Jasper Therapeutics, Inc. (JSPR) shares changed hands at $0.8223 on Friday, down 4.73% intraday. The move came despite the completion of the company's merger with Kira Pharmaceuticals and the close of a fresh $132 million financing round — two transactions that leave Jasper in control of a combined pipeline of complement and antibody therapies for immune-mediated diseases, with programs targeting paroxysmal nocturnal hemoglobinuria (PNH), transplant, and autoimmune disease.

Kira Merger and $132 Million Financing

Jasper Therapeutics completed its acquisition of Kira Pharmaceuticals on July 16, 2026. The all-stock transaction combined two clinical-stage biotechnology companies. Kira previously operated as a Cayman-based company focused on complement therapies.

Alongside the merger, Jasper closed a private placement of non-voting convertible preferred stock that generated roughly $132 million in gross proceeds for the combined company. Affinity Asset Advisors and Ikarian Capital co-led the round, with additional participation from other life science investors.

President and CEO Jeet Mahal said the merger unites Jasper Therapeutics and Kira Pharmaceuticals around a shared mission. He noted that the new capital extends the company's runway through the second half of 2028, and that the combined firm now holds resources across the United States and China.

Consolidated Pipeline Advances Toward Key Milestones

Jasper is advancing KP-104, also known as vensobafusp alfa, as its lead complement asset. The bifunctional biologic targets both the alternative and terminal complement pathways, and researchers are testing it in a Phase 2 basket trial — a study design that enrolls patients across multiple diseases within a single trial — covering rare renal disorders.

Interim data from Stage 1 of that trial is expected in the fourth quarter of 2026. Jasper also plans an end-of-Phase 2 meeting with the U.S. Food and Drug Administration, the type of meeting sponsors use to align with regulators on late-stage development plans, and expects to announce next steps for the treatment of paroxysmal nocturnal hemoglobinuria in early 2027. PNH is a rare blood disorder in which complement-driven destruction of red blood cells causes hemolytic anemia, and it is already a treated market: C5 inhibitors such as eculizumab and ravulizumab anchor current therapy. KP-104's engagement of both the alternative and terminal pathways sets its mechanism apart from C5-only blockade.

Briquilimab, a late-stage anti-KIT antibody, remains central to the company's transplant and immunology programs. Positive long-term data in patients with severe combined immunodeficiency (SCID) — a rare genetic disorder that leaves infants with severely impaired immune function — support a planned pre-BLA meeting with regulators, a step that precedes submission of a Biologics License Application, while the company also targets a Phase 1 filing for KP-701 in early 2027.

Second-Quarter Financial Results

Jasper reported cash and cash equivalents of $7.3 million as of June 30, 2026. Research and development expense reached $5.1 million for the quarter, while general and administrative costs totaled $4.1 million over the same period.

The company posted a net loss of $2.8 million for the second quarter, equal to a basic and diluted loss of $0.10 per share. Jasper attributed the spending to continued clinical development across its pipeline.

The $132 million raise, which closed after the June 30 reporting date, now supplements those quarterly figures significantly. Combined with Kira's assets, Jasper enters the second half of 2026 with more resources and aims to fund operations through 2028 without additional financing.