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Here are 1-3 brief analogies for Jasper Therapeutics (JSPR):

• Amgen for safer bone marrow transplants.
• Bluebird Bio for transplant conditioning.

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• Hobakimab (formerly JSP191): A monoclonal antibody designed for targeted conditioning to deplete hematopoietic stem cells prior to transplant.
• JSP212: A preclinical anti-CD47 antibody candidate being developed for hematological and oncological indications.

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Jasper Therapeutics (JSPR) is a clinical-stage biotechnology company focused on developing therapies for patients with rare diseases and for those undergoing hematopoietic stem cell transplant.

As of my last update, Jasper Therapeutics does not have any commercialized products on the market. Their lead therapeutic candidate, briquilimab, is currently in clinical development (Phase 1/2 trials). Therefore, the company does not have "major customers" in the traditional sense of selling a product or service to either other companies or individuals.

Biotechnology companies at this stage are primarily focused on research and development, funded by investors, and may engage in partnerships or licensing agreements rather than direct product sales.

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• Catalent, Inc. (CTLT)

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Ronald Martell, Chief Executive Officer

Ronald Martell is a veteran biopharmaceutical executive and serial entrepreneur who has founded five companies and served on multiple boards of directors. He became CEO of Jasper Therapeutics in February 2022. Prior to joining Jasper, Mr. Martell served as President and CEO of MorphImmune, Inc. He was also President and CEO of Nuvelution Pharma, Co-Founder and Executive Chairman of Indapta and Orca Bio, and Co-Founder and CEO of Achieve Life Sciences, where he led its merger with Oncogenex. Mr. Martell has served as CEO for three public biopharmaceutical companies, including Sevion and NeurogesX, and has overseen billions of dollars in industry transactions. Earlier in his career, he was Senior Vice President of Commercial Operations at ImClone Systems, where he was instrumental in deals with Bristol-Myers Squibb and Merck KGaA, and built ImClone's worldwide operations to commercialize Erbitux. He also held various leadership positions at Genentech, where he was responsible for building the company's oncology franchise, including the launch of Herceptin and Rituxan.

Herb Cross, Chief Financial Officer

Herb Cross was appointed Chief Financial Officer of Jasper Therapeutics in September 2023. He previously served as CFO at Atreca, where he led its initial public offering (IPO) and was responsible for all administrative functions, including finance, corporate communications, human resources, and corporate services. Before Atreca, he was CFO at ARMO BioSciences, where he led its IPO and oversaw its sale to Eli Lilly in 2018. Mr. Cross also held roles as CFO and interim Chief Executive Officer at KaloBios Pharmaceuticals and as CFO at Affymax.

Jeet Mahal, Chief Operating Officer

Jeet Mahal, previously Chief Financial Officer and Chief Operating Officer, now serves as Chief Operating Officer for Jasper Therapeutics. He joined the company in December 2019. Prior to Jasper, Mr. Mahal spent 11 years at Portola Pharmaceuticals, where he was most recently Vice President, Business Development and Vice President, Strategic Marketing. In this role, he successfully executed multiple business development partnerships for Andexxa, Bevyxxa, and cerdulatinib, and played a key role in Portola's equity financings, including its initial public offering and various royalty transactions. Earlier in his career, he was Director, Business and New Product Development, at Johnson & Johnson, working on the Xarelto development and strategic marketing team.

Wendy Pang, M.D., Ph.D., Senior Vice President, Research and Translational Medicine

Dr. Wendy Pang joined Jasper Therapeutics with its Series A funding and has been instrumental in leading early research and development. Her contributions include leading the creation of the company's mRNA stem cell graft platform and playing a pivotal role in advancing JSP191 through multiple clinical studies. Before joining Jasper, Dr. Pang was an Instructor in the Division of Blood and Marrow Transplantation at Stanford University, where she maintained an active clinical practice and conducted translational research in hematology/oncology and stem cell biology. She was the lead author on proof-of-concept studies demonstrating that an anti-CD117 antibody therapy can target disease-initiating human hematopoietic stem cells in myelodysplastic syndrome (MDS).

Luca Di Noto, Vice President, Technical Operations

Luca Di Noto serves as the Vice President of Technical Operations at Jasper Therapeutics. Prior to joining Jasper, he was at Portola Pharmaceuticals for five years as the Head of Drug Substance manufacturing, overseeing the Andexxa program. As a member of the Technical Operation Senior Leadership Team at Portola, Dr. Di Noto was vital in building a robust manufacturing program, developing a global contract manufacturing network strategy, and achieving successful approval for a second-generation version of Andexxa in both the United States and Europe. Before Portola, Dr. Di Noto worked at Alexion Pharmaceuticals, developing processes for many of their lead candidate drugs. He also worked at Amgen and started his career as a Research Fellow at the National Institutes of Health.

