Jasper Therapeutics, Inc.

JSPRdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'

The thesis, from the filings

Jasper Therapeutics, Inc. earns about -435% on equity, but has diluted owners by 68% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$30.6M¹	−$37.7M²	−$64.5M³	−$71.3M⁴	−$75.8M⁴
Operating cash flow	−$33.7M⁵	−$45.9M⁶	−$52.1M⁷	−$62.6M⁸	−$77.2M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$84.7M⁹	$38.3M¹⁰	$86.9M¹¹	$71.6M¹²	$28.7M¹²
Diluted shares	11.4M	3.6M	10.4M	14.6M	19.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$2.17

your share of equity

Profit it earned you last year

−$39.55

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $2.17 of net worth that earned you −$39.55 last year.

iii. Is this a good business?

Moat signal · return on equity

-435% avg · 5y

FY21 -44%FY22 -105%FY23 -82%FY24 -116%FY25 -1826%

It earned an average -435% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+68% shares · 5y

Share count is up 68% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001213900-23-018542 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001213900-24-020114 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001213900-25-018384 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001213900-26-036426 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001213900-23-018542 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001213900-24-020114 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001213900-25-018384 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001213900-26-036426 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001213900-23-018542 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001213900-24-020114 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001213900-25-018384 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001213900-26-036426 (CashAndCashEquivalentsAtCarryingValue)