Jasper Therapeutics (JSPR) Q2 2026 earnings summary

Executive summary

• Completed acquisition of Kira Pharmaceuticals in July 2026, expanding the pipeline to include KP-104, KP-701, and discovery-stage complement-targeted biologics, alongside briquilimab, and creating a robust clinical-stage portfolio focused on immunologically-driven disorders.

• Closed a $132.0 million private placement of non-voting convertible preferred stock (PIPE financing), providing capital runway through the second half of 2028 and supporting post-merger integration.

• Corporate reorganization in 2025 led to workforce reduction, narrowed R&D focus to briquilimab, and halted other programs.

• Advancing lead assets KP-104, briquilimab, and KP-701 in multiple indications, with key clinical milestones expected in late 2026 and 2027.

Financial highlights

• Net loss for Q2 2026 was $2.8 million, or $0.10 per share, a 90% improvement from $26.7 million in Q2 2025; six-month net loss was $3.9 million, down from $48.0 million year-over-year.

• Operating expenses for Q2 2026 were $9.2 million, with R&D expense at $5.1 million and G&A at $4.1 million, reflecting a 66% year-over-year decrease.

• Cash and cash equivalents as of June 30, 2026, were $7.3 million, with an accumulated deficit of $320.6 million.

• Total other income, net, increased to $6.4 million in Q2 2026, mainly due to a $4.0 million gain from warrant liability revaluation and a $2.3 million gain from reversal of the CIRM grant liability.

Outlook and guidance

• Sufficient capital to fund planned operations through the second half of 2028 following recent financing, but management still expects continued operating losses and negative cash flows, with substantial doubt about the ability to continue as a going concern without additional funding.

• Interim data from Stage 1 of the KP-104 Phase 2 basket trial expected in Q4 2026; end-of-Phase 2 meeting with FDA for PNH planned for H1 2027; pre-BLA meeting for briquilimab with FDA expected in Q1 2027; IND for KP-701 Phase 1 anticipated in Q1 2027.

• Actively seeking additional capital through equity, debt, or collaborations to extend cash runway.