Jasper Therapeutics announced its fiscal third‑quarter 2025 financial results on November 10, 2025, reporting a net loss of $26.7 million—an 83.2% increase from the $14.6 million loss in the same period a year earlier. The company’s six‑month net loss for the period ended September 30, 2025, was $48.0 million, up 69.4% from $28.3 million in 2024, and operating cash flow was negative $38.3 million. Cash and cash equivalents stood at $39.5 million, a figure that is insufficient to fund operations beyond the next twelve months, raising significant going‑concern concerns.
The earnings release also detailed an ongoing investigation into a drug product lot that has impacted the BEACON study’s 240 mg Q8W and 240 mg/180 mg Q8W cohorts. Jasper stated that the company is investigating the lot, has returned the product to its facilities, and is re‑enrolling patients from affected cohorts. The investigation has led to the halting of the ETESIAN asthma program and the discontinuation of the SCID program, further tightening the company’s clinical pipeline and financial outlook.
Despite the losses, Jasper reiterated its focus on briquilimab for chronic urticaria, noting that the company remains committed to advancing the program and expects to report additional data from the BEACON study and the open‑label extension in the first half of the first quarter of 2026. The company’s continued emphasis on a single‑product strategy underscores its intent to conserve cash while pursuing a potentially differentiated therapy in a niche market.
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