Jasper Therapeutics(JSPR) - 2025 Q1 - Quarterly Report

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].