Jasper Therapeutics, Inc. (JSPR): Business Model Canvas [Dec-2025 Updated]

You're looking at Jasper Therapeutics, Inc. (JSPR) right now, trying to map out the path for a clinical-stage biotech navigating some serious turbulence-specifically, investigating those anomalous clinical trial results related to product lot variability. Honestly, the core tension in their model is balancing that incredible potential, showing a complete response rate of up to 89% in certain Chronic Spontaneous Urticaria cohorts, against their current financial reality: zero product revenue and a cash position of $50.9 million as of September 30, 2025, following a recent $30 million capital raise. To see the full picture of how they plan to fund the next phase of the BEACON study and manage costs that hit $14.4 million in R&D last quarter, check out the detailed Business Model Canvas below.

Jasper Therapeutics, Inc. (JSPR) - Canvas Business Model: Key Partnerships

The Key Partnerships block for Jasper Therapeutics, Inc. centers on securing intellectual property, outsourcing critical development functions like clinical trials and manufacturing, and leveraging academic expertise for their lead asset, briquilimab.

Amgen, Inc. (AMGN) for the original briquilimab (AMG191) license

Jasper Therapeutics, Inc. secured the foundation of its pipeline via a worldwide exclusive license agreement with Amgen, Inc. for briquilimab (formerly AMG-191 and JSP191) in November 2019. This agreement covers all indications and territories globally. Furthermore, Jasper was assigned and accepted Amgen's rights and obligations, effective November 21, 2019, for the Investigator Sponsored Research Agreement (ISRA) originally entered into between Amgen and The Board of Trustees of the Leland Stanford Junior University in June 2013. The company also has a separate Exclusive License Agreement with Stanford, effective March 25, 2021, granting a worldwide, exclusive license with a right to sublicense for briquilimab specifically in the field of depleting endogenous blood stem cells for hematopoietic cell transplantation.

Academic medical centers and principal investigators for BEACON study

The clinical development strategy heavily relies on external clinical sites and investigators, particularly for the Phase 1b/2a BEACON study in chronic spontaneous urticaria (CSU). While the initial IP stemmed from Stanford University, the execution involves multiple sites. The related ETESIAN study in asthma, which was paused earlier in 2025 due to a drug product lot issue, was expected to enroll approximately 30 patients across as many as 7 sites in Canada. The BEACON study investigation, which focused on anomalous efficacy results, determined the issue was related to clinical site activity, including patient selection and enrollment processes, rather than drug substance or drug product. Preliminary data from the BEACON study reported in July 2025 showed that in the 240 mg single-dose group, 8 of 9 participants (89%) achieved a complete response.

The reliance on external clinical execution is quantified by the operational spend; Research and Development expense for the third quarter ending September 30, 2025, was $14.4 million.

Here's a snapshot of the clinical trial execution context:

Clinical Research Organizations (CROs) for trial execution

While specific CRO names aren't publicly detailed in recent filings, the operational structure necessitates partnerships with CROs to manage the multi-site nature of the BEACON and ETESIAN studies. The investigation into the BEACON anomalous results is now focused on clinical site activity, which CROs typically oversee, suggesting these partnerships are integral to trial integrity and data collection.

Contract Manufacturing Organizations (CMOs) for drug product supply

The investigation into the ETESIAN study pause and the BEACON anomalies confirmed that the issues were not related to Drug Substance (DS) or Drug Product (DP) manufacturing or distribution. This finding validates the quality of the partnership with the CMO responsible for briquilimab supply. The company's Q3 2025 financial position, with $50.9 million in cash and cash equivalents as of September 30, 2025, supports ongoing manufacturing commitments through the projected cash runway extending into the first half of 2026 following a recent $30 million financing.

• The company is preparing for a planned Phase 2b CSU study expected to commence mid-2026.
• The successful resolution of manufacturing risk de-risks the supply chain partnership.
• General and Administrative expense for Q3 2025 was $4.8 million, reflecting controlled operational costs supporting the pipeline.

