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Jasper Therapeutics Corporate Presentation November 2025
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2BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Safe Harbor Statements Forward-Looking Statements Certain statements in this Presentation include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact contained in this Presentation, including statements regarding Jasper’s future opportunities and prospects, including milestones, potential regulatory filings and the anticipated timing thereof, patient enrollment, future timelines, business strategy , plans and objectives for future operations, Jasper’s ability to obtain additional funding for its operations in this or future offerings and its expectations related to the use of any net proceeds from this offering, are forward-looking statements. Jasper has based these forward-looking statements on its estimates and assumptions and its current expectations and projections about future events. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those contained in the "Risk Factors" section of the Company's Annual Report on Form10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that the Company has subsequently filed or may subsequently file with the SEC. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Presentation are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Jasper undertakes no obligation to update publicly or revise any forward-looking statements for any reason after the date of this Presentation or to conform these statements to actual results or to changes in Jasper's expectations. Industry and Market Data Certain data in this Presentation was obtained from various external sources, and neither the Company nor its affiliates, advisers or representatives has verified such data with independent sources. Accordingly, neither the Company nor any of its affiliates, advisers or representatives makes any representations as to the accuracy or completeness of that data or undertakes any obligation to update such data after the date of this Presentation. Such data involves risks and uncertainties and is subject to change based on various factors. Trademarks The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company.
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3BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Briquilimab: potential for differentiated profile demonstrated in CSU and CIndU Efficacy in CSU and CIndU Rapid, deep and durable activity Safety and Tolerability Supports optimal biologic dosing Upcoming Milestones In chronic urticaria • Briquilimab was well tolerated and demonstrated a favorable safety profile in BEACON and SPOTLIGHT • Safety/tolerability observations possibly related to KIT blockade generally limited to low grade events • Majority resolved during repeat dosing and none resulted in discontinuations • Investigation into confounded results in two BEACON cohorts • Findings not related to DS or DP • Site & patient audit is ongoing • Redosing patients in 240mg Q8W & 240mg/180mg Q8W cohorts with drug from separate lot • Adding 10 - 12 additional patients across the 240mg Q8W & 240mg/180mg Q8W cohorts • Data from additional BEACON patients and OLE expected in the first half of 1Q25 • BEACON results show rapid onset of deep and durable responses with mean UAS7 reductions greater than 25 points observed 4 weeks post-dose in multiple cohorts • SPOTLIGHT results show rapid onset of effect and up to 92% complete response rate • Similarly strong results demonstrated in open -label extension study at 180mg Q8W, with 73% CR and 82% WC disease at 12 weeks
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4BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Depletion of mast cells with briquilimab has been shown to be an effective therapeutic strategy in multiple clinical studies 1. Metz M, et al. Allergy. 2024;79:37–51. 2. Dickson MC, et al. Br J Clin Pharmacol, 2021 3. Maurer et al,GA²LEN Global Urticaria Forum – Berlin, December 6, 2022 • Mast cells play a central role in driving inflammation in a large number of immunologic and inflammatory diseases • Currently approved therapies rely on inhibiting single pathways of mast cell activation and have limited efficacy and durability of response1 • Inhibiting SCF/KIT signaling has been shown to prevent activation and lead to mast cell depletion2 • Briquilimab directly inhibits SCF/KIT signaling leading to the mast cell depletion through a controlled apoptotic pathway • Mast cell kinetics in the skin take time to recover3, potentially leading to durable disease control • Briquilimab efficacy and safety has been shown in Phase 1b/2a clinical studies in CSU (BEACON) and CIndU (SPOTLIGHT) Briquilimab SCF KIT Apoptosis Durable Disease Control x xx x x KIT
