Enveric Biosciences Reports Second Quarter 2024 Financial and Corporate Results Prioritized EB-003 as lead development candidate. EB-003 is a novel, non-hallucinogenic neuroplastogenic molecule designed to treat severe m

Biosciences Reports Second Quarter 2024 Financial and Corporate Results

EB-003 as lead development candidate. EB-003 is a novel, non-hallucinogenic neuroplastogenic molecule designed to treat severe mental

preclinical results confirming oral bioavailability and significant brain exposure of EB-003, supporting expedited development strategy

business development activities to maximize assets developed using AI-backed drug discovery engine, with multiple deals in advanced stages

offering potential to contribute value to stockholders

Mass., August 12, 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 second quarter ended June 30, 2024.

second quarter of 2024 was marked by the prioritization of EB-003 as our lead development candidate. This strategic decision was made

based on the potential for EB-003 to be a first-in-class neuroplastogenic molecule that can address multiple, difficult-to-treat mental

health disorders without inducing the hallucinogenic effect common to N,N-Dimethyltryptamine (DMT) and related analogs," said Joseph

Tucker, Ph.D., Director and CEO of Enveric. "We believe EB-003's differentiated properties set it apart from other drugs

in this class and address many of the challenges facing psychedelic-derived drugs, including the ability to conduct truly blinded placebo-controlled

clinical trials and the potential to administer the therapy in an outpatient setting without psychotherapy support. Adding to the excitement

with EB-003, recently completed pre-clinical research indicated the potential for the drug candidate to be delivered via oral administration

and penetrate the brain at levels expected to elicit the desired therapeutic effect."

Tucker continued, "Given the value potential of EB-003, we are accelerating its evaluation in several in vivo animal efficacy

models to determine the optimal therapeutic indication for clinical development and expected dose range as we prepare for a pre-Investigational

New Drug ("IND") meeting with the U.S. Food and Drug Administration in early 2025. This timeline should then allow for the

filing of an IND application by the third quarter of 2025 and initiation of a first-in-human clinical trial of EB-003 by the end of 2025."

Tucker concluded, "Complementing our EB-003 development efforts, during the second quarter we expanded our initiative to secure

out-licensing opportunities involving proprietary drug candidates identified through Enveric's drug discovery engine and other

compounds owned by the company. We were pleased to enter into a licensing agreement with Aries Science & Technology for our patented

radiation dermatitis topical product and enter into a number of non-binding term sheets, which collectively have the potential to generate

non-dilutive revenue, which could support Enveric's ability to advance its lead asset, EB-003, and further build stockholder value."

QUARTER AND RECENT UPDATES

Product and Business Development Highlights:

QUARTER FINANCIAL RESULTS

loss attributable to stockholders was $1.7 million for the second quarter ended June 30, 2024, including $0.4 million in net non-cash

expense, with a basic and diluted loss per share of $0.23, as compared to a net loss of $6.40 million, including $1.6 million in net

non-cash expense, with a basic and diluted loss per share of $3.04 for the quarter ended June 30, 2023. The Company had cash-on-hand

of $3.5 million for the quarter ended June 30, 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," "proposes," "budgets," "explores,"

"schedules," "seeks," "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 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 the any of its out-licensing term sheets and perform pursuant to the terms thereof; carry

out successful clinical programs; 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.