Jasper Therapeutics, Inc., a clinical-stage biotechnology company focused on developing therapeutics for mast cell-driven diseases, reported its financial results for the three and nine months ended September 30, 2024. The company experienced a net loss of $18.6 million for the third quarter, compared to a loss of $17.5 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $46.9 million, a slight improvement from the $47.9 million loss reported for the same period in 2023.

Total operating expenses for the third quarter of 2024 were $19.9 million, up from $19.4 million in the prior year, reflecting a 3% increase. Research and development expenses decreased to $14.5 million from $14.8 million year-over-year, while general and administrative expenses rose to $5.4 million from $4.5 million, marking a 20% increase. The increase in general and administrative expenses was attributed to higher employee payroll and related costs, which rose to $3.0 million from $2.2 million.

The company reported cash and cash equivalents of $92.5 million as of September 30, 2024, an increase from $86.9 million at the end of 2023. Total current assets also rose to $94.8 million from $88.9 million during the same period. Jasper's total liabilities decreased to $15.7 million from $16.5 million, while total stockholders' equity increased to $83.7 million from $78.4 million.

In terms of financing activities, Jasper raised $47.5 million in the nine months ended September 30, 2024, primarily from an underwritten public offering. This was a significant decrease compared to $101.2 million raised in the same period of 2023. The company has substantial doubt about its ability to continue as a going concern within one year from the date of filing due to potential difficulties in obtaining additional funding.

Strategically, Jasper is advancing its lead product candidate, briquilimab, with ongoing Phase 1b/2a studies in Chronic Spontaneous Urticaria and Chronic Inducible Urticaria, which have shown promising preliminary results. The company has also discontinued development in Lower to Intermediate Risk Myelodysplastic Syndrome after initial trials did not yield improved outcomes.

Overall, Jasper Therapeutics continues to navigate significant financial challenges while progressing its clinical development programs, with a focus on securing additional funding to support its operations and product development efforts.