Enveric Biosciences Reports Third Quarter 2023 Corporate and Financial Results EVM-301 Series Presented and published leading scientific research describing development and screening methods for non-hallucinogenic, neuro

Biosciences Reports Third Quarter 2023 Corporate and Financial Results

Mass., November 13, 2023 - Enveric Biosciences, Inc. (NASDAQ: ENVB) ("Enveric" or the "Company"), a biotechnology

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

and addiction disorders, today provided a corporate update and reported financial results for the third quarter of 2023 ended September

third quarter of 2023 was a period of significant progress for our team as we completed several initiatives that served to enhance the

value of our differentiated neuroplastogenic small-molecule therapeutics as we advance towards the clinic," said Joseph Tucker,

Ph.D., Director and CEO of Enveric. "Key to this effort, we significantly strengthened our IP estate across our development portfolio,

highlighted by new patents from the United States Patent and Trademark Office (USPTO) for our EVM301 Series of novel non-hallucinogenic

molecules and for EB-373, our lead EVM201 Series prodrug product candidate. The patents encompass composition of matter and pharmaceutical

drug formulations related to the EVM301 Series and composition of matter and pharmaceutical drug formulations pertaining to EB-373. Additionally,

we filed six non-U.S. applications related to the EVM301 Series, received several U.S. Notices of Allowance for claims related to the

EVM301 Series and EB-373, and filed a new application for our AI-based computational methods for identifying and optimizing novel tryptamine

derivatives. Our expectation is the USPTO will grant patents based on the Notices of Allowance, which would continue to increase the

value of our technologies and further distinguish Enveric's science as groundbreaking and unique."

Tucker added: "Through the third quarter of 2023 and into Q4, we have showcased the leading drug discovery and research engine

behind our EVM301 Series of compounds, with several publications and presentations in academic settings, establishing a leading position

in the psychedelic and psychedelic-inspired drug development industry to deliver next-generation treatments, with low- and non-hallucinogenic

compounds. We look forward to several key milestones during the remainder of 2023, including identification of a lead candidate from

the EVM301 Series by year-end. With this lead candidate identified, we anticipate initiating a thorough and expedited preclinical development

program in 2024 in preparation for an Investigational New Drug application."

part of our objective to ensure clinical readiness, the third quarter was also characterized by completing key manufacturing and preclinical

activities needed to file for regulatory clearance to begin a first in human clinical trial of EB-373. We announced favorable results

from exploratory animal studies, which demonstrated oral bioavailability and well-tolerated side effects for EB-373. The outcome of these

animal studies indicated potential for EB-373 to reduce GI upset and vomiting as well as rapid onset of action and systemic clearance,

improving on the pharmacokinetic characteristics of psilocybin. Additionally, further preclinical work assessing absorption, distribution,

metabolism, and excretion (ADME) assays demonstrated rapid conversion of EB-373 to the active metabolite psilocin," concluded Dr.

QUARTER AND RECENT PROGRAM UPDATES

QUARTER 2023 FINANCIAL RESULTS

loss attributable to shareholders was $2.82 million for the third quarter ended September 30, 2023, including $0.16 million in net non-cash

income, with a basic and diluted loss per share of $1.30, as compared to a net loss of $2.60 million and non-cash income of $2.29 million,

with primary and diluted loss per share of $1.46 per share for the quarter ended September 30, 2022.

cash used in operations for the quarter ended September 30, 2023, was $2.98 million, consisting of a $2.82 million net loss, adjusted

by a net of $0.16 million in non-cash income and changes in asset and liability balances of $0.23 million.

of September 30, 2023, the Company had cash and cash equivalents of $4.27 million.

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, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. Enveric is developing

the first product from the EVM201 Series - EB-373 - for the treatment of psychiatric disorders. Enveric is also advancing

its second program, the EVM301 Series, expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental

health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. 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," "is expected,"

"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, 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: 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 on 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; 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 cannabinoid clinical development pipeline assets; the ability to continue as a going concern; manage its future

growth effectively; achieve the intended benefits of the cost reduction plan to the extent or as quickly as anticipated transition

from third-party service providers supporting R&D efforts to internal science teams without any adverse impact on Enveric's

ongoing and planned clinical trials; and engage the cost reduction plan efforts without negatively impacting Enveric's business

operations and reputation.

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.