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JSPR on Nasdaq

Jasper Therapeutics, Inc.

Jasper Therapeutics, Inc. is an American biological products company based in Redwood City.1 Its shares trade on Nasdaq under the symbol JSPR.1

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Last updated Oct 21, 2026.

Overview

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  • TickerJSPR on Nasdaq1
  • IndustryBiological Products, (No Diagnostic Substances)1
  • HeadquartersRedwood City, California1
  • Incorporated inDE2
  • Business address2200 Bridge Pkwy Suite #102, Redwood City, Ca 940652
  • Filer category, Emerging growth company2
  • Legal formCorporation

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In January 2026, we reported preliminary data from the OLE study in both CSU and CIndU patients.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income45678-$83.9M in 2025
-$100.0M-$75.0M-$50.0M-$25.0M0$25.0M2019: $2.9M$2.9M20192020: -$20.7M-$20.7M20202021: -$36.8M-$36.8M2021+78%2022: -$51.2M-$51.2M2022+39%2023: -$68.9M-$68.9M2023+35%2024: -$76.2M-$76.2M2024+11%2025: -$83.9M-$83.9M2025+10%
Net income56478-$75.8M in 2025+139% since 2020
-$80.0M-$60.0M-$40.0M-$20.0M02020: -$31.7M-$31.7M20202021: -$30.6M-$30.6M2021−3%2022: -$37.7M-$37.7M2022+23%2023: -$64.5M-$64.5M2023+71%2024: -$71.3M-$71.3M2024+11%2025: -$75.8M-$75.8M2025+6%

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Research and development$63.1M$55.8M
General and administrative$20.8M$20.4M
Total operating expenses$83.9M$76.2M
Loss from operations-$83.9M-$76.2M
Interest income$1.7M$5.1M
Change in fair value of warrant liability$8.5M
Other expense, net-$2.2M-$88.0K
Total other income, net$8.1M$5.0M
Net loss and comprehensive loss-$75.8M-$71.3M
Net loss per share attributable to common stockholders, basic (in Dollars per share)-$3.95-$4.89
Net loss per share attributable to common stockholders, diluted (in Dollars per share)-$3.95-$4.89
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in Shares)19.2M shares14.6M shares
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in Shares)19.2M shares14.6M shares

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Corporate structure

Jasper Therapeutics, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Jasper Therapeutics, Inc.

  • Jasper Therapeutics, Inc. Redwood City, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Jasper Therapeutics, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$4.9M8 Dec 31, 2025$5.7M8 Dec 31, 2024−13.5%
Accumulated depreciation$4.8M8 Dec 31, 2025$3.8M8 Dec 31, 2024+26.5%
Property and equipment, net$102.0K8 Dec 31, 2025$1.9M8 Dec 31, 2024−94.6%
Operating-lease assets (leased space)$502.0K8 Dec 31, 2025$976.0K8 Dec 31, 2024−48.6%

Real estate and locations

ItemLatestA year beforeChange
Area of land25,900 sq ft8 Dec 31, 2025

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$28.7M8 Dec 31, 2025$71.6M8 Dec 31, 2024−59.9%

Properties, in its own words

We lease a total of approximately 25,900 square feet of space across two buildings for our headquarters in Redwood City, California under a single lease agreement that expires in August 2026. Thereafter, at our option, we may extend the term for an additional five years to August 2031. We believe that our existing facilities are adequate to meet our current needs, and that suitable additional alternative spaces will be available in the future on commercially reasonable terms.

Item 2 of the 10-K filed Mar 30, 2026.3

Leadership

Who has led Jasper Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Balaji Venkataraman2019–2020
  2. William Lis2021
  3. Ron Martell2022–2026
  4. Jeetinder Singh Mahal2026–now

