Jasper Therapeutics(JSPR) - 2025 Q2 - Quarterly Results

Corporate Update and Business Highlights The company provided updates on briquilimab's clinical efficacy and ongoing investigation into atypical results, alongside a significant corporate restructuring to focus on mast cell-driven diseases Management Commentary Management expressed confidence in briquilimab's potential for mast cell-driven diseases, while addressing an ongoing investigation into atypical efficacy results in specific BEACON study cohorts - The CEO highlighted strong data showing briquilimab's potential, with complete responses in 89% of patients in certain BEACON study cohorts, 73% in an open-label extension, and 92% in the SPOTLIGHT CIndU study[2] - An investigation is underway for two BEACON study cohorts (240mg Q8W and 240mg/180mg Q8W) that did not show expected efficacy. The company is exploring various causes and plans to redose affected patients and enroll new ones, with an update expected later in the year[2] Clinical Program Updates Robust efficacy data for briquilimab in CSU and CIndU was presented, though an investigation into anomalous BEACON study results has delayed the Phase 2b CSU study and paused asthma trial enrollment Briquilimab Efficacy Data Highlights | Study/Cohort | Indication | Key Efficacy Result | | :--- | :--- | :--- | | BEACON (240mg & 360mg single-dose) | CSU | 89% (8 of 9) achieved complete response (UAS7=0) | | Open-Label Extension (180mg Q8W) | CSU | 73% (8 of 11) maintained complete response at 12 weeks | | SPOTLIGHT (180mg) | CIndU | 92% (11 of 12) achieved complete response | - An investigation was initiated for the 240mg Q8W and 240mg/180mg Q8W BEACON cohorts due to an atypical absence of UAS7 reduction. The company is assessing potential product lot variability, as all 10 patients dosed from one specific lot failed to show a response[6] - Due to the ongoing investigation, the planned Phase 2b CSU study is now expected to commence in mid-2026. Enrollment in the ETESIAN asthma study has been halted pending the investigation's outcome[6] - Across studies, briquilimab was reported to be well-tolerated with no dose-limiting toxicities. Any adverse events were generally low-grade and did not lead to discontinuations[3] Corporate Developments Jasper implemented a significant corporate restructuring, including a 50% workforce reduction, to preserve capital and focus resources on its core urticaria programs - The company executed a corporate restructuring, reducing its workforce by approximately 50% to focus resources on its urticaria programs and preserve capital[6] - All non-mast cell focused clinical and preclinical programs, including investigator-sponsored trials and the SCID clinical program, have been halted[6] - As part of the reorganization, Dr. Edwin Tucker stepped down as Chief Medical Officer and was succeeded on an interim basis by Dr. Daniel Adelman[6] Second Quarter Fiscal 2025 Financial Results The company reported a widened net loss for Q2 2025, driven by increased R&D expenses, with a significant decrease in cash and total assets Financial Highlights For the second quarter of 2025, Jasper Therapeutics reported a net loss of $26.7 million and ended the period with $39.5 million in cash and cash equivalents Q2 2025 Financial Summary | Metric | Amount | | :--- | :--- | | Cash and cash equivalents (as of June 30, 2025) | $39.5 million | | Research and development expense | $21.2 million | | General and administrative expense | $5.9 million | | Net loss | $26.7 million | | Net loss per share | $1.74 | Condensed Consolidated Statements of Operations The company's net loss widened to $26,723 thousand for the three months ended June 30, 2025, from $14,583 thousand in the same period of 2024, primarily due to a substantial increase in research and development expenses to $21,196 thousand from $11,296 thousand year-over-year Statement of Operations (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Research and development | $21,196 | $11,296 | $37,353 | $21,594 | | General and administrative | $5,880 | $4,697 | $11,525 | $9,471 | | Total operating expenses | $27,076 | $15,993 | $48,878 | $31,065 | | Loss from operations | $(27,076) | $(15,993) | $(48,878) | $(31,065) | | Net loss | $(26,723) | $(14,583) | $(47,964) | $(28,311) | | Net loss per share | $(1.74) | $(0.97) | $(3.16) | $(2.00) | Condensed Consolidated Balance Sheets As of June 30, 2025, Jasper Therapeutics had total assets of $46,466 thousand, a significant decrease from $79,899 thousand at the end of 2024, primarily due to reduced cash and cash equivalents Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $39,510 | $71,637 | | Total current assets | $42,966 | $75,811 | | Total assets | $46,466 | $79,899 | | Liabilities & Stockholders' Equity | | | | Total current liabilities | $20,500 | $15,237 | | Total liabilities | $22,965 | $18,225 | | Total stockholders' equity | $23,501 | $61,674 | About Jasper Jasper is a clinical-stage biotechnology company focused on developing briquilimab for mast cell-driven diseases like CSU, CIndU, and asthma - Jasper is a clinical-stage biotechnology company focused on developing briquilimab, a monoclonal antibody targeting the c-Kit receptor to deplete mast cells[5] - The company's primary therapeutic areas of focus are mast cell-driven diseases, including chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU), and asthma[5] Forward-Looking Statements This report contains forward-looking statements regarding clinical development and timelines, which are subject to numerous risks and uncertainties - This report contains forward-looking statements regarding briquilimab's potential, clinical trial timelines, and the expected completion of investigations. These statements are subject to numerous risks and uncertainties[7] - Key risks include potential failures in clinical development, inconclusive investigation results, inability to raise capital, and the possibility that prior trial results may not be replicated in future studies[7]