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5BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Briquilimab design and characteristics enable optimal biologic dosing and could minimize unwanted effects of KIT inhibition Dosing Re-dosingDose free interval Dose free interval of 8 weeks allowing for return of signaling to other KIT expressing cell types Briquilimab dosed targeting depletion Mast cells are phagocytized and are cleared from tissues Mast cell is sent down apoptotic pathway, depletion occurs within days Mast cell kinetics take time to recover Re-dosing drives continued mast cell suppression and clinical response KIT KIT
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6BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Rapidly advancing briquilimab into registrational studies in CSU and CIndU 2 02 5 CSU CIndU 2 02 6 2 02 7 Phase 1b/2a a.Initial clinical data OLE Study Phase 1b/2a x OLE Study Clinical data all patients Clinical data all cohorts Phase 3 Phase 2b Phase 3 (x2) Clinical data Jasper maintains full worldwide rights to develop and commercialize briquilimab in all indications • IBD • Prurigo Nodularis • Atopic Dermatitis • COPD Other mast cell driven diseases under consideration • Food Allergies • Chronic Rhinosinusitis with Nasal Polyps = Completed = Future events/milestones Asthma Phase 1b/2a a. Initial clinical data
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Chronic Urticaria
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8BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Chronic urticaria can be a severe & debilitating disease with negative impacts on quality of life for patients • Chronic Urticarias (CU) are debilitating inflammatory conditions of the skin lasting 6 weeks or more that are characterized by the development of itchy wheals (hives), angioedema, or both • Chronic Urticarias are classified as either spontaneous (CSU) or, if a specifictrigger is identified, inducible (CIndU) • Mast cell degranulation, leading to release of histamine and other inflammatory mediators, is the key driver of severe itching, hives and angioedema • CU patients suffer both physically and psychologically. Severe disease has a similar negative impact on QoL as plaque psoriasis or atopic dermatitis 1. Munoz M, et al. Current Allergy and Asthma Reports June 2024 2. Ozdemir SO, et al. JEADV Mar 2024 3. Maurer M, et al. J Allergy Clin Immunol 2017 4. Nikolaev I, et al. EAACI Hybrid Congress, July 1-3, 2022 5. Mauer M, et al. EAACI Hybrid Congress, May 31- June 3 2024 6. Balp MM, et al. JEADV Clin Pract. 2024;3:508–520. Chronic Spontaneous Urticaria Chronic Inducible Urticaria
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Briquilimab in Chronic Spontaneous Urticaria Open-Label Extension Study+
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10BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION BEACON Study Status Strong Clinical Progress • Continued strong efficacy with 89% (8 of 9) 240mg and 360 mg single dose patients achieving a complete response • 180mg Q8W showing strong efficacy profile with 73% CR (8 of 11) in OLE – likely to be one of doses in Phase 2b study • Additional data in 240mg Q8W and 240mg/180mg Q8W in early Q1 2026 will support selection of second dose • Briquilimab continues to be well tolerated with a compelling safety profile • Phase 2b study expected to commence mid-year 2026 Investigation and Findings • Findings to date indicate the anomalous results are not related to Drug Substance or Drug Product • Enhanced focus on “the last mile” of the patient journey, including: site operations, patient selection, IP handling, data management, injection site/needle used, PK, tryptase, and potential late responders • Expecting to complete investigation in Q4 2025
