Jasper Therapeutics, a clinical-stage biotechnology company, has been making significant strides in developing briquilimab, its 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. The company's progress in its clinical trials and preclinical studies has generated substantial interest among investors and analysts alike.

Business Overview

Jasper Therapeutics was founded in March 2018 and is headquartered in Redwood City, California. The company's primary focus is on the development of therapeutics targeting mast cell-driven diseases, leveraging its proprietary platform and expertise in this area. Briquilimab, the company's lead product candidate, is a monoclonal antibody designed to block stem cell factor (SCF) from binding to and signaling through the CD117 (c-Kit) receptor on mast and stem cells.

The company was originally incorporated under the name Amplitude Healthcare Acquisition Corporation (AMHC) in August 2019 as a special purpose acquisition company (SPAC). In September 2021, AMHC completed a merger with the private company Jasper Therapeutics, Inc. (now known as Jasper Tx Corp.), with AMHC becoming the publicly traded parent company and changing its name to Jasper Therapeutics, Inc.

Prior to the merger, Jasper Tx Corp. had been focused on developing therapeutics targeting mast cell driven diseases, as well as supporting development programs in diseases where targeting diseased hematopoietic stem cells can provide benefits, such as stem cell transplant conditioning regimens.

In November 2019, Jasper entered into a worldwide exclusive license agreement with Amgen Inc. for the development and commercialization of briquilimab. The company also established an exclusive license agreement with Stanford University in March 2021 related to the use of briquilimab for depleting endogenous blood stem cells prior to hematopoietic cell transplantation.

Jasper's research and development efforts have been guided by the understanding that the SCF-c-Kit pathway is a critical survival signal for mast cells. By blocking this pathway, Jasper believes that briquilimab can lead to the depletion of mast cells throughout the body, including in the lungs and skin, potentially providing significant clinical benefits for patients with mast cell-driven diseases.

Jasper's clinical pipeline is primarily focused on advancing briquilimab in mast cell-driven indications. The company has several ongoing clinical trials, including the Phase 1b/2a BEACON study in CSU, the Phase 1b/2a SPOTLIGHT study in CIndU, and the Phase 1b/2a ETESIAN study in asthma. Additionally, Jasper is developing briquilimab as a one-time conditioning therapy for severe combined immunodeficiency (SCID) patients undergoing a second stem cell transplant.

Financials

Jasper Therapeutics has been operating as a clinical-stage biotechnology company, and as such, has not yet generated any revenue from product sales. The company has been focused on advancing its pipeline, which has resulted in significant research and development expenses. For the fiscal year ended December 31, 2024, Jasper reported a net loss of $71.27 million, compared to a net loss of $64.47 million in the prior year. Research and development expenses increased by $4.04 million, from $51.80 million in 2023 to $55.82 million in 2024, primarily due to an increase in personnel-related costs and the expansion of clinical programs. General and administrative expenses increased by $3.34 million, from $17.08 million in 2023 to $20.42 million in 2024, driven by higher employee payroll and related expenses.

In the most recent quarter, Jasper reported revenue of $1.17 million and a net income of $46.95 million. However, it's important to note that as a clinical-stage company, Jasper's financial performance can be volatile and may not reflect consistent revenue generation or profitability.

Liquidity

As of December 31, 2024, Jasper had $71.60 million in cash and cash equivalents, which the company believes will be sufficient to fund its operations for the foreseeable future. The company has been actively managing its cash position, having raised $47.20 million in a public offering in February 2024 and an additional $75.00 million in an at-the-market (ATM) offering program, of which $75.00 million remains available as of December 31, 2024.

Jasper's financial position is further characterized by a current ratio and quick ratio of 4.98, indicating a strong ability to meet short-term obligations. The company does not disclose its debt-to-equity ratio, which may suggest limited long-term debt obligations.

Jasper's financial performance reflects the significant investments required to advance its clinical pipeline, particularly the ongoing trials for briquilimab in CSU, CIndU, and asthma. The company's ability to achieve profitability will depend on the successful development, regulatory approval, and commercialization of its product candidates.

Clinical Pipeline and Progress

Chronic Spontaneous Urticaria (CSU) Jasper's lead program is the Phase 1b/2a BEACON study evaluating briquilimab in patients with CSU. In January 2025, the company reported positive preliminary data from the first eight dosing cohorts, which demonstrated a rapid onset of deep and durable clinical responses across multiple dose levels. Key highlights from the BEACON study include:

• Briquilimab drove deep and meaningful clinical responses, with UAS7 (Urticaria Activity Score over 7 days) reductions of up to 29 points observed in the 240mg single-dose cohort at 4 weeks.

