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JT

Jasper Therapeutics, Inc. (JSPR)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 focused on accelerating briquilimab development with positive preliminary efficacy in CSU (BEACON) and CIndU (SPOTLIGHT), and first patient dosed in the asthma ETESIAN study; these updates drive a clear mid-’25 data catalyst and a pivotal Phase 2b start in 2H 2025 .
  • Operating spend ramped with R&D $19.772M and G&A $5.513M, driving net loss of $24.321M ($1.62 per share); cash declined to $71.637M, reflecting increased clinical activity and program breadth .
  • Management’s tone remains confident, citing rapid, deep and durable responses and a favorable safety profile, with dose-dependent durability and biomarker (tryptase) reductions that underpin differentiation versus alternatives .
  • Wall Street consensus for Q4 2024 EPS and revenue via S&P Global was unavailable at query time; estimate comparisons not possible. Expect sell-side focus to shift toward clinical milestones (mid-year 2025) and pivotal design rather than near-term P&L [GetEstimates error; see Estimates Context].
  • Near-term stock reaction drivers: mid-year BEACON/ SPOTLIGHT + OLE data at ≥180mg/240–360mg, AAAAI/AAD visibility, and clarity on Phase 2b dose and operational design in CSU (2H 2025) .

What Went Well and What Went Wrong

What Went Well

  • Positive preliminary BEACON data in CSU: mean UAS7 change −26.6 at week 8 in the 240mg single-dose cohort, with 100% complete responses; dose-dependent durability and rapid onset support registrational advancement in 2H 2025 .
    • “We believe the preliminary results from the BEACON study support advancing briquilimab into a pivotal program in CSU…” — CEO Ronald Martell .
  • Strong SPOTLIGHT signal in CIndU: 93% clinical response across cohorts (n=15) with 83% complete responses at 120mg; well-tolerated with no SAEs or grade ≥3 AEs .
  • Pipeline expansion: ETESIAN initiated (first patient dosed) to demonstrate asthma proof-of-concept with single 180mg subQ dose; expected initial data 2H 2025 .

What Went Wrong

  • Operating spend and burn increased: R&D rose to $19.772M in Q4 (from $14.455M in Q3), and cash fell to $71.637M (from $92.502M in Q3), intensifying financing watchpoints absent product revenue .
  • Net loss widened sequentially and YoY: Q4 net loss $24.321M vs $18.637M in Q3 and $16.581M in Q4 2023; per-share loss increased to $1.62 vs $1.24 in Q3 and $1.50 YoY .
  • Legacy LR-MDS program discontinued after not translating HSC depletion into improved hematopoiesis, underscoring pipeline refocus and the need to convert mast cell efficacy into registrational success .

Financial Results

Sequential P&L and Cash Metrics

MetricQ2 2024Q3 2024Q4 2024
Cash and Cash Equivalents ($USD Millions)$106.819 $92.502 $71.637
Research and Development Expense ($USD Millions)$11.296 $14.455 $19.772
General and Administrative Expense ($USD Millions)$4.697 $5.434 $5.513
Total Operating Expenses ($USD Millions)$15.993 $19.889 $25.285
Net Loss ($USD Millions)$(14.583) $(18.637) $(24.321)
Net Loss per Share (Basic & Diluted)$(0.97) $(1.24) $(1.62)

YoY (Q4 2024 vs Q4 2023)

MetricQ4 2023Q4 2024
Research and Development Expense ($USD Millions)$13.835 $19.772
General and Administrative Expense ($USD Millions)$3.890 $5.513
Total Operating Expenses ($USD Millions)$17.725 $25.285
Net Loss ($USD Millions)$(16.581) $(24.321)
Net Loss per Share (Basic & Diluted)$(1.50) $(1.62)

Clinical KPIs (BEACON CSU, Preliminary)

KPIValueComparator
UAS7 mean change at Week 8 – 240mg single dose−26.6 Placebo −12.4
Well Controlled disease (UAS7 ≤6) at Week 8 – 240mg single dose100% Placebo 25%
Complete Response (UAS7 = 0) at Week 8 – 240mg single dose100% Placebo 17%
UAS7 mean change at Week 12 – 120mg Q8W−27.2 Placebo −9.2
UAS7 mean change at Week 16 – 120mg Q12W−29.8 Placebo −10.1

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
BEACON initial CSU data disclosureWeek of Jan 6, 2025Initial BEACON data planned for early Jan 2025 Preliminary BEACON data disclosed Jan 8, 2025; continued mid-’25 data from higher-dose cohorts Maintained timeline; expanded data plan
CSU Phase 2b (Operationally Adaptive)2H 2025Registration program planned; timing not specified Phase 2b expected to commence 2H 2025 Established timing (raised specificity)
SPOTLIGHT full data incl. 180mg cohort1H 2025Full data incl. 180mg cohort in 1H 2025 Expects additional data incl. 180mg in 1H 2025 Maintained
ETESIAN asthma initial data2H 2025Initial data in 2H 2025 Initial data in 2H 2025 Maintained
Open-Label Extension (OLE) data (chronic urticarias)Mid-2025OLE program commencement Initial ~30 patients mid-2025 Added timing specificity

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4 2024)Trend
R&D execution (dose escalation, enrollment)Rapid enrollment; added 180mg Q8W cohort; BEACON up to 240mg; SPOTLIGHT ongoing BEACON expanded to 360mg single-dose; SPOTLIGHT 180mg cleared; open-label extension announced Positive preliminary efficacy in BEACON/ SPOTLIGHT; additional cohorts at ≥240–360mg planned mid-’25 Strengthening signal; higher doses and durability
Regulatory/clinical operations31 BEACON sites; asthma program planned Asthma CTA cleared in Canada/EU ETESIAN first patient dosed; multiple AAAAI/AAD presentations Momentum building
Product performance (CSU/CIndU)Anticipated initial BEACON/ SPOTLIGHT data in 4Q24 SPOTLIGHT prelim: 93% response, 83% CR at 120mg BEACON prelim: −26.6 UAS7, 100% CR at 240mg single dose; dose-dependent durability Efficacy narrative improving
Biomarkers/PK-PDHealthy volunteer data supported PK/PD and mast cell depletion —Tryptase reductions below LLOQ; early Tmax supportive of rapid onset Mechanistic reinforcement
Funding/runwayCash $106.819M Cash $92.502M Cash $71.637M Burn increasing; runway tightening

Management Commentary

  • “The past year has been a transformational period for Jasper… We believe the preliminary results from the BEACON study support advancing briquilimab into a pivotal program in CSU…” — Ronald Martell, President & CEO .
  • “The profound reduction in UAS7… dose dependent durability… and prolonged drops in mean serum tryptase… demonstrate the potential for deep and durable efficacy…” — Edwin Tucker, CMO .
  • “I am excited to see… rapid and durable symptom control… encouraged by the safety and tolerability profile… support advancing briquilimab into a registrational program…” — Thomas B. Casale, M.D. (Lead US Investigator, BEACON) .

Q&A Highlights

  • Jasper hosted a live webinar with Q&A on Jan 8, 2025 to discuss BEACON preliminary data; materials and replay were made available via Investor Relations site .
  • An earnings call transcript for Q4 2024 was not available in the document corpus; visibility into themes came via the Q4 press release and scientific conference communications .

Estimates Context

  • S&P Global consensus estimates for Q4 2024 EPS and revenue were unavailable at query time due to data access limits; as a clinical-stage company, reported results centered on operating spend and loss rather than top-line. Expect analysts to recalibrate around clinical milestones and cash runway rather than near-term P&L. [GetEstimates error]
MetricPeriodConsensusActualComment
Primary EPS Consensus MeanQ4 2024Unavailable$(1.62) No comparison; S&P Global data unavailable
Revenue Consensus MeanQ4 2024UnavailableNot presented in release Company did not present product revenue in Q4 release

Note: S&P Global consensus data unavailable at time of query; cannot assess beats/misses.

Key Takeaways for Investors

  • Clinical momentum is strong in urticaria with compelling preliminary efficacy and biomarker alignment; mid-year 2025 is the key catalyst window for expanded BEACON/ SPOTLIGHT/ OLE datasets at higher doses that should inform Phase 2b dose selection and pivotal design in CSU .
  • Operating intensity is rising; Q4 R&D and G&A drove sequential and YoY increases in net loss, with cash declining to $71.637M — monitor financing needs and potential capital strategy in 2025 as trials scale .
  • Differentiation thesis: rapid onset, depth of response, dose-dependent durability, and favorable tolerability may position briquilimab competitively versus approved/in-development CSU/CIndU options; continued validation via AAAAI/AAD presentations enhances clinical credibility .
  • Asthma optionality (ETESIAN) adds a broader mast cell disease footprint; initial data in 2H 2025 could unlock a larger TAM if proof-of-concept replicates preclinical signals and urticaria efficacy .
  • Near-term trading setup centers on data flow and registrational clarity rather than quarterly financials; expect stock sensitivity to mid-’25 readouts and Phase 2b design, with pullbacks on financing signals and upside on durable efficacy/safety confirmation .
  • Program pruning (LR-MDS) reduces non-core distractions and concentrates resources on mast cell-driven diseases, aligning spend with the most promising efficacy signals .
  • Track additional cohorts (240mg Q8W, 240→180mg Q8W, 360mg single-dose) and OLE durability; high-dose durability and safety will be critical for pivotal dosing strategy and commercial differentiation .