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JT

Jasper Therapeutics, Inc. (JSPR)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 delivered a typical pre-commercial biotech print: net loss of $21.2M and basic/diluted EPS of $1.41, driven by R&D of $16.2M and G&A of $5.6M; cash was $48.8M as of March 31, 2025 .
  • Clinical execution and upcoming catalysts remain the primary stock drivers: management guided to a mid-year data update in the first half of Q3 2025 for BEACON/OLE in CSU and additional SPOTLIGHT data at EAACI (June), with Phase 2b in CSU expected to commence in Q4 2025 .
  • Subsequent data in June from SPOTLIGHT’s 180mg cohort in CIndU showed 100% clinical response and 92% complete responses, reinforcing efficacy and tolerability and supporting dose selection for Phase 2b in CSU (positive surprise) .
  • No Wall Street consensus (S&P Global) was available for Q1 2025 EPS or revenue; estimate comparison is not possible at this time (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well

  • Strong clinical momentum and clarity on catalysts: “great progress advancing briquilimab toward important data readouts later this year” with mid-year BEACON/OLE update and Phase 2b initiation in Q4 2025 .
  • Efficacy signal strengthens: SPOTLIGHT 180mg cohort reported 100% clinical response and 92% complete responses; tryptase below LLOQ in 83%—rapid and durable control with favorable safety (no SAEs or ≥Grade 3 AEs) .
  • Safety narrative constructive: management reiterated KIT class effects are largely mild/transient and highlighted briquilimab’s shorter half-life (≈9 days) as a potential differentiator vs. competitors for reducing KIT-related AEs and neutrophil dips .

What Went Wrong

  • Losses widened year over year as clinical programs ramp: net loss increased to $21.2M vs. $13.7M in Q1 2024, with higher R&D and G&A spend reflecting expanded dose cohorts and OLE enrollment (analyst concern: burn rate) .
  • No revenue; earnings comparison vs. consensus not possible due to unavailable S&P Global estimates, limiting visibility on “beat/miss” framing for generalist portfolios (process friction).
  • Sequential cash decline (Q4 → Q1) reflects increased spend ahead of data releases and Phase 2b start; investors will monitor timing of catalysts versus funding needs .

Financial Results

Quarterly Trend (sequential comparison)

MetricQ3 2024Q4 2024Q1 2025
Net Loss ($USD Millions)$18.6 $24.3 $21.2
EPS (Basic & Diluted, $)$1.24 $1.62 $1.41
Total Operating Expenses ($USD Millions)$19.9 $25.3 $21.8
Cash and Cash Equivalents ($USD Millions)$92.5 $71.6 $48.8

Year-over-Year (Q1 2025 vs. Q1 2024)

MetricQ1 2024Q1 2025
Net Loss ($USD Millions)$13.7 $21.2
EPS (Basic & Diluted, $)$1.03 $1.41
R&D Expense ($USD Millions)$10.3 $16.2
G&A Expense ($USD Millions)$4.8 $5.6
Stock-Based Comp (Total, $USD Millions)$1.17 $1.81

Estimates vs. Actuals (Q1 2025)

MetricQ1 2025 ActualQ1 2025 Consensus
EPS ($)$1.41 n/a*
Revenue ($USD Millions)n/an/a*

Values retrieved from S&P Global.*

KPIs and Clinical Metrics

KPIQ4 2024Q1 2025
SPOTLIGHT 120mg CIndU – Complete Response (%)83.3% —
SPOTLIGHT 180mg CIndU – Complete Response (%)—91.6%
SPOTLIGHT 180mg CIndU – Clinical Response (%)—100%
SPOTLIGHT 180mg CIndU – Tryptase < LLOQ (%)—83%

Segment breakdown: not applicable (pre-commercial biotech).

Guidance Changes

MetricPeriodPrevious Guidance (Q4 2024)Current Guidance (Q1 2025)Change
BEACON CSU data update (incl. OLE)Mid-year 2025Initial BEACON data around week of Jan 6, 2025; OLE initial data ~mid-year 2025 Mid-year update in first half of Q3 2025; OLE data included Clarified timing (later in Q3’s first half)
SPOTLIGHT CIndU 180mg cohort1H 2025Additional SPOTLIGHT data incl. 180mg cohort in 1H 2025 EAACI June 2025 oral presentation of 180mg data (delivered) Date specified/executed
ETESIAN Asthma initial data2H 2025Initial data in 2H 2025 Initial data in 2H 2025 (unchanged) Maintained
CSU Phase 2b start2H 2025Phase 2b operationally adaptive study expected later in 2025 Phase 2b expected to commence in Q4 2025 Narrowed window to Q4

Earnings Call Themes & Trends

Note: No formal Q1 2025 earnings call transcript found; management commentary synthesized from Q1 press release and May/June conference appearances .