President

  1. Vishal Kapoor2020
  2. Ron Martell2022–2026
  3. Jeetinder Singh Mahal2026–now

Chief financial officer

  1. Kenneth F. Clifford2019–2020
  2. Jeetinder Singh Mahal2022
  3. Herb Cross2023–now

Chief operating officer

  1. Jeetinder Singh Mahal2022–2026
  2. Matthew E. Ros2026–now
20202025
Board members and other officers (25)

Former names

  • Amplitude Healthcare Acquisition CorpSep 13, 2019 to Sep 29, 20212

Timeline

  1. Oct 15, 20268-K Other events42
  2. Oct 7, 20268-K Other events43
  3. Oct 5, 20268-K Financial statements and exhibits44
  4. Oct 5, 20268-K Shareholder vote45
  5. Oct 1, 20268-K Financial statements and exhibits46
  6. Sep 28, 20268-K Executive or director change47
  7. Aug 26, 20268-K Entered a material agreement48
  8. Aug 14, 20268-K Results of operations49
  9. Aug 3, 20268-K Shareholder vote50
  10. Jul 31, 20268-K Other events51
  11. Jul 17, 20268-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares52
  12. Jul 16, 20268-K Regulation FD disclosure53
  13. Feb 10, 2026New chief executive Jeetinder Singh Mahal becomes CEO12
  14. Mar 21, 2022New chief executive Ron Martell becomes CEO13
  15. Oct 1, 2021New chief executive William Lis becomes CEO14
  16. Nov 19, 2019New chief executive Balaji Venkataraman becomes CEO15

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($1.13) a share, on Nov 10, 2025.54

When it reported results

  1. Aug 14, 2026Reported quarterly or annual results49
  2. May 14, 2026Reported quarterly or annual results55
  3. Mar 30, 2026Reported quarterly or annual results56
  4. Nov 10, 2025Reported quarterly or annual results57
  5. Aug 13, 2025Reported quarterly or annual results58
  6. May 12, 2025Reported quarterly or annual results59
  7. Feb 27, 2025Reported quarterly or annual results60
  8. Nov 7, 2024Reported quarterly or annual results61

Drug trials and FDA: recently

  1. Jul 8, 2026Phase 1/2 trial completed Phase 1/2 trial of Briquilimab in Chronic Spontaneous Urticaria: primary completion Jul 8, 2026, no results posted yet (ClinicalTrials.gov NCT06162728).62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

359 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 78 major events, 125 insider forms, 56 large holders, 1 private raises, 78 other. The latest 20:

  1. Oct 15, 20268-K CURRENT REPORT EDGAR
  2. Oct 14, 2026S-3 REGISTRATION STATEMENT EDGAR
  3. Oct 9, 2026PRE 14A PROXY STATEMENT EDGAR
  4. Oct 7, 20268-K CURRENT REPORT EDGAR
  5. Oct 7, 2026SC TO-I EDGAR
  6. Oct 5, 20268-K CURRENT REPORT EDGAR
  7. Oct 5, 20268-K/A AMENDMENT NO. 2 TO FORM 8-K EDGAR
  8. Oct 1, 20268-K/A AMENDMENT NO. 1 TO FORM 8-K EDGAR
  9. Sep 28, 20268-K CURRENT REPORT EDGAR
  10. Sep 24, 202625-NSE EDGAR
  11. Sep 4, 2026DEF 14A PROXY STATEMENT EDGAR
  12. Aug 26, 20268-K CURRENT REPORT EDGAR
  13. Aug 24, 2026PRE 14A PROXY STATEMENT EDGAR
  14. Aug 17, 2026SCHEDULE 13G EDGAR
  15. Aug 14, 20268-K CURRENT REPORT EDGAR
  16. Aug 14, 202610-Q QUARTERLY REPORT EDGAR
  17. Aug 5, 2026D EDGAR
  18. Aug 4, 20264 EDGAR
  19. Aug 4, 20264 EDGAR
  20. Aug 4, 20264 EDGAR

