Jasper Therapeutics Reports Second Quarter 2022 Financial Results and Provides a Corporate Update - First patient dosed in a sponsored trial of JSP191 conditioning in patients with Fanconi Anemia - On schedule to initiat

Therapeutics Reports Second Quarter 2022 Financial Results and Provides a Corporate Update

CITY, Calif., August 12, 2022 - Jasper Therapeutics, Inc. (Nasdaq: JSPR), a biotechnology company focused on developing multiple

new therapies for the field of stem and cellular medicine, today announced second quarter 2022 financial results and provided a corporate

our second quarter, we continued to advance multiple clinical programs for our anti-CD117 monoclonal antibody, JSP191, announcing the

first patient enrolled in a trial in Fanconi Anemia, advancing our new registration trial in older patients with AML and MDS, advancing

our new trial as a therapeutic agent in lower-risk transplant ineligible MDS patients and making progress on a potential BLA filing

for the SCID re-transplant population," said Ronald Martell, President, and CEO of Jasper Therapeutics. "There is a compelling

need for a new agent targeting hematopoietic stem cells with enhanced disease control and minimal toxicities. Based on the encouraging

data in older patients with AML or MDS we presented earlier this year at the Transplantation & Cellular Therapy (TCT) annual

meeting showing direct depletion of diseased stem and progenitor cells, successful donor transplant, reduction or elimination of minimal

residual disease, as well as positive feedback from the FDA, we believe we have a clear path forward to initiate a registrational study

of JPS191 for transplant eligible, older AML patients. We also believe that this data shows that JSP191 has the potential to be used

as a therapeutic agent in patients with low to intermediate risk MDS who are not eligible for stem cell transplant and plan to initiate

a clinical study later this year. JSP191 has the potential to significantly improve stem cell disease control and transplantation, and

we are hopeful that our progress will lead to a major step forward in providing a new therapy for patients across a spectrum of stem

cell-related diseases."

Quarter 2022 and Recent Highlights:

clinical and corporate milestones:

Quarter 2021 Financial Results

and Cash Equivalents: Cash and cash equivalents as of June 30, 2022 were $60.8 million compared to $84.7 million as of December 31,

2021. The Company expects current cash and cash equivalents to be sufficient to fund its planned operating and capital expenditures through

and Development ("R&D") Expenses: R&D expenses for the quarter ended June 30, 2022 were $8.1 million compared

to $5.2 million for the corresponding quarter in 2021. The increase of $3.0 million was primarily due to additional costs associated

with advancing our clinical trials, higher research spending and employee-related costs, including stock-based compensation expenses

following recent hirings to support the ongoing development of our product candidates.

and Administrative ("G&A") Expenses: G&A expenses for the quarter ended June 30, 2022 were $3.8 million compared

to $3.3 million for the quarter ended June 30, 2021. The increases were primarily related to professional fees, employee compensation-related

expenses, including stock-based compensation, supporting the growth in our operations and costs associated with our status as a public

Loss: Net loss for the quarter ended June 30, 2022 was $10.4 million compared to a net loss of $8.4 million for the corresponding

quarter in 2021. Net loss for the quarter ended June 30, 2022 includes income recognized from the decrease in fair values of common stock

warrant liability of $0.8 million and earnout liability of $0.6 million.

is a humanized monoclonal antibody that blocks stem cell factor receptor signaling leading to the 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 the 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 hematopoietic cell transplantation.

It is designed to enable safer and more effective curative allogeneic hematopoietic cell transplants and gene therapies. Clinical study

of JSP191 as a novel, disease-modifying, therapeutic for patients with lower risk MDS is also planned to begin in the second half of

2022. 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 cells 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 initiation of a registrational study of JSP191 in older, transplant-eligible patients with AML or MDS, the potential for

JSP191 to significantly improve transplantation and its safety and efficacy, the potential for JSP191 to address the limitations of

transplant conditioning, the Company's plans to submit a trial protocol to the FDA for registrational studies of JSP191 in

either MDS or AML patients undergoing stem cell transplant, the potential initiation of a new study of JSP191 as a second-line

therapy for transplant ineligible patients with low to intermediate risk MDS, the expected timing for initiating clinical studies and

trials and the Company'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 Therapeutics 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. Actual events and circumstances are difficult or impossible to predict and will

differ from assumptions. Many actual events and circumstances are beyond the control of Jasper Therapeutics. 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 Therapeutics 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 Therapeutics' 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 that Jasper Therapeutics 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 final study data may not be consistent with preliminary study data; the risk that Jasper Therapeutics' product

candidates may not be beneficial to patients or successfully commercialized; the risk that Jasper Therapeutics has overestimated the

size of the target patient population, their willingness to try new therapies and the willingness of physicians to prescribe these

therapies; the effects of competition on Jasper Therapeutics' business; the risk that third parties on which Jasper

Therapeutics depends for laboratory, clinical development, manufacturing and other critical services will fail to perform

satisfactorily; the risk that Jasper Therapeutics' 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

Therapeutics 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

Therapeutics' public filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021 and

subsequent Quarterly Reports on Form 10-Q. If any of these risks materialize or Jasper Therapeutics' assumptions prove

incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be

additional risks that Jasper Therapeutics does not presently know, or that Jasper Therapeutics currently believes are immaterial,

that could also cause actual results to differ from those contained in the forward-looking statements. While Jasper Therapeutics may

elect to update these forward-looking statements at some point in the future, Jasper Therapeutics specifically disclaims any

obligation to do so. These forward-looking statements should not be relied upon as representing Jasper Therapeutics'

assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the

forward-looking statements.

JASPER THERAPEUTICS,

CONDENSED CONSOLIDATED

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except

share and per share data)