One To Watch

Kira Pharmaceuticals

A clinical-stage complement-focused biotechnology company that was acquired by Jasper Therapeutics in July 2026, bringing its bifunctional lead asset KP104 and a nine-program pipeline into a newly capitalized Nasdaq-listed combined entity.

Company Overview

A clinical-stage complement-focused biotechnology company, Kira Pharmaceuticals was acquired by Jasper Therapeutics in July 2026, bringing its bifunctional lead asset KP104 and a nine-program pipeline into a newly capitalized Nasdaq-listed combined entity. Founded in 2017, Kira built its pipeline using the LOGIC drug discovery platform, targeting validated nodes across the complement cascade. Its programs spanned hematology, nephrology, neurology, and dermatology, with the unifying thesis that multi-pathway complement blockade could outperform single-target agents. The combined company now trades on Nasdaq under the ticker JSPR.

Headquarters and Global Presence

Kira operated with dual sites in Cambridge, Massachusetts and Suzhou, China, giving it a research footprint across both major biopharma geographies. That dual presence reflected the global ambition of its complement platform and the cross-border investor base that backed it. The combined company operates as Jasper Therapeutics and remains listed on Nasdaq.

Founding and History

Kira was founded in 2017 and built its pipeline around the LOGIC platform, raising a $53.5 million Series B+ round in January 2021, co-led by RA Capital Management and Vivo Capital, with participation from Foresite Capital and APlus Partners. The FDA granted orphan drug designation to lead asset KP104 for paroxysmal nocturnal hemoglobinuria in July 2022. On July 16, 2026, Jasper Therapeutics completed an all-stock acquisition of Kira, with former Kira equityholders holding approximately 49.86% of the combined company on a fully diluted basis after closing. Alongside the deal, Jasper raised $132 million in a concurrent private placement, extending the combined runway through the second half of 2028.

Therapy Areas and Focus

Kira's core disease focus was complement-mediated immune conditions, a field where dysregulation of the alternative and terminal complement pathways drives tissue destruction across multiple organ systems. Indications under study included paroxysmal nocturnal hemoglobinuria, IgA nephropathy, C3 glomerulopathy, lupus nephritis, ANCA vasculitis, membranous nephritis, and myasthenia gravis. The breadth of the program list reflects the shared underlying biology: complement overactivation in each of these diseases creates a rational case for the same bifunctional blockade strategy. Nephrology and hematology represent the most advanced clinical bets, with PNH as the lead proof-of-concept indication.

Technology Platforms and Modalities

The LOGIC platform generated nine novel complement assets from inception through acquisition, with KP104 as its most clinically advanced output. The platform's design logic targets validated nodes across the full complement cascade, enabling both proximal and terminal blockade from a single molecule where the biology supports it. KP104 exemplifies this: it is a C5 monoclonal antibody fused to a Factor H domain, addressing the alternative pathway at the C3 convertase step and the terminal pathway at C5 simultaneously. Kira has described KP104 as the only drug designed to achieve this dual-pathway blockade in a single molecule.

Key Pipeline and Programs

KP104 is the lead asset: a bifunctional biologic comprising an anti-C5 monoclonal antibody fused to Factor H. The Factor H domain inhibits the alternative pathway at the C3 convertase step, while the antibody moiety blocks terminal pathway activation at C5. Its first-in-human study was SYNERGY-1, a Phase I evaluation of safety, tolerability, pharmacokinetics, and pharmacodynamics. KP104 has since advanced into Phase II proof-of-concept studies across PNH, IgA nephropathy, C3 glomerulopathy, lupus nephritis, thrombotic microangiopathy secondary to systemic lupus erythematosus, ANCA vasculitis, membranous nephritis, and myasthenia gravis. Long-term Phase II data in PNH were presented at ASH in December 2024, with earlier data presented at the European Hematology Association congress the same year. An FDA end-of-Phase II meeting for PNH is targeted for the first half of 2027.

KP-701 is a preclinical dual-acting bispecific antibody targeting CD79B and CD32B on B cells. The combined company expects to file a CTA or IND for Phase I testing in the first quarter of 2027, with first-in-human data planned for the third quarter of 2027. Two additional programs, KP-301 and KP-402, were out-licensed to Mirador Therapeutics at closing for $12 million upfront plus milestone payments, allowing the combined team to concentrate development resources.

Recent Developments

On July 16, 2026, Jasper Therapeutics completed its all-stock acquisition of Kira, with former Kira equityholders taking approximately 49.86% of the combined company. The transaction closed alongside a $132 million private placement co-led by Affinity Asset Advisors and Ikarian Capital, extending the combined cash runway through the second half of 2028. Kira out-licensed KP-301 and KP-402 to Mirador Therapeutics for $12 million upfront in connection with the closing, sharpening the focus on KP104, KP-701, and Jasper's briquilimab. Kira now exists only as a wholly owned subsidiary of Jasper Therapeutics, which retains the Jasper name and the JSPR ticker. The forward-looking picture for these assets, the combined board and the financing terms sits on The Pharma Letter's Jasper Therapeutics profile.

