Jasper Therapeutics, Inc.

What they do

Jasper is a clinical-stage biotech focused on designing and developing therapies to treat immune-mediated diseases, with no approved products and no product revenue. Its lead asset is KP-104 (vensobafusp alfa), a bifunctional biologic targeting the alternative and terminal complement pathways, being evaluated in a Phase 2 basket trial in rare renal indications. The combined company is also advancing briquilimab, an anti-KIT antibody, and KP-701, a dual-acting anti-CD79BxCD32B monoclonal antibody. Operations are conducted in the United States and China following the Kira acquisition.

Revenue drivers

• No commercial revenue — The company reports no product sales or licensing revenue; the business is funded by equity financings rather than operating income.
• KP-104 (vensobafusp alfa) — Lead clinical asset targeting the complement cascade, positioned for paroxysmal nocturnal hemoglobinuria (PNH) and rare nephrology indications, but it is pre-commercial and generates no revenue.
• Briquilimab — Late-stage anti-KIT antibody across transplant and immunologic indications; no revenue is recorded and further development depends on FDA engagement.
• KP-701 — Preclinical dual-acting anti-CD79BxCD32B antibody for autoantibody-mediated disorders; no revenue and first-in-human studies are planned but not yet started.

Recent performance

For the three months ended June 30, 2026, Jasper reported research and development expense of $5.1 million and general and administrative expense of $4.1 million. The company reported a net loss of $2.8 million, or $0.10 basic and diluted net loss per share, for the second quarter of 2026. Cash and cash equivalents totaled $7.3 million as of June 30, 2026, which the company said was prior to the July 2026 closing of the Kira acquisition and the concurrent private placement. The most recent annual figures show a full-year 2025 net loss of $75.8 million and operating cash flow of negative $77.2 million.

Strategy

Jasper closed the all-stock acquisition of Kira Pharmaceuticals on July 16, 2026, creating a combined company with a portfolio of clinical-stage assets focused on immunologically-driven disorders. Concurrently, it raised approximately $132 million in gross proceeds through a private placement of non-voting convertible preferred stock co-led by Affinity Asset Advisors and Ikarian Capital. Management said the combined company has access to resources in the United States and China to advance the portfolio across multiple diseases of unmet need. Planned priorities include advancing KP-104, progressing briquilimab towards a potential BLA, and commencing first-in-human studies for KP-701. The company also referenced a corporate reorganization and reduction in force intended to achieve cost savings.

Risks

• Going concern and thin cash — Cash and cash equivalents were $7.3 million at June 30, 2026, and management has flagged the ability to continue as a going concern as a forward-looking risk.
• Recurring losses and cash burn — Jasper reported a 2025 net loss of $75.8 million and negative operating cash flow of $77.2 million, with no product revenue to offset expenses.
• Clinical and regulatory timing — KP-104, briquilimab and KP-701 all remain investigational, with key milestones such as an end-of-Phase 2 meeting and a pre-BLA meeting not expected until 2027.
• Nasdaq listing and share overhang — The company disclosed a delisting notice or listing-rule failure on June 9, 2026, and the preferred financing involves conversion features requiring stockholder approval.

Outlook

Management said it believes the combined company has sufficient capital to fund planned operations through the second half of 2028, following the approximately $132 million gross private placement. Interim data from Stage 1 of the KP-104 Phase 2 basket trial in rare renal indications is expected in the fourth quarter of 2026. The company plans to announce next steps for KP-104 development in PNH in the first half of 2027, next steps for briquilimab following a pre-BLA meeting in the first quarter of 2027, and to file a CTA and/or IND for KP-701 Phase 1 evaluation in the first quarter of 2027.