2023 Q4 Form 10-K Financial Statement

#000121390024020114 Filed on March 05, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.890M $17.08M $4.465M
YoY Change -12.88% 3.06% 30.36%
% of Gross Profit
Research & Development $13.84M $51.79M $9.282M
YoY Change 49.05% 49.55% 7.22%
% of Gross Profit
Depreciation & Amortization $283.0K $1.100M $273.0K
YoY Change 3.66% 12.82% 40.72%
% of Gross Profit
Operating Expenses $17.73M $68.86M $13.75M
YoY Change 28.94% 34.5% 13.78%
Operating Profit -$68.86M
YoY Change 34.5%
Interest Expense $1.234M $5.199M $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$90.00K -$803.0K $536.0K
YoY Change -116.79% -237.03% -82.26%
Pretax Income -$16.58M -$64.47M -$13.21M
YoY Change 25.51% 71.06% 45.87%
Income Tax
% Of Pretax Income
Net Earnings -$16.58M -$64.47M -$13.21M
YoY Change 25.51% 71.06% 45.87%
Net Earnings / Revenue
Basic Earnings Per Share -$6.18
Diluted Earnings Per Share -$1.50 -$6.18 -$0.31
COMMON SHARES
Basic Shares Outstanding 111.6M shares 10.44M shares
Diluted Shares Outstanding 10.44M shares

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.89M $86.89M $38.25M
YoY Change 127.16% 127.16% -54.84%
Cash & Equivalents $86.89M $86.89M $38.25M
Short-Term Investments
Other Short-Term Assets $65.00K $1.801M $246.0K
YoY Change -73.58% -29.87% 1071.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables $118.0K
Total Short-Term Assets $88.94M $88.94M $41.73M
YoY Change 113.12% 113.12% -52.49%
LONG-TERM ASSETS
Property, Plant & Equipment $2.727M $4.194M $3.568M
YoY Change -23.57% -23.1% -3.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.343M $1.760M $759.0K
YoY Change 76.94% 49.66% 17.67%
Total Long-Term Assets $5.954M $5.954M $6.630M
YoY Change -10.2% -10.2% 13.86%
TOTAL ASSETS
Total Short-Term Assets $88.94M $88.94M $41.73M
Total Long-Term Assets $5.954M $5.954M $6.630M
Total Assets $94.89M $94.89M $48.36M
YoY Change 96.22% 96.22% -48.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.149M $4.149M $1.768M
YoY Change 134.67% 134.67% -54.89%
Accrued Expenses $7.908M $7.908M $5.103M
YoY Change 54.97% 54.97% 45.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.37M $12.37M $7.065M
YoY Change 75.15% 75.15% -11.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.264M $4.078M $2.353M
YoY Change -3.78% -23.16% 265.94%
Total Long-Term Liabilities $2.264M $4.078M $2.353M
YoY Change -3.78% -23.16% 265.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.37M $12.37M $7.065M
Total Long-Term Liabilities $2.264M $4.078M $2.353M
Total Liabilities $16.45M $16.45M $12.37M
YoY Change 32.98% 32.98% -48.74%
SHAREHOLDERS EQUITY
Retained Earnings -$169.6M -$105.1M
YoY Change 61.32% 55.87%
Common Stock $1.000K $4.000K
YoY Change -75.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $78.44M $78.44M $35.99M
YoY Change
Total Liabilities & Shareholders Equity $94.89M $94.89M $48.36M
YoY Change 96.22% 96.22% -48.36%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income -$16.58M -$64.47M -$13.21M
YoY Change 25.51% 71.06% 45.87%
Depreciation, Depletion And Amortization $283.0K $1.100M $273.0K
YoY Change 3.66% 12.82% 40.72%
Cash From Operating Activities -$16.48M -$52.10M -$12.65M
YoY Change 30.31% 13.61% -13.29%
INVESTING ACTIVITIES
Capital Expenditures $230.0K $267.0K $82.00K
YoY Change 180.49% -53.65% -111.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$230.0K -$267.0K -$82.00K
YoY Change 180.49% -53.65% -88.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -271.0K $101.0M 28.00K
YoY Change -1067.86% 183483.64% -103.08%
NET CHANGE
Cash From Operating Activities -16.48M -$52.10M -12.65M
Cash From Investing Activities -230.0K -$267.0K -82.00K
Cash From Financing Activities -271.0K $101.0M 28.00K
Net Change In Cash -16.98M $48.60M -12.70M
YoY Change 33.7% -204.8% -21.62%
FREE CASH FLOW
Cash From Operating Activities -$16.48M -$52.10M -$12.65M
Capital Expenditures $230.0K $267.0K $82.00K
Free Cash Flow -$16.71M -$52.37M -$12.73M
YoY Change 31.28% 12.78% -8.25%

