The capital structure is increasingly vulnerable, as evidenced by the decline in total assets from $126.0 million in 2024Q1 to $21.2 million in 2026Q1.
| Total Current Assets | 20.29M | 34.65M | 75.81M | 88.94M | 41.73M | 87.83M | 20.68M | 27.16M |
| Cash & Short-Term Investments | 14.14M | 28.69M | 71.64M | 86.89M | 38.25M | 84.7M | 19.84M | 27.16M |
| Cash Only | 14.14M | 28.69M | 71.64M | 86.89M | 38.25M | 84.7M | 19.84M | 27.16M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 250K | 0 | 0 | 600K | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 6.15M | 5.95M | 646K | 309K | 1.87M | 837K | 0 | 0 |
| Total Non-Current Assets | 892K | 1.13M | 4.09M | 5.95M | 6.63M | 5.82M | 2.67M | 48K |
| Property, Plant & Equipment | 398K | 604K | 2.85M | 4.19M | 5.45M | 4.83M | 2.03M | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 417K | 0 | 417K | 417K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 494K | 530K | 820K | 1.34M | 1.18M | 990K | 643K | 48K |
| Total Assets | 21.18M | 35.78M | 79.9M | 94.89M | 48.36M | 93.65M | 23.36M | 27.21M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | -219.85% | -55.22% | -15.8% | 96.22% | -48.36% | 300.97% | -14.16% | - |
| Total Current Liabilities | 9M | 13.2M | 15.24M | 12.37M | 7.07M | 8.02M | 4.01M | 1.99M |
| Accounts Payable | 2.44M | 6.22M | 4.03M | 4.15M | 1.77M | 3.92M | 1.42M | 623K |
| Days Payables Outstanding | 112.36K | 2.15K | - | - | - | - | - | - |
| Short-Term Debt | 757K | 1.24M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 5.8M | 5.75M | 3.7M | 5.49M | 194K | 785K | 1.33M | 0 |
| Current Ratio | 2.26x | 2.62x | 4.98x | 7.19x | 5.91x | 10.95x | 5.16x | 13.63x |
| Quick Ratio | 2.26x | 2.62x | 4.98x | 7.19x | 5.91x | 10.95x | 5.16x | 13.63x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 8.79M | 18.43M | 2.99M | 4.08M | 5.31M | 16.12M | 54.48M | 4.12M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 201K | 0 | 724K | 1.81M | 2.79M | 2.38M | 1.62M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8.79M | 18.43M | 2.26M | 2.26M | 2.52M | 13.74M | 52.85M | 4.12M |
| Total Liabilities | 17.78M | 31.63M | 18.23M | 16.45M | 12.37M | 24.14M | 58.49M | 6.11M |
| Total Debt | 757K | 1.24M | 1.81M | 2.79M | 3.65M | 2.88M | 1.62M | 0 |
| Net Debt | -13.39M | -27.46M | -69.82M | -84.1M | -34.6M | -81.82M | -18.21M | -27.16M |
| Debt / Equity | 0.22x | 0.30x | 0.03x | 0.04x | 0.10x | 0.04x | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.19x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | 3.4M | 4.15M | 61.67M | 78.44M | 35.99M | 69.52M | -35.13M | 21.1M |
| Equity Growth % | -347.96% | -93.27% | -21.37% | 117.96% | -48.23% | 297.89% | -266.48% | - |
| Book Value per Share | 0.22 | 0.27 | 4.23 | 7.51 | 9.87 | 61.01 | -203.08 | 119.90 |
| Total Shareholders' Equity | 3.4M | 4.15M | 61.67M | 78.44M | 35.99M | 69.52M | -35.13M | 21.1M |
| Common Stock | 3K | 3K | 2K | 1K | 0 | 4K | 1K | 10K |
| Retained Earnings | -317.84M | -316.67M | -240.87M | -169.6M | -105.14M | -67.45M | -36.81M | -5.14M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rapid cash runway depletion
As reported in financial statements, JSPR's total assets have plummeted from $126.0 million in 2024Q1 to just $21.2 million by 2026Q1, signaling a rapid contraction in the company's resource base as it continues to fund clinical development without any offsetting commercial revenue streams.
The consistent decline in total assets reflects the aggressive consumption of capital to support the briquilimab clinical program. This trajectory suggests that the company is approaching a critical juncture where the current asset base may no longer provide sufficient cushion for ongoing operational requirements.
Based on the most recent quarterly data, JSPR's cash position has dwindled to $14.1 million in 2026Q1, down significantly from the $118.5 million reported in 2024Q1, which indicates a narrowing window for the company to achieve meaningful clinical milestones before requiring additional external financing.
The current ratio of 2.26 in 2026Q1, while technically above parity, masks the underlying reality of a company that is burning through its primary liquidity source at an unsustainable pace. Investors should monitor the potential for further dilution, as the current cash runway appears insufficient to support long-term R&D objectives.
According to historical balance sheet data, JSPR's equity has eroded from $113.2 million in 2024Q1 to a precarious $3.4 million in 2026Q1, primarily driven by the accumulation of massive retained losses that now total over $317 million as of the most recent reporting period.
The rapid depletion of equity highlights the high-risk nature of the company's capital structure, which is almost entirely dependent on external funding rather than internally generated value. This trend suggests that shareholders are bearing the full brunt of the clinical development costs, with little protection from the company's own retained earnings.
As indicated by the provided financial data, JSPR's asset base is almost entirely composed of cash and equivalents, with net PPE representing a negligible $398,000 in 2026Q1, which implies that the company lacks tangible collateral to support traditional debt financing in the event of a liquidity crunch.
The absence of significant tangible assets underscores the company's reliance on intangible intellectual property, which is inherently difficult to value and monetize in a distress scenario. This lack of asset backing makes the company exceptionally sensitive to market sentiment and the availability of equity capital markets.
Quick answers to the most common questions about buying JSPR stock.
As of 2025, Jasper Therapeutics, Inc. (JSPR) had total assets of $35.8M including $34.6M in current assets.
Jasper Therapeutics, Inc. (JSPR) carries total debt of $1.2M, offset by $28.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Jasper Therapeutics, Inc. (JSPR) has total shareholders' equity (book value) of $4.2M ($0.27 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Jasper Therapeutics, Inc. (JSPR) reported a current ratio of 2.62x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.