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11BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Screening/Eligibility • CSU diagnosis ≥ 6 mos. • UAS7 ≥ 16 • 18+ years • H1-antihistamine- failed Study Operations • US Lead: Tom Casale, MD • EU Lead: Martin Metz, MD • ~30 sites in the US & EU Key Assessments • Disease Scores: UAS7, UCT • Safety: TEAEs, SAEs • PK • Mast Cell Depletion & Recovery: Serum Tryptase, Skin Biopsies Phase 1b/2a BEACON Study in Chronic Spontaneous Urticaria Randomized, Double-Blind, Placebo-Controlled, Multiple Ascending Dose Study Pati en ts (Randomization) D os e Sched u le n=3 n=3 n=8 (3:1) n=6 (2:1) n=6 (2:1) n=10 (3:1) n=9 (3:1) n=9* (3:1) n=8* (3:1) n=8 (3:1) n=6 (3:1) 10mg 40mg 80mg Open Label (n=6) Double-Blind Placebo-Controlled (n=76) Cohorts included in January/July 2025 data cuts Weeks 0, 4, 12, 20 Q8W Q8W Q12W Q8W Q12W Single Dose Single Dose 120mg 180mg 240mg 240mg → 180mg 360mg *Adding 10-12 additional patients across 240mg → 180mg Q8W and 240mg Q8W cohorts Additional data expected 4Q 2025 Q8W Q8W Cohor t # C1 C2 C4a C4b C5b C5a C8 C6 C3 C9 C7
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12BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Screening/Eligibility • To enroll, patients from BEACON/SPOTLIGHT must either: • Wait for symptoms to return following dosing (defined as UAS7≥ 16 for CSU, UCT ≤ 12 for CIndU) • OR complete the BEACON/SPOTLIGHT study Key Objectives/Enrollment Target • Generate additional safety, efficacy and durability at 180mg Q8W dose schedule for both CSU and CIndU programs • Projected to enroll~80 patients from the parent studies Jasper Chronic Urticaria Open Label Extension Study (JSP-CP-014) Enrolling patients from the BEACON and SPOTLIGHT studies Par en t C U Stu d ies Tr ea tmen t Per iod P re- En r ollmen t 180mg Q8WEligibility Check Weeks -2 0 8 16 24 32 Study End/Treatment Discontinuation Stu dy E nd
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13BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Briquilimab demonstrated a rapid onset of clinical activity • Clinical responses observed as early as 1 -week post-dose • Complete responses observed as early as week 2 Briquilimab drove deep and durable clinical responses • UAS7 reductions greater than 25 pts noted 4 weeks post -dose in multiple dose cohorts • 240mg single dose demonstrated durability out to 8+ weeks Briquilimab was well tolerated and demonstrated a favorable safety profile • KIT related AEs were predominantly low frequency, transient, low -grade events that resolved while on study • No dose delays, missed doses or discontinuations reported due to AEs possibly related to KIT blockade Results from 240mg Q8W & 240mg/180mg Q8Wconfounded; investigation update • Existing 240mg Q8W & 240mg/ 180mg Q8W (C8&9) switched to drug product used in OLE study • Adding 10 - 12 patients across the two cohorts to provide additional data at these dose levels • Increased study oversite including review of patients prior to enrollment and study conduct Data support advancing into registrational program mid-year 2026 • Final dose selection to be informed by additional data expected in the first half of Q1 2026 CSU clinical study results demonstrate potential for differentiated efficacy and safety profile for Briquilimab
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14BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Briquilimab PK demonstrates early Cmax consistent with rapid onset of response in patients with CSU • Preliminary PK data in patients with CSU indicates briquilimab PK is comparable to historical data in healthy volunteers • 240mg briquilimab SC Tmax is 5-8 days with a half-life of approximately 9 days • No accumulation predicted for repeat dosing of 240mg SC briquilimab on a Q8W dosing schedule • Preliminary data indicate 34% incidence of anti-drug antibodies (ADA) and no clinically meaningful effect of ADAs on briquilimab PK in CSU patients 6 1 1 1 16 1 1 mg mg mg 1 mg 1 mg mg 6 mg 1 6 1 1 ean ri uilimab Concentration g ml eeks Data cut-off 3 July 2025
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15BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Dose dependent reductions in serum tryptase Deep reductions seen at dose levels of 120mg and higher Data cut-off 3 July 2025
