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JT

Jasper Therapeutics, Inc. (JSPR)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 was dominated by program execution updates and an unexpected efficacy anomaly in two BEACON CSU dose cohorts tied to a specific drug product lot; management initiated a formal investigation and plans redosing/enrollment to resolve by late 2025, pushing the planned Phase 2b CSU start to mid-2026 .
  • Clinical efficacy elsewhere remained strong: briquilimab delivered complete responses in 89% of CSU patients in 240/360 mg single-dose cohorts and 73% CR at 12 weeks in the 180 mg Q8W open-label extension; CIndU 180 mg cohort showed 92% CR and 100% clinical response with no grade ≥3 AEs .
  • Restructuring reduced headcount ~50% and halted non-urticaria programs (including ETESIAN asthma and SCID) to preserve capital; cash and equivalents ended Q2 at $39.5M (vs. $48.8M in Q1) .
  • No revenue was reported; net loss widened to $26.7M (EPS -$1.74) vs. $21.2M (EPS -$1.41) in Q1 as R&D spend ramped with higher-dose cohorts; S&P Global consensus estimates were unavailable for Q2, so no beat/miss assessment vs. Street is provided .

What Went Well and What Went Wrong

  • What Went Well

    • Robust efficacy signals in CSU and CIndU: 89% CR in 240/360 mg single-dose CSU cohorts; 73% CR at 12 weeks in the CSU OLE at 180 mg Q8W; 92% CR and 100% clinical response in CIndU 180 mg cohort; no dose-limiting toxicities observed .
    • Management conviction on differentiation: “The compelling results we are generating in both CSU and CIndU continue to reinforce our belief that briquilimab has the potential to be a highly differentiated therapy…” — CEO Ronald Martell .
    • Safety remained favorable with KIT-related events infrequent/low grade; neutrophil decreases were mild and generally recovered without infection/fever (BEACON/OLE) .

  • What Went Wrong

    • Atypical lack of UAS7 reduction in 11/13 patients in two BEACON multi-dose cohorts traced to a single lot; 10/10 patients dosed from the suspect lot showed no UAS7 improvement, prompting investigation, redosing, and added enrollment, delaying Phase 2b to mid-2026 .
    • Program reprioritization and cost actions: ~50% workforce reduction; non-urticaria programs (ETESIAN asthma, SCID, and ISTs) halted, highlighting funding and execution constraints amid the delay .
    • Cash burn and opex rose with study expansion: R&D expense increased to $21.2M (from $16.2M in Q1), driving a wider quarterly net loss (-$26.7M vs. -$21.2M) and lower cash ($39.5M vs. $48.8M) .

Financial Results

Metric (USD)Q4 2024Q1 2025Q2 2025
RevenueN/A (no revenue reported; SOI begins with operating expenses) N/A (no revenue reported; SOI begins with operating expenses) N/A (no revenue reported; SOI begins with operating expenses)
R&D Expense ($M)$19.77 $16.16 $21.20
G&A Expense ($M)$5.51 $5.65 $5.88
Total Operating Expenses ($M)$25.29 $21.80 $27.08
Net Loss ($M)$24.32 $21.24 $26.72
EPS (Basic & Diluted)-$1.62 -$1.41 -$1.74
Cash & Equivalents ($M, period-end)$71.64 $48.80 $39.51

Notes: Company reported no product/collaboration revenue; income statements presented begin with operating expenses .

KPIs and Clinical Efficacy

KPIPrior Quarter(s)Current Quarter (Q2 2025)
CSU (BEACON) Single-dose cohorts (240/360 mg) Complete Response (UAS7=0)Continued to demonstrate rapid, deep responses per updates through Q1 89% (8/9) CR following a single dose; 7/9 showed clinical response by week 2
CSU OLE 180 mg Q8W (12-week CR rate)OLE initiated; additional data expected mid-2025 73% (8/11) CR at 12 weeks; 82% (9/11) well-controlled disease
CIndU (SPOTLIGHT) 180 mg cohortH1: 93% clinical response overall at lower doses; 83% CR at 120 mg 92% (11/12) CR; 100% (12/12) clinical response; no serious/grade ≥3 AEs
BEACON multi-dose cohorts anomalyN/A11/13 lacked UAS7 reduction; 10/10 from one lot showed no UAS7 drop; investigation/redosing/enrollment underway
SafetyFavorable safety, no DLTs in prior updates Well-tolerated; no DLTs; KIT-related events infrequent/low grade

