# EDGAR Filing Document

**Accession Number:** 0001788028
**File Stem:** 0000921895-25-002600
**Filing Date:** 2025-9
**Character Count:** 41860
**Document Hash:** a007881269be5f95b465df6178d55a5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-002600.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0000921895-25-002600

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jasper Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001788028
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 842984849
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91228
- **FILM NUMBER:** 251334480

**BUSINESS ADDRESS:**
- **STREET 1:** 2200 BRIDGE PKWY SUITE #102
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94065
- **BUSINESS PHONE:** 6505491400

**MAIL ADDRESS:**
- **STREET 1:** 2200 BRIDGE PKWY SUITE #102
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94065

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Amplitude Healthcare Acquisition Corp
- **DATE OF NAME CHANGE:** 20190912
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Velan Capital Investment Management LP
- **CENTRAL INDEX KEY:** 0001848809

**ORGANIZATION NAME:**
- **EIN:** 844706623
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 100 NORTH MAIN STREET
- **STREET 2:** SUITE 301
- **CITY:** ALPHARETTA
- **STATE:** GA
- **ZIP:** 30009
- **BUSINESS PHONE:** 646-844-0037

**MAIL ADDRESS:**
- **STREET 1:** 100 NORTH MAIN STREET
- **STREET 2:** SUITE 301
- **CITY:** ALPHARETTA
- **STATE:** GA
- **ZIP:** 30009

## Exhibit 99.2

Exhibit 99.2

**<u>JOINT FILING AGREEMENT</u>**

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto) with respect to the Voting Common Stock, par value $0.0001 per share, of Jasper Therapeutics, Inc., a Delaware corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

Dated: September 23, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Velan Capital Master Fund LP | &nbsp;&nbsp;Velan Capital Master Fund LP | &nbsp;&nbsp;Velan Capital Master Fund LP |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;Velan Capital Holdings LLC<br> General Partner | &nbsp;&nbsp;Velan Capital Holdings LLC<br> General Partner |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Adam Morgan | &nbsp;&nbsp; /s/ Adam Morgan |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Adam Morgan |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Velan Capital Holdings LLC | &nbsp;&nbsp;Velan Capital Holdings LLC | &nbsp;&nbsp;Velan Capital Holdings LLC |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Adam Morgan | &nbsp;&nbsp; /s/ Adam Morgan |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Adam Morgan |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Velan Horizon Fund LP | &nbsp;&nbsp;Velan Horizon Fund LP | &nbsp;&nbsp;Velan Horizon Fund LP |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; Velan Horizon GP LLC<br> General Partner | &nbsp;&nbsp; Velan Horizon GP LLC<br> General Partner |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Adam Morgan | &nbsp;&nbsp; /s/ Adam Morgan |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Adam Morgan |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Velan Horizon GP LLC | &nbsp;&nbsp;Velan Horizon GP LLC | &nbsp;&nbsp;Velan Horizon GP LLC |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Adam Morgan | &nbsp;&nbsp; /s/ Adam Morgan |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Adam Morgan |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Velan Capital Investment Management LP | &nbsp;&nbsp;Velan Capital Investment Management LP | &nbsp;&nbsp;Velan Capital Investment Management LP |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;Velan Capital Management LLC<br> General Partner | &nbsp;&nbsp;Velan Capital Management LLC<br> General Partner |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Adam Morgan | &nbsp;&nbsp; /s/ Adam Morgan |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Adam Morgan |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Velan Capital Management LLC | &nbsp;&nbsp;Velan Capital Management LLC | &nbsp;&nbsp;Velan Capital Management LLC |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Adam Morgan | &nbsp;&nbsp; /s/ Adam Morgan |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Adam Morgan |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Avego Healthcare Capital, L.P. | &nbsp;&nbsp;Avego Healthcare Capital, L.P. | &nbsp;&nbsp;Avego Healthcare Capital, L.P. |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;Avego Healthcare Capital Holdings, LLC<br> General Partner | &nbsp;&nbsp;Avego Healthcare Capital Holdings, LLC<br> General Partner |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Balaji Venkataraman | &nbsp;&nbsp; /s/ Balaji Venkataraman |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Balaji Venkataraman |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Avego Healthcare Capital Holdings, LLC | &nbsp;&nbsp;Avego Healthcare Capital Holdings, LLC | &nbsp;&nbsp;Avego Healthcare Capital Holdings, LLC |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Balaji Venkataraman | &nbsp;&nbsp; /s/ Balaji Venkataraman |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Balaji Venkataraman |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Avego Management, LLC | &nbsp;&nbsp;Avego Management, LLC | &nbsp;&nbsp;Avego Management, LLC |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Balaji Venkataraman | &nbsp;&nbsp; /s/ Balaji Venkataraman |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Balaji Venkataraman |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |

---

---

| |
|:---|
| &nbsp;&nbsp; /s/ Adam Morgan |
| &nbsp;&nbsp;Adam Morgan |

---

---

| |
|:---|
| &nbsp;&nbsp; /s/ Balaji Venkataraman |
| &nbsp;&nbsp;Balaji Venkataraman |

---

---

| |
|:---|
| &nbsp;&nbsp; /s/ Vishal Kapoor |
| &nbsp;&nbsp;Vishal Kapoor |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Jasper Therapeutics, Inc.**

*(Name of Issuer)*

**Voting Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**471871202**

*(CUSIP Number)*

**Adam Morgan**<br>Velan Capital Investment Management LP<br>100 North Main Street, Suite 301<br>Alpharetta GA 30009<br>646-844-0030

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**09/19/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Velan Capital Master Fund LP** | Name of reporting person<br>**Velan Capital Master Fund LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2381915.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2381915.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2381915.00** | Aggregate amount beneficially owned by each reporting person<br>**2381915.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.5%** | Percent of class represented by amount in Row (11)<br>**8.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Velan Capital Holdings LLC** | Name of reporting person<br>**Velan Capital Holdings LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2381915.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2381915.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2381915.00** | Aggregate amount beneficially owned by each reporting person<br>**2381915.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.5%** | Percent of class represented by amount in Row (11)<br>**8.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Velan Horizon Fund LP** | Name of reporting person<br>**Velan Horizon Fund LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**41152.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**41152.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**41152.00** | Aggregate amount beneficially owned by each reporting person<br>**41152.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Velan Horizon GP LLC** | Name of reporting person<br>**Velan Horizon GP LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**41152.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**41152.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**41152.00** | Aggregate amount beneficially owned by each reporting person<br>**41152.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Avego Healthcare Capital, L.P.** | Name of reporting person<br>**Avego Healthcare Capital, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**245328.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**245328.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**245328.00** | Aggregate amount beneficially owned by each reporting person<br>**245328.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.9%** | Percent of class represented by amount in Row (11)<br>**0.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Avego Healthcare Capital Holdings, LLC** | Name of reporting person<br>**Avego Healthcare Capital Holdings, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**245328.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**245328.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**245328.00** | Aggregate amount beneficially owned by each reporting person<br>**245328.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.9%** | Percent of class represented by amount in Row (11)<br>**0.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Avego Management LLC** | Name of reporting person<br>**Avego Management LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**245328.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**245328.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**245328.00** | Aggregate amount beneficially owned by each reporting person<br>**245328.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.9%** | Percent of class represented by amount in Row (11)<br>**0.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Velan Capital Investment Management LP** | Name of reporting person<br>**Velan Capital Investment Management LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2668395.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2668395.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2668395.00** | Aggregate amount beneficially owned by each reporting person<br>**2668395.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.6%** | Percent of class represented by amount in Row (11)<br>**9.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Velan Capital Management LLC** | Name of reporting person<br>**Velan Capital Management LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2668395.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2668395.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2668395.00** | Aggregate amount beneficially owned by each reporting person<br>**2668395.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.6%** | Percent of class represented by amount in Row (11)<br>**9.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Morgan Adam** | Name of reporting person<br>**Morgan Adam** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2668395.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2668395.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2668395.00** | Aggregate amount beneficially owned by each reporting person<br>**2668395.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.6%** | Percent of class represented by amount in Row (11)<br>**9.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**VENKATARAMAN BALAJI** | Name of reporting person<br>**VENKATARAMAN BALAJI** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2668395.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2668395.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2668395.00** | Aggregate amount beneficially owned by each reporting person<br>**2668395.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.6%** | Percent of class represented by amount in Row (11)<br>**9.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **471871202** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kapoor Vishal** | Name of reporting person<br>**Kapoor Vishal** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**23867.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**23867.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**23867.00** | Aggregate amount beneficially owned by each reporting person<br>**23867.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Voting Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
Jasper Therapeutics, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
2200 BRIDGE PKWY SUITE #102, REDWOOD CITY, CA, 94065

