Briquilimab

2025年11月10日，诺华宣布其新型口服药物Rhapsido（Remibrutinib，瑞米布替尼片）已获美国FDA批准，为经H1抗组胺药治疗后仍不能充分控制症状的慢性自发性荨麻疹（CSU）成人患者提供了新选择。 作为全球首个获批用于CSU的布鲁顿酪氨酸激酶抑制剂（BTKi），该药通过阻断BTK信号通路，抑制肥大细胞和嗜碱性粒细胞释放组胺及其他炎症介质，且每日两次口服，极大提升了治疗便捷性。 病情反复：慢性荨麻疹治疗缺口大 荨麻疹是一种以风团和瘙痒为主要表现的常见免疫相关性皮肤病，是一种肥大细胞介导性的过敏性皮肤病，是由于皮肤、黏膜小血管扩张及渗透性增加而出现的一种局限性水肿反应。 荨麻疹可发生于任何年龄和种族人群，公开数据显示全球发病率约为1％-30％。根据《中国难治性慢性自发性荨麻疹诊治指南（2025版）》，我国荨麻疹的终生患病率为7.30%，患病率为0.75%，女性荨麻疹的患病率高于男性[1]。其发生通常与食物过敏、感染、自身免疫反应、精神压力大等因素有关。 根据病程，荨麻疹可分为急性和慢性。病程超过6周即为慢性荨麻疹，其表现除瘙痒性风团和血管性水肿外，部分患者还可能伴有恶心、腹痛等系统症状，严重者甚至出现胸闷、血压下降及呼吸困难。 慢性荨麻疹可进一步分为慢性自发性荨麻疹和慢性诱导性荨麻疹（CIndU）。我国慢性荨麻疹的患病率高达2.6%[2]。由于其病因复杂且往往难以明确，超过80%的慢性患者属于找不到特定诱因的自发性荨麻疹，这导致疾病易反复发作，给治疗带来了持续挑战。 图1 慢性荨麻疹致病机制 数据来源：谷禾健康 70年：CSU治疗药物发展转变 在过去几十年中，CSU的治疗取得了显著进展。早期以第一代抗组胺药为主；随后在1980年代，基于临床证据，环孢素等免疫抑制剂开始被用于治疗传统治疗无效的CSU患者；1990年问世的第二代抗组胺药凭借其更佳的安全性成为一线基础治疗，为CSU患者提供了初步的症状控制手段。 2014年奥马珠单抗的获批标志着CSU治疗进入生物制剂时代，实现了从广泛免疫抑制到精准靶向的跨越。近年来，以度普利尤单抗为代表的生物制剂及以瑞米布替尼为代表的BTK小分子抑制剂不断涌现，在临床研究中展现出良好的疗效与安全性，推动CSU治疗策略持续完善。 图2 慢性荨麻疹治疗药物发展史 数据来源：药智咨询整理 指南：当前治疗策略与药物选择 目前，CSU的一线治疗首选标准剂量第二代抗组胺药，若治疗1–2周后症状控制不佳，可联合使用其他二代抗组胺药，或在充分告知风险并取得患者书面知情同意后，将原药物剂量增至2–4倍。根据2022版国际指南，可增至4倍剂量的二代抗组胺药包括：比拉斯汀、西替利嗪、地氯雷他定、依巴斯汀、非索非那定、左西替利嗪、卢帕他定等。 若经剂量递增或联合治疗2–4周后症状仍未控制，应考虑加用奥马珠单抗。尽管标准剂量、加倍剂量或联合使用二代抗组胺药是目前CSU的常规治疗策略，但约50%的患者对此类治疗反应不足。针对此类难治性患者，国内指南将以下4类药物列为具有1a级证据的强推荐： 奥马珠单抗：标准剂量300 mg皮下注射，每4周一次，可显著降低UAS7评分，约65.2%–91.1%患者在12周实现症状完全缓解；对标准剂量奥马珠单抗治疗12周后仍未充分应答的患者可继续维持12周治疗后再次评估。 环孢素：钙调磷酸酶抑制剂，一项纳人8项研究909例患者的meta分析显示，环孢素治疗难治性CSU患者4、8和12周的有效率分别为54.2%、65.9%和73.1%。该药可作为对奥马珠单抗治疗抵抗或奥马珠单抗使用不可及的难治性CSU患者的首选。 度普利尤单抗：IL‑4/IL‑13通路拮抗剂，临床试验显示其在UAS7、瘙痒严重程度评分等指标上均有显著改善。目前度普利尤单抗仅在日本和美国批准难治性CSU的适应证，但在我国属超适应证使用。 BTK抑制剂：瑞米布替尼通过不可逆的共价键与非活性构象的BTK结合发挥作用，瑞米布替尼在难治性CSU患者中表现出显著的疗效和良好的安全性，有望成为不适用奥马珠单抗治疗或奥马珠单抗治疗抵抗的难治性CSU另一重要治疗选择。 其中，瑞米布替尼是首个获批用于治疗慢性自发性荨麻疹的口服BTK抑制剂。在作用机制方面，通过抑制BTK以阻断组胺和促炎介质的释放，从而减轻慢性自发性荨麻疹患者的症状。除了用于慢性自发性荨麻疹的治疗外，该药还被研究用于其他与免疫系统相关的疾病，包括慢性诱导性荨麻疹、化脓性汗腺炎和食物过敏。目前，瑞米布替尼在欧盟、日本和中国均处于上市申请审评阶段，且该产品在中国已经被NMPA纳入优先审评。 表1 慢性自发性荨麻疹三类靶向药物Ⅲ期临床试验关键数据对比 药物 奥马珠单抗 度普利尤单抗 瑞米布替尼 作用机制 抗IgE抗体 IL-4Rα抑制剂 BTK抑制剂 试验名称 中国Ⅲ期研究 LIBERTY-CUPID研究C REMIX-1 & REMIX-2 研发公司 基因泰克；诺华 赛诺菲；再生元 诺华 试验设计 随机、双盲、安慰剂对照 入组患者 418例 151例 REMIX-1:470例 REMIX-2:455例 给药方式 皮下注射（每4周300mg） 皮下注射（每2周300mg或200mg） 口服（25mg，每日两次） 有效性 瘙痒严重程度评分：下降71% 瘙痒评分： 试验组-8.64 vs. 安慰剂-6.10，P=0.02 - 疾病活动度：降低72% 荨麻疹活动评分（UAS7）： 试验组-15.86 vs. 安慰剂-11.21，P=0.02 UAS7 REMIX-1：试验组-20.0 vs. 安慰剂-13.8，P<0.001 REMIX-2：试验组-19.4 vs. 安慰剂-11.7，P<0.001 风团数量：减少73% 完全缓解率：试验组30% vs. 安慰剂18%，P=0.02 UAS7≤6的比例 REMIX-1：试验组49.8% vs. 安慰剂24.8%，P<0.001 REMIX-2：试验组46.8% vs. 安慰剂19.6%，P<0.001 安全性 不良事件总体发生率 - 试验组53% vs. 安慰剂53% - 注射部位反应 - 试验组12% vs. 安慰剂4% - 剂量意外过量 - 试验组7% vs. 安慰剂3% - COVID-19感染 - 试验组8% vs. 安慰剂5% - 组瘀点发生率 - - 试验组3.8% vs. 安慰剂0.3% 数据来源：药智咨询整理 在研：CSU的多靶点竞争格局 尽管奥马珠单抗、度普利尤单抗以及瑞米布替尼为CSU的治疗带来了多重选择，但它们尚未被证实能诱导疾病长期缓解，且对部分患者疗效有限。因此可大致判断：现阶段的CSU领域并没有能实现真正临床治愈或持久缓解的疗法诞生，从第一代抗组胺药物到如今的口服BTK抑制剂，其每个阶段的新药产品都有其自身的产品定位。 药物类别 定位核心 覆盖人群 第一代抗组胺药物 历史一线，退居“辅助 - 第二代抗组胺药物 当下首选，常规病例一线主力 80%轻中症患者 IgE单克隆抗体（奥马珠单抗） 靶向突破，无缓解病例优选 抗组胺难治的中重度患者 免疫抑制剂 无IgE单抗使用条件者 奥马珠单抗无效/不耐受者 口服BTK抑制剂 创新补充，极端难治病例 前三线治疗均无效者 数据来源：药智咨询整理 而对于新药研发而言，根据药智数据显示，截至2025年11月20日，全球临床在研的慢性荨麻疹创新药项目约25个，其中17个已进入Ⅱ期及以上阶段，呈现出多靶点竞逐的研发格局。 在抗体药物领域，除已成熟的IgE靶点外，研发焦点正转向从源头阻断肥大细胞活化以及2型炎症通路。其中进展较快的为进入Ⅲ期临床的泰利奇拜单抗（Telikibart）、巴佐利单抗（Barzolvolimab）和莱戈利珠单抗（Ligelizumab）。 在小分子药物领域，研发方向更为多元，旨在通过不同通路抑制免疫细胞的异常激活，主要进展集中在三大类抑制剂：BTK抑制剂、JAK抑制剂以及新兴的MRGPRX2抑制剂。其中在研进展较快的为杭州高光的吉诺昔替尼（Girocitinib）。 JAK抑制剂：其通过结合细胞因子受体并激活STAT蛋白，调控多种细胞因子的表达。目前主要在特应性皮炎等皮肤病中显示出显著疗效，但在CSU中的应用数据有限，仅有少数产品（鲁索替尼和托法替尼）在治疗CSU患者有获益的数据。 在一项托法替布在真实世界治疗难治性CSU中的安全性和有效性临床研究（7名），20周随访结果显示，其在UAS7（荨麻疹活动度评分）和UCT评分（荨麻疹控制评分）方面的有效性显著（下图），证明托法替布可考虑作为CSU患者的治疗选择，尤其是对于那些奥马珠单抗或环孢素相对禁忌或疗效不佳的难治性患者。 图片来源：医脉通（点击查看大图） 但同时，领域内获益数据也仅限于少数病例报告，相关临床研究数据也多未公布，对于其副作用仍需谨慎评估。 MRGPRX2抑制剂：主要通过直接抑制G蛋白偶联受体、阻断下游信号（如钙离子升高）或激活抑制性受体（如CD300f）发挥作用，在CSU的临床阶段多处于早期。目前全球进展最快的MRGPRX2靶向药物EVO756在成人CSU患者中的2期试验已公布（四周）： 93%的患者在FricTest评分或Pruritus-NRS方面均观察到临床反应。 70%的患者FricTest评分有所改善，其中30%的患者达到完全缓解。 78%的患者观察到Pruritus-NRS减少，其中41%的患者减少≥4分。 对比现有CSU疗法，其主要特点在于起效更迅速、适用人群更广泛（IgE水平≥100 IU/mL），且有望填补CSU合并物理性荨麻疹的治疗空白。 表2 全球临床在研慢性荨麻疹创新药（Ⅱ期及以上阶段） 药物类型 企业 药品名称 靶点 全球最高阶段 抗体 智翔金泰 泰利奇拜单抗 （Telikibart） IL-4Rα 临床Ⅲ期 Celldex Therapeutics 巴佐利单抗 （Barzolvolimab） KIT 临床Ⅲ期 诺华 莱戈利珠单抗 （Ligelizumab） IgE 临床Ⅲ期 康诺亚 CM-512 IL13;TSLP 临床Ⅱ期 济烨生物 JYB-1904 IgE 临床Ⅱ期 礼来 尤森扑拜单抗 （Ucenprubart） CD200R1 临床Ⅱ期 博安生物 BA-2101 IL-4Rα 临床Ⅱ期 Jasper Therapeutics；安进 贝瑞曲利单抗 （Briquilimab） KIT 临床Ⅱ期 联合生物 UB-221 IgE 临床Ⅱ期 Acelyrin Inc;ValenzaBio SLRN-517 KIT 临床Ⅱ期 小分子化药 杭州高光制药 吉诺昔替尼 （Girocitinib） JAK;JAK1;TYK2 临床Ⅲ期 Dermira lnc;Evommune EVO756 MRGPRX2 临床Ⅱ期 Blueprint Medicines;赛诺菲 BLU-808 KIT 临床Ⅱ期 人福药业 HWH-486 BTK 临床Ⅱ期 Escient Pharmaceuticals EP-262 MRGPRX2 临床Ⅱ期 Inflarx NV INF904 C5AR 临床Ⅱ期 大鹏药品工业株式会社 TAS-5315 BTK 临床Ⅱ期 数据来源：药智数据（如有错误请指正） 综合来看，在CSU的未来治疗格局中，BTK抑制剂（以瑞米布替尼为代表）凭借其明确的口服便捷性与上游靶向机制，确立了在难治性患者中的核心口服治疗地位，于经抗组胺药治疗失败或不适用的人群，填补了非注射靶向药物的关键空白，为患者提供了重要的口服序贯治疗选择。 而JAK抑制剂与小众亚型的MRGPRX2抑制剂目前则仍处于早期探索阶段，在CSU疗效与安全性的数据均尚不成熟。短期来看，领域内仍将以BTK抑制剂将与抗体药互补的局面为主。 小结 未来CSU的研究将主要集中于以下三个核心方向：在细胞调控层面，探索使用抗体精准靶向抗原提呈细胞、T细胞、B细胞及肥大细胞，以调节异常免疫应答并重建免疫耐受；在信号通路层面，开发如BTK通路抑制剂等新型小分子药物，深度控制肥大细胞的活化与脱颗粒过程，从上游阻断炎症信号的传导；在细胞因子层面，针对IL-4、IL-13、TSLP等2型炎症关键因子进行干预，抑制相关炎症级联反应，从而降低疾病复发频率与严重程度。这些研究不仅着眼于阻断CSU的疾病进展，更致力于实现从症状控制向病理修正的转变，最终目标是为患者带来持续缓解，延长生物标志物指导下的个体化缓解期，并推动CSU从慢性管理迈向临床治愈的终极愿景。 尽管CSU已成为国内外学者持续关注的研究热点，该领域仍存在众多待解之谜。例如，自身免疫机制及荨麻疹病理生理的基础研究仍需深入探索；2型炎症在部分慢性荨麻疹治疗中的作用机制尚不完全明确，亟需更多确凿证据来揭示其重要性。 在精准医疗的背景下，个体化治疗策略对于多种疾病的管理至关重要，尤其是在涉及小分子药物的靶向治疗领域。此外，传统抗组胺药的药物基因组学差异及其对患者个体的疗效与安全性影响，也是一个值得深入研究的科学问题。我们期待未来的治疗策略能够超越症状控制，实现疾病修饰、改变其自然进程、阻断核心病理生理机制，从而为荨麻疹的治疗带来突破性进展。 参考文献 1.Li J, Mao D, Liu S, Liu P, Tian J, Xue C, Liu X, Qi R, Bai B, Nie J, Ye S, Wang Y, Li Y, Sun Q, Tao J, Guo S, Fang H, Wang J, Mu Q, Liu Q, Ding Y, Zhang J. Epidemiology of urticaria in China: a population-based study. Chin Med J (Engl). 2022 Jun 5;135(11):1369-1375. doi: 10.1097/CM9.0000000000002172. PMID: 35830258; PMCID: PMC9433071. 2.中华医学会皮肤性病学分会,中国医师协会皮肤科医师分会,宋志强,高兴华,王刚,陈奇权.中国难治性慢性自发性荨麻疹诊治指南(2025版)[J].中华皮肤科杂志,2025,58(6):485-496 博腾股份成立于2005年，主要为全球药企、生物科技公司、科研机构等提供从临床前研究到药品上市全生命周期所需的小分子药物、多肽与寡核苷酸药物、蛋白与偶联药物以及细胞与基因治疗药物等一站式服务解决方案，研发、生产、运营场地覆盖中国（重庆、上海、四川、江苏、江西、湖北）、美国、斯洛文尼亚、比利时、瑞士和丹麦等地。我们始终坚持以客户为中心，致力于为客户提供创新、可靠的全球化、端到端CDMO服务，让好药更早惠及大众。 免责声明：本文仅作者个人观点的表达，文中观点不代表博腾及其所属子公司立场，亦不对本文所提供信息做任何形式的保证。同时，本文不做治疗方案推荐，也不承担因使用或依赖本文信息所产生的任何直接或间接的后果。如需获得治疗方案指导，请前往正规医院就诊。

REDWOOD CITY, Calif., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Jasper Therapeutics, Inc. (Nasdaq: JSPR) (Jasper), a clinical stage biotechnology company focused on development of briquilimab, a novel antibody therapy targeting c-Kit (CD117) to address mast cell driven diseases such as chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU) and asthma, today reported results for the fiscal quarter ended September 30, 2025 and provided a corporate update. “With a number of data events expected in the coming months, we remain focused on advancing our programs in chronic urticaria and continue to believe that briquilimab has the potential to serve as a highly differentiated therapeutic in mast cell disease based on the results we’ve generated thus far,” said Ronald Martell, President and Chief Executive Officer of Jasper. “Our investigation into anomalous efficacy results observed in the 240mg Q8W and the 240mg/180mg Q8W cohorts of the BEACON study is nearing completion, and we are encouraged by the determination that the results seen in these two cohorts do not appear to be related to any issues with drug substance or drug product. We plan to complete the investigation and report final conclusions in the fourth quarter of this year. We also plan to report initial data from the ETESIAN study in allergic asthma in the fourth quarter and now plan to report data from additional patients enrolled in the BEACON study, along with updated data from CSU and CIndU patients enrolled in the open-label extension study, in the first half of the first quarter of 2026.” Highlights for Third Quarter 2025 and Recent Weeks Provided an update on the ongoing investigation into the confounded efficacy results reported in July 2025 from the 240mg Q8W and the 240mg followed by 180mg Q8W cohorts of the BEACON study in CSU. Based on the work conducted to date, Jasper believes the anomalous efficacy results in these two cohorts do not appear to be related to drug substance (“DS”) or drug product (“DP”) manufacturing or distribution processes. This conclusion reflects, among other factors: A comprehensive review of manufacturing and distribution records;Robust testing of multiple lots across the manufacturing and clinical supply chain;Independent, blinded testing of returned drug product samples from trial sites; andReview of stability samples from the lots used in the two cohorts compared against other lots. With no evidence of DS or DP issues, the ongoing investigation is now focused on clinical site activity, including: Patient selection and enrollment processes;Investigational product handling and administration at the site level;Drug delivery methods (for example, injection site, needle and injection media); andAdditional patient and site-level data review. Jasper plans to report final conclusions from the investigation in the fourth quarter of 2025, supported by a key opinion leader panel that will review findings and provide clinical and chemistry, manufacturing and controls recommendations for integration into the planned Phase 2b CSU study.Continued to enroll additional patients across the 240mg/180mg Q8W and 240mg Q8W cohorts of the BEACON study, and continued to enroll CSU and CIndU patients in the open-label extension (OLE) study as they rolled off the BEACON and SPOTLIGHT studies. Jasper expects that the additional data from these BEACON cohorts and from the OLE study, anticipated in the first half of the first quarter of 2026, should be adequate to complete dose selection for the planned Phase 2b CSU study, which is now expected to commence mid-2026.Successfully completed a $30 million underwritten offering of common stock and warrants, which extends Jasper’s cash runway through the first half of 2026. Third Quarter Fiscal 2025 Financial Results Cash and cash equivalents as of September 30, 2025, totaled $50.9 million.Research and development expense for the three months ended September 30, 2025, was $14.4 million.General and administrative expense for the three months ended September 30, 2025, was $4.8 million.Jasper reported a net loss of $18.7 million, or basic and diluted net loss per share attributable to common stockholders of $1.13 for the three months ended September 30, 2025. About Jasper Jasper is a clinical-stage biotechnology company focused on developing briquilimab as a therapeutic for chronic mast cell diseases. Briquilimab is a targeted aglycosylated monoclonal antibody that blocks stem cell factor from binding to the cell-surface receptor KIT, thereby inhibiting signaling through the receptor. This inhibition disrupts the critical survival signal, leading to the depletion of the mast cells via apoptosis which removes the underlying source of the inflammatory response in mast cell driven diseases such as chronic urticaria and asthma. Jasper is currently conducting clinical studies of briquilimab as a treatment in patients with CSU, CIndU, and asthma. Briquilimab has a demonstrated efficacy and safety profile in patients and healthy volunteers, with positive clinical outcomes in both CSU and CIndU. For more information, please visit us at www.jaspertx.com. Forward-Looking Statements Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding briquilimab’s potential, including with respect to its potential in mast cell driven diseases such as CSU, CIndU and asthma and its potential to be a highly differentiated therapy in mast cell disease; Jasper’s investigation into anomalous efficacy results observed in the 240mg Q8W and the 240mg/180mg Q8W cohorts of the BEACON study and timing for completing the investigation and reporting final conclusions; anticipated data events in the coming months, including the expected timing of reporting initial data from the ETESIAN study in allergic asthma and reporting data from additional patients enrolled in the BEACON study and updated data from CSU and CIndU patients enrolled in the open-label extension study; the belief that additional data from BEACON cohorts and the open-label extension should be adequate to complete dose selection for the planned Phase 2b CSU study; the expected timing for completing dose selection for the planned Phase 2b CSU study; and Jasper’s cash runway. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Jasper and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Many actual events and circumstances are beyond the control of Jasper. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, political and business conditions; the risk that the potential product candidates that Jasper develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; the risk that clinical trials may not confirm any safety, potency or other product characteristics described or assumed in this press release; the risk that prior test, study and trial results may not be replicated in continuing or future studies and trials; the risk that Jasper’s investigation into the confounded efficacy results from the 240mg Q8W and the 240mg followed by 180mg Q8W cohorts of the BEACON study in CSU may be inconclusive or may not lead to the anticipated conclusion; the risk that Jasper may be unable to raise capital to continue its operations and continue the BEACON study; the risk that Jasper will be unable to successfully market or gain market acceptance of its product candidates; the risk that prior study results may not be replicated; the risk that Jasper’s product candidates may not be beneficial to patients or successfully commercialized; patients’ willingness to try new therapies and the willingness of physicians to prescribe these therapies; the effects of competition on Jasper’s business; the risk that third parties on which Jasper depends for laboratory, clinical development, manufacturing and other critical services will fail to perform satisfactorily; the risk that Jasper’s business, operations, clinical development plans and timelines, and supply chain could be adversely affected by the effects of health epidemics; the risk that Jasper will be unable to obtain and maintain sufficient intellectual property protection for its investigational products or will infringe the intellectual property protection of others; and other risks and uncertainties indicated from time to time in Jasper’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q. If any of these risks materialize or Jasper’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While Jasper may elect to update these forward-looking statements at some point in the future, Jasper specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Jasper’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Contacts: Alex Gray (investors)Jasper Therapeutics650-549-1454 agray@jaspertx.com Joyce Allaire (investors)LifeSci Advisors617-435-6602jallaire@lifesciadvisors.com Molly Devlin (media)Real Chemistry443-416-6675mdevlin@realchemistry.com JASPER THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Operating expenses Research and development(1)$14,391 $14,455 $51,744 $36,049 General and administrative(1) 4,775 5,434 16,300 14,905 Total operating expenses 19,166 19,889 68,044 50,954 Loss from operations (19,166) (19,889) (68,044) (50,954) Interest income 342 1,284 1,403 4,120 Change in fair value of warrants liability 2,099 — 2,099 — Other expense, net (2,011) (32) (2,158) (114) Total other income, net 430 1,252 1,344 4,006 Net loss and comprehensive loss$(18,736) $(18,637) $(66,700) $(46,948) Net loss per share attributable to common stockholders, basic and diluted$(1.13) $(1.24) $(4.18) $(3.25) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 16,635,784 15,000,516 15,968,203 14,442,637 (1) Amounts include non-cash stock based compensation expense as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Research and development$938 $1,420 $3,452 $3,249 General and administrative 486 578 1,600 1,400 Total$1,424 $1,998 $5,052 $4,649 JASPER THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) September 30, December 31, Assets 2025 2024 Current assets: Cash and cash equivalents$50,899 $71,637 Prepaid expenses and other current assets 3,665 4,174 Total current assets 54,564 75,811 Property and equipment, net 1,102 1,875 Operating lease right-of-use assets 1,236 976 Restricted cash 417 417 Other non-current assets 150 820 Total assets$57,469 $79,899 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable$9,166 $4,027 Current portion of operating lease liabilities 1,703 1,089 Accrued expenses and other current liabilities 10,172 10,121 Total current liabilities 21,041 15,237 Non-current portion of operating lease liabilities — 724 Warrant liability 22,593 — Other non-current liabilities 2,264 2,264 Total liabilities 45,898 18,225 Commitments and contingencies — — Stockholders’ equity: Preferred stock — — Common stock 3 2 Additional paid-in capital 319,137 302,541 Accumulated deficit (307,569) (240,869) Total stockholders’ equity 11,571 61,674 Total liabilities and stockholders’ equity$57,469 $79,899