aibioJasper Therapeutics faced Oct 15 hearing on motion to dismiss briquilimab class action
Tickers JSPR
Defendants: Jasper and unnamed current and former officers; derivative suits are captioned against Martell and others. A motion to dismiss was set for hearing October 15, and no ruling is reported.
Key facts
- Company
- Jasper Therapeutics, Inc. (NASDAQ: JSPR)
- News type
- Legal
- Primary source
- Jasper Therapeutics 10-Q (SEC EDGAR)
A federal judge in the Northern District of California was scheduled to hear a motion to dismiss the shareholder class action against Jasper Therapeutics, Inc. (Nasdaq: JSPR) on October 15, 2026, according to the company's 10-Q for the quarter ended June 30, 2026. Neither of Jasper's two October 8-Ks mentions the hearing or a ruling, so the outcome is not reported.
The defendants in the class action, Grant v. Jasper Therapeutics, Inc., et al. (Case No. 25-cv-08010), are Jasper and "certain of our current and former officers." The 10-Q does not name the officers. Two derivative suits, Bardauskas v. Martell, et al. (Case No. 25-cv-09561) and Walsh v. Martell, et al. (Case No. 25-cv-10899), name "certain of our current and former officers and directors" as defendants. Their captions list Martell first, but the 10-Q does not say who is a defendant.
The lawsuits
The class action was filed on September 19, 2025. The complaint alleges that certain material misstatements or omissions about the ongoing clinical trials of briquilimab violated federal securities laws, and the plaintiffs seek unspecified monetary damages plus costs and attorneys' fees. These are allegations. The court appointed co-lead plaintiffs on December 3, 2025. The amended complaint is captioned Allard, et al. v. Jasper Therapeutics, Inc., et al., and the defendants filed their motion to dismiss on April 20, 2026.
The derivative cases were filed on November 5 and December 22, 2025 and allege claims related to the class action. A stipulated order of January 21, 2026 consolidated and stayed them. Jasper says the claims are without merit and that it intends to defend vigorously, but adds that there can be no assurance it will prevail. It cannot determine whether any loss will occur or estimate a range, so it has accrued nothing.
A different company now
On July 16, 2026 Jasper acquired Kira Pharmaceuticals. It issued 5,195,009 shares of voting common stock and 4,644,977 shares of non-voting convertible preferred stock to Kira's former shareholders, each preferred share convertible into 61 common shares once stockholders approve. The 10-Q says briquilimab, an anti-KIT antibody that Jasper studied in chronic spontaneous urticaria, was the lead product candidate before the merger. The combined pipeline now includes KP-104 (vensobafusp alfa), aimed at PNH and kidney disorders, and KP-701.
Existing holders were also given contingent value rights. They share $30.0 million if the FDA issues a Priority Review Voucher for briquilimab on or before December 31, 2028.
Cash, dilution and going concern
Jasper reports a net loss of $3.9 million for the six months ended June 30, 2026, against $48.0 million a year earlier. Other income, net of $16,225 thousand, including a $13,620 thousand change in the fair value of the warrant liability, helped narrow the loss. Research and development spending fell to $11.0 million from $37.4 million, and the company ties lower personnel costs to a 2025 workforce reduction. Operations used $21.5 million in cash. Jasper held $7.3 million in cash and cash equivalents at June 30 and had an accumulated deficit of $320.6 million.
In July 2026 it raised gross proceeds of $132.0 million by selling non-voting convertible preferred stock in a private placement. Jasper has agreed to seek a stockholder vote on converting that stock within 120 days of the merger closing. If it cannot win approval within 12 months, holders can require it to repurchase the stock at fair market value. Because of that risk and its history of losses, the company concluded that substantial doubt exists about its ability to continue as a going concern.
After the financing, the 10-Q says, fully diluted ownership will be about 6.68% for pre-merger Jasper holders, 49.86% for former Kira holders and 43.46% for the private placement investors.
October filings
On October 7, 2026 Jasper began an offer to pay $0.324 in cash for each outstanding warrant from its September 18, 2025 public offering. Each warrant carries an exercise price of $2.92, and 12,345,707 were outstanding on October 6. The offer runs until November 6, 2026. On October 15 chief executive Jeet Mahal signed an 8-K saying enrollment is complete in the IgA nephropathy cohort of the Phase 2 basket study of vensobafusp alfa.