Jasper Therapeutics Reinvents Itself With Kira Merger and $132M Raise

Jasper Therapeutics is reinventing itself through a merger that hands the company a new pipeline and fresh capital. Jasper (NASDAQ: JSPR) had been searching for strategic alternatives, and on July 16, 2026 it announced an all-stock merger with privately held Kira Pharmaceuticals, a developer of complement and immunology therapies.

Under the deal, Kira becomes a wholly owned subsidiary and its programs take center stage. Alongside the merger, Jasper agreed to a private placement of preferred stock for aggregate proceeds of approximately $132 million, expected to close on July 20, 2026, giving the combined company a substantial cash runway. On a fully diluted basis, pre-transaction Jasper holders are expected to own about 6.68% of the company, former Kira holders roughly 49.86%, and the private placement investors around 43.46%. Kira is also out-licensing two complement assets, KP-301 and KP-402, to Mirador Therapeutics for $12 million upfront plus potential milestones.

Reverse mergers heavily dilute existing shareholders and the combined pipeline remains early stage. This is market commentary, not investment advice — small-cap biotech stocks are highly speculative and you can lose your entire investment.