The company remains in a pre-revenue stage, with operational losses reaching $27.1 million in 2025Q2, reflecting the high-cost structure of its ongoing R&D programs.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 21K | 1.06M | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -21K | -1.06M | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - |
| Operating Expenses | 73.01M | 79.46M | 76.24M | 68.86M | 51.2M | 36.83M | 20.68M | 4.71M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 20.25M | 18.94M | 20.42M | 17.08M | 16.57M | 11.41M | 4.8M | 1.09M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 52.76M | 60.52M | 55.82M | 51.78M | 34.63M | 25.42M | 15.88M | 3.62M |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -73.03M | -80.52M | -76.24M | -68.86M | -51.2M | -36.83M | -20.68M | -4.71M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -5.61% | -10.71% | -34.5% | -38.99% | -78.08% | -339.13% | - |
| EBITDA | -72.23M | -79.46M | -74.87M | -67.75M | -50.22M | -36.46M | 0 | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 11.48% | -6.14% | -10.5% | -34.91% | -37.76% | - | - | - |
| D&A (Non-Cash Add-back) | 798K | 1.06M | 1.37M | 1.11M | 975K | 377K | 20.68M | 4.71M |
| EBIT | -72.6M | -80.52M | -76.24M | -68.86M | -51.2M | -36.83M | -20.68M | -4.71M |
| Net Interest Income | 1.28M | 1.74M | 5.06M | 5.2M | 701K | 0 | 0 | 533 |
| Interest Income | 1.28M | 1.74M | 5.06M | 5.2M | 701K | 0 | 0 | 533 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 17.3M | 4.72M | 4.97M | 4.4M | 13.51M | 6.2M | -10.99M | -277K |
| Pretax Income | -55.73M | -75.8M | -71.27M | -64.47M | -37.69M | -30.64M | -31.67M | -4.99M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -55.73M | -75.8M | -71.27M | -64.47M | -37.69M | -30.64M | -31.67M | -4.99M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | 29.26% | -6.36% | -10.55% | -71.06% | -23% | 3.26% | -535.03% | - |
| Net Income (Continuing) | -55.73M | -75.8M | -71.27M | -64.47M | -37.69M | -30.64M | -31.67M | -4.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.63 | -3.95 | -4.89 | -6.18 | -10.33 | -26.89 | -183.08 | 0.00 |
| EPS Growth % | 32.51% | 19.22% | 20.87% | 40.17% | 61.58% | 85.31% | - | - |
| EPS (Basic) | - | -3.95 | -4.89 | -6.18 | -10.33 | -26.89 | -183.08 | 0.00 |
| Diluted Shares Outstanding | 15.33M | 15.33M | 14.58M | 10.44M | 3.65M | 1.14M | 172.98K | 176K |
| Basic Shares Outstanding | 19.17M | 19.17M | 14.58M | 10.44M | 3.65M | 1.14M | 172K | 176K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial funding exhaustion
As reported in financial statements, Jasper Therapeutics maintains a high-cost structure dominated by research and development, which peaked at $21.2 million in 2025Q2, reflecting the intensive capital requirements of advancing briquilimab through clinical trials without any offsetting commercial revenue streams to mitigate the ongoing operational losses.
The company's cost structure is almost entirely comprised of R&D and SG&A, with no revenue to provide a buffer against these expenditures. This reliance on external financing to fund clinical development suggests that the company's survival is tethered to its ability to maintain investor confidence through trial milestones rather than operational efficiency.
Based on the provided income statement data, Jasper Therapeutics' net income figures show significant volatility, such as the $18.7 million loss in 2025Q3, which appears heavily influenced by non-operating items and stock-based compensation rather than core business performance, complicating the assessment of true underlying operational health.
The discrepancy between operating losses and net income suggests that non-cash charges or financial adjustments are playing a material role in the bottom line. Investors should monitor these non-operating fluctuations, as they may mask the true rate of cash consumption required to sustain the company's current clinical development trajectory.
According to historical income statement data, Jasper Therapeutics exhibits no operating leverage, as the company continues to generate negative operating income each quarter, with losses reaching as high as $27.1 million in 2025Q2, underscoring the pre-revenue nature of its current business model and heavy reliance on external capital.
Without a revenue base, the company cannot demonstrate operating leverage, meaning every dollar spent on R&D directly expands the net loss. This lack of scaling potential is typical for early-stage biotech but highlights the extreme sensitivity of the company's valuation to clinical trial outcomes and future financing rounds.
As indicated by the recent strategic shift toward Chronic Spontaneous Urticaria, the company faces significant execution risk, as the financial data shows a persistent inability to achieve profitability, with quarterly losses consistently exceeding $10 million, raising concerns about the long-term sustainability of its current capital allocation strategy.
Short-term observers may focus on the potential for further dilution, as the company's cash burn rate appears to be accelerating relative to its available resources. The pivot to a larger market like CSU may increase the total addressable market, but it also necessitates a higher level of spending that could exacerbate the existing financial strain.
Quick answers to the most common questions about buying JSPR stock.
For fiscal year 2025, Jasper Therapeutics, Inc. (JSPR) reported total revenue of $0.0M.
Jasper Therapeutics, Inc. (JSPR) reported a net loss of $75.8M for the fiscal year ending 2025.