Jasper Therapeutics has faced a significant drop in valuation, down over 80% since January, leading to a drastic reduction in workforce. After the mishap with its drug candidate briquilimab, which impacted clinical trials for both asthma and chronic hives, the company announced it would cease its development for asthma and severe combined immunodeficiency disorder. Layoffs, affecting half of its 64 employees, were confirmed, with a focus remaining on chronic hives research. CEO Ronald Martell justified the layoffs as necessary to manage capital effectively for future goals.
The company announced that an "issue" with a batch of its flagship drug, known as briquilimab, had messed up two trial cohorts on chronic hives and a trial on asthma.
In another news release, Jasper reported that around half of its workforce will be laid off due to the change in operating plan.
CEO Ronald Martell praised the work of Chief Medical Officer Edwin Tucker, who will be leaving as part of the reorganization, and defended the moves.
The company is ditching everything except its research into treating chronic hives.
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