Jasper Therapeutics Reports Second Quarter 2023 Financial Results and Provides a Business Update First Patient Dosed in Phase 1 trial of Briquilimab in Lower-Risk Myelodysplastic Syndrome Strengthened the Board of Direct

Jasper Therapeutics Reports Second Quarter 2023

Financial Results and Provides a Business Update

CITY, Calif., August 11, 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 (LR-MDS) as well as novel stem cell transplant conditioning regimes, today announced results

for the fiscal quarter ended June 30, 2023, and provided a business update.

our second quarter, we continued our preparations to begin a study in chronic spontaneous urticaria, which we anticipate initiating in

the coming months," said Ronald Martell, President and Chief Executive Officer of Jasper. "We also dosed the first patient

in our Phase 1 trial evaluating briquilimab as second-line therapy in subjects with LR-MDS, and took significant additional steps taken

to strengthen our Board and leadership teams. With a strong balance sheet, enhanced organization and a sound development plan, we believe

we are well-positioned to advance our priority briquilimab development programs in rare and chronic diseases driven by mast and stem

for Q2 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, Jasper's

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

regarding the advancement of its briquilimab development programs 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 LOSS

(in thousands, except share and

JASPER THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS