What is Jasper Therapeutics' operating income?

Jasper Therapeutics' total operating income in 2025 was -$83.88 million, based on the following breakdown: Total Gross Profit: $0.00 Total Operating Expenses: $83.88 million

Jasper Therapeutics (JSPR) Financials

$0.77 -0.04 (-5.42%)

Closing price 04:00 PM Eastern

Extended Trading

$0.80 +0.03 (+3.38%)

As of 04:38 PM Eastern

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Annual Income Statements for Jasper Therapeutics

This table shows Jasper Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-32	-27	-38	-64	-71	-76
Consolidated Net Income / (Loss)	-32	-31	-38	-64	-71	-76
Net Income / (Loss) Continuing Operations	-32	-27	-38	-64	-71	-76
Total Pre-Tax Income	-32	-27	-38	-64	-71	-76
Total Operating Income	-21	-37	-51	-69	-76	-84
Total Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	21	37	51	69	76	84
Selling, General & Admin Expense	4.80	11	17	17	20	21
Research & Development Expense	16	25	35	52	56	63
Total Other Income / (Expense), net	-11	9.70	14	4.40	4.97	8.08
Interest & Investment Income	-	-	0.70	5.20	5.06	1.74
Other Income / (Expense), net	-11	9.70	13	-0.80	-0.09	6.34
Basic Earnings per Share	($5.17)	($2.69)	($10.33)	($6.18)	($4.89)	($3.95)
Weighted Average Basic Shares Outstanding	6.13M	11.39M	3.65M	10.44M	14.58M	19.17M
Diluted Earnings per Share	($5.17)	-	-	($6.18)	($4.89)	($3.95)
Weighted Average Diluted Shares Outstanding	6.13M	11.39M	109.38M	10.44M	14.58M	19.17M
Weighted Average Basic & Diluted Shares Outstanding	6.13M	11.39M	109.38M	15.06M	15.02M	28.00M

This table shows Jasper Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-18	-17	-14	-15	-19	-24	-21	-27	-19	-9.10	-1.17
Consolidated Net Income / (Loss)	-18	-17	-14	-15	-19	-24	-21	-27	-19	-9.10	-1.17
Net Income / (Loss) Continuing Operations	-18	-17	-14	-15	-19	-24	-21	-27	-19	-9.10	-1.17
Total Pre-Tax Income	-18	-17	-14	-15	-19	-24	-21	-27	-19	-9.10	-1.17
Total Operating Income	-19	-18	-15	-16	-20	-25	-22	-27	-19	-16	-11
Total Gross Profit	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	19	18	15	16	20	25	22	27	19	16	11
Selling, General & Admin Expense	4.51	3.89	4.77	4.70	5.43	5.51	5.65	5.88	4.78	4.48	5.14
Research & Development Expense	15	14	10	11	14	20	16	21	14	11	5.81
Total Other Income / (Expense), net	1.82	1.14	1.34	1.41	1.25	0.96	0.56	0.35	0.43	6.74	9.78
Interest & Investment Income	1.43	1.23	1.39	1.45	1.28	0.94	0.62	0.44	0.34	0.34	0.16
Other Income / (Expense), net	0.39	-0.09	-0.04	-0.04	-0.03	0.03	-0.06	-0.08	0.09	6.40	9.61
Basic Earnings per Share	($1.60)	($1.59)	($1.03)	($0.97)	($1.24)	($1.67)	($1.41)	($1.74)	($1.13)	($0.47)	($0.04)
Weighted Average Basic Shares Outstanding	10.97M	10.44M	13.33M	14.99M	15.00M	14.58M	15.02M	15.33M	16.64M	19.17M	28.67M
Diluted Earnings per Share	($1.60)	($1.59)	($1.03)	($0.97)	($1.24)	($1.67)	($1.41)	($1.74)	($1.13)	($0.47)	($0.04)
Weighted Average Diluted Shares Outstanding	10.97M	10.44M	13.33M	14.99M	15.00M	14.58M	15.02M	15.33M	16.64M	19.17M	28.67M
Weighted Average Basic & Diluted Shares Outstanding	111.58M	15.06M	15.09M	15.11M	15.00M	15.02M	15.02M	16.25M	27.98M	28.00M	28.00M

This table details how cash moves in and out of Jasper Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-6.98	65	-46	49	-15	-43
Net Cash From Operating Activities	-18	-34	-46	-52	-63	-77
Net Cash From Continuing Operating Activities	-18	-34	-46	-52	-63	-77
Net Income / (Loss) Continuing Operations	-32	-31	-38	-64	-71	-76
Consolidated Net Income / (Loss)	-32	-31	-38	-64	-71	-76
Depreciation Expense	0.00	0.38	0.98	1.11	1.37	1.06
Non-Cash Adjustments To Reconcile Net Income	12	-8.66	-9.09	6.21	7.11	2.51
Changes in Operating Assets and Liabilities, net	1.29	5.24	-0.06	5.09	0.18	-4.92
Net Cash From Investing Activities	0.00	-2.43	-0.58	-0.27	-0.53	0.01
Net Cash From Continuing Investing Activities	0.00	-2.43	-0.58	-0.27	-0.53	0.01
Purchase of Property, Plant & Equipment	0.00	-2.43	-0.58	-0.27	-0.55	-0.01
Sale of Property, Plant & Equipment	-	-	-	0.00	0.02	0.01
Net Cash From Financing Activities	11	101	0.06	101	48	34
Net Cash From Continuing Financing Activities	11	101	0.06	101	48	34
Issuance of Common Equity	-	0.00	0.03	102	48	34
Other Financing Activities, net	0.05	96	0.03	-0.57	0.33	0.00

This table details how cash moves in and out of Jasper Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-12	-17	32	-12	-14	-21	-23	-9.29	11	-22	-15
Net Cash From Operating Activities	-12	-16	-16	-12	-14	-21	-23	-15	-17	-22	-15
Net Cash From Continuing Operating Activities	-12	-16	-16	-12	-14	-21	-23	-15	-17	-22	-15
Net Income / (Loss) Continuing Operations	-18	-17	-14	-15	-19	-24	-21	-27	-19	-9.10	-1.17
Consolidated Net Income / (Loss)	-18	-17	-14	-15	-19	-24	-21	-27	-19	-9.10	-1.17
Depreciation Expense	0.28	0.28	0.29	0.30	0.54	0.25	0.28	0.26	0.23	0.29	0.02
Non-Cash Adjustments To Reconcile Net Income	1.50	1.27	1.05	1.37	2.59	2.10	1.69	1.38	2.45	-3.33	-9.03
Changes in Operating Assets and Liabilities, net	3.79	-1.45	-3.35	1.24	1.45	0.84	-3.57	9.63	-0.94	-9.73	-4.36
Net Cash From Investing Activities	-	-0.23	-0.03	-0.16	-0.27	-0.08	0.00	0.00	-	-	0.00
Net Cash From Continuing Investing Activities	-	-0.23	-0.03	-0.16	-0.27	-0.08	0.00	0.00	-	-	0.00
Sale of Property, Plant & Equipment	-	-	0.00	-	-	0.02	0.00	0.01	-	-	0.00
Net Cash From Financing Activities	0.04	-0.27	47	0.18	0.01	0.35	0.00	6.16	28	-0.34	0.00
Net Cash From Continuing Financing Activities	0.04	-0.27	47	0.18	0.01	0.35	0.00	6.16	28	-0.34	0.00

This table presents Jasper Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	102	23	94	48	95	80	36
Total Current Assets	1.54	21	88	42	89	76	35
Cash & Equivalents	1.21	20	85	38	87	72	29
Prepaid Expenses	0.33	0.25	3.13	2.82	2.05	4.17	5.95
Plant, Property, & Equipment, net	0.00	0.69	3.69	3.57	2.73	1.88	0.10
Total Noncurrent Assets	100	1.98	2.14	2.65	3.23	1.80	1.03
Other Noncurrent Operating Assets	-	1.98	2.14	2.65	3.23	1.80	1.03
Total Liabilities & Shareholders' Equity	102	23	94	48	95	80	36
Total Liabilities	11	15	24	12	16	18	32
Total Current Liabilities	0.11	4.01	8.02	7.07	12	15	13
Accounts Payable	0.10	4.01	7.52	6.20	11	14	12
Other Current Liabilities	-	0.00	0.51	0.87	0.97	1.09	1.24
Total Noncurrent Liabilities	11	11	16	5.31	4.08	2.99	18
Other Noncurrent Operating Liabilities	11	11	16	5.31	2.26	2.99	18
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5.00	-35	70	36	78	62	4.15
Total Preferred & Common Equity	5.00	-35	70	36	78	62	4.15
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5.00	-35	70	36	78	62	4.15
Common Stock	5.60	1.68	137	141	248	303	321
Retained Earnings	-0.60	-37	-67	-105	-170	-241	-317

This table presents Jasper Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	110	126	114	99	58	46	57	21
Total Current Assets	105	120	109	95	53	43	55	20
Cash & Equivalents	104	118	107	93	49	40	51	14
Prepaid Expenses	1.35	1.83	1.86	2.30	4.38	3.46	3.67	6.15
Plant, Property, & Equipment, net	2.78	2.46	2.44	2.07	1.60	1.33	1.10	0.08
Total Noncurrent Assets	2.41	2.77	2.39	2.54	2.41	1.75	1.39	0.81
Other Noncurrent Operating Assets	2.41	2.77	2.39	2.54	2.41	1.75	1.39	0.81
Total Liabilities & Shareholders' Equity	110	126	114	99	58	46	57	21
Total Liabilities	16	13	14	16	15	23	46	18
Total Current Liabilities	12	8.92	10	12	12	21	21	9.00
Accounts Payable	11	7.90	9.02	11	10	19	19	8.24
Other Current Liabilities	0.97	1.02	1.05	1.06	1.84	1.95	1.70	0.76
Total Noncurrent Liabilities	4.37	3.82	3.55	3.27	3.02	2.47	25	8.79
Other Noncurrent Operating Liabilities	2.30	3.82	3.55	2.26	3.02	2.47	25	8.79
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	94	113	100	84	42	24	12	3.40
Total Preferred & Common Equity	94	113	100	84	42	24	12	3.40
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	94	113	100	84	42	24	12	3.40
Common Stock	247	297	298	300	304	312	319	321
Retained Earnings	-153	-183	-198	-217	-262	-289	-308	-318

This table displays calculated financial ratios and metrics derived from Jasper Therapeutics' official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	12,500,000.00	37,853,236.00	37,984,368.00	111,575,261.00	111,575,261.00	111,575,261.00
DEI Adjusted Shares Outstanding	1,250,000.00	3,785,324.00	3,798,437.00	11,157,526.00	11,157,526.00	11,157,526.00
DEI Earnings Per Adjusted Shares Outstanding	-25.34	-7.17	-9.92	-5.78	-6.39	-6.79
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	0.00%	15.21%	-39.38%	-83.82%	-9.33%	-2.04%
EBIT Growth	0.00%	14.01%	-41.03%	-82.03%	-9.56%	-1.59%
NOPAT Growth	0.00%	-78.08%	-38.99%	-34.50%	-10.71%	-10.03%
Net Income Growth	0.00%	3.26%	-23.00%	-71.06%	-10.55%	-6.36%
EPS Growth	0.00%	0.00%	0.00%	0.00%	20.87%	19.22%
Operating Cash Flow Growth	0.00%	-84.37%	-36.17%	-13.54%	-20.23%	-23.26%
Free Cash Flow Firm Growth	0.00%	0.00%	-122.49%	8.47%	-12.14%	10.20%
Invested Capital Growth	0.00%	-36.44%	82.36%	-147.68%	-56.49%	-136.43%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	30.83%	-26.76%	-6.68%	-11.09%	17.18%
EBIT Q/Q Growth	0.00%	30.19%	-26.23%	-6.58%	-10.81%	16.94%
NOPAT Q/Q Growth	0.00%	5.24%	-3.36%	-6.13%	-11.01%	10.12%
Net Income Q/Q Growth	0.00%	38.43%	-12.39%	-5.52%	-12.18%	16.72%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-5.52%	-15.33%	27.79%
Operating Cash Flow Q/Q Growth	0.00%	-37.53%	4.05%	-7.95%	-8.03%	-0.96%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	9.08%	-6.48%	-3.53%	-33.42%
Invested Capital Q/Q Growth	0.00%	31.92%	29.56%	13.46%	-32.87%	38.25%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	100.00%	112.90%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	100.35%	100.00%	98.47%	92.54%	93.37%	97.75%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-63.62%	-78.33%	-71.44%	-112.67%	-101.73%	-230.31%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	19.26%	-34.43%	-71.44%	-112.67%	-101.73%	-230.31%
Return on Equity Simple (ROE_SIMPLE)	90.15%	-44.07%	-104.71%	-82.18%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-14	-26	-36	-48	-53	-59
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	-86.66%	-9.29%	-3.00%	-26.28%	-22.79%	-33.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-60.06%	-86.53%	-1,414.55%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-32	-27	-38	-70	-76	-78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-32	-27	-37	-69	-75	-76
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.29	14.68	1.05	5.06	8.45
Price to Tangible Book Value (P/TBV)	0.00	1.29	14.68	1.05	5.06	8.45
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.02	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.02	0.00	0.00
Financial Leverage	-2.28	-1.34	-1.17	-1.08	-1.12	-1.53
Leverage Ratio	1.26	1.50	1.35	1.25	1.25	1.76
Compound Leverage Factor	1.26	1.50	1.33	1.16	1.16	1.72
Debt to Total Capital	0.00%	0.00%	0.00%	2.26%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	2.26%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	503.33%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-403.33%	100.00%	100.00%	97.74%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	-0.03	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	1.24	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	-0.03	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	-0.04	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	1.76	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	-0.04	0.00	0.00
Altman Z-Score	-3.30	1.28	20.82	-0.95	3.80	-18.16
Noncontrolling Interest Sharing Ratio	130.27%	56.04%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	5.16	10.95	5.91	7.19	4.98	2.62
Quick Ratio	5.09	10.56	5.51	7.02	4.70	2.17
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-22	-48	-44	-50	-45
Operating Cash Flow to CapEx	0.00%	-1,387.07%	-7,961.46%	-19,500.75%	-11,767.29%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-420.37	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-164.57	0.00	-398.77	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-164.57	0.00	-403.77	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	-11	-15	-2.68	-6.63	-10	-25
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	0.00	-4.06	13	-3.96	-3.75	-14
Enterprise Value (EV)	85	4.74	490	-2.71	240	6.39
Market Capitalization	61	89	528	82	312	35
Book Value per Share	($2.81)	$1.84	$0.95	$0.70	$4.23	$0.22
Tangible Book Value per Share	($2.81)	$1.84	$0.95	$0.70	$4.23	$0.22
Total Capital	8.71	70	36	80	62	4.15
Total Debt	0.00	0.00	0.00	1.81	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	1.81	0.00	0.00
