Eloxx Pharmaceuticals Reports Third Quarter 2021 Financial and Operating Results and Provides Business Update Data from Monotherapy Arms of Ongoing Phase 2 ELX-02 Cystic Fibrosis (CF) Clinical Trials Expected in Fourth Q

Eloxx Pharmaceuticals Reports Third Quarter

2021 Financial and Operating Results and Provides Business Update

Data from Monotherapy Arms of Ongoing Phase

2 ELX-02 Cystic Fibrosis (CF) Clinical Trials Expected in Fourth Quarter of 2021

Received FDA Fast Track Designation for ELX-02

for the Treatment of CF Patients with Nonsense Mutations

Hosted Call and Webcast on CF Programs Featuring

CF Expert Dr. Eitan Kerem

Appointed Ali Hariri, M.D. as Chief Medical

Entered into Senior Debt Facility from Hercules

Capital for Borrowings of Up to $30 Million

WATERTOWN, MA - Nov 9, 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 and nine months ended September 30, 2021 and provided a business update.

"We continue to make significant progress across our portfolio

of therapeutic programs," said Sumit Aggarwal, President and Chief Executive Officer of Eloxx. "We are on track to report

data from the ongoing Phase 2 clinical trials for ELX-02 in the fourth quarter of 2021. In addition, our preclinical programs continue

to advance demonstrating the potential of our oral RMAs. We intend to provide additional updates on these programs in the coming quarters."

Third Quarter 2021 and Subsequent Highlights

Class 1 Cystic Fibrosis

Recessive Dystrophic Epidermolysis Bullosa (RDEB) and Junctional

Epidermolysis Bullosa (JEB)

Rare Inherited and Targeted Oncology

Third Quarter 2021 Financial Results

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

of $9.9 million, or $0.11 per share, which includes $2.2 million in stock-based compensation. For the same period in the prior year, we

incurred a net loss of $6.6 million, or $0.16 per share. Results for the third quarter of 2021 included costs related to the acquisition

of Zikani. Since the closing date of the acquisition, the results of Zikani's operations have been included in the Eloxx'

condensed consolidated financial statements.

Our research and development expenses (R&D) were $5.2 million for

the three months ended September 30, 2021, which includes $0.4 million in stock-based compensation. For the same period in the prior year,

R&D expenses were $3.4 million. The increase was primarily related to expenses related to the continued development of ELX-02 due

to the impact of the COVID-19 pandemic in the prior year period, an increase in salaries and other personnel related costs, and an increase

in operational facilities.

Our general and administrative (G&A) expenses were $5.0 million

for the three months ended September 30, 2021, which includes $1.9 million in stock-based compensation. For the same period in the prior

year, G&A expenses were $2.9 million. The increase was primarily related to an increase in stock-based compensation expense, an increase

in salaries and other personnel related costs, as well as an increase in legal, accounting and other professional fees.

As of September 30, 2021, we had cash and cash equivalents of $52.4

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

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

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

Forward-looking Statements

press 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 September 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

(in thousands, except share and per share data)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

AND COMPREHENSIVE LOSS

(in thousands, except share and per share data)