Jasper Therapeutics, Inc. (JSPR) - Canvas Business Model: Key Activities

You're looking at the core engine of Jasper Therapeutics, Inc. (JSPR) right now, which is heavily weighted toward getting briquilimab across the finish line. The Key Activities are all about executing the science, managing the capital to fund it, and navigating the inevitable bumps in the road that come with clinical development.

Research and Development (R&D) of briquilimab

The primary R&D activity centers on briquilimab, the novel antibody therapy targeting KIT (CD117) for mast cell-driven diseases. You see this expense reflected directly in the operating results. For the three months ended September 30, 2025, Research and Development expense was reported at $14.4 million. This compares to $21.2 million for the three months ended June 30, 2025, showing some fluctuation in spending as certain activities concluded or ramped up. The overall net loss for Q3 2025 was $18.7 million, meaning R&D is the single largest component of the cash burn.

The R&D focus is clearly on chronic urticaria (CSU and CIndU) after halting non-mast cell focused programs, including the SCID clinical program, to concentrate fully on briquilimab development in mast-cell driven diseases. The company is also investigating its potential in allergic asthma based on ETESIAN study data.

Clinical trial design and execution (Phase 1b/2a BEACON)

Executing the BEACON Phase 1b/2a study in chronic spontaneous urticaria (CSU) is a major activity, even with the recent complications. The efficacy seen in successful cohorts validates the approach. Here's a snapshot of the robust data generated before the lot variability issue:

The ETESIAN study in allergic asthma also saw execution, providing preliminary Phase 1b data. A single 180mg subcutaneous dose showed improvement in the Late Asthmatic Response (%Max FEV1) by 10.4% at week 6 and 8.7% at week 12 versus baseline. Honestly, these numbers show the drug has biological activity across indications.

Regulatory affairs and data analysis for Phase 2b planning

A critical activity is synthesizing the clinical data to satisfy regulatory requirements for the next stage. The plan is to select the dose for the planned Phase 2b CSU study. The company expects that additional data from the BEACON study, anticipated in the first half of Q1 2026, should be adequate to complete this dose selection. The Phase 2b CSU study itself is now expected to commence in mid-2026. This represents a shift from earlier guidance of Q4 2025 commencement, which you'd expect given the investigation.

• Plan to report initial ETESIAN asthma data in the fourth quarter of 2025.
• Plan to report additional BEACON data in the first half of Q1 2026.
• Phase 2b CSU study commencement targeted for mid-2026.

Capital raising and investor relations management

Keeping the lights on and funding the R&D requires active capital management. Jasper Therapeutics announced the pricing of an underwritten public offering in September 2025 to raise approximately $29.6 million in gross proceeds. This was achieved by pricing an offering of about 11.67 million common shares with accompanying common warrants at $2.43 per share/warrant, plus pre-funded warrants for up to 675,000 shares. Management stated this successful offering extends the cash runway through H1 2026. Investor relations management is also key, evidenced by hosting a webinar on December 2, 2025, to discuss the ETESIAN data and the BEACON investigation findings.

Cash position as of September 30, 2025, was $50.9 million, up from $39.5 million as of June 30, 2025, reflecting the September capital raise proceeds being partially realized or accounted for in the reporting timeline.

Investigating anomalous clinical trial results (product lot variability)

This became a central, time-consuming activity following the July 2025 data presentation. The investigation focused on two BEACON cohorts where 10 of 13 patients dosed with a specific drug product lot (Lot A34954) failed to show reductions in their reported UAS7 scores. The company halted enrollment in the ETESIAN asthma study and paused development in asthma and SCID due to this same lot issue, implementing workforce reductions to manage costs. The investigation was expected to conclude in the second half of 2025. By the December 2, 2025, webinar, Jasper Therapeutics announced the completion of this internal probe. The conclusion was that the anomalous results were not related to drug substance or drug product issues; a panel of experts suggested that 9 of 10 of the non-responding US patients likely did not have mast cell-driven disease. They immediately replaced the affected lot (Lot A34954) with Lot 34955 at all sites.