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16BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Briquilimab demonstrated rapid onset of durable disease control *Note: At Week 6 in the BEACON study, patients in the placebo arm were allowed rescue medications. Adapted from William Blair Equity Research, Company reports
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17BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Data cut-off 3 July 2025 OLE demonstrates rapid and durable efficacy results in CSU Disease control observed as early as week 1, with 73% CR reported at week 12 (n=11) Mean UAS7 Week
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18BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Briquilimab demonstrated deep reductions in UAS7 scores > 5pt reduction in UAS7 noted in multiple dosing regimens ≥1 mg *Analysis of mean UAS7 change from baseline was conducted using observed cases at the designated analysis time point. If a patient did not report UAS7 for the relevant weekly timepoint, or discontinued treatment, they were not included in this analysis. Data cut-off 3 July 2025Data cut-off 3 July 2025
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19BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Briquilimab OLE highlights the potential for differentiated efficacy profile Robust levels of clinical response and deep reductions in UAS7 observed at 12 weeks *Analysis of mean UAS7 change from baseline was conducted using observed cases at the designated analysis time point. If a patient did not report UAS7 for the relevant weekly timepoint, or discontinued treatment, they were not included in this analysis. 1 BarzolvolimabPhase 2 CSU Topline ResultsData cut-off 3 July 2025
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20BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Deep & durable responses demonstrate potential for differentiated briquilimab efficacy at multiple doses 0% 20% 40% 60% 80% 100% 50% 5% 0% 20% 40% 60% 80% 100% 6% 38% 51% Placebo n=19 BEACON Cohorts 5, 6 & 7 n=21 OLE 180mg Q8W n=11 Placebo n=51 150mg Q4W n=52 300mg Q8W n=51 BEACON C5-9 + OLE n=45 53% Briquilimab CR at 180mg or higher1 Barzolvolimab CR at Week 122 73% 1. mITT at 4 weeks after second dose or 4 weeks after first dose if not available 67% 2. BarzolvolimabPhase 2 CSU study results
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21BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Briquilimab well tolerated with favorable safety profile demonstrated Number of Participants With: Pooled 120mg Briquilimab (N=8) n (%) Pooled 180mg Briquilimab (N=14) n (%) 240mg Briquilimab (N=5) n (%) 360mg Briquilimab (N=5) n (%) 240mg Q8W Briquilimab (N=6) n (%) 240mg D1 180mg Q8W Briquilimab (N=7) n (%) Total Pooled Briquilimab (N=57)5 n (%) Pooled Placebo (N=19) n (%) Any TEAE 8 (100) 10 (71.4) 5 (100) 4 (80) 2 (33.3) 3 (42.9) 38 (66.7) 11 (57.9) Any T reatment-Related Serious TEAE 0 (0) 1 (7.1)1 0 (0) 0 (0) 0 (0) 0 (0) 1 (1.8)1 0 (0) Any TEAE Leading to Discontinuation of IP 0 (0) 1 (7.1)1 0 (0) 0 (0) 0 (0) 1 (14.3) 2 2 (3.5)1,2 0 (0) Any T reatment-Related TEAE ≥ Grade 0 (0) 1 (7.1)3 0 (0) 0 (0) 0 (0) 0 (0) 1 (1.8)3 1 (5.3)4 1Single participant, 180mg Q8W, CoFAR grade 2 hypersensitivity reaction 2Single participant, 240mg D1 180mg Q8W, CoFAR grade 2 hypersensitivity reaction 3Single participant, 180mg Q12W, CTCAE grade 3 AE: neutropenia, unrelated - prior history of idiopathic neutropenia, thrombocytopenia 4Single participant, placebo, CTCAE grade 3 bronchitis 5Total pooled briquilimab includes 10mg (n=3), 40mg (n=3), and 80mg (n=6) ost commonly reported AEs ≥5 participants : nasopharyngitis, neutrophil count decrease, taste disorder, fatigue, hair colorchange, URTI Data cut-off 3 July 2025
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22BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Safety/tolerability observations possibly related to KIT blockade were generally limited to low grade events Majority resolved during repeat dosing and none resulted in discontinuations or dose delays Adverse Event as reported term Pooled 120mg Briquilimab (N=8) n (%) Pooled 180mg Briquilimab (N=14) n (%) 240mg Briquilimab (N=5) n (%) 360mg Briquilimab (N=5) n (%) 240mg Q8W Briquilimab (N=6) n (%) 240mg D1 180mg Q8W Briquilimab (N=7) n (%) Total Pooled Briquilimab (N=57)5 n (%) Pooled Placebo (N=19) n (%) Hair color changes 1 (12.5) 2 (14.3) 0 (0) 0 (0) 1 (16.7) 0 (0) 5 (8.8) 1 (5.3) Skin discoloration 0 (0) 0 (0) 0 (0) 0 (0) 0 (0) 0 (0) 0 (0) 1 (5.3) Taste change/Hypogeusia 1 (12.5) 1 (7.1) 2 (40) 2 (40) 0 (0) 2 (28.6) 10 (17.5)1 1 (5.3) Neutrophil count decreased 2 (25) 3 (21.4) 4 (80) 1 (20) 0 (0) 1 (14.3) 11 (19.3)2 2 (10.5) 1 Median time to resolution of Taste change/Hypogeusia observed was 31 days 2 Median time to resolution of Neutrophil count decreases observed was 15 days Data cut-off 3 July 2025
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23BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Adverse Event Barzolvolimab2,3 Briquilimab1 Briquilimab AE Description Median Time on Study 16 weeks2 (W16 data cut) 52 weeks2 (W52 data cut) 30 weeks (mean)* -- Hair Color Change 14.1%2 28.8%2 8.8% Mild, transient Skin Discoloration 1.3%2 13.5%2 0% - Taste Change 38% 3 (IV dose @12 wks) Not Shown 17.5% Mild, transient impairment of salt and umami, majority resolved on treatment Neutropenia / Neutrophil Count Decreased 9.0%2 18.7%2 19.3% Mild, transient drop in neutrophils, all of which resolved on treatment. Not associated with infection *Final dose of briquilimab was administered at Week 24. 1 Jasper Therapeutics: Preliminary BEACON Results, January 8th, 2025; 2 Barzolvolimab Phase 2 Study 52 Week CSU Results, September 25, 2024 (EADV); 3 Terhorst-Molawi D, et al. Allergy, May 2022 Preliminary BEACON study data demonstrate potentially kit-related AEs are typically mild, transient and resolve while on study with Briquilimab
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24BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Neutrophil counts generally remained stable, with predictable reduction which subsequently resolved No discontinuations or dose delays due to reductions in neutrophil counts Sources: Figure 14.3.1.1 and 14.3.1.3 Data cut-off 3 July 2025
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25BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Number of Participants With: Briquilimab 180mg Q8W (n=31*) Any treatment emergent adverse event** 9 (29.0) Any serious adverse event related to treatment*** 0 (0) Any adverse event leading to discontinuation 0 (0) Any treatment- E E ≥ G 3 0 (0) Briquilimab well tolerated with favorable safety profile in the OLE study Low rate of safety/tolerability observations possibly related to KIT blockade in OLE Number of Participants With: Briquilimab 180mg Q8W (n=31*) Hair color change 0 (0) Skin discoloration 0 (0) Taste change/hypogeusia 3 (9.6) Neutrophil count decreased 1**** (5.6) *Median duration on study of 79 days **TEAEs occurring in ≥1 participant: Common cold, taste change ***Single participant with unrelated SAE of Large Bowel Obstruction ****Single participant, grade 2 leukopenia, 8 weeks after 4th dose, concurrent COVID infection, self-resolved while on study, participant achieved a CR at week 3 and maintains ongoing CR through 6 months
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26BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION BEACON Investigation Update – C8 240mg Q8W & C240mg/180mg Q8W Cohorts Next Steps • Data from C8 240mg Q8W & C9 240mg/180mg Q8W patients redosed w/different drug product - Update pharmacy manual and site meetings to eliminate potential variability in drug administration - Data to be unblinded in late Q4 concurrent with data from additional new patients being enrolled • Data from 10-12 new patients enrolled across C8 240mg Q8W & C9 240mg/180mg Q8W cohorts - Update pharmacy manual and site meetings to eliminate potential variability in drug administration - Real-time communication and review with sites & PIs to ensure subject quality - 12 weeks data expected to be available in the first half of Q1 2026 • Enhanced review focused on “the last mile” of the patient journey including: site operations, patient selection, IP handling, data management, injection site/needle, PK, tryptase, and potential late responders • At completion of investigation, we will convene a KOL panel to review findings and offer prospective Clinical and CMC recommendations to be incorporated into the Phase 2b Study