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CY2023 us-gaap Nature Of Operations
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<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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jasper Therapeutics, Inc. and its consolidated subsidiary, Jasper Tx Corp. (collectively, “Jasper” or the “Company”), is a clinical-stage biotechnology company focused on developing therapeutics targeting mast cell driven diseases such as Chronic Spontaneous Urticaria and Chronic Inducible Urticaria. The Company also has ongoing programs in diseases where targeting diseased hematopoietic stem cells can provide benefits, such as Lower to Intermediate Risk Myelodysplastic Syndrome, and stem cell transplant conditioning regimens.</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; 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 the Company, formerly known as Amplitude Healthcare Acquisition Corporation (“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">The Company is headquartered in Redwood City, California. The Company is a Delaware corporation and was incorporated in March 2018. In September 2021, the Company completed a merger with Amplitude Healthcare Acquisition Corporation (“AMHC”) and became a public company.</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"><b><i>Recent Financing</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">On February 8, 2024, the Company sold 3,900,000 shares of its common stock in an underwritten offering and received estimated net proceeds of $47.2 million, after deducting underwriting discounts and commissions and other offering expenses.</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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Liquidity and <span>Going Concern</span></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 years ended December 31, 2023 and 2022, the Company incurred net losses of $64.5 million and $37.7 million, respectively. During the years ended December 31, 2023 and 2022, the Company had negative operating cash flows of $52.1 million and $45.9 million, respectively. As of December 31, 2023, the Company had an accumulated deficit of $169.6 million. 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">As of December 31, 2023, the Company had cash and cash equivalents of $86.9 million. The Company’s management expects that the existing cash and cash equivalents, together with the total estimated net proceeds of $47.2 million from the underwritten offering that closed in February 2024, will be sufficient to fund the Company’s operating plans for at least twelve months from the issuance date of these consolidated financial statements. The Company will need to raise additional financing to continue its products’ development for the foreseeable future, and expects to continue needing to do so until it becomes profitable. 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 may be required to significantly curtail, delay or discontinue one or more of its research or development programs or the commercialization of any product candidate, or be unable to expand its operations or otherwise capitalize on the Company’s business opportunities, as desired, which could materially harm the Company’s business, financial condition and results of operations.</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">  </p> <p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt">The 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 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>
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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">The preparation of 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 consolidated financial statements and the reported amounts of income and expenses during the reporting periods. Significant estimates and assumptions made in the consolidated financial statements include but are not limited to, the determination of the accrued research and development expenses, 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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Concentrations of Credit Risk and Other Risks and Uncertainties</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company’s cash and cash equivalents are maintained with financial institutions in the United States of America. Cash balances are held at financial institutions and account balances may exceed federally insured limits. To date, the Company has not experienced any losses on its cash, cash equivalents and marketable securities’ balances and periodically evaluates the creditworthiness of its financial institutions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is subject to risks common to companies in the development stage, including, but not limited to, development and regulatory approval of new product candidates, development of markets and distribution channels, dependence on key personnel, and the ability to obtain additional capital as needed to fund its product plans. To achieve profitable operations, the Company must successfully develop and obtain requisite regulatory approvals for, manufacture, and market its product candidates. There can be no assurance that any such product candidate can be developed and approved or manufactured at an acceptable cost and with appropriate performance characteristics, or that such product will be successfully marketed. These factors could have a material adverse effect on the Company’s future financial results.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Products developed by the Company require approval from the U.S. Food and Drug Administration (“FDA”) or other international regulatory agencies prior to commercial sales. There can be no assurance that the Company’s future products will receive the necessary clearances. If the Company were denied such clearances or such clearances were delayed, it could have a materially adverse impact on the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
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CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
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The number of shares available for issuance under the 2021 Plan will increase annually in an amount equal to the least of (i) 275,000 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 (the “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) 55,000 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 December 31, 2023, 537,688 shares were reserved for issuance under the 2021 Plan, of which 119,014 shares were available for future grant and 418,674 shares were subject to outstanding options, including performance-based awards. As of December 31, 2023, 18,941 shares have been issued under the ESPP and 111,958 shares were reserved and available for future issuance.
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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95685 shares
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