Here are the key numbers surrounding the affected cohorts:

Finance: draft 13-week cash view by Friday.

Jasper Therapeutics, Inc. (JSPR) - Canvas Business Model: Key Resources

The most critical tangible resource for Jasper Therapeutics, Inc. centers on briquilibimab, their investigational drug candidate. This is a novel antibody therapy specifically targeting the c-Kit (CD117) receptor. Its mechanism involves blocking stem cell factor from binding to this receptor, which inhibits survival signaling and leads to the depletion of mast cells via apoptosis. Jasper Therapeutics, Inc. is focusing briquilimab development on mast cell-driven diseases, including chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU), and asthma.

Protection of this asset is paramount, relying heavily on intellectual property (IP). As of February 14, 2025, Jasper Therapeutics, Inc.'s patent portfolio included three issued U.S. patents and one European patent, along with granted patents in Australia, Canada, Japan, and Mexico, plus pending applications in Europe and Hong Kong. The issued U.S. and European patents are projected to expire in 2027, assuming no applicable patent term extensions are granted. Furthermore, Jasper Therapeutics, Inc. holds an exclusive license from Stanford for the field of use of briquilimab related to depleting endogenous blood.

To support the ongoing clinical work, Jasper Therapeutics, Inc. maintains a base of liquid assets, though it is operating at a net loss. Here's a quick look at the financial context surrounding these resources as of late 2025:

The core scientific and clinical development team is another vital resource, though it recently underwent significant changes to preserve capital. Jasper Therapeutics, Inc. implemented a corporate restructuring that included a workforce reduction of approximately 50% in the second quarter of 2025 to focus resources fully on urticaria programs. To be fair, this kind of reduction definitely impacts operational capacity. Dr. Edwin Tucker stepped down as Chief Medical Officer effective August 1, 2025, with Dr. Adelman, a member of the scientific advisory board, taking over in an interim capacity.

Jasper Therapeutics, Inc. (JSPR) - Canvas Business Model: Value Propositions

You're looking at the core reason Jasper Therapeutics, Inc. (JSPR) is positioned to disrupt the mast cell-driven disease space. The value proposition centers entirely on the clinical performance of briquilimab, an investigational anti-KIT monoclonal antibody.

Highly differentiated mechanism for mast cell depletion

The differentiation starts with the target. Briquilimab is a targeted aglycosylated monoclonal antibody designed to block stem cell factor (SCF) from binding to the cell-surface receptor KIT (CD117). This action disrupts the critical survival signal for mast cells, leading to their depletion via apoptosis, which removes the underlying source of the inflammatory response in diseases like Chronic Spontaneous Urticaria (CSU). This mechanism offers a distinct approach compared to some existing treatments. For instance, Jasper Therapeutics suggests potential advantages over Xolair (omalizumab) by supporting a quarterly dosing schedule, versus the weekly or biweekly injections required by that established therapy.

Potential for rapid and durable complete response in CSU patients

The clinical data suggests briquilimab delivers both speed and staying power, which is critical for patients struggling with chronic symptoms. You see rapid disease control emerging quickly in the trials. Specifically, in the key CSU cohorts, 78% of participants achieved a clinical response by week 2 following administration. Furthermore, the durability of this response appears robust; in the open-label extension study, 73% of CSU patients maintained a complete response at 12 weeks when dosed at 180mg Q8W (every eight weeks).

Briquilimab shows up to 89% complete response in certain CSU cohorts

The headline efficacy numbers from the BEACON Phase 1b/2a study are compelling, showing a high rate of complete symptom resolution in specific dosing groups. Here's the quick math on the best-performing cohorts:

What this estimate hides is the operational complexity; some other cohorts were confounded by a drug product lot issue, which Jasper Therapeutics, Inc. investigated and concluded was not related to drug substance or distribution processes as of Q3 2025.

