Jasper Therapeutics Q3 2024 Financial Results and Corporate Update

Jasper Therapeutics, Inc., a biotechnology firm based in Redwood City, California, reported its financial results for the quarter ending September 30, 2024. The company, listed on Nasdaq as JSPR, focuses on the development of briquilimab, an innovative antibody therapy targeting c-Kit (CD117). This therapy aims to treat mast cell-driven diseases including chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU), and asthma.

During the third quarter of 2024, Jasper achieved several significant milestones. A highlight was the positive preliminary data from the SPOTLIGHT study for CIndU, showing that over 90% of patients treated with briquilimab in the 40mg and 120mg dose cohorts responded positively. No serious adverse events or grade 3 or higher adverse events were reported. This study focuses on subcutaneous administration of briquilimab in adults with cold urticaria or symptomatic dermographism, two common CIndU subtypes. In the 120mg dose group, 10 out of 12 participants achieved a complete response, and one patient had a partial response.

Furthermore, the company progressed with its chronic urticaria and asthma programs by adding higher dose cohorts in the BEACON and SPOTLIGHT studies and obtaining regulatory clearance in Canada and the EU for an asthma challenge study. The next key milestone is the presentation of initial data from the BEACON study, expected in early January 2025.

Another significant achievement was the regulatory clearance in the US and EU to expand the BEACON study in CSU with a 360mg single-dose cohort, where patient enrollment is already complete. Full data from the BEACON study, including the newly added cohort, is anticipated in the first half of 2025.

Additionally, Jasper commenced an open-label extension study in chronic urticarias to include patients from the BEACON and SPOTLIGHT studies after their initial follow-up periods. In Canada and the EU, regulatory authorities cleared Jasper's Clinical Trial Application (CTA) for a Phase 1b/2a asthma challenge study, which will enroll 30 patients across multiple sites. The goal is to demonstrate proof-of-concept in asthma, with patient enrollment and dosing starting in the fourth quarter of 2024. Initial data from this study is expected in the latter half of 2025.

Jasper also reported discontinuing its legacy clinical study in lower-risk myelodysplastic syndromes (LR-MDS). The Phase 1 open-label trial showed that while briquilimab was effective in depleting diseased hematopoietic stem cells (HSCs) and was well tolerated, it did not improve hematopoiesis in patients. Consequently, Jasper decided to cease development in this indication, with data to be presented at a future medical conference.

Financially, Jasper had cash and cash equivalents totaling $92.5 million as of September 30, 2024. The company’s research and development expenses were $14.5 million, including $0.6 million in stock-based compensation. General and administrative expenses were $5.4 million, with $1.4 million in stock-based compensation. The net loss for the quarter was $18.6 million, translating to a net loss per share of $1.24.

Briquilimab, Jasper’s primary therapeutic candidate, is a targeted aglycosylated monoclonal antibody that inhibits c-Kit signaling, leading to mast cell depletion through apoptosis. This mechanism is crucial for treating mast cell-driven diseases like chronic urticaria. Briquilimab has shown efficacy and safety in over 160 participants, including those with CSU, CIndU, and as a conditioning agent for cell therapies in severe combined immunodeficiency (SCID), acute myeloid leukemia (AML), myelodysplastic syndromes (MDS), Fanconi anemia (FA), and sickle cell disease (SCD).

Jasper Therapeutics remains focused on advancing the clinical development of briquilimab across various indications to address significant unmet medical needs.