Net Debt	-20	-85	-39	-85	-72	-29
Capital Expenditures (CapEx)	0.00	2.43	0.58	0.27	0.53	-0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3.17	-4.89	-4.00	-10	-11	-7.25
Debt-free Net Working Capital (DFNWC)	17	80	35	77	61	21
Net Working Capital (NWC)	17	80	35	77	61	21
Net Nonoperating Expense (NNE)	17	4.85	1.85	16	18	17
Net Nonoperating Obligations (NNO)	-20	-85	-39	-85	-72	-29
Total Depreciation and Amortization (D&A)	0.00	0.38	0.98	1.11	1.37	1.06
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($26.90)	($10.30)	($6.18)	($4.89)	($3.95)
Adjusted Weighted Average Basic Shares Outstanding	0.00	3.79M	3.65M	10.44M	14.58M	19.17M
Adjusted Diluted Earnings per Share	$0.00	($26.90)	$0.00	$0.00	($4.89)	($3.95)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	3.79M	10.94M	15.06M	14.58M	19.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	($26.90)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	1.14M	10.94M	15.06M	15.02M	28.00M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-26	-36	-48	-53	-59
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-284.31	0.00	-332.79	0.00	0.00	0.00
NOPAT to Interest Expense	-130.43	0.00	-311.63	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-284.31	0.00	-337.80	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-130.43	0.00	-316.64	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-17.26%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Jasper Therapeutics' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	110,800,413.00	111,575,261.00	111,575,261.00	111,575,261.00	111,575,261.00	111,575,261.00	111,575,261.00	111,575,261.00	111,575,261.00	111,575,261.00	111,575,261.00
DEI Adjusted Shares Outstanding	11,080,041.00	11,157,526.00	11,157,526.00	11,157,526.00	11,157,526.00	11,157,526.00	11,157,526.00	11,157,526.00	11,157,526.00	11,157,526.00	11,157,526.00
DEI Earnings Per Adjusted Shares Outstanding	-1.58	-1.49	-1.23	-1.31	-1.67	-2.18	-1.90	-2.40	-1.68	-0.82	-0.11
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	-57.64%	-32.43%	1.70%	8.74%	-3.63%	-42.68%	-45.60%	-70.98%	2.74%	63.42%	93.90%
EBIT Growth	-56.43%	-31.85%	1.58%	8.47%	-4.97%	-41.79%	-44.67%	-69.40%	4.23%	62.63%	93.88%
NOPAT Growth	-52.36%	-28.94%	-8.07%	10.29%	-2.72%	-42.65%	-44.65%	-69.30%	3.64%	37.36%	49.77%
Net Income Growth	-47.89%	-25.51%	3.73%	9.31%	-6.23%	-46.68%	-54.73%	-83.25%	-0.53%	62.58%	94.47%
EPS Growth	0.00%	-25.51%	0.00%	0.00%	22.50%	-5.03%	-36.89%	-79.38%	8.87%	71.86%	97.16%
Operating Cash Flow Growth	-24.25%	-30.31%	-52.26%	12.00%	-17.29%	-28.25%	-45.16%	-32.30%	-20.97%	-3.47%	36.31%
Free Cash Flow Firm Growth	64.63%	61.80%	-9.88%	-15.59%	-42.15%	-65.07%	-53.47%	8.16%	234.42%	122.03%	72.09%
Invested Capital Growth	-101.60%	-147.68%	-34.75%	-14.97%	-1.92%	-56.49%	-23.14%	-137.16%	-408.77%	-136.43%	-54.10%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	-8.47%	6.25%	15.43%	-6.12%	-23.17%	-29.07%	13.70%	-24.63%	29.93%	51.46%	85.61%
EBIT Q/Q Growth	-8.34%	6.12%	15.16%	-6.08%	-24.25%	-26.80%	13.44%	-24.22%	29.76%	50.52%	85.82%
NOPAT Q/Q Growth	-8.61%	8.45%	14.97%	-6.11%	-24.36%	-27.13%	13.78%	-24.19%	29.21%	17.36%	30.85%
Net Income Q/Q Growth	-9.10%	5.49%	17.21%	-6.23%	-27.80%	-30.50%	12.66%	-25.81%	29.89%	51.43%	87.10%
EPS Q/Q Growth	0.00%	5.49%	35.22%	5.83%	-27.84%	-34.68%	15.57%	-23.40%	35.06%	58.41%	91.49%
Operating Cash Flow Q/Q Growth	9.73%	-37.54%	4.51%	25.78%	-20.31%	-50.40%	-8.08%	32.35%	-10.00%	-28.64%	33.47%
Free Cash Flow Firm Q/Q Growth	-8.82%	12.77%	-7.55%	-13.23%	-33.83%	-1.29%	0.01%	32.24%	295.88%	-83.40%	-226.70%
Invested Capital Q/Q Growth	-27.24%	13.46%	14.64%	-22.32%	-12.79%	-32.87%	32.83%	-135.60%	-141.96%	38.25%	56.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	92.45%	93.07%	90.83%	90.96%	93.55%	96.29%	97.15%	98.39%	98.21%	96.42%	87.74%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-86.23%	-112.67%	-53.63%	-59.32%	-71.46%	-101.73%	-101.34%	-146.87%	-191.12%	-230.31%	-244.21%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	-86.23%	-112.67%	-53.63%	-59.32%	-71.46%	-101.73%	-101.34%	-146.87%	-191.12%	-230.31%	-244.21%
Return on Equity Simple (ROE_SIMPLE)	-64.90%	0.00%	-56.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-14	-12	-11	-11	-14	-18	-15	-19	-13	-11	-7.67
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	-5.21%	-6.75%	-2.56%	-3.03%	-4.88%	-8.43%	-7.11%	-10.56%	-7.45%	3.94%	20.49%
Return On Investment Capital (ROIC_SIMPLE)	-	-15.46%	-9.32%	-11.16%	-16.44%	-28.70%	-36.13%	-80.65%	-115.95%	-267.10%	-225.48%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-19	-18	-15	-16	-20	-25	-22	-27	-19	-9.44	-1.34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-19	-18	-15	-16	-19	-25	-22	-27	-19	-9.15	-1.32
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.82	1.05	3.46	3.39	3.37	5.06	1.53	3.62	3.42	8.45	7.39
Price to Tangible Book Value (P/TBV)	0.82	1.05	3.46	3.39	3.37	5.06	1.53	3.62	3.42	8.45	7.39
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.02	0.02	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.02	0.02	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.08	-1.08	-1.04	-1.06	-1.09	-1.12	-1.08	-1.19	-1.50	-1.53	-1.39
Leverage Ratio	1.20	1.25	1.11	1.13	1.18	1.25	1.18	1.30	1.65	1.76	1.73
Compound Leverage Factor	1.11	1.17	1.01	1.03	1.10	1.20	1.15	1.27	1.62	1.69	1.51
Debt to Total Capital	2.15%	2.26%	0.00%	0.00%	1.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	2.15%	2.26%	0.00%	0.00%	1.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	97.85%	97.74%	100.00%	100.00%	98.81%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	-0.03	-0.03	0.00	0.00	-0.02	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	1.58	1.24	0.00	0.00	1.36	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	-0.03	-0.03	0.00	0.00	-0.02	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.05	-0.04	0.00	0.00	-0.02	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	2.24	1.76	0.00	0.00	1.90	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	-0.05	-0.04	0.00	0.00	-0.02	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	1.34	0.85	17.08	13.13	8.04	5.91	-4.25	-7.83	-7.37	-11.88	-19.73
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.84	7.19	13.49	10.79	7.61	4.98	4.31	2.10	2.59	2.62	2.26
Quick Ratio	8.72	7.02	13.29	10.61	7.42	4.70	3.96	1.93	2.42	2.17	1.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-9.69	-8.45	-9.09	-10	-14	-14	-14	-9.45	19	3.07	-3.89
Operating Cash Flow to CapEx	0.00%	-7,164.78%	-62,944.00%	-7,439.49%	-5,128.47%	-27,807.89%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-7.67	-6.63	-5.66	-6.93	-7.81	-10	-6.97	-16	-40	-25	-11
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	-3.86	-3.96	-1.46	-0.90	-0.15	-3.75	-1.31	-9.50	-32	-14	-3.77
Enterprise Value (EV)	-25	-2.71	273	233	191	240	15	45	-12	6.39	11
Market Capitalization	77	82	392	340	282	312	65	85	40	35	25
Book Value per Share	$0.85	$0.70	$8.49	$6.69	$5.58	$4.23	$2.81	$1.53	$0.70	$0.22	$0.12
Tangible Book Value per Share	$0.85	$0.70	$8.49	$6.69	$5.58	$4.23	$2.81	$1.53	$0.70	$0.22	$0.12
Total Capital	96	80	113	100	85	62	42	24	12	4.15	3.40
Total Debt	2.07	1.81	0.00	0.00	1.01	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	2.07	1.81	0.00	0.00	1.01	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-102	-85	-119	-107	-91	-72	-49	-40	-51	-29	-14
Capital Expenditures (CapEx)	0.00	0.23	0.03	0.16	0.27	0.08	-0.00	-0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-11	-10	-7.50	-8.62	-10	-11	-8.38	-17	-18	-7.25	-2.85
Debt-free Net Working Capital (DFNWC)	93	77	111	99	82	61	41	22	34	21	11
Net Working Capital (NWC)	93	77	111	99	82	61	41	22	34	21	11
Net Nonoperating Expense (NNE)	3.99	4.17	3.18	3.39	4.71	6.62	5.98	7.77	5.32	-1.99	-6.49
Net Nonoperating Obligations (NNO)	-102	-85	-119	-107	-91	-72	-49	-40	-51	-29	-14
Total Depreciation and Amortization (D&A)	0.28	0.28	0.29	0.30	0.54	0.25	0.28	0.26	0.23	0.29	0.02
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.60)	($15.90)	($1.03)	($0.97)	($1.24)	($1.67)	($1.41)	($1.74)	($1.13)	($0.47)	($0.04)
Adjusted Weighted Average Basic Shares Outstanding	10.97M	1.04M	13.33M	14.99M	15.00M	14.58M	15.02M	15.33M	16.64M	19.17M	28.67M
Adjusted Diluted Earnings per Share	$0.00	($15.90)	$0.00	$0.00	($1.24)	($1.67)	($1.41)	($1.74)	($1.13)	($0.47)	($0.04)
Adjusted Weighted Average Diluted Shares Outstanding	11.16M	1.04M	15.09M	15.11M	15.00M	14.58M	15.02M	15.33M	16.64M	19.17M	28.67M
Adjusted Basic & Diluted Earnings per Share	$0.00	($15.90)	$0.00	$0.00	$0.00	($1.67)	$0.00	$0.00	$0.00	($0.47)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.16M	1.51M	15.09M	15.11M	15.00M	15.02M	15.02M	16.25M	27.98M	28.00M	28.00M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-12	-11	-11	-14	-18	-15	-19	-13	-11	-7.67
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Jasper Therapeutics (NASDAQ: JSPR) is still a pre-revenue biotech, and the latest numbers show a company with meaningful cash on hand but very heavy operating losses and a sharp recent cash burn.

