Jasper Therapeutics Reports $2.8 Million Net Loss, Completes Kira Pharmaceuticals Acquisition

Jasper Therapeutics, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending June 30, 2026. The company recorded a net loss of $2.8 million for the quarter, a substantial decrease from the $26.7 million loss reported in the same period last year. For the first half of 2026, Jasper's net loss was $3.9 million, compared to $48.0 million for the first half of 2025. This reduction in losses is attributed to a significant decrease in operating expenses, which fell to $9.2 million for the quarter, down from $27.1 million a year earlier, primarily due to cost-cutting measures implemented in 2025.

The company’s total operating expenses for the first half of 2026 were $20.2 million, a 59% decrease from $48.9 million in the same period of 2025. Research and development expenses were the largest component, totaling $10.9 million, down 71% from $37.4 million in the prior year. This decline reflects a strategic shift following a corporate reorganization that included workforce reductions and a focus on fewer clinical programs, particularly the briquilimab platform.

In terms of operational developments, Jasper completed the acquisition of Kira Pharmaceuticals on July 16, 2026, which is expected to enhance its product pipeline. The merger involved the issuance of 5.2 million shares of common stock and 4.6 million shares of non-voting convertible preferred stock, which can convert into common stock upon stockholder approval. This acquisition is part of Jasper's strategy to consolidate its position in the biotechnology sector, focusing on biologic agents for immunologically-driven disorders.

As of June 30, 2026, Jasper had cash and cash equivalents of $7.3 million, a decrease from $28.7 million at the end of 2025. The company has indicated that it may need to raise additional capital to support ongoing operations, particularly given its history of operating losses and the potential obligation to repurchase the newly issued preferred stock if stockholder approval for conversion is not obtained within a year. Jasper is actively seeking funding through equity or debt financing to extend its cash runway.

Looking ahead, Jasper anticipates continued investment in its clinical development programs, particularly for briquilimab, which has received various designations from the FDA, including Orphan Drug and Fast Track designations. The company plans to report interim data from its ongoing clinical trials in the coming quarters, which will be critical for its future growth and potential path to profitability.