Jasper Therapeutics (JSPR) Q4 2025 earnings summary

Executive summary

• Positive clinical data for briquilimab in chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU), and asthma, supporting further development.

• CEO transition with Jeet Mahal appointed to lead the next phase of clinical growth.

• Internal investigation into anomalous clinical data found no drug product issues and led to process improvements.

Financial highlights

• Cash and cash equivalents at year-end 2025 totaled $28.7 million, down from $71.6 million at year-end 2024.

• Net loss for Q4 2025 was $9.1 million, and for the full year 2025 was $75.8 million, compared to $71.3 million in 2024.

• Research and development expenses for Q4 2025 were $11.4 million; full year R&D was $63.1 million.

• General and administrative expenses for Q4 2025 were $4.5 million; full year G&A was $20.8 million.

• Net loss per share was $0.32 for Q4 2025 and $3.95 for the year.

Outlook and guidance

• Phase 2b/3 study in CSU planned to commence in the second half of 2026, pending capital availability.

• Further clinical development in asthma contingent on competitive landscape, partnerships, and funding.