For Q1 2026, Jasper reported no revenue and a net loss of $1.2 million, which was a big improvement from the $9.1 million loss in Q4 2025 and the $18.7 million loss in Q3 2025. That said, the smaller loss was helped by $9.6 million in other income, so the operating picture remains the more important story.

On the operating side, Jasper posted $10.95 million in operating expenses in Q1 2026, down from $15.84 million in Q4 2025 and $19.17 million in Q3 2025. Research and development expense also fell to $5.8 million from $11.4 million in the prior quarter, suggesting spending was pulled back. Even so, the company still generated a $14.5 million operating cash outflow in the quarter.

The balance sheet tells the bigger risk story. Jasper ended Q1 2026 with $14.1 million in cash and equivalents and $21.2 million in total assets, but it also carried $17.8 million in total liabilities, leaving just $3.4 million in total equity. Cash was down sharply from $50.9 million at the end of Q3 2025 and $92.5 million at the end of Q3 2024, reflecting a steep multi-quarter runway drawdown.

Operating loss improved sharply in Q1 2026, with net loss narrowing to $1.2 million from $9.1 million in Q4 2025.
R&D spending declined to $5.8 million from $11.4 million in the prior quarter, which may help preserve cash in the near term.
Common equity increased modestly to $3.4 million from $11.6 million at Q3 2025, though this is still very thin relative to liabilities.
No revenue yet means the stock remains highly dependent on clinical progress and future financing rather than operating sales.
Other income was a major factor in the smaller quarterly loss, so the headline earnings improvement does not reflect a sustainable operating turnaround.
Shares outstanding remain elevated versus earlier periods, indicating ongoing dilution risk for existing shareholders.
Operating cash burn remains significant at $14.5 million in Q1 2026, which is still heavy for a company with only $14.1 million in cash.
Cash fell dramatically from $50.9 million in Q3 2025 to $14.1 million in Q1 2026, a warning sign for liquidity.
Total liabilities of $17.8 million exceed cash, limiting flexibility if the company needs to fund more trials or operations.
Accumulated losses remain very large, with retained earnings at negative $317.8 million, underscoring the company’s long history of losses.

Bottom line: Jasper Therapeutics showed better quarterly loss control in Q1 2026, but the company still has no revenue, ongoing operating losses, and a rapidly shrinking cash balance. For retail investors, the key question is not near-term earnings — it is whether the company can advance its pipeline without needing highly dilutive financing.

07/21/26 03:17 PM ETAI Generated. May Contain Errors.

Jasper Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Jasper Therapeutics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Jasper Therapeutics' net income appears to be on an upward trend, with a most recent value of -$75.80 million in 2025, rising from -$31.67 million in 2020. The previous period was -$71.27 million in 2024. See where experts think Jasper Therapeutics is headed by visiting Jasper Therapeutics' forecast page.

Jasper Therapeutics' total operating income in 2025 was -$83.88 million, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $83.88 million

Over the last 5 years, Jasper Therapeutics' total revenue changed from $0.00 in 2020 to $0.00 in 2025, a change of 0.0%.

Jasper Therapeutics' total liabilities were at $31.63 million at the end of 2025, a 73.5% increase from 2024, and a 191.5% increase since 2019.

In the past 6 years, Jasper Therapeutics' cash and equivalents has ranged from $1.21 million in 2019 to $86.89 million in 2023, and is currently $28.69 million as of their latest financial filing in 2025.

Over the last 5 years, Jasper Therapeutics' book value per share changed from -2.81 in 2020 to 0.22 in 2025, a change of -107.7%.

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Financial statements for NASDAQ:JSPR last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Jasper Therapeutics (JSPR) Financials

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Jasper Therapeutics (JSPR) Financials

Annual Income Statements for Jasper Therapeutics

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Quarterly Metrics And Ratios for Jasper Therapeutics

Financials Breakdown Chart

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Jasper Therapeutics Financials - Frequently Asked Questions

When does Jasper Therapeutics' financial year end?

How has Jasper Therapeutics' net income changed over the last 5 years?

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How has Jasper Therapeutics' revenue changed over the last 5 years?

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How has Jasper Therapeutics' book value per share changed over the last 5 years?

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