Jasper Therapeutics Q1 2024 Financials and Latest Corporate Updates

Jasper Therapeutics, Inc., a clinical-stage biotechnology company based in Redwood City, California, focuses on the development of briquilimab, an innovative antibody therapy targeting c-Kit (CD117). This therapy aims to treat mast cell-driven diseases, such as chronic spontaneous urticaria (CSU) and chronic inducible urticaria (CIndU). For the fiscal quarter ending March 31, 2024, Jasper reported significant advancements and corporate updates.

Ronald Martell, the President and CEO of Jasper, highlighted the company's ongoing progress with briquilimab, especially in the BEACON and SPOTLIGHT studies for chronic urticarias. These studies are moving forward rapidly, with initial data expected in the third quarter of 2024 for BEACON and the second half of 2024 for SPOTLIGHT. Additionally, Jasper plans to extend briquilimab's clinical development to include asthma treatment, leveraging mast cell depletion for broader disease control.

Key highlights from the first quarter of 2024 include:

1. BEACON Study Progress: Jasper is currently enrolling patients in the third cohort (80mg, Q8W) of its Phase 1b/2a BEACON study for CSU. As of May 13, 2024, they have clearance to enroll in the fourth cohort (120mg, Q8W). The study is a dose-escalation trial evaluating repeated doses in adult CSU patients who are symptomatic despite or intolerant to omalizumab. Jasper has activated 25 clinical sites across the U.S. and EU, with preliminary data expected in the third quarter of 2024.

2. SPOTLIGHT Study Developments: Enrollment has been completed for the first cohort (40mg) of the Phase 1b/2a SPOTLIGHT study for CIndU, and the second cohort (120mg) is currently enrolling as of May 13, 2024. This study assesses a single administration of briquilimab in adults with cold urticaria or symptomatic dermographism. Initial data from this study is anticipated in the latter half of 2024.

3. Asthma Program Launch: Jasper has announced a new briquilimab development program targeting asthma, with patient enrollment for a Phase 1b/2a study expected to begin in the fourth quarter of 2024. A related KOL webinar featuring Prof. Joshua Boyce from Harvard Medical School is scheduled for May 20, 2024.

4. Progress in Myelodysplastic Syndromes (MDS): The third cohort (0.6 mg/kg) of a Phase 1 trial for briquilimab as a second-line therapy for lower to intermediate risk MDS is now fully enrolled, with initial data expected in the second half of 2024.

5. Chronic Granulomatous Disease (CGD) Update: Additional positive data from a Phase 1b/2a study on briquilimab as a conditioning agent for CGD were presented at the Clinical Immunological Society Annual Meeting in May 2024. The study shows a favorable safety profile, with full donor engraftment achieved in five out of six assessable patients.

6. Financial and Corporate Developments: Jasper successfully raised approximately $50 million through an underwritten offering of 3.9 million shares in February 2024. This funding extends the company's cash runway through the third quarter of 2025. Financially, Jasper reported $118.5 million in cash and equivalents as of March 31, 2024. Research and development expenditures for the quarter were $10.3 million, and general and administrative expenses totaled $4.8 million, leading to a net loss of $13.7 million.

7. Employee Incentives: On May 13, 2024, Jasper granted options for 43,600 shares of common stock to four new employees under its equity incentive plan.

Briquilimab (formerly JSP191) is a targeted monoclonal antibody that inhibits the c-Kit receptor, leading to mast cell depletion and addressing the inflammatory response in mast cell-driven diseases. Jasper is actively conducting clinical studies on briquilimab for CSU, CIndU, and as a conditioning agent for cell therapies in rare diseases. The therapy has demonstrated a good safety and efficacy profile in over 145 participants thus far.

Jasper Therapeutics continues to advance its clinical programs, focusing on briquilimab's potential to significantly impact mast cell-driven diseases and other conditions, aiming for a notable second half of 2024 with multiple data readouts and program launches.

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