Jasper Therapeutics Reports Third Quarter 2024 Financial Results and Provides Corporate Update

Jasper Therapeutics Reports Third Quarter 2024

Financial Results and Provides Corporate Update

REDWOOD CITY, Calif., November 7, 2024 (GLOBE

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

of briquilimab, a novel antibody therapy targeting c-Kit (CD117) 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 September 30, 2024, provided

a corporate update and announced the closure of Jasper's legacy clinical study in lower-risk myelodysplastic syndromes (LR-MDS).

"We achieved several significant milestones

in our mast cell development programs in recent months, highlighted by positive initial data from our SPOTLIGHT study in CIndU,"

said Ronald Martell, President and Chief Executive Officer of Jasper. "We were very excited to present our first dataset evaluating

briquilmab in a mast cell disease, which showed that over 90% of patients treated in the 40mg and 120mg dose cohorts achieved a clinical

response, with no serious adverse events (SAEs) and no grade 3 or higher adverse events (AEs) reported. We also made significant progress

advancing our development programs in chronic urticaria and asthma with the addition of higher dose cohorts in the BEACON and SPOTLIGHT

studies as well as the attainment of regulatory clearance in Canada and the EU for our asthma challenge study. We are looking forward

to our next major milestone with the presentation of initial data from the BEACON study expected during the week of January 6th,

Highlights for Third Quarter 2024 and Recent Weeks

Third Quarter 2024 Financial Results

Briquilimab 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 and is initiating a clinical study in patients

with asthma. Briquilimab is also currently in clinical studies as a conditioning agent for cell therapies for rare diseases. To date,

briquilimab has a demonstrated efficacy and safety profile in more than 160 dosed participants and healthy volunteers, with clinical outcomes

in CIndU, and as a conditioning agent in severe combined immunodeficiency (SCID), acute myeloid leukemia (AML), myelodysplastic syndromes

(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 asthma 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 160 dosed participants and healthy volunteers, with clinical outcomes

in CIndU and 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 asthma; the

expected number of participants in the 180mg dose cohort in the SPOTLIGHT study; Jasper's expected timing for presenting full study

results for all cohorts of the SPOTLIGHT study; Jasper's expected timing for presenting initial data from the cohorts of the BEACON

study; and Jasper's expectations regarding the Phase 1b/2a asthma challenge study evaluating briquilimab in asthma, including expected

patient enrollment and timing thereof, expected site locations, expected key objectives, expected timing to commence dosing and expected

timing to report initial data. 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, including preliminary results

for the SPOTLIGHT study reported in this press release, 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, 2023 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)

JASPER THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(in thousands, except share and per share

JASPER THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS