Jasper Therapeutics has completed its acquisition of Kira Pharmaceuticals, creating a combined clinical-stage immunology company with three major development programs and access to resources in both the United States and China, while a concurrent $132 million financing is expected to fund planned operations through the second half of 2028.
The transaction closed on July 16, 2026, with Jasper acquiring Kira in an all-stock deal. The combination expands Jasper’s pipeline beyond briquilimab by adding Kira’s complement-focused KP-104 program and the preclinical-stage KP-701 program targeting autoantibody-mediated disorders.
At the same time, Jasper entered into a private placement of non-voting convertible preferred stock co-led by Affinity Asset Advisors and Ikarian Capital, with participation from other life sciences investors. The PIPE generated approximately $132 million in gross proceeds.
Management believes the additional capital is sufficient to fund planned operations through the second half of 2028, providing Jasper with a multi-year runway to advance three programs across complement-mediated, transplant, mast cell and autoantibody-driven diseases.
The lead acquired asset is KP-104, or vensobafusp alfa, a Phase 2/3-ready bifunctional biologic designed to inhibit both the alternative and terminal pathways of the complement cascade. Jasper is developing the candidate for paroxysmal nocturnal hemoglobinuria, or PNH, and rare kidney diseases with significant unmet medical need.
KP-104 is currently being evaluated in a Phase 2 basket trial involving rare renal indications. Jasper expects interim Stage 1 data from the study during the fourth quarter of 2026, making the program one of the combined company’s nearest-term clinical catalysts.
Based on previous positive results in treatment-naïve PNH, the company is also preparing for an end-of-Phase 2 meeting with the FDA. Jasper expects to provide its next development plans for KP-104 in PNH during the first half of 2027.
Briquilimab remains another major component of the combined portfolio. The late-stage anti-KIT antibody is being developed across transplant and immunologic indications and has generated positive long-term data in severe combined immunodeficiency, or SCID.
Jasper is progressing briquilimab toward a potential pre-BLA meeting with the FDA based on the SCID data and expects to announce its next development steps during the first quarter of 2027.
The third major program, KP-701, broadens Jasper’s pipeline into autoantibody-mediated diseases. KP-701 is a novel dual-acting anti-CD79BxCD32B monoclonal antibody intended to modulate B-cell biology through two complementary targets.
Jasper expects to file a clinical trial application and/or investigational new drug application for KP-701 during the first quarter of 2027, positioning the asset to enter its first human clinical study.
The planned transition of KP-701 into human testing means Jasper could be advancing three distinct clinical or regulatory programs in parallel during 2027: KP-104 through additional complement-focused development, briquilimab toward potential regulatory discussions, and KP-701 into Phase 1 testing.
Management also highlighted the geographic resources created through the Kira transaction. The combined organization now has access to significant capabilities in both the United States and China, which Jasper believes can help accelerate development across multiple immune-mediated indications.
Before the Kira acquisition and PIPE financing closed, Jasper held $7.3 million of cash and cash equivalents at June 30. Q2 research and development expense totaled $5.1 million, while general and administrative expense was $4.1 million.
The company reported a second-quarter net loss of $2.8 million, or $0.10 per basic and diluted share attributable to common stockholders. The subsequent $132 million financing therefore represents a substantial increase in available capital relative to Jasper’s standalone quarter-end cash position.
The Kira combination also changes the breadth of Jasper’s development strategy. Rather than relying primarily on a single late-stage asset, the company now has a portfolio spanning dual complement inhibition with KP-104, anti-KIT biology with briquilimab and dual B-cell targeting through KP-701.
With KP-104 kidney disease data expected in Q4 2026, briquilimab regulatory planning and KP-701 clinical entry expected in early 2027, the $132 million financing is intended to provide the combined company with capital to advance several potentially meaningful catalysts before its projected runway reaches the second half of 2028.
KEY QUOTES:
“We are excited to unite Jasper Therapeutics and Kira Pharmaceuticals to advance our shared mission of developing a differentiated portfolio of innovative therapies for patients with significant immune-mediated diseases. Supported by our recent $132 million financing led by leading life sciences investors, we believe that we have sufficient capital to fund planned operations through the second half of 2028.”
“We plan to advance development of our lead asset KP-104, a novel dual inhibitor of the complement cascade, in multiple indications, progress briquilimab towards a potential BLA, and to commence first in human studies for KP-701.”
“The combined company now has access to significant resources in the United States and China, which we believe will allow us to rapidly advance our portfolio across multiple diseases of unmet need.”
Jeet Mahal, President and Chief Executive Officer of Jasper Therapeutics
