Persistent free cash flow deficits, including a $14.5 million outflow in 2026Q1, highlight the company's ongoing struggle to achieve self-sustaining operational milestones.
| Cash from Operations | -68.87M | -77.16M | -62.6M | -52.07M | -45.86M | -33.68M | -18.27M | -1.97M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -20.43% | -23.26% | -20.23% | -13.54% | -36.17% | -84.37% | -827.73% | - |
| Net Income | -55.73M | -75.8M | -71.27M | -64.47M | -37.69M | -30.64M | -31.67M | -4.99M |
| Depreciation & Amortization | 798K | 1.06M | 1.37M | 1.11M | 1.31M | 377K | 0 | 0 |
| Stock-Based Compensation | 4.9M | 6.71M | 6.62M | 5.21M | 0 | 1.05M | 1.21M | 6K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -13.43M | -4.21M | 502K | 976K | -8.83M | -6.09M | 10.9M | 1.62M |
| Working Capital Changes | -5.4M | -4.92M | 173K | 5.1M | -649K | 1.62M | 1.3M | 1.39M |
| Change in Receivables | 0 | 0 | 0 | 663K | -663K | 600K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -549K | 2.19M | -122K | 2.38M | -2.15M | 2.94M | 358K | 0 |
| Cash from Investing | 1K | 5K | -532K | -267K | -576K | -2.43M | 0 | 0 |
| Capital Expenditures | -7K | -7K | -552K | -267K | -576K | -2.43M | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 8K | 12K | 20K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 34.21M | 34.21M | 47.88M | 100.97M | 55K | 100.97M | 11.29M | 29.13M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5M |
| Equity Issued (Net) | 6.11M | 34.21M | 47.2M | 101.48M | 55K | 10.75M | 11.23M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 28.1M | 0 | 689K | -508K | 0 | 90.22M | 53K | 27.63M |
| Net Change in Cash | -34.66M | -42.95M | -15.25M | 48.64M | -46.45M | 64.86M | -6.98M | 27.16M |
| Free Cash Flow | -68.87M | -77.17M | -63.15M | -52.33M | -46.43M | -36.11M | -18.27M | -1.97M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | 1.94% | -22.19% | -20.67% | -12.71% | -28.6% | -97.66% | -827.73% | - |
| FCF per Share | -4.49 | -5.03 | -4.33 | -5.01 | -12.73 | -31.69 | -105.60 | -11.19 |
| FCF Conversion (FCF/Net Income) | 1.24x | 1.02x | 0.88x | 0.81x | 1.22x | 1.10x | 0.58x | 0.39x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding exhaustion
As reported in financial statements, JSPR's operating cash flow consistently tracks below net income, with the OCF/NI ratio fluctuating significantly, including a notable 12.39x reading in 2026Q1, which suggests that non-cash adjustments and working capital volatility are obscuring the underlying cash-burning nature of the business.
The wide divergence between net income and operating cash flow indicates that accounting losses are not fully capturing the actual cash outflow required to sustain clinical operations. Investors should monitor this gap, as it suggests that the company's reported net losses may actually understate the true velocity of cash depletion.
Based on historical data, JSPR's free cash flow remains deeply negative, with quarterly outflows frequently exceeding $15 million, as the company continues to prioritize R&D investment over the achievement of self-sustaining operational milestones in its pursuit of briquilimab commercialization.
The lack of a positive FCF trajectory confirms the company's status as a pure-play clinical development entity reliant on external financing. Without a clear path to revenue, the current burn rate appears to be the primary constraint on the company's long-term strategic flexibility.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $9.7 million outflow in 2025Q4 to an $8.9 million inflow in 2025Q2, which highlights the sensitivity of JSPR's cash position to the timing of clinical trial payments and vendor settlements.
This volatility suggests that management's cash management is heavily influenced by the episodic nature of clinical trial milestones rather than stable operational cycles. Such fluctuations warrant further investigation into the company's ability to manage liquidity during periods of high clinical activity.
As indicated by the provided financial data, stock-based compensation has consistently added back to operating cash flow calculations, with figures reaching $2.0 million in 2024Q4, which effectively masks the true economic cost of talent retention in the competitive biotechnology labor market.
While these adjustments are standard for the sector, they serve to inflate the reported cash flow figures relative to the actual cash impact of operations. Analysts should adjust for these non-cash expenses to gain a more accurate view of the company's true cash burn rate.
Quick answers to the most common questions about buying JSPR stock.
Jasper Therapeutics, Inc. (JSPR) generated $-77.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jasper Therapeutics, Inc. (JSPR) reported negative free cash flow of $77.2M in 2025, indicating capital requirements exceeded cash from operations.
Jasper Therapeutics, Inc. (JSPR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.