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27BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Robust clinical data support commencing registrational program mid-year 2026 Enrolling additional patients in BEACON and OLE to support dose selection for Phase 2b study Strong efficacy and safety data from CSU patients enrolled in BEACON and OLE • Briquilimab treatment led to rapid, deep and durable disease control at multiple dose levels • Briquilimab has been well tolerated in BEACON and OLE, with safety/tolerability observations possibly related to KIT blockade generally limited to low grade events, the majority of which resolved during repeat dosing Substantial volume of additional patient data expected early Q1 2026 from BEACON and OLE • 12-week data from US patients redosed with different lot at 240mg Q8W & 240mg/180mg Q8W BEACON cohorts • 12-week data from 10-12 new patients dosed in the 240mg Q8W & 240mg/180mg Q8W BEACON cohorts • 12-week data from ~40 patients including 28 -week data for ~26 patients in the Open Label Extension study at 180mg Q8W Data support advancing into registrational program mid-year 2026 • Final dose selection to be informed by additional data expected in first half of Q1 2026 CSU Development Program 2 02 5 2 02 6 Phase 1b/2a a. OLE Study Clinical Data Phase 2b Phase 3 (x2) Clinical data 2 02 7 Clinical Data
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Briquilimab in Chronic Inducible Urticaria
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29BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Screening/Eligibility • Diagnosis of Cold Urticaria ( ColdU) or Symptomatic Dermographism SD for ≥ mos • H1-antihistamine-failed • 18+ years • 18-65 years of age Study Operations • EU Lead: Martin Metz, MD • ~5 sites in the EU • N = ~27 Key Assessments • Provocation Test: TempTest® (ColdU), FricTest® (SD) • Disease Scores: UCT • Mast Cell Depletion & Recovery: Serum Tryptase, Skin Biopsies • Safety: TEAEs, SAEsProvocation Test Measured at 12 Weeks (Primary Endpoint) Provocation Tests Used for Clinical Evaluation 40 mg 120 mg 180 mg n=3 n=12 n=12 Symptomatic Dermographism FricTest® CR – No response at Fric Level 4 PR – ≥ 2 pin improvement Cold Induced Urticaria TempTest® CR – Negative test at ≤ 4ºC PR – Improvement by ≥ 4ºC Single Dose PatientsDose Schedule Key Assessments & Follow -up 12 Week Efficacy Observation Period (6 Week Preliminary Analysis) + 24 Week Additional Safety Observation Phase 1b/2a SPOTLIGHT Study in Chronic Inducible Urticaria Open-label, single ascending dose study Open-Label Extension Patients may roll over to open-label extension study evaluating briquilimab at 180mg Q8W
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30BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION SPOTLIGHT 8 Week Efficacy Evaluation Depth of Response • 12 of 12 patients (100%) at 180mg with clinical response following single dose of briquilimab • 11 of 12 patients (92%) at 120mg with clinical response • 11 of 12 patients (92%) at 180mg achieved complete response (CR) • 10 of 12 patients (83%) at 120mg achieved CR • 10 of 12 patients (83%) at 180mg had tryptase measurements below lower limit of quantification Rapid Onset of Effect • >66% of patients achieved CR or partial response (PR) by week 2 across 120mg and 180mg cohorts Durability of Effect • 5 CRs and 2 PRs maintained at week 8 (58%, 7/12) at 180mg
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31BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION * All values below LLOQ (1.0 µg/L) are represented as 0 µg/L SPOTLIGHT: Dose dependent reductions in serum tryptase Reduction to below Lower Limit of Quantification (LLOQ) (1 µg/L) seen in 83.3% (10/12) participants at 180mg
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32BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION SPOTLIGHT Efficacy Evaluation Briquilimab 180mg single dose achieved 92% (11 of 12) CR by week 8 Briquilimab 40mg SD (n=3) Briquilimab 120mg SD (n=12) Briquilimab 180mg SD (n=12) Briquilimab All doses (n=27) Barzolvolimab 300mg Q8W(1) (n=65) Complete Response, n (%) 1 (33%) 10 (83.3%) 11 (92%) 22 (82%) 31 (48%) ColdU, n 0 3 3 6 17 Symptomatic Dermographism, n 1 7 8 16 14 Partial Response, n (%) 2 (67%) 1 (8%) 1 (8%) 4 (15%) 12 (18%) ColdU, n 1 0 0 1 7 Symptomatic Dermographism, n 1 1 1 3 5 CR or PR at any time, n (%) 3 (100%) 11 (92%) 12 (100%) 26 (96%) 43 (66%) (1) From Celldex press release dated October 26, 2024 - Response data reported as of 12 weeks, which is 4 weeks after second dose of Barzolvolimab .
