[Form 4] Jasper Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Lucas Svetlana, a director of Jasper Therapeutics, Inc. (JSPR), reported purchases on 09/22/2025 of 20,000 shares of voting common stock together with 20,000 warrants in an underwritten public offering at a combined purchase price of $2.43 per share and accompanying warrant. Following the transaction she beneficially owns 20,000 shares. The warrants have an exercise price of $2.92, are exercisable beginning 03/22/2026, and expire 03/22/2030. The Form 4 was signed on behalf of the reporting person by an attorney-in-fact on 09/24/2025.

Positive

• Director participation in the underwritten public offering indicates personal investment by an insider
• Warrants provide optional upside with a defined exercise price of $2.92 and a multi-year exercise window through 03/22/2030

Negative

• Limited ownership size disclosed (20,000 shares) with no percentage of outstanding shares provided, so materiality is unclear
• No additional context such as total insider holdings or impact on dilution is provided in the filing

Insights

Securities Analyst

TL;DR: Director purchased 20,000 shares plus warrants in the public offering; transaction is routine and non-dilutive at reported level.

The reported transaction shows a director participation in an underwritten public offering at a combined price of $2.43 per share and accompanying warrant. The purchase increased the director's direct beneficial ownership to 20,000 shares and included warrants with a $2.92 strike exercisable in March 2026 and expiring March 2030. The size of the holding (20,000 shares) is disclosed; no additional context about total outstanding shares or percentage ownership is provided in this filing, so material impact on company control or capitalization cannot be assessed from this Form 4 alone.

Corporate Governance Expert

TL;DR: Director participation in the offering signals alignment with the offering but the filing alone is neither materially positive nor negative.

The filing documents a director acquiring equity and paired warrants in an underwritten offering, which indicates personal financial participation. The warrants extend to 2030 and carry a modestly higher exercise price than the offering price. This is a standard disclosure under Section 16 and does not include any change in board composition, benefit plan transactions, or governance actions. Without further information on director holdings or company capital structure, the governance implications are limited to improved transparency.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Lucas Svetlana

(Last) (First) (Middle)

C/O JASPER THERAPEUTICS, INC.

2200 BRIDGE PKWY, SUITE #102

(Street)

REDWOOD CITY CA 94065

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Jasper Therapeutics, Inc. [ JSPR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Voting Common Stock	09/22/2025		P		20,000	A	$2.43(1)	20,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Stock Warrant (right to buy)	$2.92	09/22/2025		P		20,000		03/22/2026	03/22/2030	Voting Common Stock	20,000	(1)	20,000	D

Explanation of Responses:

1. Each share of voting common stock was purchased together with an accompanying warrant to purchase one share of voting common stock in an underwritten public offering at a combined offering price of $2.43 per share of voting common stock and accompanying warrant.

	/s/ Herb Cross, as Attorney-in-Fact	09/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Jasper Therapeutics director Lucas Svetlana purchase on 09/22/2025 (JSPR)?

She purchased 20,000 shares of voting common stock together with 20,000 warrants at a combined price of $2.43 per share and accompanying warrant.

What are the terms of the warrants reported on the Form 4 for JSPR?

The warrants have an exercise price of $2.92, are exercisable beginning 03/22/2026, and expire on 03/22/2030.

How many shares does Lucas Svetlana beneficially own after the reported transaction?

The Form 4 reports she beneficially owns 20,000 shares following the transaction.

When was the Form 4 signed and by whom?

The filing bears a signature by an attorney-in-fact (/s/ Herb Cross) dated 09/24/2025.

Was this transaction part of a public offering or a private sale?

The transaction was part of an underwritten public offering, with each share purchased together with an accompanying warrant.