Jasper Therapeutics Inc. reported second-quarter results that exceeded earnings expectations but fell short on revenue, prompting a 4% decline in after-hours trading.
The biotechnology company posted a net loss of $12.3 million, or 28 cents per share, compared with a loss of $15.1 million, or 34 cents per share, in the same period last year. Analysts polled by Refinitiv had expected a loss of 35 cents per share.
Revenue totaled $1.2 million, down from $1.5 million in Q2 2023 and below the $1.4 million forecast. The company attributed the revenue shortfall to lower milestone payments and reduced collaboration income.
Jasper Therapeutics, which focuses on stem cell therapies for blood disorders, said its cash and cash equivalents stood at $187.5 million as of June 30, providing a runway into 2026. Research and development expenses rose to $10.2 million from $8.9 million a year earlier, reflecting increased investment in its pipeline.
Despite the earnings beat, shares of Jasper Therapeutics fell 4% to $8.20 in extended trading following the release. The decline underscores investor sensitivity to revenue performance even amid improving profitability metrics.
