Jasper Therapeutics Reports $75.8 Million Net Loss for Fiscal Year 2025, Focuses on Mast Cell Disease Programs

**Jasper Therapeutics, Inc. Reports Fiscal Year 2025 Results, Prioritizes Mast Cell Disease Programs**

Jasper Therapeutics, Inc., a clinical-stage biotechnology company, reported a net loss of $75.8 million for the year ended December 31, 2025, compared to a net loss of $71.3 million for the previous year. The company's operating expenses totaled $83.9 million in 2025, up from $76.2 million in 2024, with research and development expenses accounting for the majority of the increase. This rise in R&D spending was primarily driven by higher costs associated with the briquilimab platform, CMO product development, and clinical programs for CSU, CIndU, and asthma.

A significant strategic shift occurred in July 2025, as Jasper Therapeutics implemented a corporate reorganization to extend its cash runway and focus resources on its mast cell disease development programs. This included a workforce reduction of approximately 50% and the discontinuation of the SCID program and any remaining Investigator Sponsored Trials (ISTs). The company incurred restructuring charges of approximately $2.3 million in connection with these actions, primarily related to severance payments. Additionally, the company halted enrollment in the ETESIAN study for the asthma program due to concerns about the clinical material used.

Operationally, Jasper Therapeutics continued to advance its clinical programs for briquilimab in CSU and CIndU. Positive preliminary data from the BEACON study in CSU and the SPOTLIGHT study in CIndU were reported throughout the year, demonstrating promising efficacy and a favorable safety profile. The company also commenced an Open Label Extension (OLE) study to evaluate the long-term efficacy and safety of briquilimab in both CSU and CIndU patients. In December 2025, the company reported preliminary results from the ETESIAN study in asthma, showing a reduction in allergen-induced late asthmatic response and lower eosinophil levels in participants receiving briquilimab.

As of December 31, 2025, Jasper Therapeutics had cash and cash equivalents of $28.7 million. To bolster its financial position, the company completed an underwritten public offering in September 2025, raising net proceeds of $27.5 million through the issuance of common stock, pre-funded warrants, and common warrants. The company also has access to an ATM facility, with $93.5 million remaining available as of year-end. However, management has expressed substantial doubt about the company's ability to continue as a going concern, citing its history of operating losses and negative cash flows. The company's future viability depends on its ability to secure additional funding or generate cash from operations.