Jasper Therapeutics Reports Third Quarter 2023 Financial Results and Provides Business Update

Jasper Therapeutics Reports Third Quarter 2023

Financial Results and Provides Business Update

REDWOOD CITY, Calif., November 9, 2023

- 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), as well as lower to intermediate risk myelodysplastic syndromes (LR-MDS) and novel stem cell transplant conditioning regimens,

today announced results for the fiscal quarter ended September 30, 2023, and provided a business update.

"The third quarter was a highly productive

period for Jasper, punctuated in October by the announcement of FDA clearance of our investigational new drug (IND) application for a

Phase 1b/2a clinical study evaluating subcutaneous briquilimab in the treatment of CSU," said Ronald Martell, President and Chief

Executive Officer of Jasper. "This is a significant milestone for the Company, representing our first step in the clinical development

of briquilimab in mast cell driven diseases, and we look forward to dosing the first patient in our CSU study later this year. We also

continued to strengthen our board of directors and senior leadership team with multiple key additions during the period. With a strong

balance sheet, experienced team and robust development plans, we believe we are well-positioned to advance our briquilimab programs across

a range of indications going forward."

Recent Developments and Highlights

Q3 2023 Financial Results

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 disease such as chronic urticaria. Jasper

intends to start clinical studies of briquilimab as a primary treatment in Chronic Spontaneous Urticaria as well as in Chronic Inducible

Urticaria. Briquilimab is also currently in clinical studies as a treatment for patients with Low to Intermediate Risk myelodysplastic

syndromes (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), acute myeloid leukemia (AML), MDS, Fanconi anemia (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, as

well as novel stem cell transplant conditioning regimens; Jasper's expectations regarding its Phase 1b/2a study of subcutaneous

briquilimab in CSU, including the expected timing of dosing of the first patient, the number of patients to be dosed, the cohorts, the

site locations, expected enrollment and expected timing for reporting interim data; 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.

John Mullaly (investors)

Alex Gray (investors)

Lauren Barbiero (media)

JASPER THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE

(in thousands, except share and per share

(1) Amounts include non-cash stock based compensation expense as follows (in thousands):

JASPER THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS