Jasper Therapeutics Reports First Quarter 2025 Financial Results and Provides Corporate Update

Jasper Therapeutics Reports First Quarter 2025

Financial Results and Provides Corporate Update

REDWOOD CITY, Calif., May 12, 2025 (GLOBE NEWSWIRE)

- Jasper Therapeutics, Inc. (Nasdaq: JSPR) (Jasper), a clinical stage biotechnology company focused on development of briquilimab,

a novel antibody therapy targeting KIT to address mast cell driven diseases such as chronic spontaneous urticaria (CSU), chronic inducible

urticaria (CIndU) and asthma, today reported results for the fiscal quarter ended March 31, 2025 and provided a corporate update.

"During the first quarter of 2025 we made

great progress advancing briquilimab toward important data readouts later this year from all three of our clinical programs in mast cell

diseases." said Ronald Martell, President and Chief Executive Officer of Jasper. "Updated data from the BEACON study in CSU

presented at the AAAAI annual meeting continued to demonstrate the potential of briquilimab to deliver differentiated onset of action,

depth of response, and tolerability. We look forward to our mid-year data update in the first half of Q3 2025, which will include additional

CSU patients treated in the BEACON study and in the open-label extension study. These data will inform final dose selection for our planned

Phase 2b study, expected to commence in the fourth quarter of 2025. We also remain on track to present additional data from the SPOTLIGHT

study in CIndU in the second quarter as well as initial data from the ETESIAN study in asthma in the second half of 2025."

Highlights for First Quarter 2025 and Recent Weeks

First Quarter Fiscal 2025 Financial Results

Jasper is a clinical-stage biotechnology company

focused on developing briquilimab as a therapeutic for chronic mast cell diseases. Briquilimab is a targeted aglycosylated monoclonal

antibody that blocks stem cell factor from binding to the cell-surface receptor KIT, thereby inhibiting signaling through the receptor.

This inhibition disrupts the critical survival signal, leading to the depletion of the mast cells via apoptosis which removes the underlying

source of the inflammatory response in mast cell driven diseases such as chronic urticaria and asthma. Jasper is currently conducting

clinical studies of briquilimab as a treatment in patients with CSU, CIndU or asthma. Briquilimab has a demonstrated efficacy and safety

profile in patients and healthy volunteers, with positive clinical outcomes in CSU and CIndU. For more information, please visit us at

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

briquilimab's potential, including with respect to its potential in mast cell driven diseases such as CSU, CIndU, and asthma and

its potential to deliver differentiated onset of action, depth of response and tolerability; Jasper's expected timing for presenting

study results for additional CSU patients treated in the BEACON study and in the open-label extension study; its expected timing for presenting

additional data from the SPOTLIGHT study and initial data from the ETESIAN study; and its expected timing for commencing its planned Phase

2b operationally adaptive study. 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 prior test, study and trial results may not be replicated in

continuing or future studies and trials; 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;

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, 2024 and subsequent Quarterly Reports on

Form 10-Q. 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.

Alex Gray (investors)

Joyce Allaire (investors)

Lauren Walker (media)

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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