**Item 4. Purpose of Transaction**

Item 4 is hereby amended to add the following:

On September 19, 2025, Velan Master purchased 1,193,415 Shares and 1,193,415 Warrants and Velan Horizon purchased 41,152 Shares and 41,152 Warrants in an underwritten public offering (the "2025 Offering"). In connection with the 2025 Offering, certain of the Reporting Persons entered into a customary lock-up agreement with the underwriters (the "Lock-Up Agreement"), which generally prohibits, without the prior written consent of the underwriters and subject to certain exceptions, the sale, transfer or other disposition of securities of the Issuer for a period of 90 days after the date of the underwriting agreement between the Issuer and the underwriters relating to the 2025 Offering.

The foregoing summary of the Lock-Up Agreement does not purport to be complete and is qualified in its entirety by reference to the Lock-Up Agreement, which is attached as Exhibit 99.1 hereto and incorporated by reference herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) is hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 27,889,950 Shares outstanding, which is the total number of Shares outstanding following the closing of the 2025 Offering, as disclosed in the Issuer's Prospectus on Form 424B5 filed with the Securities and Exchange Commission on September 19, 2025.

As of the date hereof, Velan Master directly beneficially owns 2,381,915 Shares, constituting approximately 8.5% of the Shares outstanding. Velan GP, as the general partner of Velan Master, may be deemed to beneficially own the 2,381,915 Shares owned by Velan Master, constituting approximately 8.5% of the Shares outstanding.

As of the date hereof, Velan Horizon directly beneficially owns 41,152 Shares, constituting approximately 0.1% of the Shares outstanding. Velan Horizon GP, as the general partner of Velan Horizon, may be deemed to beneficially own the 41,152 Shares owned by Velan Horizon, constituting approximately 0.1% of the Shares outstanding.

As of the date hereof, Avego Fund directly beneficially owns 245,328 Shares, constituting approximately 0.9% of the Shares outstanding. Avego GP, as the general partner of Avego Fund, may be deemed to beneficially own the 245,328 Shares beneficially owned by Avego Fund, constituting approximately 0.9% of the Shares outstanding. Avego Management, as the co-investment manager of Avego Fund, may be deemed to beneficially own the 245,328 Shares beneficially owned by Avego Fund, constituting approximately 0.9% of the Shares outstanding.

Velan Capital, as the investment manager of each of Velan Master and Velan Horizon and co-investment manager of Avego Fund, may be deemed to beneficially own the 2,668,395 Shares beneficially owned in the aggregate by Velan Master, Velan Horizon and Avego Fund, constituting approximately 9.6% of the Shares outstanding. Velan IM GP, as the general partner of Velan Capital, may be deemed to beneficially own the 2,668,395 Shares beneficially owned in the aggregate by Velan Master, Velan Horizon and Avego Fund, constituting approximately 9.6% of the Shares outstanding. Mr. Morgan, as the Chief Investment Officer of Velan Capital and a Managing Member of each of Velan GP, Velan Horizon GP and Velan IM GP, may be deemed to beneficially own the 2,668,395 Shares beneficially owned in the aggregate by Velan Master, Velan Horizon and Avego Fund, constituting approximately 9.6% of the Shares outstanding. Mr. Venkataraman, as the Managing Member of each of Avego GP and Avego Management and a Managing Member of each of Velan GP, Velan Horizon GP and Velan IM GP, may be deemed to beneficially own the 2,668,395 Shares beneficially owned in the aggregate by Velan Master, Velan Horizon and Avego Fund, constituting approximately 9.6% of the Shares outstanding.

