A securities class action has been filed against Jasper Therapeutics, Inc. (JSPR) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Jasper securities between November 30, 2023 through July 3, 2025. This case has been filed in the USDC – NDCA.
Jasper, a clinical-stage biotechnology company, focuses on developing therapeutics targeting mast cell driven diseases such as Chronic Spontaneous Urticaria (“CSU”), Chronic Inducible Urticaria (“CIndU”), and Asthma. The Company’s lead product candidate is briquilimab, a monoclonal antibody designed to block stem cell factor (“SCF”) from binding to and signaling through the CD117 (“c-Kit”) receptor on mast and stem cells. According to Jasper, the “SCF/c-Kit pathway is a survival signal for mast cells and [the Company] believe[s] that blocking this pathway may lead to depletion of these cells throughout the body, including in the lungs and in the skin, which could lead to significant clinical benefit for patients with mast-cell driven diseases such as asthma and chronic urticarias” and “to that end, [Jasper is] focusing on advancing a portfolio of clinical programs in mast cell driven diseases.” In 2024, to “strengthen [its] balance sheet and support development of briquilimab,” Jasper completed an oversubscribed $50 million financing “with a syndicate of leading life science investors,” purportedly “extending [its] cash runway through the third quarter of 2025.”
In November 2023, the Company commenced a Phase 1b/2a clinical study of subcutaneous briquilimab for the treatment of CSU (the “BEACON Study”). When announcing the first patient dosing in the BEACON Study, Jasper’s Chief Executive Officer Defendant Ronald Martell stated, in relevant part, that he was “confident in the ability of our clinical organization to continue to execute at a high level as we advance briquilimab into clinical trials in CIndU and other mast cell-driven diseases.” In December 2024, the Company commenced a Phase 1b/2a clinical study evaluating briquilimab in allergic asthma (the “ETESIAN Study”). In addition, Jasper has attempted to develop briquilimab as a one-time conditioning therapy for severe combined immunodeficiency (“SCID”) patients undergoing a second stem cell transplant.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Jasper lacked the controls and procedures necessary to ensure that the third-party manufacturers on which it relied were manufacturing products in full accordance with cGMP regulations and otherwise suitable for use in clinical trials; (ii) the foregoing failure increased the risk that results of ongoing studies would be confounded, thereby negatively impacting the regulatory and commercial prospects of the Company’s products, including briquilimab; (iii) the foregoing increased the likelihood of disruptive cost-reduction measures; (iv) accordingly, the Company’s business and/or financial prospects, as well as briquilimab’s clinical and/or commercial prospects, were overstated; and (v) as a result, Defendants’ public statements were materially false and misleading at all relevant times.