Eloxx Pharmaceuticals Reports First Quarter 2020 Financial and Operating Results and Provides Business Update Completing our Phase 2 clinical trial program for ELX-02 in Cystic Fibrosis remains our highest priority Precl

Pharmaceuticals Reports First Quarter 2020 Financial and Operating Results and Provides Business Update

our Phase 2 clinical trial program for ELX-02 in Cystic Fibrosis remains our highest priority

studies advancing in autosomal dominant polycystic kidney disease (ADPKD) and inherited retinal disorders

balance sheet with $44 million in cash and cash equivalents as of March 31, 2020 provides cash runway through the end of 2021

to host webcast and conference call today, Thursday, May 7, 2020, at 4:30 pm ET

MA - May 7, 2020 - Eloxx Pharmaceuticals, Inc., (NASDAQ:

ELOX) a clinical-stage biopharmaceutical company dedicated to the discovery and development of novel therapeutics to treat

cystic fibrosis and other diseases caused by nonsense mutations limiting production of functional proteins, today reported its

financial results for the three months ended March 31, 2020 and provided a business update.

"Our highest priority is to resume and complete

our Phase 2 proof of concept clinical trial program for ELX-02 in cystic fibrosis, as we believe these data represent a substantial

value inflection point for the Company. As previously announced, these trials have been temporarily paused in response to the

COVID-19 global pandemic in support of global healthcare providers and our shared commitment to ensure patient safety,"

said Dr. Gregory Williams, Chief Executive Officer of Eloxx Pharmaceuticals. "We are working very closely with our clinical

investigators and study sites to ensure that we can resume and complete our Phase 2 trials as rapidly as possible and report top

Cystic Fibrosis Phase 2 Program

ADPKD Kidney Program Update

Ocular Program Update

ELX-02 is an investigational agent not approved by any regulatory

agency for therapeutic use which is currently in Phase 2 clinical trials in cystic fibrosis.

First Quarter 2020 Financial Results

As of March 31, 2020, we had cash, cash

equivalents and marketable securities of $44.0 million, which we expect will be sufficient to fund our operations through the

end of 2021. The cash balance as of March 31, 2020 does not include the loan of $800,000 which we received through the U.S. SBA's

"Paycheck Protection Program."

For the three months ended March 31, 2020,

we incurred a loss of $13.9 million or $0.35 per share, which includes $4.0 million in restructuring charges associated with our

realignment, $2.1 million of which was non-cash stock-based compensation. Net loss also includes $1.9 million in non-cash stock-based

compensation from ongoing operations. For the same period in the prior year, we incurred a net loss of $11.9 million, or $0.33

Our research and development expenses were $4.5 million for

the three months ended March 31, 2020, which includes $0.2 million in non-cash expense related to stock-based compensation. For

the same period in the prior year, R&D expenses were $6.0 million. The quarter to quarter decrease in R&D expenses

of $1.5 million was driven by reduced professional service fees and stock-based compensation, offset by an increase in headcount

and related salaries for a portion of the 2020 period.

Our general and administrative expenses were $5.2 million for

the three months ended March 31, 2020, which includes $1.7 million in non-cash expense related to stock-based compensation. For

the same period in the prior year, G&A expenses were $6.0 million. The decrease was primarily driven by lower non-cash stock-based

compensation and other infrastructure-related costs.

Conference Call and Webcast Information:

Date: Thursday, May 7, 2020

Domestic Dial-in Number: (866) 913-8546

International Dial-in Number: (210) 874-7715

Conference ID: 7798542

Live Webcast: accessible from the Company's website

at www.eloxxpharma.com under Events and Presentations or with this link: https://edge.media-server.com/mmc/p/tgendj2c

Eloxx Pharmaceuticals

Eloxx Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical

company developing novel RNA-modulating drug candidates (each designed to be a eukaryotic ribosomal selective glycoside, or ERSG)

that are formulated to treat rare and ultra-rare premature stop codon diseases. Premature stop codons are point mutations that

disrupt protein synthesis from messenger RNA. As a consequence, patients with premature stop codon diseases have reduced or eliminated

protein production from the mutation bearing allele accounting for some of the most severe phenotypes in these genetic diseases.

These premature stop codons have been identified in over 1,800 rare and ultra-rare diseases. Read-through therapeutic development

is focused on extending mRNA half-life and increasing protein synthesis by enabling the cytoplasmic ribosome to read through premature

stop codons to produce full-length proteins. Eloxx's lead investigational product candidate, ELX-02, is a small molecule

drug candidate designed to restore production of full-length functional proteins. ELX-02 is in the early stages of clinical development,

currently focusing on cystic fibrosis. ELX-02 is an investigational drug that has not been approved by any global regulatory body.

Eloxx's preclinical candidate pool consists of a library of novel ERSG drug candidates identified based on read-through

potential. Eloxx recently announced a new program focused on rare ocular genetic disorders. Eloxx is headquartered in Waltham,

MA, with operations in Rehovot, Israel and Morristown, NJ. For more information, please visit www.eloxxpharma.com.

Forward-Looking Statements

contains forward-looking statements, which are generally statements that are not historical facts. Forward-looking statements

can be identified by the words "expects," "anticipates," "believes," "intends," "estimates,"

"plans," "will," "outlook" and similar expressions. Forward-looking statements are based on management's

current plans, estimates, assumptions and projections, and speak only as of the date they are made. We undertake no obligation

to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking

statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control.

Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact

of a number of factors, including: the development of the Company's read-through technology; the approval of the Company's

patent applications; the Company's ability to successfully defend its intellectual property or obtain necessary licenses

at a cost acceptable to the Company, if at all; the successful implementation of the Company's research and development

programs and collaborations; the Company's ability to obtain applicable regulatory approvals for its current and future

product candidates; the acceptance by the market of the Company's products should they receive regulatory approval; the

timing and success of the Company's preliminary studies, preclinical research, clinical trials, and related regulatory filings;

the ability of the Company to consummate additional financings as needed; the impact of global health concerns, such as the COVID-19

global pandemic, on our ability to continue our clinical and preclinical programs and otherwise operate our business effectively;

as well as those discussed in more detail in our Annual Report on Form 10-K and our other reports filed with the Securities

and Exchange Commission.

ELOXX PHARMACEUTICALS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share data)

ELOXX PHARMACEUTICALS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share and per share data)