Jasper Therapeutics Inc (NASDAQ: JSPR) is a clinical-stage biopharmaceutical company developing mast cell-targeting therapies for allergic and inflammatory diseases. The company has no approved products and generates no product revenue, funding operations entirely through capital raises. Its lead candidate, briquilimab, is a subcutaneous anti-KIT antibody being studied in chronic urticaria and, until a July 2025 restructuring, in asthma. As of December 31, 2025, JSPR had an accumulated deficit of $316.7 million and federal net operating loss carryforwards of $210.4 million, with the company's auditors noting substantial doubt about its ability to continue as a going concern within one year of the March 30, 2026 filing date. Following a July 2025 corporate reorganization that cut the workforce by approximately 50%, the company narrowed its focus to briquilimab development in chronic urticaria and halted enrollment in its asthma and other clinical and preclinical programs.

Revenue model

Pre-revenue. No product sales or royalties as of the 10-K filed March 30, 2026. Operations are funded through external capital. Primary cash uses are research and development expenditures and general and administrative costs.

Products and services

Briquilimab: a subcutaneous anti-KIT monoclonal antibody targeting mast cell depletion. Active development focus as of December 31, 2025 is chronic urticaria. A Phase 1b asthma study (ETESIAN) reported preliminary results in December 2025 from 14 participants using a single 180mg dose, but enrollment was halted in July 2025 as part of the corporate reorganization. All other clinical and preclinical programs were also halted.

Customers and end markets

No commercial customers. End markets, if briquilimab is approved, would be patients with chronic urticaria and potentially asthma. Clinical development targets allergic and mast cell-driven inflammatory conditions.

Value-chain role

Clinical-stage drug developer. Substantially all regulatory, clinical management, and manufacturing activities are outsourced to independent organizations, advisors, and consultants.

Geographic exposure

U.S.-domiciled company. No product revenue or commercial geographic presence disclosed in the filing. Regulatory commentary references both U.S. FDA pathways and European Union pricing and reimbursement frameworks.

Source: SEC 10-K, filed 2026-03-30

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