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REDWOOD CITY, CA - Jasper Therapeutics, Inc., a biotechnology company focused on biological products, disclosed a new sales agreement and the termination of a prior agreement in a recent SEC filing. According to InvestingPro data, the company, currently valued at $78.27 million, maintains a strong liquidity position with a current ratio of 4.98, though analysts note it’s quickly burning through cash.
On Monday, the company entered into a sales agreement with Jefferies LLC, which allows Jasper Therapeutics to sell shares of its voting common stock at its discretion. This arrangement could potentially raise up to $100 million, according to the terms detailed in the company’s shelf registration statement filed on the same day. Jefferies LLC will receive a commission of 3.0% of the gross sales price per share sold. This capital raising effort comes as InvestingPro analysis shows the company faces significant financial challenges, with a weak Financial Health Score of 1.64 and negative EBITDA of $74.87 million in the last twelve months.
Concurrently, Jasper Therapeutics terminated its Controlled Equity OfferingSM Sales Agreement with Cantor Fitzgerald & Co. from November 10, 2022. This termination took effect on March 14, and the company confirmed that no shares had been sold under the Cantor agreement since its inception.
The company, listed on The Nasdaq Stock Market under the ticker JSPR for its common stock and JSPRW for its redeemable warrants, has clarified that the termination of the Cantor Sales Agreement did not result in significant early termination penalties.
This strategic shift in sales agreements reflects Jasper Therapeutics’ ongoing efforts to manage its capital and resources effectively. The company’s decision to engage with Jefferies LLC for its future offerings suggests a move to optimize its financial strategies. The stock has experienced significant volatility, with a 52-week trading range of $4.55 to $31.01, and is currently trading at $5.19. While InvestingPro analysis suggests the stock may be slightly undervalued, investors should note that 12 additional ProTips and comprehensive financial analysis are available through the Pro Research Report.
Investors and stakeholders should note that this report is based on the company’s official statements in a press release and does not constitute an offer to sell or a solicitation of an offer to buy any shares.
Jasper Therapeutics, with its headquarters at 2200 Bridge Parkway, Suite #102, Redwood (NYSE:RWT) City, California, operates within the biological products industry under the SIC code 2836 and is incorporated in Delaware. The company’s fiscal year ends on December 31.
In other recent news, Jasper Therapeutics reported a net loss of $1.62 per basic and diluted share for the fourth quarter of 2024, while ending the period with $72 million in cash and cash equivalents. Cantor Fitzgerald reaffirmed its Overweight rating on the company, adjusting its 2025 earnings per share estimates based on the latest financial results and guidance. Meanwhile, Jasper Therapeutics’ briquilimab, a monoclonal antibody targeting c-Kit, was a focal point at the American Academy of Dermatology (AAD) Meeting. The BEACON study results, presented at the meeting, showed promising outcomes for treating chronic spontaneous urticaria (CSU) and have sparked interest among dermatologists.
Analysts from H.C. Wainwright maintained a Buy rating with a $40 target, highlighting the positive reception of Jasper’s data in the dermatology community. Oppenheimer also sustained its Outperform rating with an $80 target, emphasizing briquilimab’s potential as a fast-acting treatment with superior tolerability. Stifel analysts echoed this sentiment, maintaining a Buy rating and $80 target, noting the drug’s efficacy and potential differentiation from similar treatments. Jasper Therapeutics plans to advance briquilimab to a Phase 2b program, with additional data expected by mid-2025.
The ongoing developments in Jasper Therapeutics’ research and financial standing have drawn attention from investors and analysts alike. These recent presentations and analyst endorsements reflect a growing confidence in the company’s prospects for addressing mast cell-driven diseases. As Jasper Therapeutics continues to present its findings, the investment community remains attentive to the potential impact of its innovations in the field.
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