0001213900-21-053099 | S-1 | XBRL Viewer

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Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2021
Document Information Line Items
Entity Registrant Name	Jasper Therapeutics, Inc.
Document Type	S-1
Amendment Flag	false
Entity Central Index Key	0001788028
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	DE

Condensed Consolidated Balance Sheets - USD ($)

Jun. 30, 2021

Dec. 31, 2020

Dec. 31, 2019

Current assets

Cash

$ 309,730

$ 770,114

$ 1,212,755

Prepaid income taxes

9,620

4,549

Prepaid expenses and other current assets

103,577

146,979

326,308

Total Current Assets

422,927

921,642

1,539,063

Investments held in Trust Account

100,126,108

100,339,379

100,154,572

Total Assets

100,549,035

101,261,021

101,693,635

Current liabilities

Accounts payable and accrued expenses

328,928

269,451

95,139

Income taxes payable

16,225

Total Current Liabilities

328,928

269,451

111,364

Warrant liability

10,430,000

13,130,000

7,240,000

Deferred underwriting fee payable

3,500,000

Total Liabilities

14,258,928

16,899,451

10,851,364

Commitments and Contingencies

Class A common stock subject to possible redemption, 8,129,010 and 7,936,156 shares at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively

81,290,100

79,361,560

85,842,270

Stockholders’ Equity

Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued and outstanding

Additional paid-in capital

10,148,114

12,076,635

5,595,951

Accumulated deficit

(5,148,544)

(7,077,081)

(596,380)

Total Stockholders’ Equity

5,000,007

5,000,010

5,000,001

Total Liabilities and Stockholders’ Equity

100,549,035

101,261,021

101,693,635

Jasper Therapeutics, Inc.

Current assets

Cash

16,757,000

19,838,000

27,163,000

Prepaid expenses and other current assets

1,216,000

247,000

Total Current Assets

17,973,000

20,685,000

27,163,000

Total Assets

26,091,000

23,357,000

27,211,000

Current liabilities

Accounts payable

4,612,000

1,417,000

623,000

Current portion of operating lease liabilities

424,000

Accrued expenses and other current liabilities

4,117,000

2,595,000

1,370,000

Total Current Liabilities

9,153,000

4,012,000

1,993,000

Derivative tranche liability

8,158,000

4,053,000

Non-current portion of operating lease liabilities

2,642,000

1,624,000

Other non-current liabilities

648,000

853,000

63,000

Warrant liability

8,158,000

4,053,000

Total Liabilities

12,443,000

14,647,000

6,109,000

Commitments and Contingencies

Redeemable convertible preferred stock: $0.001 par value – 69,136,757 shares authorized at December 31, 2020 and June 30, 2021; 54,820,596 and 69,136,742 shares issued and outstanding at December 31, 2020 and June 30, 2021, respectively; liquidation value $41,165 and $51,915 at December 31, 2020 and June 30, 2021, respectively

66,249,000

43,840,000

25,836,000

Stockholders’ Equity

Common stock: $0.001 par value – 177,841,414 shares authorized at December 31, 2019 and 2020; 9,544,882 and 9,812,035 shares issued and outstanding at December 31, 2019 and 2020, respectively

10,000

Additional paid-in capital

2,370,000

1,673,000

400,000

Accumulated deficit

(54,981,000)

(36,813,000)

(5,144,000)

Total Stockholders’ Equity

(52,601,000)

(35,130,000)

(4,734,000)

Total Liabilities and Stockholders’ Equity

26,091,000

23,357,000

27,211,000

Current assets:

Other receivables

600,000

Property and equipment, net

2,832,000

693,000

Operating lease right-of-use assets, net

1,215,000

1,336,000

Restricted cash

345,000

Other non-current assets

3,726,000

298,000

48,000

Class A Common Stock

Stockholders’ Equity

Class A common stock, $0.0001 par value; 100,000,000 shares authorized; 1,870,990 and 2,063,844 issued and outstanding (excluding 8,129,010 and 7,936,156 shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively

187

206

142

Class B Common Stock

Stockholders’ Equity

Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 2,500,000 shares issued and outstanding as of June 30, 2021 and December 31, 2020

$ 250

^[1]

$ 288

^[1]

[1]	At December 31, 2019, included up to 375,000 Class B shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters (see Note 5).

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Common stock subject to possible redemption, shares	8,129,010	7,936,156	8,584,227
Class A common stock subject per share (in Dollars per share)	$ 10	$ 10	$ 10
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Jasper Therapeutics, Inc.
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	177,841,414	177,841,414	177,841,414
Common stock, shares issued	10,160,967	9,812,035	9,544,882
Common stock, shares outstanding	10,160,967	9,812,035	9,544,882
Redeemable convertible preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	69,136,757	69,136,757	69,136,757
Redeemable convertible preferred stock, shares issued	69,136,742	54,820,596	39,859,217
Redeemable convertible preferred stock, shares outstanding	69,136,742	54,820,596	39,859,217
Redeemable convertible preferred stock, liquidation value (in Dollars)	$ 51,915	$ 41,165
Class A Common Stock
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	1,870,990	2,063,844	1,415,773
Common stock, shares outstanding	1,870,990	2,063,844	1,415,773
Class B Common Stock
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000	10,000,000
Common stock, shares issued	2,500,000	2,500,000	2,875,000
Common stock, shares outstanding	2,500,000	2,500,000	2,875,000

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)

3 Months Ended

5 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2019

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

General and administrative

$ 562,032

$ 327,561

$ 136,304

$ 776,434

$ 556,227

$ 935,400

Loss from operations

(562,032)

(327,561)

(136,304)

(776,434)

(556,227)

(935,400)

Other income (expense):

Change in fair value of derivative liability

(3,010,000)

(3,150,000)

(360,000)

2,700,000

(1,760,000)

(5,890,000)

Transaction costs allocated to warrant liability

(238,423)

Interest earned on marketable securities held in Trust Account

2,498

44,307

154,572

4,971

369,655

383,150

Total other (expense) income, net

(3,007,502)

(3,105,693)

2,704,971

(1,390,345)

(Loss) Income before income taxes

(3,569,534)

(3,433,254)

(580,155)

1,928,537

(1,946,572)

(6,442,250)

Benefit from (Provision for) income taxes

1,195

(16,225)

(56,628)

(38,451)

Net (loss) income

$ (3,569,534)

$ (3,432,059)

$ (596,380)

$ 1,928,537

$ (2,003,200)

$ (6,480,701)

Weighted average shares outstanding of Class A redeemable common stock (in Shares)

10,000,000

Basic and diluted income per share, Class A redeemable common stock (in Dollars per share)

$ 0

$ 0.01

$ 0

$ 0.02

$ 0.01

Weighted average shares outstanding of Class B non-redeemable common stock (in Shares)

2,500,000

^[1]

2,500,000

^[1]

Basic and diluted net (loss) income per share, Class B non-redeemable common stock (in Dollars per share)

$ (1.43)

$ (1.37)

$ (0.26)

$ 0.77

$ (0.8)

$ (2.65)

Jasper Therapeutics, Inc.

General and administrative

$ 5,096,000

$ 2,001,000

$ 4,800,000

$ 1,092,000

Loss from operations

(14,672,000)

(8,717,000)

(20,683,000)

(4,710,000)

Interest and other income, net

5,000

18,000

(111,000)

(533,000)

Total other expense, net

(3,496,000)

(2,140,000)

(10,986,000)

(277,000)

Net loss and comprehensive loss

$ (18,168,000)

$ (10,857,000)

$ (31,669,000)

$ (4,987,000)

Net loss per share attributable to common stockholders, basic and diluted (in Dollars per share)

$ (2.51)

$ (1.85)

$ (5.17)

$ (1.11)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in Shares)

7,235,862

5,867,684

6,125,897

4,510,978

Other income (expense):

Change in fair value of derivative liability

$ (3,501,000)

$ (2,158,000)

$ (10,875,000)

$ 256,000

Operating expenses

Research and development

9,576,000

6,716,000

15,883,000

3,618,000

Total operating expenses

$ 14,672,000

$ 8,717,000

$ 20,683,000

$ 4,710,000

[1]	In 2019, excluded an aggregate of up to 375,000 Class B shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters.

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Unaudited) - USD ($)

Redeemable Convertible Preferred Stock