Jasper Therapeutics announced a merger with Nasdaq-listed Kira Pharmaceuticals as it seeks to rebound from earlier clinical setbacks. The transaction is paired with a concurrent licensing deal with Mirador, giving Jasper a path to reposition its pipeline after most of its market value was wiped out by a failed briquilimab batch outcome in spontaneous urticaria. Under the merger, Jasper will fund clinical plans with a $132 million private placement and Jasper CEO Jeet Mahal will lead the combined company. The combined pipeline includes KP-104 (vensorbafusp alfa), a dual complement inhibitor aimed at nephrology indications and paroxysmal nocturnal hemoglobinuria, with phase 2 data for rare renal indications expected in the fourth quarter. Jasper also said it continues to assess KP-301 discussions via off-ramps and will read out first-in-human data for a preclinical B-cell receptor-targeted therapy (KP-701) next year. The company described an intent to engage FDA on a development pathway into phase 3 for KP-104. The merger matters because it restructures a fragile clinical pipeline into a complement-focused platform with longer-term development options, while illustrating how smaller biotechs use combination deals to restore investor confidence.