TopicPrevious Mentions (Q3 2024, Q4 2024)Current Period (Q1 2025 + Conferences)Trend
Clinical efficacy in CSUInitial BEACON data planned; strong SPOTLIGHT preliminary signals Emphasis on rapid onset/durability; mid-year BEACON/OLE update in 1H Q3; 240mg/180mg cohorts to inform Phase 2b dose selection Improving clarity and confidence
Safety profile and KIT-related AEsClass effects acknowledged; largely mild/transient; neutrophils recover as drug clears Reinforces shorter half-life (≈9 days) as potential safety edge; transient neutrophil dips vs. competitor’s sustained suppression Differentiation narrative strengthening
Competitive landscape (CSU biologics/small molecules)Set-up vs. barzolvolimab; DUPI approval, remibrutinib timeline noted Positions briquilimab as mast cell-depleting approach; aims for similar efficacy with differentiated safety vs. barzolvolimab Clearer positioning
R&D execution and timelinesHigher-dose cohorts added; OLE initiated; ETESIAN CTA cleared EAACI data delivered for SPOTLIGHT 180mg; BEACON/OLE data in early Q3; Phase 2b in Q4; ETESIAN data 2H 2025 On track/near-term catalysts
Dose optimization strategyExploring Q8–Q12 week intervals; biologic dosing rationale Selecting two Q8-week doses likely for Phase 2b; PK/tryptase support mast cell depletion/durability Converging on regimen design

Management Commentary

  • “During the first quarter of 2025 we made great progress advancing briquilimab toward important data readouts later this year… These data will inform final dose selection for our planned Phase 2b study, expected to commence in the fourth quarter of 2025.” — Ronald Martell, CEO .
  • On SPOTLIGHT 180mg: “Briquilimab driving complete responses in over 90% of CIndU participants… continued to be well tolerated.” — Ronald Martell, CEO .
  • On dosing rationale: briquilimab’s ≈9-day half-life enables drug-free intervals, potentially reducing KIT-related AEs while maintaining efficacy via mast cell depletion .
  • Competitive framing: target is to match barzolvolimab efficacy with a differentiated safety profile; two Q8-week doses likely to advance .

Q&A Highlights

  • Dose-response and cohort nuances: management addressed apparent underperformance of 180mg Q8W in one cohort (small n, possible non-CSU diagnoses) despite tryptase floor—supports mast cell depletion biology .
  • Safety differentiation: emphasized transient neutrophil dips and potential reduction in KIT-related AEs due to shorter half-life and drug-free intervals; no chronic suppression like competitors’ AUC approach .
  • Phase 2b design: likely two Q8-week doses informed by mid-year data; aim to start in Q4 2025 .
  • Market positioning: mast cell depletion (briquilimab/barzolvolimab) viewed as superior efficacy class versus mast cell inhibition; DUPI’s approval may accelerate biologic adoption in CSU .

Estimates Context

  • S&P Global consensus for Q1 2025 EPS and revenue was unavailable; comparison to Street expectations cannot be made at this time.*
  • Given absent consensus, focus shifts to clinical catalysts and operating trajectory rather than beat/miss framing.

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Near-term catalysts: BEACON/OLE mid-year update in first half of Q3 2025 and EAACI SPOTLIGHT 180mg data already positive—these are likely the primary stock reaction drivers .
  • Clinical efficacy story strengthening: 100% clinical response and 92% complete responses at 180mg in CIndU, plus favorable safety, support briquilimab’s mast cell depletion thesis and Phase 2b dose selection in CSU .
  • Safety differentiation is the core of the medium-term thesis: shorter half-life may reduce KIT-related AEs and transient neutrophil dips vs. competitors, potentially improving chronic tolerability/adherence .
  • Operating intensity and burn are elevated ahead of pivotal preparations; watch cash use versus timing of data and Phase 2b start (Q4 2025) .
  • Competitive context: positioning aims to match barzolvolimab efficacy with differentiated safety; DUPI approval expands biologic use in CSU, potentially enlarging the treatable market .
  • Asthma readout (ETESIAN) in 2H 2025 adds optionality; positive signal could broaden the franchise beyond urticaria .
  • Trading stance: stock likely sensitive to mid-year BEACON/OLE efficacy and safety details and to Phase 2b dose/interval choices; surprises (positive/negative) on KIT-related AEs or durability could drive outsized moves .