Guidance Changes

Metric/ProgramPeriodPrevious GuidanceCurrent GuidanceChange
CSU Phase 2b initiationStart timing“Expected to commence in the fourth quarter of 2025” (Q1 update) “Now expected to commence mid-2026” (after investigation/redosing) Lowered/Delayed
BEACON additional data (multi-dose cohorts)Data timingMid-year 2025 for higher-dose data to inform Phase 2b Additional data from new/redosed patients in late 2025 Delayed
ETESIAN asthma studyProgram status/timingInitial data in H2 2025 Enrollment halted; next steps to be determined after investigation; ETESIAN to be stopped due to lot issue Halted
Non-urticaria programs (incl. SCID, ISTs)Program statusActive (prior)Halted to focus on urticaria programs Halted
Corporate structureOperating planN/AWorkforce reduction ~50% to extend runway Restructured

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2025)Trend
CSU efficacy (BEACON)Deep, rapid responses across doses; added 360 mg cohort; Phase 2b planned H2 2025 Strong single-dose efficacy; multi-dose anomaly tied to one lot; redosing and added enrollment; Phase 2b pushed to mid-2026 Mixed: strong efficacy overall, execution delay due to lot issue
CIndU efficacy (SPOTLIGHT)93% clinical response overall at 40/120 mg; 83% CR at 120 mg; 180 mg cohort enrolling 92% CR and 100% clinical response at 180 mg; no serious/grade ≥3 AEs Positive/strengthening
Asthma (ETESIAN)Single-dose challenge study; initial data H2 2025 Halted due to impacted lot; revisit after investigation Negative (program paused)
Manufacturing/CMCNot highlighted previouslyInvestigation into product lot variability; plan to redose and enroll 10–12 new patients New risk factor introduced
Capital allocation/cost actionsNot highlighted previously~50% workforce reduction; focus on urticaria programs to preserve capital Defensive realignment
Safety/TolerabilityFavorable profile; no grade ≥3 related AEs No DLTs; KIT-related events infrequent/low grade; neutrophil decreases mild/recovering Stable/positive

Management Commentary

  • CEO positioning: “The compelling results we are generating in both CSU and CIndU continue to reinforce our belief that briquilimab has the potential to be a highly differentiated therapy in mast cell-driven diseases” — Ronald Martell, President & CEO .
  • CMO on investigation: “We are pursuing a number of avenues of investigation… Meanwhile, the lack of any observed dose-limiting safety signals… enables us to proceed with redosing… and enrolling an additional 10–12 new patients… We plan to report data… in late 2025.” — Daniel Adelman, M.D., Interim CMO .
  • Capital discipline: Jasper implemented a ~50% workforce reduction and halted non-urticaria programs to focus on briquilimab in CSU/CIndU and extend runway .

Q&A Highlights

  • No earnings call transcript was available in company/SEC document feeds for Q2 2025; management provided clarifications via press releases. Key clarifications:
    • Root cause work centers on product lot variability; patients will be redosed with different lots and an additional 10–12 patients will be enrolled to ensure a robust dataset .
    • The anomaly delayed Phase 2b CSU initiation to mid-2026; additional multi-dose cohort data targeted for late 2025 .
    • ETESIAN asthma was halted given the impacted lot and resource refocus; next steps will be determined after completing the investigation .

Estimates Context

  • S&P Global/Capital IQ consensus for Q2 2025 (Revenue and EPS) was unavailable for JSPR at the time of this analysis. As a pre-revenue biotech with no reported revenue lines, Street consensus is often sparse or absent [GetEstimates – no data returned]*.
  • Implication: No formal beat/miss vs. consensus can be assessed for Q2; the focus should remain on clinical milestones, timelines, and cash runway.

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • Efficacy remains compelling across CSU single-dose and CIndU cohorts with favorable safety; the clinical profile supports a differentiated mast cell–depleting mechanism .
  • The multi-dose cohort anomaly appears isolated to a single lot; if redosing/additional enrollment restore expected efficacy, Phase 2b viability remains intact, albeit delayed to mid-2026 .
  • Strategic refocus and 50% workforce reduction prioritize CSU/CIndU while conserving capital; cash declined to $39.5M at Q2-end, underscoring the importance of cost control and potential financing windows ahead of late-2025 data .
  • Near-term catalysts: late-2025 readouts from corrected BEACON cohorts and OLE, plus clarity on the lot investigation; these will likely be stock-moving events .
  • Risk watchlist: manufacturing/CMC reliability (lot-to-lot consistency), funding runway, and execution of redosing/enrollment plans .
  • Medium-term thesis: If lot issue resolves and efficacy durability persists, briquilimab could advance into Phase 2b with a competitive efficacy/safety profile in chronic urticarias; delay extends timelines but does not negate the core clinical rationale .

Appendix: Additional Documents Read

  • Q2 2025 8-K with press release (financials and program update) .
  • July 7, 2025 clinical data update (BEACON/OLE details; CIndU 180 mg data; lot investigation; ETESIAN halt) .
  • July 9, 2025 restructuring press release (~50% workforce reduction; CMO transition) .
  • Q1 2025 press release (prior quarter financials and program timelines) .
  • Q4 2024 press release (year-end financials; prior context) .