Full Press Release Details
Jasper Therapeutics Reports Fourth Quarter and
Full-Year 2024 Financial Results and Provides Corporate Update
REDWOOD CITY, Calif., February 27, 2025 (GLOBE
NEWSWIRE) - Jasper Therapeutics, Inc. (Nasdaq: JSPR) (Jasper), a clinical stage biotechnology company focused on development
of briquilimab, a novel antibody therapy targeting c-Kit (CD117) to address mast cell driven diseases such as chronic spontaneous urticaria
(CSU), chronic inducible urticaria (CIndU) and asthma, today reported results for the fiscal quarter and year ended December 31, 2024
and provided a corporate update.
"The past year has been a transformational
period for Jasper, highlighted by positive data readouts from the BEACON study in CSU and the SPOTLIGHT study in CIndU, our first two
clinical studies evaluating Briquilimab in mast cell diseases," said Ronald Martell, President and Chief Executive Officer of Jasper.
"Data from both studies demonstrate the ability of briquilimab to drive rapid and deep response profiles in patients with chronic
urticaria, along with the potential for a favorable and differentiated safety profile. We believe the preliminary results from the BEACON
study support advancing briquilimab into a pivotal program in CSU beginning with an operationally adaptive Phase 2b study that we expect
to commence later this year. Final dose selection for the Phase 2b study will be further informed by a substantial array of additional
clinical data at doses of 180mg and higher coming mid-year, including results from approximately 40 additional patients in the BEACON
study and SPOTLIGHT study, as well as results from approximately 30 patients in the open-label extension study."
Highlights for Fourth Quarter 2024 and Recent Weeks
Fiscal 2024 Financial Results
Jasper is a clinical-stage biotechnology company
focused on developing briquilimab as a therapeutic for chronic mast cell diseases. Briquilimab is a targeted aglycosylated 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. This inhibition disrupts the critical survival signal, leading to the depletion of the mast cells via apoptosis
which removes the underlying source of the inflammatory response in mast cell driven diseases such as chronic urticaria and asthma. Jasper
is currently conducting clinical studies of briquilimab as a treatment in patients with CSU, CIndU or asthma. Briquilimab has a demonstrated
efficacy and safety profile in patients and healthy volunteers, with positive clinical outcomes in CSU and CIndU. For more information,
please visit us at www.jaspertx.com.
Forward-Looking Statements
Certain 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 in mast cell driven diseases such as CSU, CIndU, and asthma, its
the ability to drive rapid and deep response profiles and its potential for a favorable and differentiated safety profile; Jasper's
expectations regarding advancing briquilimab into a pivotal program in CSU, including the timing for of an operationally adaptive Phase
2b study; Jasper's expected timing for reporting data from its BEACON study, its 180mg cohort of the SPOTLIGHT study and its OLE
study in chronic urticarias; and Jasper's expectations related to its ETESIAN study, including the expected number of patients,
expected number of sites and locations and expected timing for reporting initial data. 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 prior test,
study and trial results may not be replicated in continuing or future studies and trials; 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; 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, 2024
to be filed following this press release and subsequent Quarterly Reports on Form 10-Q. 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.
Joyce Allaire (investors)
Alex Gray (investors)
Lauren Walker (media)
---tables to follow---
JASPER THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(in thousands, except share and per share
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development (1) | $ | 19,772 | $ | 13,835 | $ | 55,821 | $ | 51,785 | ||||||||
| General and administrative (1) | 5,513 | 3,890 | 20,418 | 17,076 | ||||||||||||
| Total operating expenses | 25,285 | 17,725 | 76,239 | 68,861 | ||||||||||||
| Loss from operations | (25,285 | ) | (17,725 | ) | (76,239 | ) | (68,861 | ) | ||||||||
| Interest income | 938 | 1,234 | 5,058 | 5,199 | ||||||||||||
| Change in fair value of earnout liability | - | 28 | - | 18 | ||||||||||||
| Change in fair value of common stock warrant liability | - | - | - | (575 | ) | |||||||||||
| Other expense, net | 26 | (118 | ) | (88 | ) | (246 | ) | |||||||||
| Total other income, net | 964 | 1,144 | 4,970 | 4,396 | ||||||||||||
| Net loss and comprehensive loss | $ | (24,321 | ) | $ | (16,581 | ) | $ | (71,269 | ) | $ | (64,465 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (1.62 | ) | $ | (1.50 | ) | $ | (4.89 | ) | $ | (6.18 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 15,008,473 | 11,044,542 | 14,584,870 | 10,439,034 |
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Research and development | $ | 1,331 | $ | 894 | $ | 4,580 | $ | 3,607 | ||||||||
| General and administrative | 639 | 264 | 2,039 | 1,604 | ||||||||||||
| Total | $ | 1,970 | $ | 1,158 | $ | 6,619 | $ | 5,211 |
JASPER THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 71,637 | $ | 86,887 | ||||
| Prepaid expenses and other current assets | 4,174 | 2,051 | ||||||
| Total current assets | 75,811 | 88,938 | ||||||
| Property and equipment, net | 1,875 | 2,727 | ||||||
| Operating lease right-of-use assets | 976 | 1,467 | ||||||
| Restricted cash | 417 | 417 | ||||||
| Other non-current assets | 820 | 1,343 | ||||||
| Total assets | $ | 79,899 | $ | 94,892 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,027 | $ | 4,149 | ||||
| Current portion of operating lease liabilities | 1,089 | 972 | ||||||
| Accrued expenses and other current liabilities | 10,121 | 7,253 | ||||||
| Total current liabilities | 15,237 | 12,374 | ||||||
| Non-current portion of operating lease liabilities | 724 | 1,814 | ||||||
| Other non-current liabilities | 2,264 | 2,264 | ||||||
| Total liabilities | 18,225 | 16,452 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock | - | - | ||||||
| Common stock | 2 | 1 | ||||||
| Additional paid-in capital | 302,541 | 248,039 | ||||||
| Accumulated deficit | (240,869 | ) | (169,600 | ) | ||||
| Total stockholders' equity | 61,674 | 78,440 | ||||||
| Total liabilities and stockholders' equity | $ | 79,899 | $ | 94,892 |