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33BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION SPOTLIGHT: Clinical response through 8 weeks with briquilimab 180mg (n=12) AD_T0003, AD_T0004, AD_L0001, AD_L0002 • 12 of 12 patients (100%) achieved either CR or PR by week 8 • 8 of 12 patients (67%) achieved clinical response by the week 2 assessment • 11 of 12 participants (92%) reported either CR or PR at week 6 • 9 of 12 patients (75%) achieved complete response at week 6 • 5 CRs and 2 PRs (58%) maintained through week 8, durability assessment ongoing Complete Response Partial Response
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34BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION SPOTLIGHT Safety and Tolerability Briquilimab 40mg (n=3) Briquilimab 120mg (n=12) Briquilimab 180mg (n=12) Any adverse event 2 12 10 Any serious adverse event 0 2* 0 Any adverse event leading to discontinuation 0 0 0 Adverse event leading to death 0 0 0 ≥ 3 0 1* 0 *SAE: Biliary colic leading to cholecystectomy, Grade 3 Fracture of the right shoulder (both unrelated to treatment) AEs occurring in ≥ participants: Nasopharyngitis, neutrophil count decrease, fatigue, headache, abdominal pain, COVID- 19, diarrhea, dizziness, nausea
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35BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION SPOTLIGHT Safety/Tolerability Observations Possibly Related to KIT Blockade Were Generally Limited to Low Grade Events All events were grade 1 or 2 and none resulted in discontinuations Adverse Event as reported term Briquilimab 40mg (n=3) n (%) Briquilimab 120mg (n=12) n (%) Briquilimab 180mg (n=12) n (%) Briquilimab All doses (n=27) n (%) Hair color changes 0 (0) 0 (0) 0 (0) 0 (0) Skin discoloration 0 (0) 0 (0) 0 (0) 0 (0) Taste change/Hypogeusia 0 (0) 1 (8.3) 2 (16.7) 3 (11.1) Neutrophil count decreased 1 (33.3) 1 (8.3) 6* (50) 8 (29.6) * Four participants with Grade 1, two with Grade 2 ; median time to resolution 16d; four of six observations occurred proximal to a common cold diagnosis, one of six observations occurred proximal to COVID 19 diagnosis Grade 1 neutrophil count decrease defined as ANC between1,500 – 1,700/mm3 Grade 2 neutrophil count decrease defined as ANC between1,000 – 1,500/mm3
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36BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION SPOTLIGHT Absolute Neutrophil Count Neutrophil counts generally remained stable, with predictable reductions which subsequently resolved
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37BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Robust SPOTLIGHT data support commencing Phase 3 CIndU study in 1H 2027 CIndU program will also leverage data collected in the Phase 2b and Phase 3 CSU studies Strong efficacy and safety data from CIndU patients enrolled in SPOTLIGHT • Briquilimab treatment led to rapid, deep and durable disease control at multiple dose levels • Briquilimab has been well tolerated in SPOTLIGHT , with safety/tolerability observations possibly related to KIT blockade limited to low grade events, the majority of which resolved during repeat dosing Dose selection for Phase 3 CIndU study will be informed by data from operationally adaptive Phase 2b CSU study Phase 3 study expected to commence in 1H 2027 • Target enrollment of ~250 patients is enabled by the opportunity to leverage safety database from the CSU program CIndU Development Program 2 02 5 2 02 6 P H A S E 1 B / 2 ASPOTLIGHT 1b/2aa.OLE StudyClinical data all patients 2 02 7 CindU Phase 3 CSU Registrational Program
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Opportunity in Mast Cell Diseases
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39BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Antibody-mediated blockade of KIT signaling on mast cellsleads to apoptosis via the BIM-mediated pathway and phagocytic clearance Pathways Contributing to Mast Cell Inhibition Mast Cell Pathways Regulating Mast Cell Survival Mast cell depletion may lead to deeper and more durable efficacy compared to inhibition and silencing approaches IgE FcεRI MRGPRX2 Siglec-6 BTK IL-13Rα1 IL-4Rα KIT SM KIT Briquilimab SCF
