Jasper Therapeutics Reports Fiscal 2023 Financial Results and Recent Corporate Developments

Jasper Therapeutics Reports Fiscal 2023 Financial

Results and Recent Corporate Developments

REDWOOD CITY, Calif., March 4, 2024 - Jasper Therapeutics,

Inc. (Nasdaq: JSPR) (Jasper), a biotechnology company focused on development of briquilimab, a novel antibody therapy targeting c-Kit

(CD117) in mast cell driven diseases such as chronic spontaneous urticaria (CSU) and chronic inducible urticaria (CIndU), today announced

results for the fiscal quarter and year ended December 31, 2023, and reported recent corporate developments.

"2023 was a highly productive year for Jasper, as we shifted

our operational focus toward briquilimab development in mast cell driven diseases," said Ronald Martell, President and Chief Executive

Officer. "To that end, we successfully filed and obtained regulatory clearance for our clinical programs in both CSU and CIndU,

allowing the launch of our BEACON and SPOTLIGHT clinical trials in chronic urticarias. We also completed an oversubscribed $50 million

financing with a syndicate of leading life science investors to strengthen our balance sheet and support development of briquilimab, extending

our cash runway through the third quarter of 2025. As we enter a transformational and data-rich year for Jasper, we look forward to reporting

initial results from our BEACON study in CSU in the third quarter of 2024 and our SPOTLIGHT study in CIndU in the second half of 2024,

and expect to initiate a new clinical program in at least one additional mast cell driven indication later this year."

Highlights for 2023 and Recent Weeks

Fiscal 2023 Financial Results

On February 29, 2024, a new employee was awarded a grant of an option

to purchase 1,800 shares of voting common stock (the Option). The Option was granted pursuant to the Jasper Therapeutics, Inc. Amended

and Restated 2022 Inducement Equity Incentive Plan, as approved by the compensation committee of Jasper's board of directors on

March 14, 2022 and as amended and restated on June 2, 2023, and was granted as an inducement material to the employee's employment

with Jasper in accordance with Nasdaq Listing Rule 5635(c)(4). The exercise price of the Option is $21.25. The Option will vest over four

years, with 25% of the total number of shares vesting on the one year anniversary of the date of commencement of the employee's

employment with Jasper and 1/48th of the total number of shares subject to the Option vesting monthly thereafter, subject in each case

to the employee's continued service to Jasper on each vesting date. Jasper is providing this information in accordance with Nasdaq

Listing Rule 5635(c)(4).

Briquilimab (formerly JSP191) is a targeted aglycosylated 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. 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. Jasper is currently

conducting clinical studies of briquilimab as a treatment in patients with CSU or with CIndU. Briquilimab is also currently in clinical

studies as a treatment for patients with LR-MDS and as a conditioning agent for cell and gene therapies for rare diseases. To date, briquilimab

has a demonstrated efficacy and safety profile in more than 145 dosed participants and healthy volunteers, with clinical outcomes as a

conditioning agent in severe combined immunodeficiency (SCID), AML, MDS, FA, and sickle cell disease (SCD).

Jasper 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 MDS and as a conditioning agent for stem cell transplants for rare diseases such as SCD, FA and SCID. To date, briquilimab

has a demonstrated efficacy and safety profile in more than 145 dosed participants and healthy volunteers, with clinical outcomes as a

conditioning agent in SCID, AML, MDS, FA, and SCD. For more information, please visit us at www.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 briquilimab's potential, including

with respect to its potential in mast cell driven diseases such as CSU, CIndU and LR-MDS; Jasper's expectations regarding its cash

runway; Jasper's expectations regarding its Phase 1b/2a BEACON study of subcutaneous briquilimab in CSU, including the expected

number of cohorts, the site locations, expected enrollment and expected timing for reporting initial data; Jasper's expectations

regarding its Phase 1b/2a SPOTLIGHT study of subcutaneous briquilimab in CInDu, including the cohorts and site locations and the expected

timing for reporting initial data; Jasper's expectations regarding its Phase 1 trial of briquilimab as second-line therapy in subjects

with LR-MDS, including the cohorts, expected timing for reporting initial data; the potential of briquilimab to mitigate the likelihood

of severe allergic reaction and anaphylaxis; Jasper's expectation that it will initiate a new clinical program in at least one additional

mast cell driven indication and Jasper's expectations regarding the advancement of its briquilimab programs across a range of indications.

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;

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 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.

Joyce Allaire (investors)

Alex Gray (investors)

Lauren Walker (media)

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

thousands, except share and per share data)

JASPER THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS