rapid onset of clinical relief, with complete responses ranging from 50% to 100% at the 240 mg dose level, durable for eight weeks [10][12] - The study tested doses from 10 mg to 240 mg, with a half-life of approximately nine days for briquelimab [7][9] Safety Profile - The safety profile of briquelimab appears favorable, with no unexpected adverse events reported. Most c-KIT related adverse events were mild and transient [21][24] - Neutropenia concerns were addressed, indicating that stem cells remain viable despite c-KIT inhibition [22][24] Future Data and Expectations - Upcoming data from the BEACON study is expected in mid-2025, which will help differentiate briquelimab from competitors like Barzolumab [25][26] - The company plans to initiate a Phase 2b adaptive clinical trial by the end of 2025 [27] Competitive Landscape - The approval of Dupixent is seen as beneficial for educating dermatologists about biologics in CSU, but briquelimab and Barzolumab are the only therapies that deplete mast cells [39][40] - Briquelimab is positioned as a potential therapy of choice in the CSU setting due to its unique mechanism [41] Broader Pipeline - Jasper Therapeutics is also exploring briquelimab for mild to moderate asthma, with data expected in the second half of 2025 [42][43] - The company is considering additional indications, targeting diseases that are mast cell-mediated [42] Important but Overlooked Content - The BEACON study's small sample size may affect the interpretation of data, particularly regarding the complete response rates [12][18] - The potential for misdiagnosis in patients with CSU was highlighted, indicating the need for careful patient selection [19] This summary encapsulates the key points discussed during the conference call, providing insights into Jasper Therapeutics' current status, future plans, and competitive positioning in the market.

Company Overview - Jasper Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing briquilimab, a novel antibody therapy targeting KIT to treat mast cell driven diseases such as chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU), and asthma [2] Product Development - Briquilimab is a targeted aglycosylated monoclonal antibody that inhibits the binding of stem cell factor to the cell-surface receptor KIT, leading to the depletion of mast cells through apoptosis, which addresses the inflammatory response in mast cell driven diseases [2] - The company is currently conducting clinical studies of briquilimab for patients with CSU, CIndU, or asthma, demonstrating efficacy and safety in previous trials [2] Investor Engagement - Jasper Therapeutics will participate in the RBC Capital Markets 2025 Global Healthcare Conference on May 21, 2025, and the Jefferies 2025 Global Healthcare Conference on June 5, 2025, with live webcasts available on their Investor Relations website [1]

Financial Performance - Jasper reported a net loss of $21.2 million for Q1 2025, with a net loss per share of $1.41, compared to a net loss of $13.7 million in Q1 2024[6][10]. - Total operating expenses for Q1 2025 were $21.8 million, compared to $15.1 million in Q1 2024[6][10]. - Cash and cash equivalents as of March 31, 2025, totaled $48.8 million, a decrease from $71.6 million at the end of 2024[6][12]. - Total current assets decreased to $53.2 million as of March 31, 2025, from $75.8 million at the end of 2024[6][12]. - Total liabilities decreased to $15.4 million as of March 31, 2025, compared to $18.2 million at the end of 2024[6][12]. Research and Development - Research and development expenses for the three months ended March 31, 2025, were $16.2 million, up from $10.3 million in the same period last year[6][10]. - The BEACON study in chronic spontaneous urticaria (CSU) is expected to provide mid-year data updates in Q3 2025, which will inform the final dose selection for the planned Phase 2b study[2][3]. - Enrollment in the SPOTLIGHT Phase 1b/2a study for cold urticaria and symptomatic dermographism has been completed, with data expected to be reported in June 2025[3]. - The ETESIAN Phase 1b/2a study for allergic asthma continues to enroll patients, with initial data anticipated in the second half of 2025[6][3]. - The company plans to commence the Phase 2b operationally-adaptive study in the second half of 2025, pending data from ongoing studies[3][2].

Core Insights - Jasper Therapeutics is advancing briquilimab, a novel antibody therapy targeting mast cell-driven diseases, with significant progress reported in clinical trials [2][5][7] - The company reported a net loss of $21.2 million for the first quarter of 2025, with a basic and diluted net loss per share of $1.41 [6][10] Clinical Development - Jasper is focused on three clinical programs: chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU), and asthma, with important data readouts expected later in 2025 [2][5] - The BEACON study in CSU continues to show promising results, with updated data presented at major allergy meetings [2][5] - Enrollment in the BEACON Phase 1b/2a study is ongoing, with additional data expected in Q3 2025 [5] - The SPOTLIGHT study for CIndU has completed enrollment in its final cohort, with data presentation planned for June 2025 [5] - The ETESIAN study for asthma is also enrolling patients, with initial data anticipated in the second half of 2025 [5] Financial Performance - As of March 31, 2025, Jasper had cash and cash equivalents totaling $48.8 million, down from $71.6 million at the end of 2024 [5][12] - Research and development expenses for Q1 2025 were $16.2 million, while general and administrative expenses were $5.6 million [5][10] - Total operating expenses for the first quarter were $21.8 million, compared to $15.1 million in the same period of 2024 [10]

Financial Performance - For the three months ended March 31, 2025, the company incurred a net loss of $21.2 million, compared to a net loss of $13.7 million for the same period in 2024, representing a 55% increase in losses year-over-year[104]. - The company generated negative operating cash flows of $22.8 million for the three months ended March 31, 2025, compared to $15.7 million for the same period in 2024, indicating a 45% increase in negative cash flows[104]. - As of March 31, 2025, the company had an accumulated deficit of $262.1 million, reflecting ongoing financial challenges[104]. - The company reported a net loss of $21.2 million for the three months ended March 31, 2025, compared to a net loss of $13.7 million for the same period in 2024, reflecting a 55% increase in losses[118]. - The net loss for the period ended March 31, 2025, was $21.2 million, which included non-cash adjustments totaling $2.3 million[142]. - The company reported a net decrease in cash and cash equivalents of $22.8 million for the three months ended March 31, 2025[140]. Cash and Funding - The company had cash and cash equivalents of $48.8 million as of March 31, 2025, indicating a need for continued capital raising efforts[106]. - The company anticipates significant future funding requirements to support ongoing research and development, with an accumulated deficit of $262.1 million as of March 31, 2025[132]. - The company filed a new universal shelf registration statement allowing it to sell up to $300.0 million in various securities to fund operations[128]. - Cash provided by financing activities for the three months ended March 31, 2024, was $47.3 million, primarily from the issuance and sale of common stock[145]. Research and Development - The company commenced the Phase 1b/2a BEACON study in Chronic Spontaneous Urticaria (CSU) in late 2023, with preliminary data showing UAS7 reductions of up to 29 points at the 120mg Q12W dose level[99]. - In the Phase 1b/2a SPOTLIGHT study for Chronic Inducible Urticaria (CIndU), 93% of participants achieved a clinical response, with 83% of participants in the 120mg cohort experiencing a complete response[105]. - The company is developing briquilimab for multiple mast cell driven diseases and intends to broaden its pipeline with additional indications and next-generation products[101]. - Research and development expenses increased by $5.9 million, from $10.3 million for the three months ended March 31, 2024 to $16.2 million for the three months ended March 31, 2025, representing a 57% increase[120]. - Personnel-related costs in research and development increased by $1.7 million, from $3.1 million for the three months ended March 31, 2024 to $4.8 million for the same period in 2025, a 55% increase[121]. - Program costs for the three months ended March 31, 2025 totaled $9.8 million, up from $6.1 million in the same period of 2024, marking a 60% increase[123]. - The company expects to continue incurring significant expenses related to research and development and general administrative activities in the foreseeable future[131]. Expenses - General and administrative expenses rose by $0.8 million, from $4.8 million for the three months ended March 31, 2024 to $5.6 million for the three months ended March 31, 2025, an 18% increase[125]. - Interest income decreased by $0.8 million, from $1.4 million for the three months ended March 31, 2024 to $0.6 million for the same period in 2025, a 55% decline[126]. Strategic Partnerships - The company has exclusive license agreements with Amgen and Stanford University for the development and commercialization of briquilimab, enhancing its strategic partnerships in the industry[102]. - Under the 2024 Stanford License Agreement, the company is obligated to pay clinical development milestone payments of up to $1.3 million and sales milestone payments of up to $7.0 million[138]. - The company has obligations under the 2021 Stanford License Agreement totaling up to $9.0 million in milestone payments and low single-digit royalties on net sales of licensed products[137]. Operational Commitments - As of March 31, 2025, the company had rent commitments of $1.9 million due within the next 12 months and $0.8 million for the remainder of the lease term[136]. - The company leased approximately 25,900 square feet of space for its headquarters, with the lease expiring in August 2026 and an option to extend for five additional years[136]. Market Risk - There have been no material changes to the company's market risk during the three months ended March 31, 2025[150].

Core Insights - Jasper Therapeutics is presenting updated clinical data for briquilimab, an antibody therapy targeting c-Kit for mast cell driven diseases, at the AAAAI 2025 Annual Meeting [1][2] - The BEACON study shows briquilimab is well tolerated with a favorable safety profile, supporting its advancement into a registrational program for chronic spontaneous urticaria (CSU) [2][3] - The company plans to initiate a Phase 2b operationally adaptive study in the second half of 2025, with additional data expected mid-year 2025 to inform dose selection [2][3] Clinical Data - The updated BEACON study data includes approximately one month of additional dosing and follow-up from 49 participants [2] - No new adverse events related to c-Kit blockade were observed, reinforcing the safety profile of briquilimab [2][3] - The treatment demonstrated rapid and deep clinical responses in patients with moderate to severe CSU, particularly those previously treated with omalizumab [3] Future Plans - Jasper is enrolling additional patients in the BEACON and SPOTLIGHT studies, with plans to report data from around 70 more patients treated with briquilimab doses of 180mg or higher by mid-2025 [3] - The company aims to differentiate briquilimab from other therapies in terms of onset of action, depth of response, and safety/tolerability [3] Presentation Details - The presentations at the AAAAI 2025 Annual Meeting include multiple abstracts related to briquilimab's efficacy and mechanisms of action [4][5] - Key sessions include late-breaking oral and poster presentations scheduled for March 1 and March 2, 2025 [4][5] Company Overview - Jasper Therapeutics focuses on developing briquilimab as a treatment for chronic mast cell diseases, including CSU and asthma [6] - Briquilimab works by blocking stem cell factor from binding to c-Kit, leading to mast cell depletion and addressing the inflammatory response in these diseases [6]

Financial Performance - The company incurred net losses of $71.3 million and $64.5 million for the years ended December 31, 2024 and 2023, respectively [426]. - The company generated negative operating cash flows of $62.6 million and $52.1 million for the years ended December 31, 2024 and 2023, respectively [426]. - As of December 31, 2024, the company had an accumulated deficit of $240.9 million [426]. - Net loss increased by $6.8 million, from $64.5 million in 2023 to $71.3 million in 2024, an 11% increase [446]. - Total other income, net increased by $0.6 million, from $4.4 million in 2023 to $5.0 million in 2024 [453]. - Cash provided by financing activities for the year ended December 31, 2024, was $47.9 million, primarily from the issuance and sale of common stock [477]. - The company anticipates substantial additional funding will be required to support ongoing operations and product development initiatives [464]. - The company has significant uncertainties regarding its ability to continue as a going concern within one year from the date of filing the Annual Report due to recurring losses and negative cash flows [464]. Research and Development - The company commenced the Phase 1b/2a BEACON study in Chronic Spontaneous Urticaria (CSU) in late 2023, with 100% complete responses observed at the 240mg dose level [421]. - In the Phase 1b/2a SPOTLIGHT study for Chronic Inducible Urticaria (CIndU), 93% of participants achieved a clinical response across the 40mg and 120mg dosing cohorts [429]. - The company is developing briquilimab as a one-time conditioning therapy for severe combined immunodeficiency (SCID) patients undergoing a second stem cell transplant [422]. - The company has an exclusive license agreement with Amgen for the development and commercialization of briquilimab in all indications and territories worldwide [424]. Expenses and Costs - Research and development expenses increased by $4.0 million, from $51.8 million in 2023 to $55.8 million in 2024, representing an 8% increase [447]. - Personnel-related costs in research and development rose by $4.9 million, from $10.0 million in 2023 to $14.9 million in 2024, a 49% increase [448]. - General and administrative expenses increased by $3.3 million, from $17.1 million in 2023 to $20.4 million in 2024, a 20% increase [452]. - Total operating expenses rose by $7.4 million, from $68.9 million in 2023 to $76.2 million in 2024, an 11% increase [446]. - Program costs decreased by $2.5 million, from $36.8 million in 2023 to $34.3 million in 2024, primarily due to a significant reduction in CMO expenses [450]. Cash and Liquidity - The company had cash and cash equivalents of $71.6 million as of December 31, 2024 [427]. - Cash used in investing activities was $0.5 million for the year ended December 31, 2024, primarily for purchases of property and equipment [476]. - The company filed a universal shelf registration statement allowing for the offering of up to $250.0 million in securities, effective until May 5, 2026 [459]. - An underwritten offering in February 2024 raised net proceeds of $47.2 million from the issuance of 3,900,000 shares of common stock [461]. - As of December 31, 2024, the company had cash and cash equivalents totaling $71.6 million, with no outstanding debt [491]. - The company intends to maintain its portfolio of cash equivalents in institutional market funds composed of U.S. Treasury and U.S. Treasury-backed securities to minimize future interest rate risk [491]. Other Considerations - The company has lease commitments of $1.2 million within the next 12 months and $0.7 million for the remainder of the lease term as of December 31, 2024 [468]. - The company is obligated to pay up to $9.0 million in milestone payments under the 2021 Stanford License Agreement, with no royalties due as of December 31, 2024 [469]. - The company has not experienced material foreign currency transaction gains or losses, and a hypothetical 10% change in exchange rates would not materially affect its financial statements [492]. - Inflation has increased costs related to labor and clinical trials, but it has not had a material effect on the company's consolidated financial statements [493]. - The company is classified as a "smaller reporting company," allowing it to provide only two years of audited financial statements until certain thresholds are met, including a market value of common stock held by non-affiliates exceeding $250 million [490].