Jasper Therapeutics (JSPR) Registration filing summary

Company overview and business model

• Clinical-stage biotech advancing biologics for immunologically driven disorders; pipeline includes KP-104, briquilimab, KP-701 and discovery-stage complement programs.

• KP-104 targets alternative and terminal complement pathways; Phase 2 basket trial in IgAN and C3G, with potential expansion to FSGS and other renal disorders.

• Briquilimab is an anti-KIT antibody for transplant and immunologic indications; KP-701 is a preclinical anti-CD79B×CD32B antibody for autoantibody-mediated disorders.

• Briquilimab is licensed from Amgen worldwide; Stanford University license covers use to clear diseased stem cells before hematopoietic stem cell transplantation.

• Mirador received an exclusive worldwide license to KP-301 and KP-402; terms include $12.0M upfront, $8.0M on delivery, milestones and tiered royalties.

Financial performance and metrics

• Accumulated deficit was $320.6M as of June 30, 2026; recurring operating losses and negative operating cash flows raised substantial doubt about going concern within one year from the June 30, 2026 Form 10-Q filing.

• July 2026 PIPE raised approximately $132.0M gross; near-term additional capital is being sought to extend cash runway.

• As of September 28, 2026, 33,274,561 common shares and 9,555,390 preferred shares were outstanding; full preferred conversion would result in approximately 616,153,351 common shares.

Use of proceeds and capital allocation

• No proceeds from resale sales will go to the issuer; selling stockholders receive all net proceeds, while registration expenses are borne by the issuer.

• Future cash needs are expected to be funded through equity, debt, collaborations or a combination; inability to raise capital could delay, reduce or eliminate R&D programs.

• Out-licensing KP-301 and KP-402 is intended to focus resources on current immunology targets.