JSPR: 1Q26: Holding Pending Additional Funding

Research evidence excerpt

JSPR: 1Q26: Holding Pending Additional Funding

RBC Capital Markets, LLC

Leonid Timashev, Ph.D. (Analyst)

(212) 437-9931, leonid.timashev@rbccm.com

UPDATE Sector Perform

May 14, 2026 Speculative Risk

Jasper Therapeutics, Inc. NASDAQ:Price TargetJSPR;USDUSD3.000.96↓ 4.00

Scenario Analysis* MODEL 1Q26: Holding Pending Additional Funding

Our view: This afternoon, JSPR reported 1Q26 earnings. We continue to Downside Current Price Upside Scenario Price Target Scenario

believe that briq is likely active and could have a differentiated profile, but

additional funding will be necessary to initiate a ph.IIb study and financing 0.50 0.96 3.00 9.00

remains a major overhang for the company. We believe additional data 48% 213% 838%

is likely necessary to generate excitement around briq, but with no clear *Implied Total Returns

Key Statistics visibility towards financing, cash running tight and the additional time it

Shares O/S (MM): 32.1 Market Cap (MM): 31

could take to generate de-risking data, we remain Sector Perform (Spec Dividend: 0.00 Yield: 0.0%

Risk) rated. We are adjusting our estimates and our price target to $3 Avg. Daily Volume: 473,879

from $4 to reflect the reduced spend this quarter, but balanced by an RBC Estimates increasingly more challenging capital situation that pressures their ability FY Dec 2025A 2026E 2027E 2028ERESEARCH to fund the company at attractive terms, and still high future outlays Revenue 0.0 0.0 0.0 0.0

associated with product development. EPS, Ops Diluted (3.95) (0.54) (0.64) (0.67)

Prev. (1.36) (1.06) (1.01)

Key points: P/E NM NM NM NM

Financials continue to suggest need for near-term financing. R&D came in Revenue Q1 Q2 Q3 Q4

at $5.8M substantially lower than our est. $11.5M, suggesting continued 2025 0.0A 0.0A 0.0A 0.0A