JSPR Stock — Jasper Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biotechnology company focused on developing therapeutics targeting mast cell driven diseases such as Chronic Spontaneous Urticaria (“CSU”), Chronic Inducible Urticaria (“CIndU”) and asthma and we continue to consider additional indications in mast cell driven diseases for potential future development.

Source: 10-K FY2025 via SEC EDGAR

Share price

$16.86

Market cap

$561.0M

Cash

$7.3M

Enterprise value

$553.7M

Balance sheet

Cash	$7.3M
Debt	$0.0M
Net cash	$7.3M
Enterprise value	$553.7M
Basic shares	33.3M shares
Fully diluted shares	654.9M shares
Fully diluted market cap	$11,040.8M
Cash per share	$0.22
Quarterly burn	$6.9M
Cash runway	1.1 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

33.3M

Pre-funded warrants

0.7M

Options

24.2M

RSUs

0.1M

Warrants

12.8M

Converts

0.0M

Conv preferred

582.9M

ESPP reserve

0.9M

FDSO

654.9M

Cap table as of 2026-08-10.

Price history

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Next catalyst

KP-104 (vensobafusp alfa) · Est. Nov 15, 2026 · quarter midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	KP-104 (vensobafusp alfa) Phase 2 basket in rare renal indications	Phase 2	rare renal indications	Q4 2026

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Briquilimab

Phase 1 · Active Modality: monoclonal antibody (aglycosylated anti-KIT)

Aliases JSP191

Target CD117 (KIT)

Partnerships Stanford: exclusive worldwide license (2021, amended Jun 2026) in hematopoietic cell transplant conditioning field; milestones up to $9.0M + low single-digit royalties. CIRM grant (co-funding; $2.3M liability reversed Q2 2026 after determining no repayment).

Indications

Severe combined immunodeficiency (conditioning for second stem cell transplant) (Phase 1)
Chronic spontaneous urticaria (CSU) (Stage not disclosed)
Chronic inducible urticaria (CIndU) (Stage not disclosed)

Catalysts

— Q1 2027
— H2 2026

Status note Principal path is obtaining and monetizing a priority review voucher (SCID: Orphan + Fast Track + Rare Pediatric Disease designations). 2025 restructuring halted Phase 1b asthma enrollment and discontinued other briquilimab programs; refocusing on SCID and mast cell diseases.

KP-104

Phase 2 · Active Modality: bifunctional biologic

Aliases vensobafusp alfa

Target complement cascade (alternative + terminal pathways)

Indications

IgA nephropathy (IgAN) (Phase 2)
C3 glomerulopathy (C3G) (Phase 2)
Paroxysmal nocturnal hemoglobinuria (treatment-naive) (Phase 2)

Catalysts

— Q4 2026
— Q2 2027
— Q2 2027
— H1 2027
— end of 2026

Status note Acquired via Kira Pharmaceuticals merger (Jul 16, 2026). Phase 2/3-ready; ongoing Phase 2 basket trial in rare renal indications with potential expansion to FSGS. End-of-Phase 2 FDA meeting planned for PNH.

Per-asset detail extracted from the 10-Q filed 2026-08-14. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	140,000	no change	0.00%	2026-08-14
Ikarian Capital	24,093	no change	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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JSPR — Jasper Therapeutics Inc. ☆