Jasper Therapeutics (JSPR 4.21%), a clinical-stage biotechnology company focused on therapies for mast cell-driven diseases like chronic urticaria, released its second quarter 2025 financial results on August 13, 2025. The most notable news was a net loss per share of $1.74 (GAAP) for Q2 2025. Jasper generated no revenue in the period. Cash and cash equivalents were $39.5 million as of Q2 2025. The quarter reflected both progress and setbacks, with rapid clinical advancements for its lead drug candidate, briquilimab, but also operational headwinds and continued losses.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | ($1.74) | ($1.33) | ($0.97) | (79.4%) |
| Revenue (GAAP) | $0.0 million | $0.0 million | $0.0 million | — |
| Research and Development Expense | $21.2 million | $11.3 million | 87.6% | |
| General and Administrative Expense | $5.9 million | $4.7 million | 25.5% | |
| Cash and Cash Equivalents (quarter-end) | $39.5 million | N/A | N/A |
Source: Analyst estimates for the quarter provided by FactSet.
Company Overview and Recent Focus
Jasper Therapeutics is developing treatments for diseases driven by mast cells, a type of immune cell involved in allergic reactions and inflammatory diseases. Its main focus is briquilimab, a monoclonal antibody drug that targets the c-Kit pathway. This pathway is important for mast cell survival, so drugs that block it could reduce disease activity in conditions like chronic spontaneous urticaria (CSU) and chronic inducible urticaria (CIndU).
Jasper has shifted its business strategy in 2025 to focus resources almost exclusively on advancing briquilimab. The company halted all programs unrelated to mast cell-driven disease and implemented significant cost-cutting measures. Key success factors for Jasper now rest on demonstrating consistent clinical efficacy and drug safety for briquilimab, navigating regulatory pathways, and keeping enough cash to fund ongoing clinical trials.
Quarterly Highlights: Clinical, Financial, and Operational Developments
During the period, Jasper’s biggest clinical development centered on briquilimab’s performance in the BEACON and SPOTLIGHT studies. In the BEACON trial for CSU, a single dose of briquilimab at 240 mg and 360 mg resulted in a complete response for 89% of patients (8 of 9), based on data reported in Q2 2025, with over three-quarters responding within two weeks. The extension study found 73% sustained complete response at 12 weeks for the 180 mg dose administered every eight weeks in the open-label extension. In CIndU, data showed 92% (11 of 12) achieved complete response using a 180 mg dose in the SPOTLIGHT study as of Q2 2025, Responses were observed as early as one week after treatment.
Briquilimab's safety profile remained positive. The company saw no dose-limiting toxicities and only rare mild events possibly relating to the targeted pathway. These safety results are important, as they support continued program advancement. However, in some BEACON study cohorts, a sudden drop in efficacy emerged. All 10 patients who received drug supply from that lot failed to show reductions in their reported UAS7 scores, raising concerns about manufacturing consistency. Jasper is investigating drug lot variability and plans to repeat dosing in affected patients, with new data due late 2025.
On the financial side, Jasper reported no revenue this quarter, as expected for a pre-commercial, clinical-stage biotech company. Its net loss per share (GAAP) was $1.74. Research and development expense (GAAP) was $21.2 million for the three months ended June 30, 2025, compared to $11.3 million for the same period in 2024. General and administrative expense was $5.9 million for the three months ended June 30, 2025, compared to $4.7 million for the same period in 2024. Cash fell to $39.5 million at quarter-end. Cash and cash equivalents decreased from $71.6 million as of December 31, 2024 to $39.5 million as of June 30, 2025, which shortens the company’s runway to under two quarters at the current expense rate.
Operationally, Jasper instituted cost controls and restructured the business. The workforce was reduced by about half, and all programs outside mast cell disease were stopped, including studies in severe combined immunodeficiency (SCID) and asthma. The company also experienced management change, with the former Chief Medical Officer stepping down and a new interim leader stepping in.
Looking Forward: Outlook and Key Areas To Watch
Jasper’s management did not offer formal financial or revenue guidance for the rest of fiscal 2025 or beyond. The company expects to present new clinical data, including from redosed BEACON patients and fresh enrollees, in late 2025. Only after analyzing this data will it move to select the optimal dose for briquilimab, pushing the planned pivotal Phase 2b study start to mid-2026.
Looking ahead, investors will be focused on Jasper’s cash runway, any updates on product manufacturing consistency, and timely reporting of clinical efficacy and safety outcomes. The company’s future now depends on successful resolution of briquilimab’s lot variability issue and the ability to reach regulatory milestones in CSU and CIndU.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