Key Personnel

Patrick Crutcher, MSc, chaired the Kira board and joined the board of the combined company at closing, subject to stockholder ratification within 120 days. Wenru Song, M.D., Ph.D., came across as Executive Vice President and Head of Research and Development, with direct accountability for the LOGIC-derived programs including KP104 and KP-701. The combined company is led by Jeet Mahal as President and Chief Executive Officer, with Greg Keenan, M.D., as Chief Medical Officer.

Strategic Partnerships

The most consequential relationship formed at closing was with Mirador Therapeutics, which both acquired KP-301 and KP-402 for $12 million upfront and participated in the $132 million private placement. The private placement itself drew a broad syndicate including Affinity Asset Advisors, Ikarian Capital, Columbia Threadneedle Investments, Balyasny Asset Management, and Brahma Capital, among others. Piper Sandler served as lead placement agent and LifeSci Capital as co-placement agent. Earlier institutional backing came from RA Capital Management, Vivo Capital, and Foresite Capital, which supported Kira through its Series B+ round in 2021.

FAQ Section

Jasper had a public listing on Nasdaq but only $14 million in cash as of March 2026, while Kira had clinical assets and a platform but no public currency. The all-stock merger gave Kira equityholders approximately 49.86% of a Nasdaq-listed vehicle, and the concurrent $132 million private placement gave the combined entity a credible runway through the second half of 2028. In practice the deal works as a recapitalization built around Kira's pipeline.

Many approved complement inhibitors target only C5, leaving the alternative pathway upstream free to amplify C3 fragment deposition, which drives tissue injury independently of the terminal pathway. Factor H is a natural regulator of the alternative pathway at the C3 convertase step; fusing it to an anti-C5 antibody in KP104 addresses both routes of damage with a single molecule. In C3 glomerulopathy, where C3 deposition rather than the membrane attack complex is understood to be the main driver of injury, that is the rationale for adding a proximal brake.

Approved anti-C5 antibodies such as eculizumab block the terminal pathway but leave proximal complement activation intact, meaning C3b accumulation and opsonization continue. KP104's Factor H fusion domain recruits and mimics endogenous complement regulation at the C3b level, adding a proximal brake. Kira has stated that KP104 is the only drug designed to block both the alternative pathway through Factor H and the terminal pathway through C5 in a single molecule. That is the company's own characterization and the design has yet to be validated in a controlled trial.

KP104 cleared Phase I in the SYNERGY-1 study and has entered open-label Phase II proof-of-concept studies across eight indications. Long-term Phase II data in PNH were presented at ASH in December 2024 and at EHA earlier that year; the data remain from an open-label study and efficacy is not yet established by any regulator. The combined company is targeting interim Phase II data readouts in late 2026 and 2027, with an FDA end-of-Phase II meeting for PNH in the first half of 2027 representing the next formal regulatory interaction.

KP104 addresses hematology through PNH and a wide nephrology slate including IgA nephropathy, C3 glomerulopathy, lupus nephritis, ANCA vasculitis, and membranous nephritis, as well as myasthenia gravis in neurology. Briquilimab, the Jasper-originated anti-KIT antibody, targets mast-cell mediated diseases including chronic spontaneous urticaria and severe combined immunodeficiency. KP-701, a preclinical anti-CD79B by CD32B bispecific, will add a B-cell autoimmunity angle once it enters the clinic, expected in the third quarter of 2027.

KP104 is the most advanced asset, in Phase II across multiple indications with an end-of-Phase II regulatory meeting targeted for early 2027 in PNH. Briquilimab is approaching a pre-BLA meeting, also targeted for early 2027. KP-701 is preclinical, with an IND or CTA filing planned for the first quarter of 2027 and first-in-human data expected in the third quarter of that year. The $132 million raised alongside the merger is expected to fund operations through the second half of 2028, covering these milestones.

Kira no longer exists as an independent company, so the watchpoints are those of the combined Jasper Therapeutics.

Interim Phase II data for KP104 in late 2026 and 2027 across the proof-of-concept indications, and the FDA end-of-Phase II meeting in PNH in the first half of 2027.
Whether dual alternative-plus-terminal pathway blockade shows an advantage over the approved C5-only agents in controlled studies. It has not yet been demonstrated.
Briquilimab's progress to a pre-BLA meeting in early 2027 in severe combined immunodeficiency, and the separate Phase IIb in chronic spontaneous urticaria planned for the second half of 2026. Jasper halted enrollment in its Phase Ib asthma study in July 2025 over a drug product lot under investigation, but later concluded the unexpected lack of efficacy in the US urticaria patients reflected patient selection rather than the drug product: it appeared that 9 of the 10 CSU patients enrolled in that portion of the study may not have had mast-cell driven disease.
The CTA or IND filing for KP-701 in the first quarter of 2027 and first-in-human data in the third quarter of 2027.
Cash discipline: the combined balance sheet is guided to fund operations through the second half of 2028, which has to cover all of the above.
The $30 million contingent value right for legacy Jasper holders, payable only on obtaining a priority review voucher for briquilimab by December 31, 2028.
Dilution and control: former Kira equityholders hold approximately 49.86% and private placement investors approximately 43.46% of the combined company on a fully diluted, as-converted basis.

Want to Update your Company's Profile?