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The key risks to Jasper Therapeutics (JSPR) business are as follows:

1. Clinical Trial Setbacks and Manufacturing Issues: Jasper Therapeutics has recently faced significant hurdles due to issues with a drug product lot impacting its lead product candidate, briquilimab. This problem "confounded" results in crucial trial cohorts of the BEACON study for chronic spontaneous urticaria (CSU), requiring additional patient recruitment and delaying data readouts. The same manufacturing issue led to the halting of the ETESIAN study for asthma. These setbacks have raised concerns about the company's manufacturing processes and quality control, eroded investor confidence, and resulted in a substantial drop in stock value. Furthermore, the company is facing class-action lawsuits alleging a failure to disclose manufacturing compliance issues and risks associated with the product that could negatively affect clinical trial outcomes.
2. Financial Instability and Need for Additional Capital: Jasper Therapeutics is in a precarious financial position with a "WEAK" financial health score. The company's cash runway is limited, and it is anticipated that additional capital will be required to fund operations beyond the fourth quarter of 2025. This need for further financing could lead to significant dilution for existing shareholders. If the company is unable to secure sufficient capital, it may be forced to further cut non-core programs or scale back critical aspects of the briquilimab development.
3. Heavy Reliance on a Single Product Candidate: The business of Jasper Therapeutics is heavily dependent on the successful development, regulatory approval, and commercialization of its most advanced product candidate, briquilimab. Any failure or significant setback in the development or approval of briquilimab could severely harm the company's operations and financial viability, as evidenced by the recent manufacturing issues with the drug.

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The rapid advancement and clinical adoption of gene therapy and gene editing technologies pose a clear emerging threat. Jasper Therapeutics' lead product candidate, briquilimab, is designed to improve conditioning regimens for hematopoietic stem cell transplantation (HSCT) for various inherited diseases, including severe combined immunodeficiency (SCID), chronic granulomatous disease (CGD), and Fanconi anemia. Gene therapy and gene editing aim to correct the underlying genetic defects in these conditions, potentially reducing or eliminating the need for allogeneic HSCT altogether. Several gene therapies are already approved or in advanced clinical trials for blood and immune disorders, demonstrating the potential to offer curative treatments that could significantly diminish the addressable market for HSCT conditioning agents.

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Jasper Therapeutics' lead product candidate, briquilimab, targets several significant addressable markets globally.

• Chronic Urticaria: The global market size for chronic urticaria was estimated at $2.45 billion in 2022 and is projected to grow to $7.5 billion by 2029, demonstrating a 15% compound annual growth rate (CAGR) over five years.
• Asthma: The global market size for asthma was estimated at $18 billion in 2019 and is forecast to reach approximately $32.81 billion by 2032, with a 4.6% CAGR during that period.

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1. Advancement and Potential Approval of Briquilimab for Chronic Spontaneous Urticaria (CSU): Jasper Therapeutics is actively conducting clinical studies for briquilimab in chronic spontaneous urticaria (CSU), with promising efficacy data reported from the BEACON study showing high response rates. The company plans to initiate a Phase 2b study in mid-2026, and analysts project potential market approval by 2027. The chronic urticaria global market size is substantial and expected to grow significantly, representing a considerable revenue opportunity upon successful commercialization.
2. Development and Potential Approval of Briquilimab for Chronic Inducible Urticaria (CIndU): Similar to CSU, briquilimab is also being evaluated for chronic inducible urticaria (CIndU), with positive clinical outcomes demonstrated in studies like SPOTLIGHT. The progress in CIndU clinical trials and subsequent regulatory pathways will be a key driver, expanding the potential patient population and market reach for briquilimab.
3. Expansion of Briquilimab into the Asthma Market: Jasper Therapeutics has initiated a new program for briquilimab in asthma, a significantly large global market. The successful initiation and progression of clinical trials for asthma, leading to eventual approval, would unlock a substantial new revenue stream for the company, diversifying its product indications beyond urticaria.
4. Strategic Partnerships and Collaborations: While not directly a product sale, establishing strategic partnerships and collaborations could provide non-dilutive funding, co-development agreements, or commercialization partnerships for briquilimab, especially as it moves closer to market. Such collaborations could accelerate market access and share in the substantial costs of bringing a new drug to market, indirectly contributing to future revenue by enabling and de-risking the primary product launch.

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Share Issuance

• In September 2025, Jasper Therapeutics priced an underwritten public offering of approximately 11.7 million shares and accompanying warrants at $2.43 each, and 675,000 pre-funded warrants, expected to raise roughly $30 million before expenses.
• The proceeds from the September 2025 offering are intended for advancing briquilimab, its novel antibody therapy, and for general corporate purposes.
• Jasper Therapeutics became a public company in September 2021 through a business combination with Amplitude Healthcare Acquisition Corporation, providing gross proceeds of approximately $100.8 million, including cash from a trust account and a concurrent private placement.

Inbound Investments

• Jasper Therapeutics raised $14.1 million in a Series A funding round on January 9, 2020, with Roche as the lead investor.
• The company's total funding through two rounds, including the $14.1 million from 2020, amounts to $50 million, with other institutional investors including Qiming and Abingworth.
• The business combination with Amplitude Healthcare Acquisition Corporation in September 2021 brought in over $100 million in new capital.

Outbound Investments

• Jasper Therapeutics has not made any investments or acquisitions to date.

Capital Expenditures

• In the last 12 months, capital expenditures were -$377,000.
• Research and development expenses increased to $33.9 million in 2024 from $25.8 million in 2023, primarily due to increased clinical trial expenses related to briquilimab.
• The primary focus of capital allocation related to development is advancing briquilimab, its targeted anti-c-Kit monoclonal antibody, for mast cell-driven diseases such as chronic spontaneous urticaria and as a conditioning agent for stem cell transplants.