Jasper Therapeutics Announces Fiscal 2021 Financial Results and Provides Business Update

Therapeutics Announces Fiscal 2021 Financial Results and Provides Business Update

CITY, Calif., March 18, 2022 - Jasper Therapeutics, Inc. (NASDAQ: JSPR), a biotechnology company focused on transforming the field of hematopoietic stem cell therapies,

today announced results for the fiscal year ended December 31, 2021, and provided a business update.

"During 2021, our team made significant strides advancing JSP191,

our anti-CD117 monoclonal antibody, and demonstrating its potential to transform the treatment of multiple diseases by providing a safer

and more effective stem-cell transplant therapy," said Ronald Martell, Chief Executive Officer of Jasper Therapeutics. "Recently

we've seen the presentation of compelling data pointing to the potential of this asset as a conditioning agent in severe combined

immunodeficiency (SCID), with results showing JSP191 to be well tolerated with no treatment-related adverse events in patients ranging

from 3 months to 38 years. Next month, we look forward to the presentation of updated results from our Phase 1b study of JPS191 in the

treatment of myelodysplastic syndromes and acute myeloid leukemia (MDS/AML) at the ASTCT/CIBMTR meetings. Initial data from this

study also showed JPS191 to be well-tolerated and achieved 100% successful engraftment with clearance of all diseased cells in 12 of 15

patients. On the strength of this data, we expect to initiate a pivotal study in MDS/AML transplant by Q1 2023 as well as a new study

of JSP191 as a second-line therapeutic in lower risk MDS patients later this year. We intend to prudently manage our current cash position

to allow advancement of our clinical programs through significant milestones in 2022 and into 2023."

2021 Financial Results

JSP191 is a humanized monoclonal antibody that blocks stem cell factor

receptor signaling leading to clearance of hematopoietic stem and progenitor cells from the bone marrow. JSP191 is in clinical development

as a stem cell transplant conditioning agent where it helps create an empty space for donor or gene-corrected transplanted stem cells

to engraft. While hematopoietic cell transplantation can be curative for patients, its use is limited because standard high-dose myeloablative

conditioning is associated with severe toxicities and standard low-dose conditioning has limited efficacy. To date, JSP191 has been evaluated

in more than 90 healthy volunteers and patients. Three clinical trials for myelodysplastic syndromes (MDS)/ acute myeloid leukemia (AML),

severe combined immunodeficiency (SCID) and Fanconi anemia (FA) undergoing allogeneic transplant are currently enrolling. JSP191 is also

planned to enter clinical development as a second-line therapeutic in transfusion dependent, lower risk MDS patients to preferentially

drive recovery of healthy hematopoietic stem cells in order to help restore normal hematopoiesis.

Therapeutics is a biotechnology company focused on the development of novel curative therapies based on the biology of the

hematopoietic stem cell. The company is advancing two potentially groundbreaking programs. JSP191, an anti-CD117 monoclonal

antibody, is in clinical development as a conditioning agent that clears hematopoietic stem cells from bone marrow in patients

undergoing a hematopoietic cell transplantation. It is designed to enable safer and more effective curative allogeneic hematopoietic

cell transplants and gene therapies. JSP191 is also entering development as a second-line therapeutic for patients with lower risk

MDS. In parallel, Jasper Therapeutics is advancing its preclinical mRNA hematopoietic stem cell grafts platform, which is designed

to overcome key limitations of allogeneic and autologous gene-edited stem cell grafts. Both innovative programs have the potential

to transform the field and expand hematopoietic stem cell therapy cures to a greater number of patients with life-threatening

cancers, genetic diseases and autoimmune diseases than is possible today. For more information, please visit us at

jaspertherapeutics.com.

statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor

provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied

by words such as "believe," "may," "will," "estimate," "continue," "anticipate,"

"intend," "expect," "should," "would," "plan," "predict," "potential,"

"seem," "seek," "future," "outlook" and similar expressions that predict or indicate

future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited

to, statements regarding the potential of the Company's JSP191 and mRNA engineered stem cell graft programs, statements regarding

our planned presentation of results our Phase 1b study of JPS191 in the treatment of myelodysplastic syndromes/acute myeloid leukemia

(MDS/AML), statements regarding our expectation to initiate a pivotal study in MDS / AML transplant by Q1 2023 as well as a new study

of JSP191 as a primary therapeutic in lower risk MDS patients later in 2022 and our statements regarding anticipated additional milestones

in 2022 and 2023. These statements are based on various assumptions and risks, whether or not identified in this press release, and on

the current expectations of Jasper and are not predictions of actual performance. These forward-looking statements are subject to a number

of risks and uncertainties, including general economic, political and business conditions; the risk that the potential product candidates

that Jasper develops may not progress through clinical development or receive required regulatory approvals within expected timelines

or at all; risks relating to uncertainty regarding the regulatory pathway for Jasper's product candidates; the risk that prior

study results may not be replicated; the risk that clinical trials may not confirm any safety, potency or other product characteristics

assumed in this press release; the risk that Jasper's product candidates may not be beneficial to patients or successfully commercialized;

patients' willingness to try new therapies and the willingness of physicians to prescribe these therapies; competition; risks related

to our dependence on third parties; the risk that Jasper's business, operations, clinical development plans and timelines, and

supply chain could be adversely affected by the effects of health epidemics; risks regarding intellectual property matters; and other

risks and uncertainties indicated from time to time in Jasper's filings with the SEC. Jasper undertakes no duty or obligation to

update any forward-looking statements contained in this press release as a result of new information, future events or changes in its

JASPER THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations

and Comprehensive Loss

(in thousands, except

share and per share data)

JASPER THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets