Jasper Therapeutics (JSPR) Q1 2026 earnings summary

Executive summary

• Advanced briquilimab for mast cell-driven diseases, focusing on CSU, CIndU, and asthma, with discontinued programs to concentrate resources.

• Reported positive clinical data for briquilimab in CSU and CIndU, including high response rates and favorable safety profile in BEACON and open-label extension studies.

• Updated Phase 2b protocol for CSU was refiled with the FDA, and dosing regimens were selected for the upcoming study.

• Underwent corporate reorganization in 2025, including workforce reduction and leadership transition with Jeet Mahal appointed as CEO.

Financial highlights

• Net loss for Q1 2026 was $1.2 million, or $0.04 per share, a significant improvement from $21.2 million, or $1.41 per share, in Q1 2025.

• Cash and cash equivalents as of March 31, 2026, were $14.1 million, down from $28.7 million at year-end 2025.

• Operating cash outflow for Q1 2026 was $14.5 million, compared to $22.8 million in Q1 2025.

• Research and development expense was $5.8 million and general and administrative expense was $5.1 million for Q1 2026.

• Accumulated deficit reached $317.8 million as of March 31, 2026.

Outlook and guidance

• Planning to commence Phase 2b study of briquilimab in CSU in the second half of 2026, contingent on securing additional funding.

• Management expects continued substantial losses and negative cash flows, with no revenue until product approval and commercialization.

• Current cash is insufficient to fund operations for the next twelve months, raising substantial doubt about ability to continue as a going concern.

• Actively seeking additional capital through equity, debt, or partnerships; failure to secure funding may force further cost reductions or program eliminations.