The 359 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

25 open-market trades by officers, directors and large owners since October 2021: 13 buys and 12 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 22, 2025WIGGANS THOMAS GDirectorBuy41,000$2.43$99.6KForm 4
Sep 22, 2025Lucas SvetlanaDirectorBuy20,000$2.43$48.6KForm 4
Sep 22, 2025MARTELL RONPresident, CEO and DirectorBuy41,000$2.43$99.6KForm 4
Sep 22, 2025Shizuru Judith AnneDirectorBuy41,000$2.43$99.6KForm 4
Dec 12, 2024Mahal Jeetinder SinghCEO and PresidentSale900$22.11$19.9KForm 4
Sep 12, 2024Mahal Jeetinder SinghCEO and PresidentSale900$21.23$19.1KForm 4
Jun 12, 2024Mahal Jeetinder SinghCEO and PresidentSale900$24.16$21.7KForm 4
Mar 12, 2024Mahal Jeetinder SinghCEO and PresidentSale900$26.44$23.8KForm 4
Feb 8, 2024Abingworth LLP10% ownerBuy190,000$12.95$2.5MForm 4
Feb 8, 2024VENKATARAMAN BALAJI10% ownerBuy350,000$12.95$4.5MForm 4
Nov 28, 2023WIGGANS THOMAS GDirectorBuy10,000$0.65$6.5KForm 4
Nov 21, 2023WIGGANS THOMAS GDirectorBuy10,000$0.64$6.4KForm 4
Nov 20, 2023WIGGANS THOMAS GDirectorBuy10,000$0.63$6.3KForm 4
Nov 17, 2023WIGGANS THOMAS GDirectorBuy10,000$0.60$6.0KForm 4
Nov 16, 2023WIGGANS THOMAS GDirectorBuy10,000$0.60$6.0KForm 4
Oct 13, 2023Lis WilliamDirectorSale7,965$0.85$6.8KForm 4
Jun 13, 2023Mahal Jeetinder SinghCEO and PresidentSale9,000$1.66$14.9KForm 4
Apr 14, 2023French Anna LouiseDirectorSale7,000$1.48$10.4KForm 4
Apr 13, 2023EMSTER KURT VONDirectorSale9,075$1.49$13.5KForm 4
Apr 13, 2023Lis WilliamDirectorSale8,500$1.44$12.2KForm 4

All 25 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$132.0M 2026–2026
Money received by yearMoney received by year, 2026–2026: $132.0M in all. Private raises (Form D) $132.0M.$0$50M$100M$150M2026 · Private raises (Form D): $132.0M2026
Figures by year
YearPrivate raises (Form D)Total
2026$132.0M$132.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jul 21, 2026Raised $132 million in a private offering of equity87 Form D: 40 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 45. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Velan Capital Investment Management LP2,668,395$1.1M0.7%No change
Acorn Capital Advisors, LLC1,438,159$604.0K0.2%+26,667
Kingdon Capital Management, L.l.c.1,352,106$569.2K0.1%No change
Vanguard Capital Management LLC1,172,021$493.4K0.0%−576
Rock Springs Capital Management LP1,100,726$463.4K0.0%No change
Carlyle Group Inc.1,066,189$448.9K0.0%No change
Millennium Management LLC486,933$205.0K0.0%−1,130,598
Lion Point Capital, LP465,000$195.8K0.9%No change
Geode Capital Management, LLC263,808$111.1K0.0%−53,869
Renaissance Technologies LLC237,900$100.2K0.0%+60,400
BlackRock, Inc.169,627$71.4K0.0%−72,434
Vanguard Fiduciary Trust Co149,943$63.1K0.0%No change
ADAR1 Capital Management, LLC140,000$58.9K0.0%No change
Quarry LP131,529$55.4K0.0%No change
Jane Street Group, LLC101,743$42.8K0.0%+80,328
UBS Group AG58,759$24.7K0.0%−22,358
Jain Global LLC51,185$21.5K0.0%+33,163
Osaic Holdings, Inc.45,850$19.3K0.0%+5,000
State Street Corp44,699$18.8K0.0%No change
Northern Trust Corp41,882$17.6K0.0%+7,306
Diker Management LLC35,000$15.0K0.0%No change
Qube Research & Technologies Ltd33,722$14.2K0.0%New
XTX Topco Ltd33,406$14.1K0.0%−6,025
Simplex Trading, LLC28,591$12.0K0.0%−682
Ikarian Capital, LLC24,093$10.1K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Jasper Therapeutics, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARJasper Therapeutics, Inc.1
  • CIK0001788028
  • Employer ID (EIN)84-29848493
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2836 Biological Products, (No Diagnostic Substances)1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address2200 Bridge Pkwy Suite #102, Redwood City, CA 940651
  • Phone65054914001
  • Shares outstanding33,274,561 as of Aug 10, 202610
  • Public float$74.8M as of Jun 30, 20253
  • AuditorPricewaterhouseCoopers LLP, San Jose, California PCAOB ID 238; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceSep 13, 20191
  • Filings479 in all: 4 (123), 8-K (88), 3 (34), SC 13G/A (23), 10-Q (20), SC 13G (18), CORRESP (14), 425 (12)1
    All 44 form types

