If someone described "Punch Out with two health bars" I don't think I would be as interested in what you've actually done here. And it's pretty neat. Having one bar that always drains but refills when you land a hit? But landing a hit costs health from the enemy which you don't want to deplete? Well done.
The game ultimately felt a little slow and sometimes maybe frustrating when enemies would constantly dash before throwing a wide punch. I got the gist of the game after the first fight, so speeding things up a bit might make for a more satisfying jam game experience.
But overall, this is a pretty cool game, and it looks and plays very well for a jam game. Good job everyone! Keep making games!