JSPR

Jasper is a pre-revenue, clinical-stage biotech whose survival math has broken down. FY2025 operating cash flow was -$77.2M against just $28.7M of cash (down 59.9% YoY) — well under half a year of runway at the current burn. Management itself concludes in the 10-K that 'substantial doubt exists about our ability to continue as a going concern' and that it 'will need to raise additional financing to continue our products development.' The balance sheet is already hollowed out: total assets fell 55.2% to $35.8M, liabilities rose 73.5% to $31.6M, and stockholders' equity collapsed 93.3% to a token $4.15M, leaving liabilities/equity at 7.62x and ROE at -1826%. Accumulated deficit is -$317M and net losses have widened every year (-$30.6M → -$75.8M since FY2021).

The entire equity is a single-asset call option on briquilimab, an anti-CD117 antibody in mast-cell-driven disease (CSU, CIndU, asthma). The company is 'substantially dependent on the success of our most advanced product candidate' and has discontinued its former stem-cell-transplant programs. There is genuine clinical signal — the Phase 1b/2a BEACON single-dose cohorts showed 8 of 9 (89%) complete responses at 240mg/360mg — but that is offset by a real scare: the 240mg Q8W and 240mg/180mg Q8W cohorts showed an 'atypical absence of UAS7 reduction in 11 of 13 patients,' triggering a manufacturing/lot investigation. Management concluded in December 2025 the anomaly was a site patient-selection issue, not drug or manufacturing — but the episode underscores how fragile the read-through is and how far the asset is from approval.