Applied Therapeutics Reports Fourth Quarter and Year-end 2020 Financial Results AT-007 ACTION-Galactosemia Kids pediatric clinical study recently resumed following discussions with FDA On track to submit NDA for AT-007 i

Applied Therapeutics Reports Fourth Quarter

and Year-end 2020 Financial Results

AT-007 ACTION-Galactosemia Kids pediatric

clinical study recently resumed following discussions with FDA

On track to submit NDA for AT-007 in

Galactosemia no later than Q3 2021; Commercial preparations underway

ARISE-HF Phase 3 global registrational

study of AT-001 in Diabetic Cardiomyopathy on track to complete enrollment in mid-2021

On track to initiate rare disease franchise

expansion programs in SORD Deficiency and PMM2-CDG studies in the first half of 2021; Company to host Rare Disease Forum on Tuesday,

NEW YORK, March 18, 2021 - 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 fourth quarter

and full year ended December 31, 2020.

"The fourth quarter was a productive

period of internal planning and execution," said Shoshana Shendelman, PhD, Founder, CEO and Chair of the Board of Applied

Therapeutics. "We are excited for what lies ahead in 2021, where our focus will be on advancing our late stage assets toward

commercialization while initiating clinical development of our two new rare disease programs."

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 pivotal Phase 1/2

clinical trial in June 2019, read out positive top-line biomarker data in adult Galactosemia patients in January 2020 and announced

full data from the trial in April 2020. A pediatric Galactosemia study commenced in June 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, as well as novel

dual PI3k inhibitors in preclinical development for orphan oncology indications.

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) the timing of our NDA submission for potential approval of AT-007, which will include data

from the ACTION-Galactosemia Kids trial and the 90-day safety data in adults with Galactosemia, (ii) the timing of our rare disease

franchise expansion programs in SORD Deficiency and PMM2-CDG, (iii) the timing and effectiveness of our Galactosemia awareness

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

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

of our product candidates. 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.

Statements of Operations

(in thousands, except share and per share

Applied Therapeutics, Inc.

(in thousands, except share and per share