Jasper Therapeutics (Jasper Therapeutics (JSPR)) just pulled off a double-header that has investors smiling. On Thursday, the biotech company announced it had completed its all-stock acquisition of Kira Pharmaceuticals, merging two companies with a shared focus on immune-mediated and autoantibody-driven diseases. But that wasn't all—Jasper also closed a private placement of non-voting convertible preferred stock, raising about $132 million in gross proceeds to fuel its expanded clinical portfolio.
The company, led by President and CEO Jeet Mahal and CFO Herb Cross, now expects its total capital reserves to fund operations through the second half of 2028. That's a nice runway for a biotech with multiple shots on goal.
Kira also helped its own cause before the merger by out-licensing its KP-301 and KP-402 assets to Mirador Therapeutics. That deal brought in a $12 million upfront payment plus potential milestone fees, giving the combined company a little extra cushion.
The combined entity will continue trading on the Nasdaq under the symbol JSPR, and it's putting its development resources behind some high-value immunology targets. The core pipeline includes KP-104, a phase-ready biologic for paroxysmal nocturnal hemoglobinuria (PNH) and serious kidney diseases; briquilimab, an anti-KIT antibody being evaluated for severe combined immunodeficiency (SCID); and KP-701, a preclinical B-cell receptor-targeted therapy.
Jasper has laid out a clear timeline for its milestones. Initial Phase 2 basket trial data for KP-104 in renal disorders is expected by the fourth quarter of 2026, with additional readouts in mid-2027. The company also plans to hold an end-of-Phase 2 meeting with the FDA in the first half of 2027 to map out Phase 3 testing for PNH. For briquilimab, Jasper is working toward a pre-Biologics License Application meeting with regulators in early 2027. And for KP-701, the company aims to submit an investigational new drug application in the first quarter of 2027, with first-in-human data expected by the third quarter of 2027.
Analysts are taking notice. William Blair suspended its rating on Jasper following the merger, with the firm noting, "Given the meaningful changes to the company, we are suspending our rating as we evaluate the new programs and update our financial estimates." Analyst Matt Phipps added, "We are intrigued by the Phase II data with KP-104 in PNH as being competitive with Fabhalta, and see additional potential in IgA nephropathy and C3 glomerulopathy given the known role of complement in these renal diseases."
Investors seem to like what they see. Jasper shares were up 20.67% at $0.9250 at the time of publication on Friday.
