Jasper Therapeutics Reports First Quarter 2023 Financial Results and Provides a Business Update Announced Planned Development Expansion of Briquilimab in Chronic Spontaneous Urticaria Presented Positive Follow-up Clinica

Therapeutics Reports First Quarter 2023 Financial Results and Provides a Business Update

CITY, Calif., May 12, 2023 - Jasper Therapeutics, Inc. (Nasdaq: JSPR) (Jasper), a biotechnology company focused on development

of briquilimab, a novel antibody therapy targeting c-Kit (CD117) to address diseases such as chronic spontaneous urticaria, lower to

intermediate risk myelodysplastic syndromes (MDS) as well as novel stem cell transplant conditioning regimes, today announced results

for the fiscal quarter ended March 31, 2023, and provided a business update.

our first quarter of 2023, we continued to execute on our expansion of briquilimab development to include chronic spontaneous urticaria,

and took steps to strengthen our Board and management team with multiple key leadership appointments, said Ronald Martell, President

and Chief Executive Officer of Jasper. "We also secured substantial additional capital to support our development plans across

the briquilimab franchise. During the quarter we also presented positive data at the Transplantation & Cellular Therapy Meetings

of ASTCT and CIBMTR, which, together with other recent data, continue to help establish the mechanistic and clinical proof-of-concept

rationale for briquilimab's mechanism of action, adding to our confidence in briquilimab and its potential to address a variety

of patient populations by targeting c-Kit expressed on stem cells and mast cells. We look forward to carrying out our priority development

programs for briquilimab as a c-Kit targeting therapeutic in chronic diseases and as a novel conditioning agent for stem cell transplant."

for Q1 2023 and Recent Weeks

2023 Financial Results

Briquilimab (formerly known as JSP191)

is a targeted, monoclonal antibody that blocks stem cell factor from binding to the cell-surface receptor c-Kit, also known as CD117,

thereby inhibiting signaling through the receptor. Jasper intends to start clinical studies of briquilimab as a primary treatment in

Chronic Spontaneous Urticaria and Lower to Intermediate Risk myelodysplastic syndromes (MDS). It is also being studied as a conditioning

agent for cell and gene therapies for rare diseases. To date, briquilimab has a demonstrated efficacy and safety profile in 130 dosed

subjects and healthy volunteers, with clinical outcomes as a conditioning agent in severe combined immunodeficiency (SCID), acute myeloid

leukemia (AML), MDS, Fanconi anemia (FA), and sickle cell disease (SCD).

is a clinical-stage biotechnology company developing briquilimab, a monoclonal antibody targeting c-Kit (CD117) as a therapeutic for

chronic mast and stem cell diseases such as chronic urticaria and lower to intermediate risk myelodysplastic syndromes (MDS) and as a

conditioning agent for stem cell transplants for rare diseases such as sickle cell disease (SCD), Fanconi anemia (FA) and severe combined

immunodeficiency (SCID). To date, briquilimab has a demonstrated efficacy and safety profile in over 130 dosed subjects and healthy volunteers,

with clinical outcomes as a conditioning agent in SCID, acute myeloid leukemia (AML), MDS, FA, and SCD. In addition, briquilimab is being

advanced as a transformational non-genotoxic conditioning agent for gene therapy. For more information, please visit us at www.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 briquilimab's potential, including with respect to its potential to address diseases such as chronic spontaneous

urticaria, lower to intermediate risk myelodysplastic syndromes as well as novel stem cell transplant conditioning regimes, its potential

to address a variety of patient populations by targeting c-Kit expressed on stem cells and mast cells, the expansion of briquilimab development,

Jasper's expectations regarding the timing of clinical trials and recruitment for clinical trials and Jasper's expectations

regarding its cash and cash equivalents and planned operating and capital expenditures. These statements are based on various assumptions,

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 provided for illustrative purposes only and are not intended to serve as, and must not be relied

on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Many actual events and

circumstances are beyond the control of Jasper. 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; the risk that

clinical trials may not confirm any safety, potency or other product characteristics described or assumed in this press release; the

risk that Jasper will be unable to successfully market or gain market acceptance of its product candidates; the risk that prior study

results may not be replicated; 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; the effects of competition

on Jasper's business; the risk that third parties on which Jasper depends for laboratory, clinical development, manufacturing and

other critical services will fail to perform satisfactorily; 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, including the ongoing COVID-19

pandemic; the risk that Jasper will be unable to obtain and maintain sufficient intellectual property protection for its investigational

products or will infringe the intellectual property protection of others; and other risks and uncertainties indicated from time to time

in Jasper's filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2022. If any of these

risks materialize or Jasper's assumptions prove incorrect, actual results could differ materially from the results implied by these

forward-looking statements. While Jasper may elect to update these forward-looking statements at some point in the future, Jasper specifically

disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Jasper's assessments

of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

John Mullaly (investors)

JASPER THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE

(in thousands, except share and per share data)

JASPER THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS