2022 Q3 Form 10-Q Financial Statement

#000121390022071165 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2021 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.686M $2.891M
YoY Change 27.5% 1212.36%
% of Gross Profit
Research & Development $9.022M $7.188M
YoY Change 25.51% 59.03%
% of Gross Profit
Depreciation & Amortization $268.0K $132.0K
YoY Change 103.03%
% of Gross Profit
Operating Expenses $12.71M $10.08M
YoY Change 26.08% 4475.33%
Operating Profit -$12.71M -$10.08M
YoY Change 26.08%
Interest Expense $0.00 -$9.000K
YoY Change -100.0% -182.72%
% of Operating Profit
Other Income/Expense, Net $845.0K $6.676M
YoY Change -87.34%
Pretax Income -$11.86M -$3.412M
YoY Change 247.68% 1529.34%
Income Tax
% Of Pretax Income
Net Earnings -$11.86M -$3.412M
YoY Change 247.68% 1595.91%
Net Earnings / Revenue
Basic Earnings Per Share -$0.32 -$0.69
Diluted Earnings Per Share -$0.32 -$90.23K
COMMON SHARES
Basic Shares Outstanding 36.57M shares 4.966M shares
Diluted Shares Outstanding 36.57M shares 4.966M shares

Balance Sheet

Concept 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.95M $100.9M
YoY Change -49.51% 13220.44%
Cash & Equivalents $50.95M $100.9M
Short-Term Investments
Other Short-Term Assets $430.0K $1.204M
YoY Change -64.29% 484.49%
Inventory
Prepaid Expenses
Receivables
Other Receivables $117.0K
Total Short-Term Assets $52.41M $102.4M
YoY Change -48.82% 10528.54%
LONG-TERM ASSETS
Property, Plant & Equipment $3.759M $4.461M
YoY Change -15.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $543.0K
YoY Change
Total Long-Term Assets $6.699M $4.806M
YoY Change 39.39% -95.21%
TOTAL ASSETS
Total Short-Term Assets $52.41M $102.4M
Total Long-Term Assets $6.699M $4.806M
Total Assets $59.11M $107.2M
YoY Change -44.87% 5.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.117M $2.247M
YoY Change 38.72% 1203.06%
Accrued Expenses $3.488M $6.442M
YoY Change -45.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.421M $9.159M
YoY Change -18.98% 4978.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $707.0K $19.45M
YoY Change -96.37% 455.77%
Total Long-Term Liabilities $707.0K $19.45M
YoY Change -96.37% 455.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.421M $9.159M
Total Long-Term Liabilities $707.0K $19.45M
Total Liabilities $11.55M $28.61M
YoY Change -59.65% 677.4%
SHAREHOLDERS EQUITY
Retained Earnings -$91.92M
YoY Change
Common Stock $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.57M $78.60M
YoY Change
Total Liabilities & Shareholders Equity $59.11M $107.2M
YoY Change -44.87% 5.82%

Cashflow Statement

Concept 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$11.86M -$3.412M
YoY Change 247.68% 1595.91%
Depreciation, Depletion And Amortization $268.0K $132.0K
YoY Change 103.03%
Cash From Operating Activities -$9.643M -$7.108M
YoY Change 35.66% 3005.29%
INVESTING ACTIVITIES
Capital Expenditures -$222.0K -$470.0K
YoY Change -52.77%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$222.0K -$470.0K
YoY Change -52.77% -751.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.000K 91.73M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -9.643M -7.108M
Cash From Investing Activities -222.0K -470.0K
Cash From Financing Activities 1.000K 91.73M
Net Change In Cash -9.864M 84.15M
YoY Change -111.72% -53793.21%
FREE CASH FLOW
Cash From Operating Activities -$9.643M -$7.108M
Capital Expenditures -$222.0K -$470.0K
Free Cash Flow -$9.421M -$6.638M
YoY Change 41.93% 2799.96%

Facts In Submission

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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
101250000 usd
jspr Accounts Payable And Accrued Expenses For Purchases Of Property And Equipment
AccountsPayableAndAccruedExpensesForPurchasesOfPropertyAndEquipment
108000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1074000 usd
jspr Noncash Leasehold Improvements
NoncashLeaseholdImprovements
281000 usd
jspr Noncash Leasehold Improvements
NoncashLeaseholdImprovements
1378000 usd
jspr Vesting Of Founders Restricted Stock
VestingOfFoundersRestrictedStock
7000 usd
jspr Vesting Of Founders Restricted Stock
VestingOfFoundersRestrictedStock
8000 usd
jspr Reverse Recapitalization Related Expenses Unpaid At Period End
ReverseRecapitalizationRelatedExpensesUnpaidAtPeriodEnd
651000 usd
jspr Conversion Redeemable Convertible Preferred Stock Into Common Stock In Connection With Rev
ConversionRedeemableConvertiblePreferredStockIntoCommonStockInConnectionWithRev
66249000 usd
jspr Net Liabilities Assumed Upon The Closing Reversed Recapitalization
NetLiabilitiesAssumedUponTheClosingReversedRecapitalization
7222000 usd
jspr Recognition Of Earnout Liabilitys
RecognitionOfEarnoutLiabilitys
15020000 usd
jspr Settlements Of Derivative Tranche Liability
SettlementsOfDerivativeTrancheLiability
11659000 usd
jspr Deferred Issuance Costs Reclassified To Additional Paid In Capitals
DeferredIssuanceCostsReclassifiedToAdditionalPaidInCapitals
4996000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Description of Business</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Jasper Therapeutics, Inc. (“Jasper” or the “Company”), formerly known as Amplitude Healthcare Acquisition Corporation (“AMHC”), is a clinical-stage biotechnology company dedicated to enabling cures through hematopoietic stem cell therapy. The Company is focused on the development and commercialization of safer and more effective conditioning agents and mRNA-based stem cell engineering to allow for expanded use of stem cell transplantation and ex vivo gene therapy, a technique in which genetic manipulation of cells is performed outside of the body prior to transplantation. The Company is also developing novel therapeutics directed at diseased hematopoietic stem cells. Its drug development pipeline includes multiple product candidates designed to improve hematopoietic stem cell therapy. The lead product candidate, JSP191, is in clinical development as a novel conditioning antibody that clears hematopoietic stem cells from bone marrow in patients prior to undergoing allogeneic stem cell therapy or stem cell gene therapy. The Company plans to initiate a registrational clinical study in acute myeloid leukemia patients undergoing stem cell transplantation by the end of the first quarter of 2023. The Company is also initiating a pilot study of JSP191 as a therapeutic in lower-risk myelodysplastic syndrome, which it expects to commence in the first quarter of 2023. The Company is headquartered in Redwood City, California.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September 24, 2021 (the “Closing Date”), the Company consummated the previously announced business combination (the “Business Combination” or “Reverse Recapitalization” for accounting purposes) pursuant to the terms of the Business Combination Agreement, dated as of May 5, 2021 (the “BCA”), by and among AMHC, Ample Merger Sub, Inc., a then-wholly-owned subsidiary of AMHC (“Merger Sub”), and the pre-Business Combination Jasper Therapeutics, Inc. (now named Jasper Tx Corp.) (“Old Jasper”). Pursuant to the terms of the BCA, on the Closing Date, (i) Merger Sub merged with and into Old Jasper, with Old Jasper as the surviving company in the Business Combination, and, after giving effect to such Business Combination, Old Jasper became a wholly owned subsidiary of AMHC and changed its name to “Jasper Tx Corp.”, and (ii) AMHC changed its name to “Jasper Therapeutics, Inc.”.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, concurrently with the execution of the BCA, certain investors (“PIPE Investors”) entered into Subscription Agreements with AMHC whereby such investors subscribed for the purchase of an aggregate of 10,000,000 shares of AMHC’s Class A Common Stock at a price of $10.00 per share for aggregate gross proceeds of $100.0 million (“PIPE Financing”). The PIPE Financing was consummated concurrently with the closing of the Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please refer to Note 3, “Reverse Recapitalization”, for further details of the Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Liquidity and Going Concern</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has incurred significant losses and negative cash flows from operations since its inception. During the nine months ended September 30, 2022 and 2021, the Company incurred net losses of $24.5 million and $21.6 million, respectively. During the nine months ended September 30, 2022 and 2021, the Company had negative operating cash flows of $33.2 million and $19.1 million, respectively. As of September 30, 2022 and December 31, 2021, the Company had an accumulated deficit of $91.9 million and $67.5 million, respectively. The Company expects to continue to incur substantial losses, and its ability to achieve and sustain profitability will depend on the successful development, approval, and commercialization of product candidates and on the achievement of sufficient revenues to support the Company’s cost structure.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company’s cash and cash equivalents of $51.0 million as of September 30, 2022 are not sufficient for the Company to continue as a going concern for at least one year from the issuance date of these condensed consolidated financial statements. Additional funds are necessary to maintain current operations and to continue research and development activities. The Company’s management plans to monitor expenses and raise additional capital through a combination of public and private equity, debt financings, strategic alliances, and licensing arrangements. The Company’s ability to access capital when needed is not assured and, if capital is not available to the Company when, and in the amounts, needed, the Company could be required to delay, scale back or abandon some or all of its development programs and other operations, which could materially harm the Company’s business, financial condition and results of operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The accompanying condensed consolidated financial statements do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Coronavirus Pandemic</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 (“COVID-19”) outbreak a pandemic. The Company is following, and will continue to follow, recommendations from the U.S. Centers for Disease Control and Prevention as well as federal, state, and local governments regarding working-from-home practices for non-essential employees as well as return-to-work policies and procedures. The Company expects to continue to take actions as may be required or recommended by government authorities or as the Company determines are in the best interests of its employees and other business partners in light of the pandemic.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While the Company’s operations to date have not been significantly impacted by the COVID-19 pandemic, it cannot at this time predict the specific extent, duration, or full impact that the continuing COVID-19 pandemic will have on its business, financial condition and operations, including ongoing and planned clinical trials and clinical development timelines. The Company experienced slower than anticipated patient enrollment in its severe combined immunodeficiency clinical trial in 2020 due to reluctance of these immunocompromised patients to travel and undergo hospitalization during the pandemic. The Company may continue to experience interruptions to its clinical trials due to the COVID-19 pandemic, including the spread of variants. The impact of the COVID-19 pandemic on the Company’s financial performance will depend on future developments, including the duration and spread of the pandemic, its impact on the Company’s clinical trial enrollment, trial sites, contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other third parties with whom it does business, its impact on regulatory authorities and the Company’s key scientific and management personnel, progress of vaccination and related governmental advisories and restrictions. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain and cannot be predicted.</p>
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
24500000 usd
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
21600000 usd
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
33200000 usd
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
19100000 usd
CY2022Q3 us-gaap Accumulated Capitalized Interest Costs
AccumulatedCapitalizedInterestCosts
91900000 usd
CY2021Q4 us-gaap Accumulated Capitalized Interest Costs
AccumulatedCapitalizedInterestCosts
67500000 usd
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
51000000 usd
us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
All historical share data and per-share amounts were retrospectively adjusted to reflect the effect of the exchange ratio of 0.2823780 per one share, which was determined at the closing of the Reverse Recapitalization, except for the 100 shares of Series A-2 redeemable convertible preferred stock.
us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgements that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the valuation of common and redeemable convertible preferred stock before the Reverse Recapitalization, the determination of the incremental borrowing rate used for operating lease liabilities, valuation of derivative liability, valuation of earnout liability and the measurement of stock-based compensation expense. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
jspr Business Combination Descriptions
BusinessCombinationDescriptions
In accordance with the BCA, at the closing of the Business Combination, each share of Old Jasper common stock and Old Jasper redeemable convertible preferred stock outstanding immediately prior to the closing was automatically cancelled, extinguished and converted into the number of shares of the Company’s common stock or, in certain circumstances, the Company’s non-voting common stock, based on Old Jasper’s equity value of $275.0 million divided by $10.00. The exchange ratio agreed between the parties was one-for-0.282378 share of the Company’s common stock for all Old Jasper stockholders, except for Amgen Inc. (“Amgen”).
CY2022Q3 jspr Common Stock Represented
CommonStockRepresented
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jspr Net Proceeds
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jspr Cash Held In Trust Account
CashHeldInTrustAccount
5500000 usd
jspr Cash Received
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us-gaap Operating Costs And Expenses
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CY2022Q3 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
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5300000 usd
CY2022Q3 us-gaap Money Market Funds At Carrying Value
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CY2022Q3 us-gaap Assets Fair Value Disclosure
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CommonStockWarrantLiabilities
300000 usd
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
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103000 usd
CY2022Q3 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
403000 usd
CY2021Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
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CY2021Q4 us-gaap Assets Fair Value Disclosure
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83701000 usd
CY2021Q4 jspr Common Stock Warrant Liabilities
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7350000 usd
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CY2021Q4 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
13093000 usd
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
548000 usd
CY2022Q3 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
300000 usd
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203000 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2074000 usd
CY2022Q3 us-gaap Other Assets Current
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430000 usd
CY2021Q4 us-gaap Other Assets Current
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219000 usd
CY2022Q3 us-gaap Other Receivables Net Current
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117000 usd
CY2021Q4 us-gaap Other Receivables Net Current
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150000 usd
CY2022Q3 us-gaap Prepaid Expense And Other Assets Noncurrent
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1461000 usd
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
444000 usd
CY2021 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
139000 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
267000 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
3130000 usd
CY2022Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2477000 usd
us-gaap Equipment Expense
EquipmentExpense
1655000 usd
CY2022Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
476000 usd
CY2022Q3 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
140000 usd
CY2022Q3 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
90000 usd
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4838000 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1079000 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3759000 usd
CY2021Q3 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
100000 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
700000 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
200000 usd
CY2022Q3 jspr Research And Development Accrued Expenses
ResearchAndDevelopmentAccruedExpenses
1430000 usd
CY2021Q4 jspr Research And Development Accrued Expenses
ResearchAndDevelopmentAccruedExpenses
1660000 usd
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1218000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1151000 usd
CY2021Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
200000 usd
CY2022Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
816000 usd
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
585000 usd
CY2022Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
3464000 usd
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
3596000 usd
CY2022Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
600000 usd
CY2021Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
600000 usd
CY2022Q3 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
95000 usd
CY2022Q3 jspr Restricted Stock Liabilities
RestrictedStockLiabilities
12000 usd
CY2021Q4 jspr Restricted Stock Liabilities
RestrictedStockLiabilities
19000 usd
CY2021Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
24000 usd
CY2022Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
707000 usd
CY2021Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
643000 usd
CY2020Q4 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
2300000 usd
jspr Percentage Of Licensing Fees
PercentageOfLicensingFees
0.001 pure
jspr Fund Technology
FundTechnology
1000000 usd
us-gaap Debt Conversion Converted Instrument Rate
DebtConversionConvertedInstrumentRate
0.60 pure
CY2022Q3 us-gaap Investment Interest Rate
InvestmentInterestRate
0.25 pure
CY2020Q4 jspr Other Receivables Milestone
OtherReceivablesMilestone
600000 usd
CY2020Q4 jspr Other Longterm Liabilities
OtherLongtermLiabilities
600000 usd
CY2021Q1 jspr Received Aggregate From Cirm
ReceivedAggregateFromCIRM
600000 usd
CY2022Q3 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
600000 usd
us-gaap Production And Distribution Costs
ProductionAndDistributionCosts
1700000 usd
jspr Annual License Maintenance Fees Description
AnnualLicenseMaintenanceFeesDescription
The Company will pay annual license maintenance fees, beginning on the first anniversary of the effective date of the agreement and ending upon the first commercial sale of a product, method, or service in the licensed field of use, as follows: $25,000 for each first and second year, $35,000 for each third and fourth year, and $50,000 at each anniversary thereafter ending upon the first commercial sale.
us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
9000000 usd
jspr License Maintenance Fee
LicenseMaintenanceFee
25000 usd
us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2026-09-24
CY2021Q3 us-gaap Equity Method Investment Quoted Market Value
EquityMethodInvestmentQuotedMarketValue
7900000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
129000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
248000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
454000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
336000 usd
CY2021Q3 us-gaap Gain Loss On Fair Value Hedges Recognized In Earnings
GainLossOnFairValueHedgesRecognizedInEarnings
500000 usd
us-gaap Gain Loss On Fair Value Hedges Recognized In Earnings
GainLossOnFairValueHedgesRecognizedInEarnings
7100000 usd
us-gaap Gain Loss On Fair Value Hedges Recognized In Earnings
GainLossOnFairValueHedgesRecognizedInEarnings
500000 usd
CY2021Q4 us-gaap Equity Method Investment Quoted Market Value
EquityMethodInvestmentQuotedMarketValue
300000 usd
jspr Contingent Earnout Liabilities Description
ContingentEarnoutLiabilitiesDescription
Upon the closing of the Business Combination and pursuant to the Sponsor Support Agreement, the Sponsor agreed to place the Earnout Shares into escrow, which will be released as follows: (a) 250,000 Earnout Shares will be released if, during the period from and after September 24, 2021 until September 24, 2024 (the “Earnout Period”), over any twenty trading days within any thirty day consecutive trading day period, the volume-weighted average price of the Company’s common stock (the “Applicable VWAP”) is greater than or equal to $11.50, (b) 500,000 Earnout Shares will be released if, during the Earnout Period, the Applicable VWAP is greater than or equal to $15.00, and (c) 300,000 Earnout Shares will be released if, during the Earnout Period, the Applicable VWAP is greater than or equal to $18.00 (the “triggering events”). 
CY2022Q1 jspr Rentable Square Feet With Lease Commencement
RentableSquareFeetWithLeaseCommencement
5611 sqft
jspr Additional Lease Payments For Extra Space
AdditionalLeasePaymentsForExtraSpace
1800000 usd
CY2022Q1 jspr Agreement For Square Feet Of Temporary Office Space
AgreementForSquareFeetOfTemporaryOfficeSpace
5144 sqft
us-gaap Payments For Rent
PaymentsForRent
26000 usd
jspr Lessor Amount
LessorAmount
400000 usd
jspr Improvement Allowance Description
ImprovementAllowanceDescription
To complete certain leasehold improvements, the lessor agreed to provide the Company a tenant improvement allowance of $1.5 million as well as an option to take an additional allowance of $0.4 million to be repaid over the lease term at an interest rate of 9% per annum, which the Company exercised.
CY2021Q4 jspr Leasehold Improvement Gross
LeaseholdImprovementGross
1600000 usd
jspr Net Construction Costs Percentage
NetConstructionCostsPercentage
0.05 pure
us-gaap Lease Cost
LeaseCost
583000 usd
us-gaap Lease Cost
LeaseCost
584000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
594000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
91100 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y10M24D
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08 pure
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08 pure
CY2021Q3 jspr Common Stock Shares Of Voting
CommonStockSharesOfVoting
23482387 shares
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
269000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1121000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1154000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1189000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
743000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4476000 usd
CY2022Q3 us-gaap Unrecorded Unconditional Purchase Obligation Imputed Interest
UnrecordedUnconditionalPurchaseObligationImputedInterest
622000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
3854000 usd
CY2022Q3 jspr Current Portion Of Lease Liability
CurrentPortionOfLeaseLiability
-840000 usd
CY2022Q3 jspr Noncurrent Portion Of Lease Liability
NoncurrentPortionOfLeaseLiability
3014000 usd
jspr Pay Stanford Net
PayStanfordNet
900000 usd
jspr Pay Stanford Net Term
PayStanfordNetTerm
P3Y
CY2020 jspr First Milestone Agremment
FirstMilestoneAgremment
300000 usd
CY2022Q1 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
300000 usd
CY2021Q1 jspr License Agreements Description
LicenseAgreementsDescription
In March 2021, the Company entered into the Stanford License Agreement (Note 7), pursuant to which the Company is required to pay annual license maintenance fees, beginning on the first anniversary of the effective date of the agreement and ending upon the first commercial sale of a product, method, or service in the licensed field of use, as follows: $25,000 for each first and second year, $35,000 for each third and fourth year, and $50,000 at each anniversary thereafter ending upon the first commercial sale. The Company is also obligated to pay late-stage clinical development milestones and first commercial sales milestone payments of up to $9.0 million in total.
CY2022Q1 us-gaap Direct Taxes And Licenses Costs
DirectTaxesAndLicensesCosts
25000 usd
CY2021Q3 jspr Shares Of Nonvoting Common Stock
SharesOfNonvotingCommonStock
1296022 shares
CY2022Q3 us-gaap Excess Stock Shares Authorized
ExcessStockSharesAuthorized
490000000 shares
us-gaap Preferred Stock Dividends Shares
PreferredStockDividendsShares
10000000 shares
jspr Common Stock Voting Shares
CommonStockVotingShares
37073346 shares
jspr Common Stock Nonvoting Shares
CommonStockNonvotingShares
911022 shares
CY2022Q3 jspr Outstanding And Issued Common Stock Option
OutstandingAndIssuedCommonStockOption
6279930 shares
CY2021Q4 jspr Outstanding And Issued Common Stock Option
OutstandingAndIssuedCommonStockOption
2660383 shares
jspr Common Stock Warrants
CommonStockWarrants
4999863 shares
CY2021 jspr Common Stock Warrants
CommonStockWarrants
4999883 shares
CY2022Q3 jspr Shares Available For Grant Under2021 Equity Incentive Plan
SharesAvailableForGrantUnder2021EquityIncentivePlan
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CY2021Q4 jspr Shares Available For Grant Under2021 Equity Incentive Plan
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
The number of shares available for issuance under the 2021 Plan will increase annually in an amount equal to the least of (i) 2,750,000 shares, (ii) a number of shares equal to 4% of the total number of shares of all classes of common stock of the Company outstanding on the last day of the immediately preceding fiscal year, or (iii) such lesser number of shares determined by the Company’s Board of Directors (“Board”) no later than the last day of the immediately preceding fiscal year. The number of shares of common stock available for issuance under the ESPP will increase annually in an amount equal to the least of (i) 550,000 shares of common stock, (ii) a number of shares of common stock equal to 1% of the total number of shares of all classes of common stock of the Company on the last day of the immediately preceding fiscal year, or (iii) such number of shares determined by the Board. As of September 30, 2022, 5,906,146 shares were reserved for issuance under the 2021 Plan, of which 3,889,106 shares were available for future grant and 2,017,040 shares were subject to outstanding options and restricted stock units (“RSUs”), including performance-based awards. As of September 30, 2022, no shares have been issued under the ESPP and 928,551 shares were reserved and available for future issuance.
CY2022Q3 us-gaap Shares Issued
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q3 us-gaap Other Selling General And Administrative Expense
OtherSellingGeneralAndAdministrativeExpense
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CY2021Q2 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
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us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
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us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
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WeightedAverageNumberOfSharesRestrictedStock
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WeightedAverageNumberOfSharesRestrictedStock
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us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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79891 shares
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
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us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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jspr Diluted Net Loss Per Share Attributable To Common Stockholders
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jspr Diluted Net Loss Per Share Attributable To Common Stockholders
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CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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6279930 shares
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q3 jspr Common Stock Warrants One
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jspr Common Stock Warrants One
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CY2022Q3 jspr Unvested Restricted Common Stock
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jspr Unvested Restricted Common Stock
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CY2022Q3 jspr Outstanding Rs Us
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CY2022Q3 jspr Diluted Net Loss Per Share Attributable To Common Stockholders
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CY2021Q3 jspr Diluted Net Loss Per Share Attributable To Common Stockholders
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3333375 shares
us-gaap Defined Benefit Plan Significant Transactions Between Employer Or Related Parties And Plan During Year
DefinedBenefitPlanSignificantTransactionsBetweenEmployerOrRelatedPartiesAndPlanDuringYear
The Company recorded $0.1 million for the founders’ advisory and consulting services performed for each of the three months ended September 30, 2022 and 2021, and $0.4 million and $0.2 million for the founders’ advisory and consulting services performed for the nine months ended September 30, 2022 and 2021, respectively.
CY2022Q3 us-gaap Preferred Stock Value
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CY2022Q1 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
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us-gaap Proceeds From Hedge Financing Activities
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jspr Payment Of Reverse Recapitalization Related Expenses
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CY2021Q4 jspr Shares Available For Grant Under2019 Equity Incentive Plan
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2021Q3 jspr Common Stock Warrants One
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dei Amendment Flag
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
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