Exploring Jasper Therapeutics, Inc. (JSPR) Investor Profile: Who’s Buying and Why?

You are looking at Jasper Therapeutics, Inc. (JSPR) because you see the classic high-risk, high-reward biotech setup, and you want to know which smart money players are betting on the turnaround. This stock is a pure clinical-stage play, so the investor profile is less about steady cash flow and more about conviction in the drug pipeline, specifically briquilimab for mast cell-driven diseases.

The institutional ownership landscape is defintely complex right now: 151 institutional owners hold over 21 million shares, including names like Velan Capital Investment Management LP and Vanguard Group Inc. But why are they sticking around when the stock has fallen over 91% in the past year? It comes down to the binary outcome of their lead asset.

The opportunity is huge, but so is the near-term risk. The company just reported a Q3 2025 net loss of $18.7 million and had only $50.9 million in cash as of September 30, 2025, which is why they executed a $30 million underwritten offering to extend the cash runway through the first half of 2026. The real driver, though, is the ongoing investigation into anomalous efficacy results from the BEACON study in Chronic Spontaneous Urticaria (CSU) reported in July 2025. That's the whole ballgame for a clinical-stage company. Analysts still see a massive upside, with an average price target of $25.6, suggesting a potential return of over 1,397% from the current price. Are these institutions accumulating shares on the belief that the efficacy issue is not drug-related, or are they simply managing risk around the core clinical data readouts expected early next year? Let's dive into the SEC filings to see who is making the big moves.

Who Invests in Jasper Therapeutics, Inc. (JSPR) and Why?

The investor base for Jasper Therapeutics, Inc. (JSPR) is dominated by professional money, signaling a high-conviction, high-risk bet on its clinical-stage pipeline. The majority of the float-around 61.7%-is held by institutions, with a significant portion also controlled by Venture Capital (VC) and Private Equity (PE) firms. This isn't a stock for the faint of heart; it's a pure-play biotech story where clinical trial milestones drive value.

To be fair, the concentration of ownership tells you the decision-makers are specialists. You see a clear split between long-term venture backers and active hedge funds, plus a sizable chunk of retail investors who are often drawn to the volatility and potential upside of clinical-stage companies. Here's the quick math on the ownership structure, based on recent 2025 filings:

Investment Motivations: Betting on Briquilimab

The core motivation for buying Jasper Therapeutics, Inc. is its lead asset, briquilimab, a targeted antibody therapy. This drug is designed to treat mast cell-driven diseases like Chronic Spontaneous Urticaria (CSU) and Chronic Inducible Urticaria (CIndU) by targeting c-Kit (CD117), which essentially depletes the inflammatory source. Investors are buying the future commercial potential, not current revenue, since the company is clinical-stage.

The company's Q3 2025 financial results show a net loss of $18.7 million, with Research and Development (R&D) expenses at $14.4 million for the quarter, which is typical for a biotech burning cash to advance its pipeline. The investment thesis hinges on the success of these R&D efforts. The recent $30 million underwritten offering in September 2025 was explicitly done to fund the briquilimab program and extend the cash runway through the first half of 2026. That's a clear signal: fund the drug, or the story ends. The upside is huge if the drug works.

• Buy the clinical catalyst: Success in the BEACON study for CSU.
• Target the market potential: Briquilimab is positioned as a highly differentiated therapy.
• Capitalize on deep value: Analysts have price targets averaging $25.63, a massive premium to the current price.

Strategies of the Major Holders

The strategies at play are a microcosm of biotech investing. You see three distinct approaches among the major holders. First, the Venture Capital and Private Equity firms, like Carlyle Group Inc. and Abingworth LLP, are typically long-term holders. They invested early, and their strategy is a classic growth-at-any-cost approach, waiting for a major clinical inflection point or an acquisition to realize a ten-fold return. They're not trading the daily noise.

Second, the specialized biotech hedge funds, such as Soleus Capital Management, L.P. and Velan Capital Partners LP, are event-driven. They buy large blocks ahead of key data readouts, like the expected additional data from the BEACON cohorts in early Q1 2026, and will likely trade around the volatility of those announcements. Their focus is on the risk-adjusted probability of trial success. Honestly, they are the ones driving the short-term price action.

