Jasper Therapeutics Announces Third Quarter 2021 Financial Results and Provides Business Update

Jasper Therapeutics Announces Third Quarter

2021 Financial Results and Provides Business Update

REDWOOD CITY, Calif., November 12, 2021

- Jasper Therapeutics, Inc. (Nasdaq: JSPR), a biotechnology company focused on hematopoietic cell transplant therapies, today announced

results for the quarter ended September 30, 2021, and provided a business update.

Highlights of the quarter and recent weeks include:

"Our third quarter has been a transformative

period for Jasper, during which we became a Nasdaq-listed company, secured $100 million of gross proceeds in new capital, continued to

have success in advancing JSP191 in clinical trials, established proof of concept in our research-stage therapeutic stem cell platform

and signed two additional corporate partnerships," said Bill Lis, executive chairman and chief executive officer of Jasper Therapeutics.

"As a result, we are now poised for the next stage of success towards transforming the field with upcoming milestones, including:

JSP191 AML/MDS top line data in broader patient cohorts with long term follow-up, additional long-term JSP191 data in SCID patients, initiation

of a pilot study of JSP191 in autoimmune disease, in-vivo proof of concept data in our therapeutic stem cell program using mRNA cell engineering,

initiation of corporate partner gene therapy studies as well as enrollment into academic partner studies across multiple indications.

Third Quarter 2021 Financial Results

JSP191 is a humanized monoclonal antibody in

clinical development as a conditioning agent that blocks stem cell factor receptor signaling leading to clearance of hematopoietic stem

cells from bone marrow, creating 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. Two clinical trials for myelodysplastic syndromes (MDS)/acute myeloid leukemia (AML) and severe combined immunodeficiency

(SCID) are currently enrolling.

About Jasper Therapeutics

Jasper 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. In parallel, Jasper Therapeutics is advancing

its preclinical mRNA engineered hematopoietic stem cell (eHSC) 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.

Forward-Looking Statements

Certain 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 advancement of our product candidates, including our clinical programs for JSP191 and our novel mRNA engineered hematopoietic stem

cell platform and the expected timeline for significant milestones with respect thereto; the status of our Phase 1b study of JSP191 in

AML/MDS and the expected timing for receipt of top-line interim data; the status of our Phase 1b SCID study for JSP191; our research collaborations

with Aruvant Sciences, Inc. and AVROBIO, Inc.; the Phase 1/2 clinical trial with NCI to evaluate JSP191 with GATA2-related myelodysplastic

syndromes; the success of our in-vitro experiments for our therapeutic stem cell program; our potential to transform the field; the expected

timing of achieving milestones relating to JSP191 and our therapeutic stem cell platform; and the anticipated initiation of corporate

partner gene therapy studies and enrollment into academic partner studies across multiple indications. These forward-looking statements

are based on management's current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult

to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described

in the forward-looking statements. These risks include, but are not limited to, the risk that our product candidates 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 our product candidates; the risk that clinical trials may not confirm any safety, potency or other

product characteristics described or assumed in this press release; the risk of not successfully executing or continuing our preclinical

and clinical studies; the risk that prior preclinical studies and clinical results may not be replicated in future studies and trials,

the risk that we will be unable to successfully market or gain market acceptance of our product candidates, if approved; the risk that

our product candidates may not be beneficial to patients or successfully commercialized; the risk that third parties on which we depend

for laboratory, clinical development, manufacturing and other critical services will fail to perform satisfactorily; the risk that our

business, operations, clinical development plans and timelines, and supply chain could be adversely affected by the effects of health

epidemics, including the ongoing COVID-19 pandemic; the risk that we will be unable to obtain and maintain sufficient intellectual property

protection for our investigational products or will infringe the intellectual property protection of others and

other factors discussed in the "Risk Factors" section of our most recent periodic reports filed with the Securities and Exchange

Commission ("SEC"), including in our final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act

of 1933, as amended, on October 26, 2021 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 to be filed with

the SEC on or about the date hereof, all of which you may obtain for free on the SEC's website at www.sec.gov. Although we believe

that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently

made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking

statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities

John Mullaly (investors)

Jeet Mahal (investors)

JASPER THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations

and Comprehensive Loss

(in thousands, except share and per share data)

(1) Amounts include non-cash stock-based

compensation expense as follows (in thousands):

JASPER THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets