Full Press Release Details
Therapeutics Reports Fiscal 2022 Financial Results and Provides a Business Update
CITY, Calif., March 08, 2023 - Jasper Therapeutics, Inc. (Nasdaq: JSPR) (Jasper), a biotechnology company focused on development
of briquilimab, a novel antibody therapy targeting c-Kit (CD117) to address diseases such as chronic spontaneous urticaria, lower to
intermediate risk myelodysplastic syndromes (MDS) as well as novel stem cell transplant conditioning regimes, today announced results
for the fiscal year ended December 31, 2022, and provided a business update.
fourth quarter of 2022 and recent weeks have been a transformational period for Jasper, during which we announced expansion of briquilimab
development to include chronic spontaneous urticaria and secured substantial additional capital to execute on our development plan across
the briquilimab franchise," said Ronald Martell, President and Chief Executive Officer of Jasper. "By focusing on well-characterized
opportunities in chronic mast cell diseases and stem cell transplant for rare diseases, we have established clear, and potentially fast,
pathways to market. With the substantial resources we obtained through our public offering in January 2023, we are positioned to move
rapidly into a clinical trial in chronic severe urticaria and to initiate our chronic lower-risk MDS study, while continuing recruitment
in the SCID, Fanconi Anemia and sickle cell disease transplant studies."
2022 and early 2023, a growing body of clinical and scientific data was presented at major medical meetings, consistently validating
the potential of briquilimab across five transplant indications: SCID, acute myeloid leukemia, MDS, Fanconi Anemia and sickle cell disease,"
continued Mr. Martell. "Together with data recently presented at the Transplantation & Cellular Therapy Meetings of ASTCT and
CIBMTR, we have established mechanistic and clinical proof-of-concept rationale for briquilimab's mechanism of targeting c-Kit,
adding to our confidence in briquilimab and its potential to address a variety of patient populations by targeting c-Kit expressed on
stem cells and mast cells. We look forward to carrying out our priority development programs for briquilimab as a c-Kit targeting therapeutic
in chronic diseases and as a novel conditioning agent for stem cell transplant."
for Fiscal 2022 and Recent Weeks
2022 Financial Results
Briquilimab (formerly known as JSP191)
is a targeted, monoclonal antibody that blocks stem cell factor from binding to the cell-surface receptor c-Kit, also known as CD117,
thereby inhibiting signaling through the receptor. Jasper intends to start clinical studies of briquilimab as a primary treatment in
Chronic Spontaneous Urticaria and Lower to Intermediate Risk myelodysplastic syndromes (MDS). It is also being studied as a conditioning
agent for cell and gene therapies for rare diseases. To date, briquilimab has a demonstrated efficacy and safety profile in 130 dosed
subjects and healthy volunteers, with clinical outcomes as a conditioning agent in severe combined immunodeficiency (SCID), acute myeloid
leukemia (AML), MDS, Fanconi anemia (FA), and sickle cell disease (SCD).
is a clinical-stage biotechnology company developing briquilimab, a monoclonal antibody targeting c-Kit (CD117) as a therapeutic for
chronic mast and stem cell diseases such as chronic urticaria and lower to intermediate risk myelodysplastic syndromes (MDS) and as a
conditioning agent for stem cell transplants for rare diseases such as sickle cell disease (SCD), Fanconi anemia (FA) and severe combined
immunodeficiency (SCID). To date, briquilimab has a demonstrated efficacy and safety profile in over 130 dosed subjects and healthy volunteers,
with clinical outcomes as a conditioning agent in SCID, acute myeloid leukemia (AML), MDS, FA, and SCD. In addition, briquilimab is being
advanced as a transformational non-genotoxic conditioning agent for gene therapy. For more information, please visit us at www.jaspertherapeutics.com.
statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor
provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied
by words such as "believe," "may," "will," "estimate," "continue," "anticipate,"
"intend," "expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook" and similar expressions that predict or indicate
future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited
to, statements regarding briquilimab's potential, including with respect to its potential to address diseases such as chronic spontaneous
urticaria, lower to intermediate risk myelodysplastic syndromes as well as novel stem cell transplant conditioning regimes, its potential
to address a variety of patient populations by targeting c-Kit expressed on stem cells and mast cells and its efficacy and safety profile,
pathways to market, the expansion of briquilimab development, Jasper's expectations regarding the timing of clinical trials and
recruitment for clinical trials and Jasper's expectations regarding its cash and cash equivalents and planned operating and capital
expenditures. These statements are based on various assumptions, whether or not identified in this press release, and on the current
expectations of Jasper and are not predictions of actual performance. These forward-looking statements are provided for illustrative
purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction
or a definitive statement of fact or probability. Many actual events and circumstances are beyond the control of Jasper. These forward-looking
statements are subject to a number of risks and uncertainties, including general economic, political and business conditions; the risk
that the potential product candidates that Jasper develops may not progress through clinical development or receive required regulatory
approvals within expected timelines or at all; the risk that clinical trials may not confirm any safety, potency or other product characteristics
described or assumed in this press release; the risk that Jasper will be unable to successfully market or gain market acceptance of its
product candidates; the risk that prior study results may not be replicated; the risk that Jasper's product candidates may not
be beneficial to patients or successfully commercialized; patients' willingness to try new therapies and the willingness of physicians
to prescribe these therapies; the effects of competition on Jasper's business; the risk that third parties on which Jasper depends
for laboratory, clinical development, manufacturing and other critical services will fail to perform satisfactorily; the risk that Jasper's
business, operations, clinical development plans and timelines, and supply chain could be adversely affected by the effects of health
epidemics, including the ongoing COVID-19 pandemic; the risk that Jasper will be unable to obtain and maintain sufficient intellectual
property protection for its investigational products or will infringe the intellectual property protection of others; and other risks
and uncertainties indicated from time to time in Jasper's filings with the SEC, including its Annual Report on Form 10-K for the
year ended December 31, 2022. If any of these risks materialize or Jasper's assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking statements. While Jasper may elect to update these forward-looking statements
at some point in the future, Jasper specifically disclaims any obligation to do so. These forward-looking statements should not be relied
upon as representing Jasper's assessments of any date subsequent to the date of this press release. Accordingly, undue reliance
should not be placed upon the forward-looking statements.
John Mullaly (investors)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
thousands, except share and per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development (1) | $ | 9,282 | $ | 8,657 | $ | 34,627 | $ | 25,421 | ||||||||
| General and administrative (1) | 4,465 | 3,425 | 16,569 | 11,412 | ||||||||||||
| Total operating expenses | 13,747 | 12,082 | 51,196 | 36,833 | ||||||||||||
| Loss from operations | (13,747 | ) | (12,082 | ) | (51,196 | ) | (36,833 | ) | ||||||||
| Change in fair value of common stock warrant liability | 150 | 50 | 7,200 | 500 | ||||||||||||
| Change in fair value of earnout liability | 85 | 3,051 | 5,725 | 9,277 | ||||||||||||
| Change in fair value of derivative liability | - | - | - | (3,501 | ) | |||||||||||
| Other income (expense), net | 301 | (76 | ) | 586 | (80 | ) | ||||||||||
| Total other income, net | 536 | 3,025 | 13,511 | 6,196 | ||||||||||||
| Net loss and comprehensive loss | $ | (13,211 | ) | $ | (9,057 | ) | $ | (37,685 | ) | $ | (30,637 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.36 | ) | $ | (0.25 | ) | $ | (1.03 | ) | $ | (2.69 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 36,653,201 | 36,218,544 | 36,482,761 | 11,393,753 |
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Research and development | $ | 447 | $ | 132 | $ | 1,423 | $ | 612 | ||||||||
| General and administrative | 1,157 | 99 | 2,668 | 436 | ||||||||||||
| Total | $ | 1,604 | $ | 231 | $ | 4,091 | $ | 1,048 |
JASPER THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| December 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 38,250 | $ | 84,701 | ||||
| Other receivables | 663 | - | ||||||
| Prepaid expenses and other current assets | 2,818 | 3,130 | ||||||
| Total current assets | 41,731 | 87,831 | ||||||
| Property and equipment, net | 3,568 | 3,686 | ||||||
| Operating lease right-of-use assets | 1,886 | 1,147 | ||||||
| Restricted cash | 417 | 345 | ||||||
| Other non-current assets | 759 | 645 | ||||||
| Total assets | $ | 48,361 | $ | 93,654 | ||||
| Liabilities, Preferred Stock and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,768 | $ | 3,919 | ||||
| Current portion of operating lease liabilities | 865 | 505 | ||||||
| Accrued expenses and other current liabilities | 4,432 | 3,596 | ||||||
| Total current liabilities | 7,065 | 8,020 | ||||||
| Non-current portion of operating lease liabilities | 2,786 | 2,380 | ||||||
| Common stock warrant liability | 150 | 7,350 | ||||||
| Earnout liability | 18 | 5,743 | ||||||
| Other non-current liabilities | 2,353 | 643 | ||||||
| Total liabilities | 12,372 | 24,136 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock | - | - | ||||||
| Common stock | 4 | 4 | ||||||
| Additional paid-in capital | 141,120 | 136,964 | ||||||
| Accumulated deficit | (105,135 | ) | (67,450 | ) | ||||
| Total stockholders' equity | 35,989 | 69,518 | ||||||
| Total liabilities, preferred stock and stockholders' equity | $ | 48,361 | $ | 93,654 |