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40BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Change in UAS7 at week 12 (AH-failed) Briquilimab - BEACON Single dose 240mg at 4 weeks & OLE 180mg Q8W at 12 weeks shown for comparison OLE UAS7 Change From Baseline Xolair (IgE)*1 Dupixent (IL-4Ra/IL-13)*2 Remibrutinib (BTK)*3 Barzolvolimab (KIT)4 Briquilimab (KIT)** 1 Saini. Journal of Investigative Dermatology. 2015; Casale. J Allergy Clin Immunol. 2015 2 Sanofi Press Release, October 24, 2024; Mauer. JACI. 2024 3 Saini et al. 2023 (Remix-1/2 Phase 3 Remibrutinib studies) 4 Barzolvolimab Phase 2 CSU Topline Results *ASTERIA 1 and 2 (Xolair), CUPID-A and C (Dupixent), and REMIX-1 and 2 (Remibrutinib) results are averaged. CUPID A-C results are at 24 weeks and not 12 weeks. ** Data cut-off 3 Jul 2025. ***Briquilimab placebo is at week 12 BEACON
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41BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Chronic urticaria is a devastating disease characterized by severe itching, hives/wheals, inflammation, and/or angioedema occurring for >6 weeks Chronic urticaria is one of the most prevalent immunological conditions with ~1.4 million biologic eligible patients in the G6 ~1.4 million patients have moderate-to-severe disease, in which the disease commonly persists for 5+ years 5 Chronic urticaria symptoms can arise spontaneously (CSU) or after known triggers ( CIndU) Chronic Urticaria Market Opportunity Moderate-to-Severe & Inadequately Controlled with H1-AH Controlled with H1-AH Chronic Urticaria Patients Diagnosed & Treated with H1-AH Per Year (G6)1-4 ~3.5 Million ~1.4 Million ~2.1 Million 40% 60% Biologic-Eligible H1-AH = H1-antihistamines. 1 Kolkhir P, et al. Nature Reviews. 2022; 2 Balp MM, et al., EADV 2023; 3 Novartis R&D Day, Dec. 2021; 4 Decision Resources Group, Chronic Urticaria, Dec. 2023; 5 Saini S, Kaplan A. JACI Practice. 2018.
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42BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Briquilimab has the potential to be a major immunology franchise by delivering control to millions of patients with mast-cell driven diseases • IBD • Food Allergies • Asthma • COPD • Chronic Rhinosinusitis with Nasal Polyps • Chronic Spontaneous Urticaria • Chronic Inducible Urticaria 2 million 20 million 30+ million Moderate-to-Severe Disease (US/EU1,2) Chronic Atopic and Mast Cell Driven Diseases • Prurigo Nodularis • Atopic Dermatitis 1 EvaluatePharma; 2 DatabridgeMarket Research
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43BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Key milestones & financials $50.9M cash & investments at 6/30/25* Cash runway into 3Q26Financial Overview = Completed = Future events/milestones 2 02 5 CSU CIndU Conferences 2 02 6 2 02 7 Phase 1b/2a a.Initial clinical data OLE Study Phase 1b/2a x OLE Study Clinical data all patients AAAAI EAACI EADV GA2LEN ACAAIAAD AAAAI EAACI AAD EADV GA2LEN ACAAI Clinical data all cohorts AAAAI EAACI AAD Phase 3 EADV GA2LEN ACAAI Phase 2b Phase 3 (x2) Clinical data Asthma Phase 1b/2a a. Initial clinical data *$30M financing completed in September 2025
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44BRIQUILIMAB IS AN INVESTIGATIVE DRUG AND IS NOT APPROVED FOR ANY INDICATION Briquilimab: potential for differentiated profile demonstrated in CSU and CIndU Efficacy in CSU and CIndU Rapid, deep and durable activity Safety and Tolerability Supports optimal biologic dosing Upcoming Milestones In chronic urticaria • Briquilimab was well tolerated and demonstrated a favorable safety profile in BEACON and SPOTLIGHT • Safety/tolerability observations possibly related to KIT blockade generally limited to low grade events • Majority resolved during repeat dosing and none resulted in discontinuations • Investigation into confounded results in two BEACON cohorts • Findings not related to DS or DP • Site & patient audit is ongoing • Redosing patients in 240mg Q8W & 240mg/180mg Q8W cohorts with drug from separate lot • Adding 10 - 12 additional patients across the 240mg Q8W & 240mg/180mg Q8W cohorts • Data from additional BEACON patients and OLE expected in the first half of 1Q25 • BEACON results show rapid onset of deep and durable responses with mean UAS7 reductions greater than 25 points observed 4 weeks post-dose in multiple cohorts • SPOTLIGHT results show rapid onset of effect and up to 92% complete response rate • Similarly strong results demonstrated in open -label extension study at 180mg Q8W, with 73% CR and 82% WC disease at 12 weeks
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Jasper Therapeutics NASDAQ: JSPR November 2025