Eloxx Pharmaceuticals Reports Second Quarter 2020 Financial and Operating Results and Provides Business Update Enrollment in our Phase 2 clinical trial program for ELX-02 in cystic fibrosis has been resumed in Europe and

Eloxx Pharmaceuticals

Reports Second Quarter 2020 Financial and Operating Results and

Provides Business Update

Enrollment in our Phase 2 clinical trial

program for ELX-02 in cystic fibrosis has been resumed in Europe and Israel after being temporarily

paused due to the COVID-19

U.S. FDA has granted orphan drug designation

for ELX-02 for the treatment of cystic fibrosis

Completing enrollment in our Phase 2

cystic fibrosis clinical trials and reporting top line data remain our highest priorities

Preclinical studies continuing

to advance in autosomal dominant polycystic kidney disease (ADPKD) and inherited retinal disorders

cash equivalents of $37.1 million as of June 30, 2020 provides cash runway through the end of 2021

Company to host webcast

and conference call today, Thursday, August 6, 2020, at 2:00 pm ET

MA - August 6, 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 and six months ended June 30, 2020 and provided a business update.

"We are pleased that

enrollment in our Phase 2 cystic fibrosis clinical trial has been resumed in Europe and Israel after having been temporarily paused

in response to the COVID-19 pandemic in support of global healthcare providers and our

shared commitment to ensure patient safety. In the U.S., we are gratified to have received orphan

drug designation for ELX-02 for cystic fibrosis from the FDA which confers substantial benefits to the program including seven

years of exclusivity upon marketing approval and a potential waiver of the PDUFA application fee," said Dr. Gregory Williams,

Chief Executive Officer of Eloxx Pharmaceuticals. "We are working very closely with our clinical investigators and study

sites and evaluating additional sites where patient enrollment may be feasible. Our highest priority is to complete our Phase 2

proof of concept clinical trial program for ELX-02 in cystic fibrosis as soon as possible, as we believe the data from these trials

will represent a substantial value inflection point for the Company."

Cystic Fibrosis Phase 2 Program

ADPKD Kidney Program Update

Ocular Program Update

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

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

Second Quarter 2020 Financial Results

As of June 30, 2020, we had cash, cash

equivalents and marketable securities of $37.1 million, which we expect will be sufficient to fund our operations through the end

For the three months ended June 30, 2020,

we incurred a loss of $7.9 million or $0.20 per share, which includes $2.0 million in non-cash stock-based compensation. For the

same period in the prior year, we incurred a net loss of $14.4 million, or $0.40 per share.

Our research and development expenses were $3.5 million for

the three months ended June 30, 2020, which includes $0.3 million in non-cash expense related to stock-based compensation. For

the same period in the prior year, R&D expenses were $7.3 million. The quarter to quarter decrease in R&D expenses

of $3.8 million was driven by reduced professional service fees largely due to the pause in our clinical trials due to COVID-19,

and reduced headcount and related salaries for a portion of the 2020 period.

Our general and administrative expenses were $4.1 million for

the three months ended June 30, 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 $7.0 million. The decrease was primarily driven by lower headcount and

professional services costs.

First Half 2020 Financial Results

For the six months ended June 30, 2020,

we incurred a loss of $21.8 million or $0.54 per share, which includes a one-time restructuring charge of $4.0 million associated

with our realignment in the first quarter (comprised of $2.1 in non-cash stock based compensation and $1.9 million in cash severance)

and $3.8 million in non-cash stock-based compensation associated with ongoing operations. For the same period in the prior year,

we incurred a net loss of $26.4 million, or $0.73 per share.

Our research and development expenses were $8.1 million for

the six months ended June 30, 2020, which includes $0.5 million in non-cash expense related to stock-based compensation. For the

same period in the prior year, R&D expenses were $13.4 million. The year over year decrease in R&D expenses of $5.3

million was driven by reduced professional service fees largely due to the pause in our clinical trials due to COVID-19, and reduced

headcount and related salaries for a portion of the 2020 period.

Our general and administrative expenses were $9.3 million for

the six months ended June 30, 2020, which includes $3.4 million in non-cash expense related to stock-based compensation. For the

same period in the prior year, G&A expenses were $12.9 million. The decrease of $3.6 million was primarily driven by lower

headcount and professional services costs.

Conference Call and Webcast Information:

Date: Thursday, August 6, 2020

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

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

Conference ID: 2191126

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/nxdhnad8.

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 authority.

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

Eloxx also has preclinical programs focused on kidney diseases including autosomal dominant polycystic kidney disease, as well

as 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