Jasper Therapeutics expects Stage 1 interim data from a Phase 2 study of newly acquired KP-104 in rare renal diseases during Q4 2026, providing the first major clinical catalyst following its acquisition of Kira Pharmaceuticals and concurrent $132 million private placement. The financing is expected to fund planned operations through the second half of 2028 while Jasper advances a newly expanded three-asset immunology pipeline.
Jasper completed the all-stock acquisition of Kira on July 16. Concurrently, the company sold non-voting convertible preferred stock in a private placement co-led by Affinity Asset Advisors and Ikarian Capital, with other life sciences investors participating, generating approximately $132 million of gross proceeds.
The transaction makes KP-104, also known as vensobafusp alfa, central to Jasper’s development strategy. The Phase 2/3-ready bifunctional biologic is designed to inhibit both the alternative and terminal pathways of the complement cascade and is being developed for paroxysmal nocturnal hemoglobinuria and high-unmet-need nephrology disorders.
KP-104 is currently being evaluated in a Phase 2 basket study in rare renal diseases. Interim Stage 1 data are expected during Q4 2026, giving Jasper a near-term clinical readout from the Kira portfolio only months after completing the acquisition.
Jasper is also preparing a PNH regulatory strategy based on previous positive results in treatment-naïve patients. The company plans an end-of-Phase 2 meeting with the FDA and expects to announce next development steps for KP-104 in PNH during the first half of 2027.
The combined pipeline extends beyond KP-104. Briquilimab remains Jasper’s late-stage anti-KIT antibody, and the company is working toward a pre-BLA meeting with the FDA following positive long-term data in severe combined immunodeficiency. Jasper expects to provide the program’s next steps in Q1 2027.
KP-701 provides another 2027 catalyst. The dual-acting anti-CD79BxCD32B monoclonal antibody is being developed for autoantibody-mediated disorders, with Jasper planning a CTA and/or IND filing for a Phase 1 study during Q1 2027.
Before the Kira transaction and financing closed, Jasper held only $7.3 million of cash and equivalents at June 30. Q2 R&D expense totaled $5.1 million, G&A expense was $4.1 million and net loss was $2.8 million. The subsequent $132 million financing therefore materially changed the company’s liquidity profile while simultaneously expanding the number of clinical programs it is funding.
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
