Jasper Therapeutics Inc. filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities, Leadership Update, Other Events, Financial Statements and Exhibits
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Item 2.05. Costs Associated with Exit or Disposal Activities.
On July 8, 2025, the Board of Directors (the “Board”) of Jasper Therapeutics, Inc. (the “Company”) approved a corporate reorganization to extend its cash runway, which includes a plan to reduce the Company’s workforce by approximately 50%. In connection with this corporate reorganization, the Company has refined its operating plan to focus on its briquilimab clinical development programs in chronic urticaria and is halting other clinical and preclinical programs along with the reduction in workforce.
The Company estimates that it will incur approximately $1.8 million - $2.2 million of cash expenditures in connection with the corporate reorganization, which relate to severance pay, and are expected to be incurred through the quarter ending September 30, 2025. The charges the Company expects to incur are subject to assumptions, and actual charges may differ from the amount disclosed in this Current Report on Form 8-K.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the corporate reorganization approved by the Board on July 8, 2025, effective as of August 1, 2025, Dr. Edwin Tucker, M.D., the Company’s Chief Medical Officer, will cease serving as the Company’s Chief Medical Officer. Pursuant to the Amended and Restated Employment Agreement, dated as of June 10, 2024, between the Company and Dr. Tucker (the “Tucker Employment Agreement”), Dr. Tucker’s departure from the Company will constitute a termination without Cause (as defined in the Tucker Employment Agreement), and, in accordance therewith, subject to Dr. Tucker executing a release in favor of the Company, Dr. Tucker will be entitled to receive an amount equal to 12 months of his base salary, payable in accordance with the Company’s payroll cycle, and the Company shall pay COBRA premiums for Dr. Tucker and his covered dependents for a period of up to 12 months.
Item 8.01. Other Events.
On July 9, 2025, the Company issued a press release announcing a corporate reorganization and other cost cutting measures to extend its cash runway. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Forward-Looking Statements
Except for the factual statements made herein, information contained in this Current Report on Form 8-K consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects or future events, as well as words such as “believes,” “intends,” “expects,” “plans” and similar expressions, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and actual actions or events could differ materially from those contained in such statements. For example, there can be no assurance that the Company’s corporate reorganization will have its intended effect or result in the anticipated benefits. Reference is also made to other factors detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. The forward-looking statements contained in this Current Report on Form 8-K speak only as of the date of this Current Report on Form 8-K and the Company assumes no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this Current Report on Form 8-K, unless required by law.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Number | Description | |
| 99.1 | Press Release, dated July 9, 2025. | |
| 104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| JASPER THERAPEUTICS, INC. | |||
| Date: July 9, 2025 | By: | /s/ Herb Cross | |
| Name: | Herb Cross | ||
| Title: | Chief Financial Officer | ||
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