Jasper Therapeutics, Inc.JSPR

Jasper Therapeutics, Inc. (NASDAQ: JSPR) spent the three months to 31 March 2026 writing cheques faster than it was collecting them. The company’s 10-Q shows cash and equivalents of $14.1 million against operating cash outflows of $14.5 million, leaving shareholders’ equity at $3.4 million and total liabilities at $17.8 million. Diluted loss per share came in at $0.04 on 28.7 million shares; research and development expense was $5.8 million for the quarter. In plain terms, the firm is running a clinical-stage biotech with a burn rate that outpaces its revenue runway and a balance sheet thinner than a stem-cell smear slide.

What Jasper actually does is develop briquilimab, a monoclonal antibody designed to condition the bone marrow before hematopoietic stem-cell transplants and treat chronic mast-cell diseases such as systemic mastocytosis. The company’s publications page lists ASH 2021 and CIS 2022 abstracts claiming successful engraftment and naïve lymphocyte production in SCID patients using JSP191. The team page highlights a VP of Clinical Operations hired in 2025 and a founder-CEO with a prior exit in immunology. These pages tell a story of scientific ambition; the filings tell the story of capital arithmetic.

Jasper’s latest SEC filings clock in net loss attributable to parent at $1.2 million, operating loss at $11.0 million, and a cash burn from operations of $14.5 million for the quarter ended 31 March 2026. Cash on hand stood at $14.1 million; total assets were $21.2 million against liabilities of $17.8 million. The diluted weighted average share count was 28.7 million shares. There is no revenue line disclosed in these filings; the company is pre-commercial.

The board is not waiting for revenue to arrive. On 16 July 2026, Jasper announced it had entered an agreement and plan of merger with Kira Holdco Inc. and Kira Pharmaceuticals, under which Jasper would receive a $12 million upfront payment and potential development and sales milestones. The merger document notes that services will be provided “as of October 31, 2026,” and the accompanying investor deck includes a disclaimer that “such use should not be construed as an endorsement of the products or services of Jasper.” The optics are corporate theatre with a cash register attached.

Chart context: the stock is listed on NASDAQ under the ticker JSPR. TradingView route is available via NASDAQ:JSPR. The file does not parse intraday volumes, ranges, or technical levels; those are outside the supplied evidence rail and therefore outside this report. If you need level data, the exchange route is the authoritative source.

The operating tension is simple: Jasper is advancing briquilimab through early-stage clinical work while its cash runway is measured in single-digit millions. The board’s decision to monetise via a merger suggests they believe the science is worth more today than the trailing cash burn. Whether that calculation survives FDA scrutiny and investor scrutiny remains the central question. The next catalyst is the shareholder vote required under NASDAQ listing rules; the next evidence would be the FDA’s view of briquilimab’s IND or any IND update for additional indications. Until then, the ledger is the ledger, the mouse is still a mouse, and the balance sheet is still thin.