As of the date hereof, Mr. Kapoor directly beneficially owns 23,867 Shares, including 19,492 Shares underlying certain options, constituting approximately 0.1% of the outstanding Shares.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

**(b)**
Item 5(b) is hereby amended and restated to read as follows:

Each of Velan Master, Velan GP, Velan Capital, Velan IM GP and Messrs. Morgan and Venkataraman may be deemed to share the power to vote and dispose of the Shares owned by Velan Master.

Each of Velan Horizon, Velan Horizon GP, Velan Capital, Velan IM GP and Messrs. Morgan and Venkataraman may be deemed to share the power to vote and dispose of the Shares owned by Velan Horizon.

Each of Avego Fund, Avego GP, Avego Management, Velan Capital, Velan IM GP and Messrs. Morgan and Venkataraman may be deemed to share the power to vote and dispose of the Shares owned by Avego Fund.

Mr. Kapoor has the sole power to vote and dispose of the Shares owned by him.

**(c)**
Item 5(c) is hereby amended and restated to read as follows:

Except as otherwise set forth herein, there have been no transactions in the securities of the Issuer by the Reporting Persons during the past 60 days. Pursuant to the 2025 Offering, Velan Master purchased 1,193,415 Shares and 1,193,415 Warrants and Velan Horizon purchased 41,152 Shares and 41,152 Warrants at a price of $2.43 per unit.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is hereby amended to add the following:

Pursuant to the 2025 Offering, Velan Master acquired common warrants (the "Warrants") to purchase 1,193,415 Shares and Velan Horizon acquired Warrants to purchase 41,152 Shares. The Warrants have an exercise price of $2.92 per Share and are exercisable commencing on the six-month anniversary of the date of issuance and thereafter for a period of four years. As the Warrants are not exercisable within 60 days of the date hereof, the Reporting Persons are not deemed to beneficially own the Shares issuable upon the exercise of the Warrants. The Warrants are also subject to a 9.99% beneficial ownership blocker provision.

Certain of the Reporting Persons entered into the Lock-up Agreement, as defined and described in Item 4 above, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On September 23, 2025, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Velan Capital Master Fund LP

**Signature:** /s/ Adam Morgan

**Name/Title:** Adam Morgan, Managing Member of Velan Capital Holdings LLC, its General Partner

**Date:** 09/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Velan Capital Holdings LLC

**Signature:** /s/ Adam Morgan

**Name/Title:** Adam Morgan, Managing Member

**Date:** 09/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Velan Horizon Fund LP

**Signature:** /s/ Adam Morgan

**Name/Title:** Adam Morgan, Managing Member of Velan Horizon GP LLC, its General Partner

**Date:** 09/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Velan Horizon GP LLC

**Signature:** /s/ Adam Morgan

**Name/Title:** Adam Morgan, Managing Member

**Date:** 09/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Avego Healthcare Capital, L.P.

**Signature:** /s/ Balaji Venkataraman

**Name/Title:** Balaji Venkataraman, Managing Member of Avego Healthcare Capital Holdings, LLC, its General Partner

**Date:** 09/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Avego Healthcare Capital Holdings, LLC

**Signature:** /s/ Balaji Venkataraman

**Name/Title:** Balaji Venkataraman, Managing Member

**Date:** 09/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Avego Management LLC

**Signature:** /s/ Balaji Venkataraman

**Name/Title:** Balaji Venkataraman, Managing Member

**Date:** 09/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Velan Capital Investment Management LP

**Signature:** /s/ Adam Morgan

**Name/Title:** Adam Morgan, Managing Member of Velan Capital Management LLC, its General Partner

**Date:** 09/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Velan Capital Management LLC

**Signature:** /s/ Adam Morgan

**Name/Title:** Adam Morgan, Managing Member

**Date:** 09/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Morgan Adam

**Signature:** /s/ Adam Morgan

**Name/Title:** Adam Morgan

**Date:** 09/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** VENKATARAMAN BALAJI

**Signature:** /s/ Balaji Venkataraman

**Name/Title:** Balaji Venkataraman

**Date:** 09/23/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Kapoor Vishal

**Signature:** /s/ Vishal Kapoor

**Name/Title:** Vishal Kapoor

**Date:** 09/23/2025