Eloxx Pharmaceuticals Reports Second Quarter 2021 Financial and Operating Results and Provides Business Update Added Additional Treatment Arm and Provided Enrollment Update for Ongoing ELX-02 Phase 2 Clinical Trials for

Pharmaceuticals Reports Second Quarter 2021 Financial and Operating Results and Provides Business Update

Added Additional Treatment Arm and Provided

Enrollment Update for Ongoing ELX-02 Phase 2 Clinical Trials for Cystic Fibrosis (CF)

Nominated ZKN-013 as Lead Candidate for Recessive

Dystrophic Epidermolysis Bullosa (RDEB) and Junctional Epidermolysis Bullosa (JEB) Programs

Advanced Multiple Preclinical Rare Inherited

and Targeted Oncology Programs

Award from Cystic Fibrosis Foundation to Develop Ribosome Modulating Agents (RMAs) with TURBO-ZM Platform

Raised Approximately $52M in Gross Proceeds

Through Public Offering

WATERTOWN, MA - Aug 16, 2021 - Eloxx Pharmaceuticals,

Inc. (NASDAQ: ELOX), a leader in ribosomal RNA-targeted genetic therapies for rare diseases, today reported its financial results for

the three months ended June 30, 2021, and provided a business update.

"Since the acquisition of Zikani Therapeutics in early April,

we have made tremendous progress across our portfolio of novel therapeutic programs," said Sumit Aggarwal, President and Chief Executive

Officer of Eloxx. "In CF, we remain on track to report data from the ongoing Phase 2 clinical trials for ELX-02 , while we are also

preparing for combination studies of ELX-02 and ivacaftor and commencing efforts to evaluate inhaled delivery of ELX-02. Beyond CF, we

continue to advance our preclinical programs to demonstrate the potential of our oral RMAs. We intend to provide additional insight into

these programs in the coming quarters."

Second Quarter 2021 and Subsequent Highlights

Class 1 Cystic Fibrosis

Recessive Dystrophic Epidermolysis Bullosa (RDEB) and Junctional

Epidermolysis Bullosa (JEB)

Rare Inherited and Targeted Oncology

Second Quarter 2021 Financial Results

For the three months ended June 30, 2021, we incurred a net loss of

$36.1 million or $0.54 per share, which includes $4.0 million in stock-based compensation. For the same period in the prior year, we incurred

a net loss of $7.9 million, or $0.20 per share. Results for the second quarter of 2021 included a $22.7 million acquired in-process research

and development expense related to the acquisition of Zikani.

Our research and development expenses (R&D) were $5.7 million for

the three months ended June 30, 2021, which includes $0.1 million in stock-based compensation. For the same period in the prior year,

R&D expenses were $3.7 million. The increase in R&D expenses was primarily related to an increase in expenses related to the continued

development of ELX-02 as a result of the suspension of our clinical trials due to the impact of the COVID-19 pandemic in the prior year

period and an increase in salaries and other personnel related costs, partially offset by a decrease in stock-based compensation expense.

Our general and administrative (G&A) expenses were $7.4 million

for the three months ended June 30, 2021, which includes $3.9 million in stock-based compensation. For the same period in the prior year,

G&A expenses were $3.8 million. The increase was primarily related to an increase in stock-based compensation expense, an increase

in salaries and other personnel-related costs associated with the merger with Zikani, as well as an increase in expenses attributable

principally to infrastructure related costs including legal, accounting and other professional fees.

As of June 30, 2021, we had cash and cash equivalents of $56.7 million,

which we expect will be sufficient to fund our operations into the first quarter of 2023.

1 J Mol Med (Berl) 2016 Apr;94(4):469-82) and Int J Cancer

2020 Feb 15;146(4):1064-1074)

About Eloxx Pharmaceuticals

Eloxx Pharmaceuticals, Inc. is engaged in the science of

ribosome modulation, leveraging its innovative TURBO-ZMTM chemistry technology platform in an effort to develop novel

Ribosome Modulating Agents (RMAs) and its library of Eukaryotic Ribsome Selective Glycosides (ERSGs). 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 clinical development, focusing on cystic fibrosis. Eloxx also has preclinical programs focused on

select rare diseases, including inherited diseases, cancer caused by nonsense mutations, kidney diseases, including autosomal

dominant polycystic kidney disease, as well as rare ocular genetic disorders.

For more information, please visit www.eloxxpharma.com.

Forward-looking Statements

release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements

other than statements of present and historical facts contained in this press release, including without limitation, statements regarding

our expected cash burn and future financial results, the expected timing of trials and results from clinical studies of our product candidates

and the potential of our product candidate to treat nonsense mutations are forward-looking statements. Forward-looking statements can

be identified by the words "aim," "may," "will," "would," "should," "expect,"

"explore," "plan," "anticipate," "could," "intend," "target,"

"project," "contemplate," "believe," "estimate," "predict," "potential,"

"seeks," or "continue" or the negative of these terms similar expressions, although not all forward-looking statements

contain these words.

statements are based on management's current plans, estimates, assumptions and projections based on information currently available to

us. Forward-looking statements are subject to known and unknown risks, uncertainties and assumptions, and actual results or outcomes

may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including,

but not limited to: our ability to progress any product candidates in preclinical or clinical trials; the uncertainty of clinical trial

results and the fact that positive results from preclinical studies are not always indicative of positive clinical results; the scope,

rate and progress of our preclinical studies and clinical trials and other research and development activities; the competition for patient

enrollment from drug candidates in development; the impact of the global COVID-19 pandemic on our clinical trials, operations, vendors,

suppliers, and employees; our ability to obtain the capital necessary to fund our operations; the cost of filing, prosecuting, defending

and enforcing any patent claims and other intellectual property rights; our ability to obtain financial in the future through product

licensing, public or private equity or debt financing or otherwise; general business conditions, regulatory environment, competition

and market for our products; and business ability and judgment of personnel, and the availability of qualified personnel and other important

factors discussed under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021,

as any such factors may be updated from time to time in our other filings with the SEC, accessible on the SEC's website at www.sec.gov

and the "Financials & Filings" page of our website at https://investors.eloxxpharma.com/financial-information/sec-filings

statements speak only as of the date of this press release and, except as required by applicable law, we have no obligation to update

or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances

ELOXX PHARMACEUTICALS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per

ELOXX PHARMACEUTICALS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share and per