• Multiple dosing regimens of 120mg or higher demonstrated UAS7 changes of more than 25 points.
• Complete responses (UAS7 = 0) were observed in 100% (N=3) of patients in the 240mg single-dose cohort at 8 weeks, with 66% maintaining well-controlled disease at 12 weeks.
• Briquilimab was well-tolerated, with a favorable safety profile and no dose delays, missed doses, or discontinuations due to adverse events related to c-Kit blockade.

These positive results from the BEACON study have supported Jasper's plans to commence a registrational program for briquilimab in CSU in the second half of 2025.

Chronic Inducible Urticaria (CIndU)

In October 2024, Jasper reported positive preliminary data from the Phase 1b/2a SPOTLIGHT study evaluating briquilimab in patients with CIndU. The data showed that across the 40mg and 120mg dosing cohorts, 14 out of 15 participants (93%) achieved a clinical response, with 10 out of 12 participants (83%) in the 120mg cohort experiencing a complete response. Briquilimab was also well-tolerated, with no serious adverse events and no grade 3 or higher adverse events reported.

Asthma

In late 2024, Jasper commenced the Phase 1b/2a ETESIAN study evaluating briquilimab in patients with allergic asthma. This study is designed to assess the effect of a single administration of subcutaneous briquilimab on asthmatic response and airway hyperresponsiveness in this patient population.

SCID Conditioning

Jasper is also developing briquilimab as a one-time conditioning therapy for severe combined immunodeficiency (SCID) patients undergoing a second stem cell transplant. The company is currently conducting a Phase 1/2 clinical trial to evaluate the safety and efficacy of briquilimab in this setting.

Regulatory and Partnering Highlights

Jasper has established key partnerships and regulatory milestones to support the development of briquilimab. In November 2019, the company entered into a worldwide exclusive license agreement with Amgen Inc. for the development and commercialization of briquilimab in all indications and territories. Additionally, Jasper has an exclusive license agreement with Stanford University for the right to use briquilimab in the clearance of diseased stem cells prior to hematopoietic stem cell transplantation.

Jasper has also received several regulatory designations for briquilimab, including Rare Pediatric Disease Designation from the FDA for its use as a conditioning treatment for patients with SCID. The company has also received Orphan Drug Designations from both the FDA and the European Medicines Agency (EMA) for briquilimab as a conditioning treatment prior to hematopoietic stem cell transplantation.

Competitive Landscape and Risks

Jasper faces competition from other companies developing therapies for mast cell-driven diseases, such as Celldex Therapeutics, Third Harmonic, Blueprint Medicines, Novartis, and Sanofi Aventis. These competitors are exploring various approaches, including small molecule inhibitors and antibody therapies targeting c-Kit and other pathways.

Key risks for Jasper Therapeutics include the inherent risks associated with the development of novel biologic therapies, such as the uncertainty of clinical trial outcomes, regulatory approval, and commercialization. The company's reliance on third-party manufacturers and collaborators also introduces potential supply chain and partnership-related risks. Additionally, the company's limited operating history and history of net losses may raise concerns about its ability to achieve profitability in the future.

Outlook and Conclusion

Jasper Therapeutics has made significant progress in advancing its lead product candidate, briquilimab, through clinical trials for mast cell-driven diseases. The positive data from the BEACON and SPOTLIGHT studies have demonstrated the potential of briquilimab to provide rapid, deep, and durable clinical responses in patients with CSU and CIndU, respectively.

As Jasper prepares to commence a registrational program for briquilimab in CSU and continues to progress its clinical trials in CIndU and asthma, the company's focus on mast cell therapies has garnered substantial interest from investors and analysts. The company's ability to navigate the regulatory landscape and successfully execute on its clinical development strategy will be crucial in determining its future success.

Jasper's financial position, with $71.60 million in cash and cash equivalents as of December 31, 2024, provides a runway for continued clinical development. The company's strategic focus on mast cell-driven diseases and its potential to address unmet medical needs in these areas position it well for future growth.

Overall, Jasper Therapeutics' focus on addressing unmet needs in mast cell-driven diseases through its innovative approach with briquilimab has positioned the company as a promising player in the biotechnology industry. As the company continues to advance its pipeline and navigate the challenges inherent in drug development, investors will closely follow its progress and the potential impact of briquilimab on the lives of patients suffering from these debilitating conditions.