REDWOOD CITY, Calif., May 12, 2023 (GLOBE NEWSWIRE) — Jasper Therapeutics, Inc. (Nasdaq: JSPR) (Jasper), a biotechnology company focused on development of briquilimab, a novel antibody therapy targeting c-Kit (CD117) to address diseases such as chronic spontaneous urticaria, lower to intermediate risk myelodysplastic syndromes (MDS) as well as novel stem cell transplant conditioning regimes, today announced results for the fiscal quarter ended March 31, 2023, and provided a business update.
“During our first quarter of 2023, we continued to execute on our expansion of briquilimab development to include chronic spontaneous urticaria, and took steps to strengthen our Board and management team with multiple key leadership appointments,” said Ronald Martell, President and Chief Executive Officer of Jasper. “We also secured substantial additional capital to support our development plans across the briquilimab franchise. During the quarter we also presented positive data at the Transplantation & Cellular Therapy Meetings of ASTCT and CIBMTR, which, together with other recent data, continue to help establish the mechanistic and clinical proof-of-concept rationale for briquilimab’s mechanism of action, adding to our confidence in briquilimab and its potential to address a variety of patient populations by targeting c-Kit expressed on stem cells and mast cells. We look forward to carrying out our priority development programs for briquilimab as a c-Kit targeting therapeutic in chronic diseases and as a novel conditioning agent for stem cell transplant.”
Highlights for Q1 2023 and Recent Weeks
Q1 2023 Financial Results
About Briquilimab (formerly known as JSP191)
Briquilimab is a targeted, monoclonal antibody that blocks stem cell factor from binding to the cell-surface receptor c-Kit, also known as CD117, thereby inhibiting signaling through the receptor. Jasper intends to start clinical studies of briquilimab as a primary treatment in Chronic Spontaneous Urticaria and Lower to Intermediate Risk myelodysplastic syndromes (MDS). It is also being studied as a conditioning agent for cell and gene therapies for rare diseases. To date, briquilimab has a demonstrated efficacy and safety profile in 130 dosed subjects and healthy volunteers, with clinical outcomes as a conditioning agent in severe combined immunodeficiency (SCID), acute myeloid leukemia (AML), MDS, Fanconi anemia (FA), and sickle cell disease (SCD).
About Jasper
Jasper is a clinical-stage biotechnology company developing briquilimab, a monoclonal antibody targeting c-Kit (CD117) as a therapeutic for chronic mast and stem cell diseases such as chronic urticaria and lower to intermediate risk myelodysplastic syndromes (MDS) and as a conditioning agent for stem cell transplants for rare diseases such as sickle cell disease (SCD), Fanconi anemia (FA) and severe combined immunodeficiency (SCID). To date, briquilimab has a demonstrated efficacy and safety profile in over 130 dosed subjects and healthy volunteers, with clinical outcomes as a conditioning agent in SCID, acute myeloid leukemia (AML), MDS, FA, and SCD. In addition, briquilimab is being advanced as a transformational non-genotoxic conditioning agent for gene therapy. For more information, please visit us at www.jaspertherapeutics.com.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding briquilimab’s potential, including with respect to its potential to address diseases such as chronic spontaneous urticaria, lower to intermediate risk myelodysplastic syndromes as well as novel stem cell transplant conditioning regimes, its potential to address a variety of patient populations by targeting c-Kit expressed on stem cells and mast cells, the expansion of briquilimab development, Jasper’s expectations regarding the timing of clinical trials and recruitment for clinical trials and Jasper’s expectations regarding its cash and cash equivalents and planned operating and capital expenditures. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Jasper and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Many actual events and circumstances are beyond the control of Jasper. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, political and business conditions; the risk that the potential product candidates that Jasper develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; the risk that clinical trials may not confirm any safety, potency or other product characteristics described or assumed in this press release; the risk that Jasper will be unable to successfully market or gain market acceptance of its product candidates; the risk that prior study results may not be replicated; the risk that Jasper’s product candidates may not be beneficial to patients or successfully commercialized; patients’ willingness to try new therapies and the willingness of physicians to prescribe these therapies; the effects of competition on Jasper’s business; the risk that third parties on which Jasper depends for laboratory, clinical development, manufacturing and other critical services will fail to perform satisfactorily; the risk that Jasper’s business, operations, clinical development plans and timelines, and supply chain could be adversely affected by the effects of health epidemics, including the ongoing COVID-19 pandemic; the risk that Jasper will be unable to obtain and maintain sufficient intellectual property protection for its investigational products or will infringe the intellectual property protection of others; and other risks and uncertainties indicated from time to time in Jasper’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2022. If any of these risks materialize or Jasper’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While Jasper may elect to update these forward-looking statements at some point in the future, Jasper specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Jasper’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Contacts:
John Mullaly (investors)
LifeSci Advisors
617-429-3548
jmullaly@lifesciadvisors.com
Jeet Mahal (investors)
Jasper Therapeutics
650-549-1403
jmahal@jaspertherapeutics.com
Lauren Barbiero (media)
Real Chemistry
646-564-2156
lbarbiero@realchemistry.com
— tables to follow—
JASPER THERAPEUTICS, INC. | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||
(in thousands, except share and per share data) | |||||||||
(unaudited) | |||||||||
Three Months Ended March 31, | |||||||||
2023 | 2022 | ||||||||
Operating expenses | |||||||||
Research and development(1) | $ | 9,805 | $ | 8,188 | |||||
General and administrative(1) | 4,142 | 4,590 | |||||||
Total operating expenses | 13,947 | 12,778 | |||||||
Loss from operations | (13,947 | ) | (12,778 | ) | |||||
Interest income | 1,096 | 2 | |||||||
Change in fair value of earnout liability | (764 | ) | 4,593 | ||||||
Change in fair value of common stock warrant liability | (575 | ) | 6,050 | ||||||
Other expense, net | (70 | ) | (74 | ) | |||||
Total other income (expense), net | (313 | ) | 10,571 | ||||||
Net loss and comprehensive loss | $ | (14,260 | ) | $ | (2,207 | ) | |||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.16 | ) | $ | (0.06 | ) | |||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 88,159,248 | 36,309,683 | |||||||
(1) Amounts include non-cash stock based compensation expense as follows (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2023 | 2022 | ||||||||
Research and development | $ | 468 | $ | 222 | |||||
General and administrative | 799 | 556 | |||||||
Total | $ | 1,267 | $ | 778 | |||||
JASPER THERAPEUTICS, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
March 31, | December 31, | |||||||
Assets | 2023 | 2022 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 129,400 | $ | 38,250 | ||||
Other receivables | – | 663 | ||||||
Prepaid expenses and other current assets | 3,108 | 2,818 | ||||||
Total current assets | 132,508 | 41,731 | ||||||
Property and equipment, net | 3,320 | 3,568 | ||||||
Operating lease right-of-use assets | 1,787 | 1,886 | ||||||
Restricted cash | 417 | 417 | ||||||
Other non-current assets | 725 | 759 | ||||||
Total assets | $ | 138,757 | $ | 48,361 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,846 | $ | 1,768 | ||||
Current portion of operating lease liabilities | 891 | 865 | ||||||
Accrued expenses and other current liabilities | 3,155 | 4,432 | ||||||
Total current liabilities | 7,892 | 7,065 | ||||||
Non-current portion of operating lease liabilities | 2,554 | 2,786 | ||||||
Common stock warrant liability | — | 150 | ||||||
Earnout liability | 782 | 18 | ||||||
Other non-current liabilities | 2,331 | 2,353 | ||||||
Total liabilities | 13,559 | 12,372 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 11 | 4 | ||||||
Additional paid-in capital | 244,582 | 141,120 | ||||||
Accumulated deficit | (119,395 | ) | (105,135 | ) | ||||
Total stockholders’ equity | 125,198 | 35,989 | ||||||
Total liabilities and stockholders’ equity | $ | 138,757 | $ | 48,361 | ||||
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