Finally, the large institutional investors like The Vanguard Group, Inc. and BlackRock, Inc. hold shares primarily through index funds and passively managed growth funds. Their strategy is long-term and diversified, essentially owning the stock because it's part of a small-cap or biotech index. They are passive, but their sheer size provides a stable floor of ownership. If you want to dig deeper into the company's financial stability, you should check out Breaking Down Jasper Therapeutics, Inc. (JSPR) Financial Health: Key Insights for Investors.

Institutional Ownership and Major Shareholders of Jasper Therapeutics, Inc. (JSPR)

You need to know who is betting on Jasper Therapeutics, Inc. and why, especially given the volatility in the biotech sector. The short answer is that specialist biotech funds and major asset managers are the primary buyers, holding over 21 million shares as of the Q3 2025 filings, and their recent activity signals a calculated accumulation despite the stock's significant decline.

Institutional investors, those firms managing over $100 million like mutual funds and hedge funds, collectively own a substantial portion of Jasper Therapeutics, Inc. (JSPR). As of September 30, 2025, a total of 151 institutional owners held approximately 21,074,188 shares. This level of institutional interest is common for a clinical-stage biotechnology company developing a key asset like briquilimab, which targets chronic mast cell diseases.

The top institutional holders are a mix of dedicated healthcare funds and large, diversified asset managers. Here's a look at the largest positions reported for the 2025 fiscal year's third quarter:

These firms are not just passive investors; the presence of hedge funds and specialist capital is a signal that they see a significant potential return from the clinical pipeline, even with the high risk. Biotech is a binary game, and these investors are playing for the big win.

Recent Shifts: Institutional Buying vs. Selling

The institutional ownership picture for Jasper Therapeutics, Inc. in 2025 shows a clear, though nuanced, accumulation trend. Despite the stock price falling from $20.02 per share in November 2024 to $1.68 per share by November 14, 2025-a decline of over 91%-many large funds were buying.

The accumulation suggests a belief that the market has fundamentally undervalued the company's core asset, briquilimab, in the face of recent challenges. It's a classic value-in-distress play by professional money managers. You can see this in the Q3 2025 filings:

• Vanguard Group Inc. added 408,245 shares, bringing their total to over 1 million shares.
• T. Rowe Price Investment Management, Inc. increased their stake by 325,158 shares.
• JPMorgan Chase & Co. showed a massive quarterly increase of +1,074.7% in one August 2025 filing, though on a smaller base of shares.

The buying activity, particularly from firms like Acorn Capital Advisors, Llc, which initiated a new position of over 1.38 million shares, indicates that new money is coming in to capitalize on the lower valuation. To be fair, this accumulation is happening against a backdrop of a securities fraud class action lawsuit filed in November 2025, which alleges misstatements about manufacturing controls. This is defintely a high-stakes investment.

The Role of Large Investors in JSPR's Strategy

Institutional investors play a critical role in a clinical-stage company like Jasper Therapeutics, Inc. Their influence is twofold: providing necessary capital and exerting pressure on corporate governance and clinical strategy.

First, they are the primary source of capital. The company's recent $30 million public offering of common stock and warrants in September 2025 was largely absorbed by these institutional buyers, extending the company's cash runway through the first half of 2026. This capital injection is essential for funding the Q3 2025 Research and Development (R&D) expenses of $14.4 million and General and Administrative (G&A) expenses of $4.8 million. Without their willingness to participate in the offering, the company's financial health would be far more precarious. If you want a deeper dive into the numbers, check out Breaking Down Jasper Therapeutics, Inc. (JSPR) Financial Health: Key Insights for Investors.

Second, their large stakes give them a voice in strategic decisions. Investors who file a Schedule 13D, indicating an intent to actively pursue a change in business strategy, have significant power. Even passive investors (13G filers) can influence board elections and key votes, like the approval of executive compensation, which occurred at the July 2025 Annual Stockholders Meeting where approximately 80% of the voting common stock was represented. They hold the purse strings and the votes, so they drive the focus on briquilimab's clinical progress and the push for final investigation conclusions on efficacy anomalies in Q4 2025.

The money is a vote of confidence in the drug, not the stock's recent performance.

Next step: Check the Q4 2025 filings in early 2026 to see if the accumulation trend accelerated or reversed after the November news events.

Key Investors and Their Impact on Jasper Therapeutics, Inc. (JSPR)

You're looking at Jasper Therapeutics, Inc. (JSPR) because you see the high-risk, high-reward profile of a clinical-stage biotech, but the real question is who else is in the boat with you, and what are they doing? The investor profile for Jasper Therapeutics, Inc. is dominated by specialized healthcare funds and major institutional players who are betting on the long-term success of their lead candidate, briquilimab, despite significant recent setbacks.

The institutional ownership is substantial, holding a total of over 21 million shares as of the latest filings, with a total value of approximately $36 million. This isn't retail money chasing a quick pop; this is smart, specialized capital that understands the drug development lifecycle. Their continued presence, even after a major clinical stumble, signals a belief in the underlying science. You can read more about the company's foundation and strategy here: Jasper Therapeutics, Inc. (JSPR): History, Ownership, Mission, How It Works & Makes Money.

The Anchor Investors: Specialized Biotech Funds and Index Giants

When you dig into the 13F filings for the quarter ending September 30, 2025, you see a clear picture of who the heavy hitters are. These are not just passive index funds, but also dedicated biotech specialists who often take a more active role through due diligence and board engagement.

The largest holders are often funds that focus on early-stage, high-growth biopharma. For example, as of Q3 2025, Velan Capital Investment Management LP was a top holder with over 2.6 million shares, closely followed by Soleus Capital Management, L.P. and Acorn Capital Advisors, Llc, holding approximately 1.49 million and 1.38 million shares, respectively. These firms are typically looking for an outsized return on a successful drug approval, meaning they tolerate high volatility.

• Velan Capital: Largest institutional shareholder, suggesting a strong conviction bet.
• Kingdon Capital Management, L.L.C.: Held over 1.3 million shares, a significant position.
• Vanguard Group Inc.: A major index fund player, holding over 1 million shares, providing a foundation of passive ownership.

Recent Moves and the Dilution Reality

The most important recent investor move wasn't a single fund's trade, but the company's own capital raise. In September 2025, Jasper Therapeutics, Inc. completed an underwritten public offering of roughly 11.7 million shares and warrants at $2.43 per share, which generated approximately $30 million in gross proceeds. This was a necessary, but painful, move to extend their cash runway through the first half of 2026, especially after the clinical trial issues.

Here's the quick math on that dilution: adding 11.7 million shares to the float means your existing stake is now a smaller piece of the overall pie. Still, that cash is critical. The company reported cash and cash equivalents of just $50.9 million as of September 30, 2025, and with a Q3 net loss of $18.7 million, they defintely needed the capital to keep the lights on and continue the briquilimab program.

You also saw a positive signal from the inside: Director Lucas Svetlana acquired 20,000 shares for $48,600 in September 2025. Insider buying, even in smaller amounts, suggests confidence when the stock is near its 52-week low.

Investor Influence and the Risk Map

The influence of these investors is currently being tested by the fallout from the July 2025 announcement regarding the confounded efficacy results in the BEACON study. The stock price fell a massive 55.1% on the news, dropping by $3.73 per share to close at $3.04. This kind of event triggers a flight-to-safety, but the specialized funds largely held their ground.

The biggest influence right now is the lawsuit. The securities fraud class action alleges that the company failed to disclose issues with third-party manufacturing. This creates a powerful headwind, forcing management to focus resources on legal and manufacturing remediation, which is a direct drag on the $14.4 million in Q3 2025 Research and Development (R&D) expense that should be focused on clinical progress. Institutional investors are watching closely to see if the company can isolate the manufacturing issue and get the Phase 2b chronic spontaneous urticaria (CSU) study back on track for a mid-2026 start.

What this estimate hides is the potential for a large activist investor to step in if the stock continues to languish, demanding a board seat or a strategic review. But for now, the major holders are giving management the benefit of the doubt to execute on the clinical plan with the new $30 million in funding.

Next step: Track the Q4 2025 investigation conclusions on the confounded drug lot, which should provide a clearer picture of the risk to the entire briquilimab program.

Market Impact and Investor Sentiment

You're looking at Jasper Therapeutics, Inc. (JSPR) and seeing a biotech stock with a high-stakes, mixed investor profile. The direct takeaway is this: institutional investors hold a massive stake, signaling long-term conviction in the drug pipeline, but recent clinical setbacks and a securities lawsuit have created a deep, near-term divide in sentiment and a significant market risk.

Institutional ownership is robust, sitting at nearly 79.85% of the stock. This high level of institutional backing, with major players like Vanguard Group Inc. holding over 1 million shares, suggests a belief in the core value proposition: the briquilimab antibody therapy. But, to be fair, that conviction is being tested hard by operational missteps and a resulting cash crunch.

Here's the quick math on the recent pain: the stock price dropped by a staggering 55.1% on July 7, 2025, after the company disclosed issues with a drug product lot in its BEACON study. That's a massive loss of capital in one day. This is why the short sale ratio is high at 29.05% as of mid-November 2025, as short sellers anticipate further declines from the clinical and legal uncertainty. It's a classic biotech split: long-term hope versus immediate, operational fear.

Recent Market Reactions and Ownership Shifts

The market has reacted violently to negative news, forcing Jasper Therapeutics, Inc. to take drastic action. The July 2025 clinical update-which noted that certain Phase 1b/2a results appeared confounded by a drug product lot issue-was the catalyst for the stock's single-day crash. Following this, the company announced a corporate reorganization and a workforce reduction of approximately 50% to focus resources on briquilimab in chronic urticaria (CSU) and extend its cash runway.

This need for capital led to a $30 million underwritten offering of common stock and warrants, which was announced in September 2025 and caused the shares to tumble another 17% in after-hours trading. Dilution is a defintely a headwind. For those tracking the cash, the offering helped extend the cash and cash equivalents of $50.9 million (as of September 30, 2025) through the first half of 2026. This is a critical action to buy time for the science to catch up.

While institutional holders like Vanguard Group Inc. increased their position by 65.4% in the recent filing period, other moves show caution. The recent insider buying, totaling $347,490 in the last three months, is a positive signal, but it hasn't been enough to offset the broader market reaction.

• Stock fell 55.1% on July 7, 2025, after clinical data issue.
• Vanguard Group Inc. increased shares by 65.4% as of November 2025.
• Insider buying totaled $347,490 in the last three months.

Analyst Perspectives on Key Investors' Impact

The analyst community is attempting to map the future given the current volatility. Despite the massive stock drop and the negative technical indicators-like the bearish moving average trend as of November 20, 2025-the consensus rating from eight analysts remains a 'Buy' as of November 22, 2025. This is a nuanced view, reflecting the potential of the underlying asset.

The average one-year price target is around $13.09, though forecasts span a wide range from a low of $5.05 to a high of $26.25. What this estimate hides is the binary nature of biotech investing. The bullish sentiment is tied to the belief that the investigation into the confounded clinical results will clear the drug substance, allowing the company to move forward with a planned Phase 2b CSU study in mid-2026.

However, the skepticism is palpable. Analysts like BMO Capital Markets downgraded the stock and lowered their price target from $6.77 to $4.00 per share in July 2025, citing the potential drug lot issues and existing uncertainty around dose-response. The high institutional ownership is a double-edged sword: it provides stability, but if a major holder decides to exit, the low trading volume could exacerbate any sell-off. The path forward for Jasper Therapeutics, Inc. hinges on upcoming data readouts in Q4 2025 and early Q1 2026. For a deeper dive into the company's financial stability, you should read Breaking Down Jasper Therapeutics, Inc. (JSPR) Financial Health: Key Insights for Investors.

Here is a snapshot of the Q3 2025 financials that underpin this high-risk, high-reward profile:

Next Step: Portfolio Manager: Re-evaluate JSPR position size based on a binary outcome model (success/failure of clinical data) by end of December.