Detailed financial statements for Jasper Therapeutics, Inc. (JSPR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Jasper Therapeutics, Inc., a clinical-stage biotechnology company, focuses on developing therapeutics targeting mast and hematopoietic stem cell driven diseases. The company’s lead product candidate is briquilimab, a monoclonal antibody designed to block stem cell factor from binding to and signaling through the CD117 receptor on mast and stem cells.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.58, JSPR has negative trailing earnings (P/E not meaningful) and an ROE of -6.19%. Market capitalisation stands at $9M.
Balance sheet quality for JSPR: current ratio of 2.6, net cash position of $27.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $1.1M |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -$1.1M |
| Research & Development | $3.6M | $15.9M | $25.4M | $34.6M | $51.8M | $55.8M | $60.5M |
| Selling, General & Admin | $1.1M | $4.8M | $11.4M | $16.6M | $17.1M | $20.4M | $18.9M |
| Operating Expenses | $4.7M | $20.7M | $36.8M | $51.2M | $68.9M | $76.2M | $79.5M |
| Operating Income | -$4.7M | -$20.7M | -$36.8M | -$51.2M | -$68.9M | -$76.2M | -$80.5M |
| EBITDA | 0 | 0 | -$30.3M | -$36.7M | -$63.4M | -$69.9M | -$74.7M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$5.0M | -$31.7M | -$30.6M | -$37.7M | -$64.5M | -$71.3M | -$75.8M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$5.0M | -$31.7M | -$30.6M | -$37.7M | -$64.5M | -$71.3M | -$75.8M |
| EPS | $0.00 | $-183.08 | $-26.89 | $-10.33 | $-6.18 | $-4.89 | $-3.95 |
| EPS (Diluted) | $0.00 | $-183.08 | $-26.89 | $-10.33 | $-6.18 | $-4.89 | $-3.95 |
| Shares Outstanding (Diluted) | $176000 | $172982 | $1.1M | $3.6M | $10.4M | $14.6M | $19.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$21000 | 0 |
| Operating Income | -$19.2M | -$15.8M | -$11.0M | -$9.2M |
| EBITDA | -$18.5M | -$8.8M | -$1.2M | -$2.8M |
| Net Income | -$18.7M | -$9.1M | -$1.2M | -$2.8M |
| EPS | $-1.13 | $-0.32 | $-0.04 | $-0.10 |
| EPS (Diluted) | $-1.13 | $-0.32 | $-0.04 | $-0.10 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $27.2M | $19.8M | $84.7M | $38.2M | $86.9M | $71.6M | $28.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $600000 | 0 | 0 | $250000 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $27.2M | $20.7M | $87.8M | $41.7M | $88.9M | $75.8M | $34.6M |
| Property, Plant & Equipment | 0 | $2.0M | $4.8M | $5.5M | $4.2M | $2.9M | $604000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $27.2M | $23.4M | $93.7M | $48.4M | $94.9M | $79.9M | $35.8M |
| Accounts Payable | $623000 | $1.4M | $3.9M | $1.8M | $4.1M | $4.0M | $6.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.0M | $4.0M | $8.0M | $7.1M | $12.4M | $15.2M | $13.2M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $6.1M | $58.5M | $24.1M | $12.4M | $16.5M | $18.2M | $31.6M |
| Retained Earnings | -$5.1M | -$36.8M | -$67.5M | -$105.1M | -$169.6M | -$240.9M | -$316.7M |
| Total Equity | $21.1M | -$35.1M | $69.5M | $36.0M | $78.4M | $61.7M | $4.2M |
| Total Debt | 0 | $1.6M | $2.9M | $3.7M | $2.8M | $1.8M | $1.2M |
| Net Debt | -$27.2M | -$18.2M | -$81.8M | -$34.6M | -$84.1M | -$69.8M | -$27.5M |
| Working Capital | $25.2M | $16.7M | $79.8M | $34.7M | $76.6M | $60.6M | $21.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $50.9M | $28.7M | $14.1M | $7.3M |
| Total Assets | $57.5M | $35.8M | $21.2M | $11.8M |
| Total Liabilities | $45.9M | $31.6M | $17.8M | $10.4M |
| Total Equity | $11.6M | $4.2M | $3.4M | $1.4M |
| Total Debt | $1.7M | $1.2M | $757000 | $270000 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$5.0M | -$31.7M | -$30.6M | -$37.7M | -$64.5M | -$71.3M | -$75.8M |
| Depreciation & Amortization | 0 | 0 | $377000 | $1.3M | $1.1M | $1.4M | $1.1M |
| Stock-based Compensation | $6000 | $1.2M | $1.0M | 0 | $5.2M | $6.6M | $6.7M |
| Change in Working Capital | $1.4M | $1.3M | -$1.3M | -$649000 | $5.1M | $173000 | -$4.9M |
| Operating Cash Flow | -$2.0M | -$18.3M | -$33.7M | -$45.9M | -$52.1M | -$62.6M | -$77.2M |
| Capital Expenditure | 0 | 0 | -$2.4M | -$576000 | -$267000 | -$552000 | -$7000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.0M | -$18.3M | -$36.1M | -$46.4M | -$52.3M | -$63.2M | -$77.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$17.0M | -$21.9M | -$14.5M | -$6.9M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$17.0M | -$21.9M | -$14.5M | -$6.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.4M | $1.7M | 0 | $764000 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -535.0% | +3.3% | -23.0% | -71.1% | -10.6% | -6.4% |
| EPS Growth (YoY) | | | +85.3% | +61.6% | +40.2% | +20.9% | +19.2% |
| Shares Change (YoY) | | -1.7% | +558.7% | +220.2% | +186.1% | +39.7% | +31.4% |
| FCF Growth (YoY) | | -827.7% | -97.7% | -28.6% | -12.7% | -20.7% | -22.2% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-11.19 | $-105.60 | $-31.69 | $-12.73 | $-5.01 | $-4.33 | $-4.03 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $176000 | $172000 | $1.1M | $3.6M | $10.4M | $14.6M | $19.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -618.87% |
| Return on Invested Capital | -1305.04% |
| Return on Assets | -269.20% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.19 |
| Current Ratio | 1.47 |
| Piotroski F-Score | 0 |
| Altman Z-Score | -18.43 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -3.47 | -0.55 | -2.92 | -0.47 | -1.28 | -4.37 | -0.46 |
| P/B | 0.82 | -0.49 | 1.29 | 0.49 | 1.05 | 5.06 | 8.45 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |