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Jasper Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial performance, including a net loss of $18.6 million for the quarter, compared to a net loss of $17.5 million in the same quarter the previous year. The company attributes the loss to ongoing research and development expenses.
Research and development expenses for the quarter were $14.5 million, a slight decrease from $14.8 million in the previous year. This decrease is primarily due to reduced manufacturing expenses, partially offset by increased personnel-related costs.
General and administrative expenses increased to $5.4 million from $4.5 million, driven by higher employee payroll and related expenses.
Jasper reported cash and cash equivalents of $92.5 million as of September 30, 2024. The company anticipates the need for additional funding to continue its operations and research activities.
Jasper is focused on developing its lead product candidate, briquilimab, for mast cell driven diseases and stem cell transplant conditioning. The company is conducting multiple clinical trials, including studies for chronic urticarias and asthma.
The filing notes that Jasper's management has concluded there is substantial doubt about the company's ability to continue as a going concern beyond one year, highlighting the need for additional financing.
Jasper's financial strategy includes potential equity or debt financings, collaborations, or a combination of these approaches to meet future funding requirements.
The company has an effective shelf registration statement, allowing it to offer up to $250 million in securities, with $75 million available under an ATM offering as of the filing date.
Jasper's management expects expenses to increase as the company advances its clinical programs and expands its corporate infrastructure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jasper Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.