aibioJasper Therapeutics offers $0.324 per warrant to buy back up to 12,345,707 warrants
Tickers JSPR
Jasper Therapeutics will pay $0.324 in cash per warrant for up to 12,345,707 warrants, about $4.0 million if all are tendered, and the offer runs until November 6, 2026.
Key facts
- Company
- Jasper Therapeutics, Inc. (NASDAQ: JSPR)
- News type
- Mergers
- Primary source
- Jasper Therapeutics, Inc. 8-K (2026-10-07)
Jasper Therapeutics, Inc. (Nasdaq: JSPR) said on October 7, 2026 that it has started an offer to buy any and all of its outstanding warrants. The warrants were issued in the company's underwritten public offering on September 18, 2025. The purchase price is $0.324 in cash per warrant, without interest. The company disclosed the offer in a press release furnished on Form 8-K. The full terms are in an Offer to Purchase dated October 7, 2026, filed with a Tender Offer Statement on Schedule TO.
As of October 6, 2026, there were 12,345,707 warrants outstanding. Each lets its holder buy one share of common stock at an exercise price of $2.92, subject to adjustment. If all of them are tendered, Jasper expects to pay about $4.0 million, funded from cash on hand. The company says it would retire and cancel any warrants it buys.
Why Jasper is buying the warrants
The purpose of the offer is to reduce the number of shares that would become outstanding if the warrants are exercised, and so reduce their potential dilutive impact. It also says the offer is meant to give investors more certainty about the capital structure. The release lists holder participation as uncertain.
Terms and timing
The offer is open until one minute after 11:59 p.m. Eastern Time on November 6, 2026, unless the company extends or ends it sooner. Holders may tender as few or as many warrants as they choose, and they may withdraw tendered warrants at any time before the expiration date. The offer is not conditioned on a minimum number of warrants being tendered. It is subject to customary conditions, including the absence of legal action or a governmental order that would prohibit or delay it.
Warrants that are not tendered stay outstanding on their original terms and expire at 5:00 p.m. Eastern Time on March 18, 2030.
The company has not hired a dealer manager, information agent or depositary. Questions go to Matthew Ros, the Chief Operating Officer.
The company's finances
Jasper describes itself as a clinical stage biotechnology company focused on immune-mediated diseases. Its pipeline includes KP-104, briquilimab and KP-701. The release says KP-104 has demonstrated positive outcomes in paroxysmal nocturnal hemoglobinuria and is under evaluation in other nephrology disorders, and that KP-701 is still advancing to the clinic.
The annual figures, filed in its 10-K on March 30, 2026, show a widening loss. Research and development expense was $63.1 million in 2025 and $55.8 million in 2024. The net loss was $75.8 million in 2025 and $71.3 million in 2024. Cash used in operations was $77.2 million in 2025, up from $62.6 million in 2024.
Cash and cash equivalents fell from $71.6 million at the end of 2024 to $28.7 million at the end of 2025, and were $7.3 million at June 30, 2026, according to the company's quarterly report.
The briquilimab record
The company's annual report states that in July 2025 two cohorts of its BEACON study in chronic spontaneous urticaria showed an atypical absence of UAS7 reduction in 11 of 13 patients, which led to an investigation. Jasper says it concluded the results were not caused by the investigational product or its manufacturing, but by patient selection at certain sites. Those conclusions are the company's own, supported by expert panels it convened. It reports that 4 of 6 participants in one cohort had a complete response at 12 weeks in data released in January 2026.
What the offer means for holders
The $0.324 price is far below the $2.92 exercise price. A holder who tenders gives up the warrant's future value for cash now. A holder who does not tender keeps the warrant until 2030, with the dilution risk that comes with it.
The payment is large against the latest cash figure. If all warrants are tendered, the $4.0 million payout would come from a balance that was $7.3 million at June 30, 2026, after $77.2 million of cash used in operations in 2025. The release does not say whether the payment changes the company's cash runway, and it gives no cash figure as of October 2026.