Jasper Therapeutics (JSPR) Q2 2026 earnings summary

Executive summary

• Completed acquisition of Kira Pharmaceuticals, expanding the pipeline to include KP-104, KP-701, and discovery-stage complement-targeted biologics, alongside briquilimab.

• Closed a $132.0 million private placement of non-voting convertible preferred stock to finance operations and integration post-merger.

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

Financial highlights

• Net loss for Q2 2026 was $2.8 million, 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, down 66% year-over-year, driven by a 76% reduction in R&D and 31% reduction in G&A expenses.

• 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

• Management expects continued operating losses and negative cash flows, with substantial doubt about the ability to continue as a going concern without additional funding.

• Plans to advance KP-104, briquilimab, and KP-701, with key clinical milestones expected in late 2026 and 2027.

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