Jasper Therapeutics Reports $26.7 Million Net Loss and Organizational Restructuring

Jasper Therapeutics, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded a net loss of $26.7 million for the quarter, compared to a loss of $14.6 million in the same period last year, marking an increase of 83%. For the first half of 2025, the net loss reached $48.0 million, up from $28.3 million in the first half of 2024. The company's total operating expenses for the quarter were $27.1 million, a 69% increase from $16.0 million in the prior year, driven primarily by a substantial rise in research and development costs, which surged by 88% to $21.2 million.

In terms of liquidity, Jasper's cash and cash equivalents decreased to $39.5 million as of June 30, 2025, down from $71.6 million at the end of 2024. The company reported negative cash flows from operations of $38.3 million for the first half of 2025, compared to $27.4 million in the same period of 2024. This decline in cash reserves raises concerns about the company's ability to sustain operations without additional funding, as management acknowledged substantial doubt about its ability to continue as a going concern within the next year.

Strategically, Jasper has undergone significant organizational changes, including a corporate reorganization announced in July 2025, which involved a workforce reduction of approximately 50%. This move aims to extend the company's cash runway and refocus its efforts on the clinical development of its lead product candidate, briquilimab, targeting chronic spontaneous urticaria and chronic inducible urticaria. The company has halted enrollment in its Phase 1b/2a asthma study and other clinical programs to concentrate resources on its primary therapeutic areas.

Operationally, Jasper's research and development expenses have increased due to heightened activity in clinical trials, particularly for briquilimab. The company reported that program costs for the CSU program rose significantly, reflecting increased spending on clinical research organizations and other related services. Despite these efforts, the company faces challenges in patient enrollment and trial execution, which could further delay its product development timelines.

Looking ahead, Jasper's management plans to finance its future operations through a combination of equity and debt financing, collaborations, and other strategic partnerships. However, the company cautioned that its ability to raise additional funds may be adversely affected by broader economic conditions and market volatility. The outlook remains uncertain, as Jasper continues to navigate significant operational and financial hurdles while striving to achieve regulatory approvals for its product candidates.