Enveric Biosciences Reports First Quarter 2024 Financial and Corporate Results Revealed seven classes of promising novel drug candidates discovered using Enveric's Psybrary and PsyAI drug discovery and artificial intelli

Biosciences Reports First Quarter 2024 Financial and Corporate Results

seven classes of promising novel drug candidates discovered using Enveric's Psybrary and PsyAI drug discovery and

artificial intelligence (AI) platforms

business development campaign that resulted in the execution of seven non-binding term sheets with four strategic partners that upon

entering into definitive agreements and performing pursuant to the terms thereof could potentially total up to approximately $410 Million

in milestone payments, plus future royalties

non-hallucinogenic neuroplastogen drug candidate, EB-003, continues to advance toward IND filing and subsequent Phase 1 clinical trial

raised from the exercise of warrants, preferred investment options, and inducement warrants total $4.5 million

Mass., May 15, 2024 - Enveric Biosciences (NASDAQ: ENVB) ("Enveric" or the "Company"), a biotechnology

company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety,

and addiction disorders, today provided a corporate update and reported financial results for the first quarter of 2024 ended March 31,

believe the first quarter of 2024 was a highly productive period for Enveric as the Company continued to advance development of the lead

neuroplastogen drug candidate, EB-003, in preparation for an Investigational New Drug (IND) application and the expected initiation of

a planned clinical development program," said Joseph Tucker, Ph.D., Director and CEO of Enveric. "We continue to receive

significant interest from strategic partners in the pharmaceutical industry for new drug candidates that target depression and anxiety

disorders. We believe there is a need for new therapeutics that could potentially provide the anxiolytic and antidepressant properties

clinically reported in the literature for certain psychedelic compounds without, at the same time, inducing the hallmark hallucinatory

effects that defines such agents."

continued, "Enveric anticipates that eliminating the hallucinogenic activity could allow for more convenient outpatient dosing

and result in more predictable and durable treatment benefit to patients. EB-003 was designed specifically to address this major safety

profile deficiency in the first-generation psychedelic approach to treating neuropsychiatric illness, and we are excited to advance its

added, "In addition to progress with EB-003, we believe the first quarter confirmed the value produced by Enveric's drug

discovery engine with the unveiling of more than one thousand proprietary drug candidates generated to date, around which the Company

has built a substantial intellectual property estate. Through the first quarter and moving into the second quarter of 2024, we have received

interest from potential strategic out-licensing partners in these molecules by executing seven distinct non-binding terms sheets with

four separate biotechnology companies. The new business relationships, if finalized in definitive agreements, offer a potential source

of non-dilutive revenue through the Company meeting certain development and sales milestones, which could support Enveric's ability

to advance its lead asset, EB-003, and further build shareholder value."

QUARTER AND RECENT UPDATES

Product and Business Development Highlights:

QUARTER AND FISCAL YEAR ENDED 2023 FINANCIAL RESULTS

loss attributable to stockholders was $2.46 million for the first quarter ended March 31, 2024, including $0.42 million in net non-cash

expense, with a basic and diluted loss per share of $0.61, as compared to a net loss of $4.80 million, including $.46 million in net

non-cash expense, with a basic and diluted loss per share of $2.31 for the quarter ended March 31, 2023. The Company had cash-on-hand

of $6.36 million for the quarter ended March 31, 2024.

Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics

for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, Psybrary ,

Enveric has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. Enveric's

lead program, EB-003, is a first-in-class approach to the treatment of difficult-to-address mental health disorders designed to promote

neuroplasticity without inducing hallucinations in the patient. Enveric is also developing EB-002, formerly EB-373, a next generation

synthetic prodrug of the active metabolite, psilocin, being studied as a treatment of psychiatric disorders. Enveric is headquartered

in Naples, FL with offices in Cambridge, MA and Calgary, AB Canada. For more information, please visit www.enveric.com.

press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These

statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking

statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology

such as "plans," "expects" or "does not expect," "proposed," "budgets," "scheduled,"

"estimates," "forecasts," "intends," "anticipates" or "does not anticipate,"

or "believes," or variations of such words and phrases, or by the use of words or phrases which state that certain actions,

events or results may, could, should, would, or might occur or be achieved. Forward-looking statements may include historical statements

and statements regarding beliefs, plans, expectations, or intentions regarding the future and are based on the beliefs of management

as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated

by the forward-looking statements as a result of certain factors, including, but not limited to, the ability of Enveric to: negotiate

and finalize definitive agreements based on any of its out-licensing term sheets and perform pursuant to the terms thereof; carry out

successful clinical programs in Australia; achieve the value creation contemplated by technical developments; avoid delays in planned

clinical trials; establish that potential products are efficacious or safe in preclinical or clinical trials; establish or maintain collaborations

for the development of therapeutic candidates; obtain appropriate or necessary governmental approvals to market potential products; obtain

future funding for product development and working capital on commercially reasonable terms; scale-up manufacture of product candidates;

respond to changes in the size and nature of competitors; hire and retain key executives and scientists; secure and enforce legal rights

related to Enveric's products, including patent protection; identify and pursue alternative routes to capture value from its research

and development pipeline assets; continue as a going concern; and manage its future growth effectively.

discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric's filings

with the Securities and Exchange Commission, including Enveric's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.

Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future

events or otherwise, except as required by law.

Strategic Advisors, Inc.

Strategic Advisors, Inc.