Jasper Therapeutics, Inc. reported net losses of $71.3 million for the year ended December 31, 2024, compared to $64.5 million in the prior year. Negative operating cash flows reached $62.6 million in 2024, up from $52.1 million in 2023. The company's accumulated deficit stood at $240.9 million as of December 31, 2024. Cash and cash equivalents totaled $71.6 million at the end of 2024.
Significant changes in research and development expenses contributed to the increased net loss. While personnel-related costs increased by $4.9 million to $14.9 million due to increased headcount, program costs decreased by $2.5 million to $34.3 million, primarily due to lower contract manufacturing organization (CMO) expenses. General and administrative expenses rose by $3.3 million to $20.4 million, largely driven by increased employee payroll and professional consulting services.
The company advanced its lead product candidate, briquilimab, through several clinical trials. Positive preliminary data were presented in January 2025 from the Phase 1b/2a BEACON study in chronic spontaneous urticaria (CSU), showing rapid onset and deep clinical responses. Positive preliminary data were also presented in October 2024 from the Phase 1b/2a SPOTLIGHT study in chronic inducible urticaria (CIndU). A Phase 1b/2a ETESIAN study in asthma commenced in late 2024. An open-label extension study allows participants from BEACON and SPOTLIGHT to continue receiving briquilimab. Jasper also continues a Phase 1/2 clinical trial evaluating briquilimab as a conditioning therapy for severe combined immunodeficiency (SCID) patients. As of December 31, 2024, Jasper employed 64 full-time employees, 11 with Ph.D.s and 6 with M.D.s.
Jasper Therapeutics holds exclusive license agreements with Amgen Inc. for worldwide development and commercialization of briquilimab and with Stanford University for its use in stem cell transplantation. The company does not currently possess its own manufacturing facilities, relying instead on contract manufacturers. Jasper also lacks sales and marketing infrastructure for commercial product launches, potentially relying on partnerships in markets outside North America. The company anticipates needing substantial additional funding to continue operations and product development. As of February 25, 2025, $75 million remained available under an at-the-market offering and approximately $124.5 million remained available under a shelf registration statement. The company's management acknowledges substantial doubt about its ability to continue as a going concern beyond one year from the filing date.
About Jasper Therapeutics, Inc.
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