10-Q · May 14, 2026
Jasper Therapeutics reported significant operational improvements in its latest 10-Q, with revenues remaining at zero but a notable reduction in net losses and cash burn. The company plans to continue focusing on its…
Earnings analysis · 10-Q
JSPR earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
The extracted 10-Q does not include the income statement, balance sheet, cash-flow statement, or segment disclosures needed to assess quarterly revenue, margins, EPS, working capital, or free cash flow.…
Read full summary
The extracted 10-Q does not include the income statement, balance sheet, cash-flow statement, or segment disclosures needed to assess quarterly revenue, margins, EPS, working capital, or free cash flow. Financial-condition disclosures remain concerning: as of June 30, 2026, cash was $7.3 million, six-month operating cash flow was negative $21.5 million, and management stated that substantial doubt exists about going-concern status, although the company subsequently raised approximately $131.6 million. The July Kira merger adds significant integration, dilution, preferred-stock redemption, and Nasdaq compliance risks.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Post-quarter financing materially increased liquidity
Jasper raised approximately $131.6 million of net proceeds in the 2026 Financing completed on July 20, 2026, compared with cash and cash equivalents of $7.3 million at June 30, 2026.
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Year-to-date losses and cash burn improved
Six-month net loss improved to $3.9 million from $48.0 million in the comparable 2025 period, while negative operating cash flow improved to $21.5 million from $38.3 million.
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New license creates potential milestone upside
The Mirador License Agreement provides potential milestone economics of up to $108.5 million in development and regulatory payments and up to $350.0 million in commercial, net-sales-based payments, plus tiered royalties.
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Disclosure controls remained effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
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Going-concern uncertainty remains
Management concluded that substantial doubt exists about the company's ability to continue as a going concern beyond one year from the filing date. Jasper reported cash of $7.3 million at June 30, 2026, negative operating cash flow of $21.5 million for the six months ended June 30, 2026, and an accumulated deficit of $320.6 million.
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Preferred-stock approval creates cash risk
If stockholders do not approve conversion and other Company Stockholder Matters within 12 months after the initial issuance of Convertible Preferred Stock, holders may elect cash redemption. Each preferred share is convertible into 61 common shares subject to approval, creating substantial potential cash-settlement exposure and dilution.
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Nasdaq minimum-bid deficiency
Nasdaq notified Jasper on June 3, 2026 that its bid price had closed below $1.00 for 30 consecutive business days. The company has until November 30, 2026 to regain compliance, potentially requiring a reverse stock split.
Management's outlook
No quantitative revenue or EPS guidance was provided in the extracted 10-Q. Management states it will continue to incur significant expenses and increasing operating losses for the foreseeable future and will need additional financing for the foreseeable future.
Earlier filings 4
10-K · April 30, 2026
Jasper Therapeutics remains firmly in the clinical stage, aiming to treat mast-cell driven diseases with varying success across trials. The company reported a substantial net loss of $75.8 million in 2025, reflecting…
10-K · March 30, 2026
Jasper is a clinical‑stage biotech focused exclusively on mast‑cell driven diseases, advancing its lead candidate briquilimab through multiple Phase 1b/2a programs (CSU BEACON, CIndU SPOTLIGHT, asthma ETESIAN) with…
10-Q · November 7, 2024
Jasper reported a Q3 net loss of $18,637 thousand and GAAP EPS of $(1.24), compared with a net loss of $17,544 thousand and EPS of $(1.60) in Q3 2023. Cash and cash equivalents increased to $92,502 thousand (from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.