    UPLOAD (12), 144 (10), SCHEDULE 13G/A (10), 424B3 (8), 424B5 (8), DEF 14A (8), EFFECT (8), SCHEDULE 13G (8), 10-K (7), DEFA14A (6), S-8 (6), ARS (4), PRE 14A (4), S-3 (4), S-4/A (4), SC 13D/A (4), 10-K/A (3), 8-K/A (3), S-1/A (3), S-8 POS (3), SCHEDULE 13D/A (3), 10-Q/A (2), 25-NSE (2), POS AM (2), S-1 (2), SC 13D (2), SEC STAFF LETTER (2), 3/A (1), 424B4 (1), 8-A12B (1), CERT (1), D (1), DRS (1), NT 10-Q (1), S-4 (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Sep 4, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Voting Common Stock, par value $0.0001 per shareJSPRNasdaq
Redeemable Warrants, each ten warrants exercisable for one share of Voting Common Stock at an exercise price of $115.00JSPRWNasdaq

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Jasper Therapeutics, Inc. names in Item 1A of its 10-K filed Mar 30, 2026: 72 risks under these headings, as written.3

  • Risks Related to Our Financial Position and Need for Additional Capital
  • We have incurred significant net losses and negative operating cash flows since our inception which raises substantial doubt about our ability to continue as a going concern. We expect to incur net losses for the foreseeable future and may never achieve or maintain profitability.
  • We will need substantial additional funding, which may not be available on acceptable terms, or at all. If we are unable to raise capital when needed, we would be forced to delay, reduce or eliminate our research and product development programs or future commercialization efforts.
  • As a result of our history of losses and negative cash flows from operations, our management has performed an analysis and concluded that substantial doubt exists about our ability to continue as a going concern, and we will need to raise additional financing to continue our products’ development.
  • We may not realize the expected benefits from our corporate reorganization and workforce reduction and we may incur additional costs implementing it or other difficulties or unexpected consequences.
  • We have no history of commercializing pharmaceutical products, which may make it difficult to evaluate the prospects for our future viability.
  • We have never generated revenue from product sales and may never be profitable.
  • Our ability to utilize our net operating loss carryforwards and certain other tax attributes to offset taxable income or taxes may be limited.
  • Business disruptions caused by natural or man-made disasters, acts of war or other hostilities could seriously harm our future revenues and financial condition and increase our costs and expenses generally.
  • Recent and future changes to tax laws could materially adversely affect our company.
  • Risks Related to Discovery, Development, Manufacturing and Commercialization
  • We are substantially dependent on the success of our most advanced product candidate, briquilimab. If we are unable to complete development of, obtain approval for and commercialize our product candidates, including briquilimab, in a timely manner or at all, our business will be harmed.
The other 62 risks
  • Delays in the commencement or completion of clinical trials could result in increased costs to us and delay our ability to establish strategic collaborations.
  • We may not be successful in our efforts to develop and commercialize briquilimab in additional indications or to identify additional product candidates. If these efforts are unsuccessful, we may never become a commercial stage company or generate any revenues.
  • We may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • If any of our product candidates cause serious adverse events, undesirable side effects or unexpected characteristics, such events, side effects or characteristics could delay or prevent regulatory approval of the product candidate, limit our commercial potential or result in significant negative consequences following any potential marketing approval.
  • Results of preclinical studies and early clinical trials may not be predictive of results of future clinical trials, and such results do not guarantee approval of a product candidate by regulatory authorities. In addition, our clinical trials to date have been limited in scope, and results received to date may not be replicated in expanded or additional future clinical trials.
  • If we experience delays or difficulties in the enrollment of patients in clinical trials, the cost of developing product candidates could increase and our receipt of necessary regulatory approvals could be delayed or prevented.
  • We have never obtained regulatory approval for a drug, may never receive regulatory approval for any of our product candidates, and may therefore never generate revenues from product sales.
  • Our commercial success depends upon attaining significant market acceptance of our product candidates, if approved, among physicians, patients, healthcare payers and operators of major clinics, and we may not be successful in attaining such market acceptance.
  • If we are unable to establish effective marketing and sales capabilities or enter into agreements with third parties to market and sell our product candidates, if approved, we may not be able to effectively market and sell our product candidates, if approved, or generate product revenues.
  • We face significant competition in an environment of rapid technological change, and there is a possibility that our competitors may achieve regulatory approval before us or develop therapies that are safer or more advanced or effective than ours, which may harm our financial condition and our ability to successfully market or commercialize our product candidates.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of our product candidates.
  • Our product candidates are complex and difficult to manufacture. We could experience delays in satisfying regulatory authorities or production problems that result in delays in our development or commercialization programs, limit the supply of our product candidates, or otherwise harm our business.
  • If we or any contract research organizations, contract manufacturers or suppliers that we engage fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