Novel treatment option for patients refractory to current therapies

Jasper Therapeutics, Inc. is positioning briquilimab to capture a significant share of the unmet need in mast cell-driven diseases, particularly for patients who have not found relief with existing options. The company estimates the annual revenue opportunity in CSU alone to be in excess of $500 million. The high response rates observed suggest briquilimab could address the significant unmet need for faster-acting and more effective therapies in this challenging patient population. The value proposition is clear:

• Targeting the underlying mast cell survival signal via KIT inhibition.
• Demonstrating complete response rates up to 89% in CSU single-dose cohorts.
• Offering a potentially less burdensome dosing schedule than current standards.
• Focusing development solely on mast cell diseases after halting asthma and SCID programs to preserve capital.

Finance: draft 13-week cash view by Friday.

Jasper Therapeutics, Inc. (JSPR) - Canvas Business Model: Customer Relationships

High-touch, direct engagement with key opinion leaders (KOLs) is critical for Jasper Therapeutics, Inc. as they navigate complex clinical data and plan for future studies. The company planned to report final conclusions from its BEACON study investigation in the fourth quarter of 2025, a process explicitly supported by a key opinion leader panel that will review findings and provide clinical and chemistry, manufacturing and controls recommendations for the planned Phase 2b CSU study. The Acting Chief Medical Officer, Dr. Daniel Adelman, was involved in presenting BEACON Redosing Data & KOL Feedback. Furthermore, Dr. Elliot Israel, Director of Clinical Research in the Pulmonary and Critical Care Division at the Brigham and Women's Hospital in Boston, was quoted regarding the positive preliminary data from the ETESIAN study in asthma.

The relationship with the scientific community is cemented through presentations of clinical data. Jasper Therapeutics presented updated data from the Phase 1b/2a BEACON study, as well as data from four preclinical studies, at the AAAAI 2025 Annual Meeting, held February 28 - March 3, 2025, in San Diego, CA. The company also presented updated clinical data on briquilimab at the 2025 American Academy of Dermatology (AAD) Annual Meeting from March 7 - March 11, 2025. The cadence of data release is a key touchpoint:

• Initial ETESIAN asthma data expected in Q4 2025.
• Additional BEACON and Open-Label Extension (OLE) study updates anticipated in early Q1 2026.
• Planned Phase 2b CSU study commencement targeted for mid-2026.

Intensive communication with investors and financial markets is managed to maintain funding and transparency, especially given the clinical setbacks and restructuring. The company reported a net loss of $18.7 million for the third quarter ended September 30, 2025. This loss was driven by Research and Development expenses of $14.4 million and General and Administrative expenses of $4.8 million for the quarter. To support operations, Jasper Therapeutics successfully completed a $30 million underwritten offering of common stock and warrants in September 2025, which management stated extends the cash runway through the first half of 2026. As of September 30, 2025, cash and cash equivalents totaled $50.9 million. The company's stock traded at $1.86 on December 4, 2025, with a volume of 1,970,293 shares. The shares outstanding count was reported at 27.98M, with a Turnover Ratio of 5.18%. The current ratio was noted at 2.59.

You can see a snapshot of the key financial and clinical metrics Jasper Therapeutics, Inc. communicated to stakeholders around the Q3 2025 reporting period:

The company held an Investor Webinar on December 2, 2025, to present the ETESIAN Study data and the BEACON Investigation Findings. They also participated in the 8th Annual Evercore Healthcare Conference on December 3, 2025, and the TD Cowen Immunology & Inflammation Summit on November 12, 2025.

Jasper Therapeutics, Inc. (JSPR) - Canvas Business Model: Channels

You're looking at how Jasper Therapeutics, Inc. (JSPR) gets its message out and its product into trials as of late 2025. For a clinical-stage biotech, the channels are heavily weighted toward research execution and investor communication, especially given the recent $30 million underwritten offering completed in September 2025 to support operations through the first half of 2026.

Specialized clinical trial sites for patient enrollment

Patient enrollment relies on a network of specialized sites, primarily in the US and EU for the lead program. The company is actively managing these sites while investigating past cohort anomalies. The cash position as of September 30, 2025, was $50.9 million, funding these ongoing clinical operations, which saw R&D expenses of $14.4 million in Q3 2025.

Future specialty pharmaceutical distribution network

While a commercial distribution network is a future consideration post-approval, the integrity of the clinical supply chain is a current channel focus. An internal investigation into efficacy results from two BEACON cohorts determined that the anomalous results did not appear to be related to drug substance (DS) or drug product (DP) manufacturing or distribution processes. This de-risks the current clinical supply channel, shifting the focus to site-level factors.

Investor conferences (e.g., Stifel 2025 Healthcare Conference)

Management uses high-profile investor conferences as a primary channel to communicate corporate updates, financial results (like the Q3 2025 net loss of $18.7 million), and clinical progress to the investment community. The company has a dense schedule of participation in late 2025.

• Cantor Fitzgerald Global Healthcare Conference 2025: September 3, 2025, Fireside Chat.
• H.C. Wainwright 27th Annual Global Investment Conference: September 9, 2025, Fireside Chat.
• UBS Global Healthcare Conference 2025: November 9-12, 2025.
• Stifel 2025 Healthcare Conference: November 11, 2025, Presentation at 4:00 PM EST.
• TD Cowen Immunology & Inflammation Summit: November 12, 2025, Fireside Chat at 3:30 PM EST.
• 8th Annual Evercore Healthcare Conference: December 3, 2025, Fireside Chat at 3:00 PM EST.
• Webinar Channel: Hosted an ETESIAN Data + BEACON Investigation Webinar on December 2, 2025, at 8:00 AM EST.

Direct communication with regulatory bodies (FDA, EMA)

Direct engagement with regulatory agencies is a critical channel for clinical program advancement. The company has established a history of interaction, including obtaining orphan drug designation from both the FDA and the EMA for briquilimab in the stem cell transplant setting. Furthermore, the European Medicines Agency (EMA) previously authorized the Company's Clinical Trial Applications (CTA). The next major interaction point will center on the planned Phase 2b CSU study, which is targeted to commence mid-2026, following the expected final conclusions from the BEACON investigation in Q4 2025.

Jasper Therapeutics, Inc. (JSPR) - Canvas Business Model: Customer Segments

You're looking at the core groups Jasper Therapeutics, Inc. (JSPR) targets with briquilimab, focusing on where the clinical need and the capital come from. It's a classic biotech structure: patients drive the need, researchers validate the science, and investors fund the journey.

Patients with Chronic Spontaneous Urticaria (CSU)

This segment represents patients whose condition is driven by mast cell activity, the primary indication for briquilimab in the BEACON study. The clinical response rates are the key metric here for segment adoption potential.

The company is preparing for a Phase 2b study in CSU, expected to commence mid-2026.

Patients with Chronic Inducible Urticaria (CIndU)

This is the second mast cell-driven disease indication being pursued via the SPOTLIGHT study. The efficacy seen here is a strong indicator of the drug's potential breadth within urticarias.

Clinical investigators and academic researchers

These stakeholders are crucial for executing the clinical development plan, including the ongoing BEACON and OLE studies, and the planned Phase 2b CSU study. They are the gatekeepers for patient access and data integrity.

• Clinical studies ongoing as of late 2025: BEACON (CSU), SPOTLIGHT (CIndU), and ETESIAN (Asthma).
• Data from additional BEACON and OLE study patients anticipated in the first half of the first quarter of 2026.
• Final conclusions from the investigation into anomalous efficacy results expected in the fourth quarter of 2025.

Biotech investors and institutional funds

This segment provides the necessary capital to fund the clinical trials and operations. Their confidence is reflected in ownership levels and recent financing activities. The stock price as of December 1, 2025, was $1.72 / share, compared to $23.97 / share on December 2, 2024. The stock price on December 4, 2025, was $1.86.

The institutional ownership structure shows a significant commitment from professional money.

Key institutional holders include Velan Capital Investment Management LP, Soleus Capital Management, L.P., Acorn Capital Advisors, Llc, Kingdon Capital Management, L.l.c., Rock Springs Capital Management LP, Carlyle Group Inc., Woodline Partners LP, Vanguard Group Inc, Propel Bio Management, LLC, and T. Rowe Price Investment Management, Inc. Charles Schwab Investment Management Inc. held 0.177% of the float as of May 7, 2025.

Jasper Therapeutics, Inc. (JSPR) - Canvas Business Model: Cost Structure

The Cost Structure for Jasper Therapeutics, Inc. is heavily weighted toward the clinical development of its lead candidate, briquilimab. This structure reflects a significant recent effort to streamline operations and preserve capital.

Key operating expenses for the three months ended September 30, 2025, are detailed below:

The Research and Development (R&D) expense was reported at $14.4 million for Q3 2025. General and Administrative (G&A) expense for the same period was $4.8 million. These figures showed a sequential fall from Q2 2025, which management attributed to recent restructuring actions.

Personnel costs are a major component of the R&D and G&A spend, though significantly impacted by a July 2025 reorganization. Jasper Therapeutics implemented a workforce reduction of approximately 50% in July 2025 to extend its cash runway.

• Workforce reduction percentage: 50%.
• Estimated restructuring charges incurred: around $2 million.
• Workforce size before reduction (as of March 2025): 60 full-time employees.
• The reorganization focused resources exclusively on chronic urticaria programs.

Regarding clinical manufacturing and supply chain costs, recent investigations provided a degree of cost certainty. The company concluded that anomalous efficacy results observed in certain clinical cohorts did not appear to be related to drug substance (DS) or drug product (DP) manufacturing or distribution processes. This finding de-risked the manufacturing aspect of the cost structure, shifting the focus of the investigation to clinical site activity.

Jasper Therapeutics, Inc. (JSPR) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Jasper Therapeutics, Inc. (JSPR) as of late 2025, and honestly, it's what you expect for a clinical-stage biotech firm. The model is entirely future-facing right now, relying on successful clinical progression to unlock any actual income.

Zero product revenue; the company is pre-commercial. This is the reality for Jasper Therapeutics, Inc. as they push briquilimab through late-stage development. They are not selling anything yet.

The reported financial performance for the first three quarters of fiscal year 2025 clearly reflects this pre-commercial status. You can see the hard numbers here:

The company reported a net loss of $21.2 million for the three months ending March 31, 2025, and a net loss of $26.7 million for the second quarter. For the third quarter ending September 30, 2025, the net loss was reported at $18.73 million.

Future revenue is entirely tied to the success of briquilimab, their antibody therapy targeting KIT (CD117). This is where the long-term upside is priced in, targeting large markets:

• Chronic Urticaria global market size was estimated at $2.45 billion in 2022, projected to reach $7.5 billion by 2029.
• Asthma global market size was projected around $32.81 billion by 2032.

To fund the path to potential product sales, Jasper Therapeutics, Inc. executed a recent financing event. This is a critical, near-term cash infusion:

The company priced an underwritten public offering in September 2025, expected to raise approximately $30 million in gross proceeds. The net proceeds from this September 2025 offering were reported as $27.5 million. They plan to use these funds to advance briquilimab development.

The final stream is definitely a hope right now, but it's a standard component of the biotech business model. This involves potential non-dilutive funding from licensing or collaboration milestones. While the recent focus has been on internal financing, securing a partnership for a specific indication or geography could provide upfront cash and future milestone payments, helping to extend the runway beyond the capital raised in September 2025.

Finance: draft 13-week cash view incorporating the $27.5 million net proceeds by Friday.