Applied Therapeutics Reports First Quarter 2020 Financial Results

Applied Therapeutics Reports First Quarter

2020 Financial Results

NEW YORK, May 11, 2020 - Applied

Therapeutics, Inc. (Nasdaq: APLT), a clinical-stage biopharmaceutical company developing a pipeline of novel drug candidates against

validated molecular targets in indications of high unmet medical need, today reported financial results for the first quarter ended

"The first quarter was a period of

tremendous growth and advancement across our clinical programs," said Shoshana Shendelman, PhD, Founder, CEO and Chair of

the Board of Applied Therapeutics. "We also began building out our commercial infrastructure in preparation for future

launches, including Galactosemia. The company remains well capitalized as a result of the financing in January, and we look

forward to continuing our momentum throughout the rest of this year - launching our pediatric study in Galactosemia, continuing

enrollment on the DbCM ARISE-HF study, and advancing additional new programs forward into the clinic."

About Applied Therapeutics

Applied Therapeutics is a clinical-stage

biopharmaceutical company developing a pipeline of novel drug candidates against validated molecular targets in indications of

high unmet medical need. The Company's lead drug candidate, AT-007, is a novel central nervous system penetrant aldose reductase

inhibitor (ARI) for the treatment of Galactosemia, a rare pediatric metabolic disease. The Company initiated a Phase 1/2 clinical

trial in June 2019 and read out positive top-line biomarker data in adult Galactosemia patients in January of 2020. The Company

is also developing AT-001, a novel potent ARI that is being developed for the treatment of Diabetic Cardiomyopathy, or DbCM, a

fatal fibrosis of the heart. The Company initiated a Phase 3 registrational study in DbCM in September 2019. The preclinical pipeline

also includes AT-003, an ARI designed to cross through the back of the eye when dosed orally, for the treatment of diabetic retinopathy,

expected to advance into a Phase 1 study in 2020, as well as novel dual PI3k inhibitors in preclinical development for orphan oncology

Forward-Looking Statements

This press release contains "forward-looking statements"

that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation

Reform Act of 1995. Any statements, other than statements of historical fact, included in this press release regarding strategy,

future operations, prospects, plans and objectives of management, including words such as "may," "will,"

"expect," "anticipate," "plan," "intend," and similar expressions (as well as other

words or expressions referencing future events, conditions or circumstances) are forward-looking statements. These include, without

limitation, statements regarding (i) our plan to move quickly towards regulatory filing following our pivotal Phase 2 ACTION-Galactosemia

study, while preparing for Galactosemia commercial launch and growing our organization, (ii) the design, scope and results of our

clinical trials, (iii) the timing of the initiation and completion of our clinical trials, (iv) the likelihood that data from our

clinical trials will support future development of our product candidates, and (v) the likelihood of obtaining regulatory approval

of our product candidates and qualifying for any special designations, such as orphan drug designation. Forward-looking statements

in this release involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed

or implied by the forward-looking statements, and we, therefore cannot assure you that our plans, intentions, expectations or strategies

will be attained or achieved. Such risks and uncertainties include, without limitation, (i) our plans to develop and commercialize

our product candidates, (ii) the initiation, timing, progress and results of our current and future preclinical studies and clinical

trials and our research and development programs, (iii) our ability to take advantage of expedited regulatory pathways for any

of our product candidates, (iv) our estimates regarding expenses, future revenue, capital requirements and needs for additional

financing, (v) our ability to successfully acquire or license additional product candidates on reasonable terms, (vi) our ability

to maintain and establish collaborations or obtain additional funding, (vii) our ability to obtain regulatory approval of our current

and future product candidates, (viii) our expectations regarding the potential market size and the rate and degree of market acceptance

of such product candidates, (ix) our ability to fund our working capital requirements and expectations regarding the sufficiency

of our capital resources, (x) the implementation of our business model and strategic plans for our business and product candidates,

(xi) our intellectual property position and the duration of our patent rights, (xii) developments or disputes concerning our intellectual

property or other proprietary rights, (xiii) our expectations regarding government and third-party payor coverage and reimbursement,

(xiv) our ability to compete in the markets we serve, (xv) the impact of government laws and regulations and liabilities thereunder,

(xvi) developments relating to our competitors and our industry, (xvii) the impact of the COVID-19 pandemic on the timing and progress

of our ongoing clinical trials and our business in general and (xviii) other factors that may impact our financial results. In

light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements

as predictions of future events. Although we believe that we have a reasonable basis for each forward-looking statement contained

in this press release, we cannot guarantee that the future results, levels of activity, performance or events and circumstances

reflected in the forward-looking statements will be achieved or occur at all. Factors that may cause actual results to differ from

those expressed or implied in the forward-looking statements in this press release are discussed in our filings with the U.S. Securities

and Exchange Commission, including the "Risk Factors" contained therein. Except as otherwise required by law, we disclaim

any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made,

whether as a result of new information, future events or circumstances or otherwise.

Applied Therapeutics, Inc.

Statement of Operations

(in thousands, except share and per share

Applied Therapeutics, Inc.

(in thousands, except share and per share