  • Risks Related to Regulatory Review
  • If clinical trials of our product candidates fail to demonstrate safety and efficacy to the satisfaction of regulatory authorities or do not otherwise produce positive results, we may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of such product candidates.
  • Failure to obtain marketing approval in foreign jurisdictions would prevent any product candidates we develop from being marketed in such jurisdictions, which, in turn, would materially impair our ability to generate revenue.
  • Even if we obtain regulatory approval of any of our product candidates, the approved products may be subject to post-approval studies and will remain subject to ongoing regulatory requirements. If we fail to comply, or if concerns are identified in subsequent studies, our approval could be withdrawn, and our product sales could be suspended.
  • Interim “top-line” and preliminary results from our clinical trials that we may announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • We may seek Fast Track or other accelerated review designations for some or all of our product candidates. We may not receive such designation, and even for those product candidates for which we do, it may not lead to a faster development or regulatory review or approval process, and will not increase the likelihood that product candidates will receive marketing approval.
  • We may seek priority review designation for our product candidates, but we might not receive such designation, and even if we do, such designation may not lead to a faster development or regulatory review or approval process.
  • A Breakthrough Therapy Designation by the FDA, even if granted for any of our product candidates, may not lead to a faster development or regulatory review or approval process, and it does not increase the likelihood that our product candidates will receive marketing approval.
  • We may not be able to obtain orphan drug exclusivity for one or more of our product candidates, and even if we do, that exclusivity may not prevent the FDA or EMA from approving other competing products.
  • Disruptions at the FDA, the SEC and other government agencies, including from government shutdowns, or funding changes, or other disruptions to these agencies’ operations, could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • Risks Related to Our Relationships with Third Parties
  • We rely on third parties to conduct our preclinical and clinical trials and will rely on them to perform other tasks for us. If these third parties do not successfully carry out their contractual duties, meet expected deadlines or comply with regulatory requirements, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business could be substantially harmed.
  • We may enter into collaborations with third parties for the research, development and commercialization of certain product candidates we may develop. If any such collaborations are not successful, we may not be able to capitalize on the market potential of those product candidates.
  • If we are not able to establish collaborations on commercially reasonable terms, we may have to alter our development and commercialization plans.
  • Risks Related to Our Intellectual Property
  • We are highly dependent on intellectual property licensed from third parties, and termination of any of these licenses could result in the loss of significant rights, which would harm our business.
  • Our commercial success depends on our ability to obtain, maintain and protect our intellectual property and proprietary technology.
  • The patent protection we obtain for our product candidates may not be sufficient enough to provide us with any competitive advantage or our patents may be challenged.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position may be harmed.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • We may not be successful in acquiring or in-licensing necessary rights to key technologies underlying briquilimab or any future product candidates we may develop.
  • Third-party claims of intellectual property infringement, misappropriation or other violations may prevent or delay our product discovery and development efforts and have a material adverse effect on our business.
  • Some intellectual property that we have in-licensed may have been discovered through government-funded programs and thus may be subject to federal regulations such as “march-in” rights, certain reporting requirements and a preference for U.S.-based companies. Compliance with such regulations may limit our exclusive rights and limit our ability to contract with non-U.S. manufacturers.
  • We may become involved in lawsuits to protect or enforce our patents or other intellectual property, which could be expensive, time-consuming and unsuccessful.
  • We may not be able to protect our intellectual property rights throughout the world.
  • If we do not obtain patent term extension and data exclusivity for briquilimab or any other product candidates we may develop, our business may be materially harmed.
  • Third parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets.
  • Changes in U.S. patent law or the patent law of other countries or jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • Risks Related to Other Legal Compliance Matters
  • If any of our product candidates are approved, an unfavorable reimbursement determination in any of the major markets could have a negative impact on us. Further, an unfavorable change in such regimes (e.g., price controls) could have a negative impact on us.
  • Any product candidate for which we obtain marketing approval could be subject to restrictions or withdrawal from the market, and we may be subject to substantial penalties if we fail to comply with regulatory requirements or if we experience unanticipated problems with our medicines, when and if any of them are approved.
  • Our relationships with healthcare providers, including physicians, and third-party payors will be subject to applicable anti-kickback, fraud and abuse, anti-bribery and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm and diminished profits and future earnings.
  • Healthcare and other reform legislation may increase the difficulty and cost for us and any collaborators we may have to obtain marketing approval of and commercialize briquilimab and any other product candidates we may develop and affect the prices we, or they, may obtain.
  • The prices of prescription pharmaceuticals in the United States and foreign jurisdictions are subject to considerable legislative and executive actions and could impact the prices we obtain for our products, if and when licensed.
  • Our employees, principal investigators, consultants and commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • Laws and regulations governing any international operations we may have in the future may preclude us from developing, manufacturing and selling certain product candidates outside of the United States and require us to develop and implement costly compliance programs.
  • Compliance with global privacy and data security requirements could result in additional costs and liabilities to us or inhibit our ability to collect and process data globally, and the failure to comply with such requirements could subject us to significant fines and penalties, which may have a material adverse effect on our business, financial condition and results of operations.
  • We and our partners may be subject to stringent privacy laws, information security laws, regulations, policies and contractual obligations related to data privacy and security, and changes in such laws, regulations, policies or how they are interpreted or changes in contractual obligations could adversely affect our business.
  • Risks Related to Employee Matters, Managing Growth and Information Technology
  • If we lose key management personnel, or if we fail to recruit additional highly skilled personnel, our ability to continue developing and to identify and develop new or next-generation product candidates will be impaired, which could result in delays in the development process, loss of market opportunities, make us less competitive and have a material adverse effect on our business, financial condition and results of operations.
  • We and our management have a limited track record as an operating company. Failures in the operational execution of the expected business plans may have a material impact on our commercial prospects. Further, if we are not able to attract and retain highly-qualified personnel, we may not be able to successfully implement our business strategy.
  • We will need to grow the size of our organization, and we may experience difficulties in managing this growth.
  • Our insurance policies may be inadequate and potentially expose us to unrecoverable risks.
  • Our internal computer systems, or those of our third-party vendors, collaborators or other contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our product development programs, compromise sensitive information related to our business or prevent us from accessing critical information, potentially exposing us to liability or otherwise adversely affecting our business.
  • Artificial intelligence presents risks and challenges that can impact our business, including by posing security risks to our confidential information, proprietary information and personal data.
  • Unstable market and economic conditions may have serious adverse consequences on our business and financial condition.
  • Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and its financial condition and results of operations.
  • Risks Related to Ownership of Our Common Stock and Warrants
  • If our operations and performance do not meet the expectations of investors or securities analysts or for other reasons, the market price of our securities may decline, and the market price of our common stock may continue to be volatile.
  • Insiders have substantial control over us, which could limit your ability to affect the outcome of key transactions, including a change of control.
  • We have incurred and will continue to incur significant increased expenses and administrative burdens as a public company, which could negatively impact our business, financial condition and results of operations.
  • If we fail to comply with the continued listing requirements of the Nasdaq Capital Market, our common stock may be delisted and the price of our common stock and our ability to access the capital markets could be negatively impacted.
  • Our failure to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act could negatively impact our business.
  • We are a “smaller reporting company” within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to smaller reporting companies, it could make our securities less attractive to investors.

Legal proceedings

We, from time to time, may be party to litigation arising in the ordinary course of business. On September 19, 2025, a shareholder class action complaint captioned Grant v. Jasper Therapeutics, Inc., et al. (Case No. 25-cv-08010) was filed in the United States District Court for the Northern District of California against us and certain of our current and former officers. The complaint alleges that certain material misstatements or omissions related to the ongoing clinical studies of briquilimab were made in violation of federal securities laws. The plaintiffs are seeking unspecified monetary damages and an award of costs and expenses, including reasonable attorneys’ fees, expert fees and other costs. On December 3, 2025, a stipulated order was entered appointing co-lead plaintiffs and approving their selection of co-lead counsel, and on December 16, 2025, a stipulated order was entered setting a schedule for the filing and responses to an amended complaint. Per the terms of the December 16, 2025 stipulated order, an amended complaint captioned Allard, et al. v. Jasper Therapeutics, Inc., et al. (Case No. 25-cv-08010) was filed, and defendants’ responses to that amended complaint are due on or about April 20, 2026.

The opening of Item 3, Legal Proceedings.3

Sources

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