bio Reports Fourth Quarter and Full Year 2021 Financial Results and Provides Corporate Update - Reported positive topline results from cohort 7 in the Phase 1b/2a trial including data from new analyses demonstrating the

89bio Reports Fourth Quarter and Full Year 2021 Financial Results and Provides Corporate Update

- Reported positive topline results from cohort 7 in the Phase 1b/2a trial including data from new analyses demonstrating the promising

therapeutic utility of pegozafermin for the treatment of NASH -

- ENLIVEN Phase 2b NASH trial on track for topline data in first

- Closed enrollment in the Phase 2 ENTRIGUE trial of pegozafermin in SHTG patients with topline data expected

in the second quarter of 2022 -

SAN FRANCISCO, March 24, 2022 (GLOBE NEWSWIRE) - 89bio, Inc. (Nasdaq: ETNB), a clinical-stage biopharmaceutical

company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases, today reported its financial results for the quarter and full year ended December 31, 2021.

In 2021, we took important steps to advance our ongoing clinical development program for pegozafermin which was highlighted by positive topline data

from cohort 7 of the Phase 1b/2a NASH trial that demonstrated meaningful changes on histology endpoints, multiple non-invasive liver tests, cardiovascular markers and glycemic control, said Rohan

Palekar, Chief Executive Officer of 89bio. We are also pleased to have closed enrollment in the Phase 2 ENTRIGUE trial in severe hypertriglyceridemia (SHTG) and expect to present topline data in the second quarter of 2022. Positive results

would position pegozafermin to be the first metabolic hormone to enter Phase 3 for this indication with the potential to offer a compelling profile to address the significant unmet needs in this population.

Recent Highlights and Anticipated Milestones

Positive topline results with

pegozafermin from cohort 7 in the Phase 1b/2a proof-of-concept NASH trial; data from new analyses of cohort 7 reinforce pegozafermin s promising profile in NASH

These data increase our confidence in the potential of pegozafermin to show a strong beneficial effect in our ongoing and future NASH trials. We are

making good progress in our Phase 2b ENLIVEN trial and expect to report topline data in the first half of 2023, said Hank Mansbach, MD, Chief Medical Officer of 89bio. Based on learnings from our recent cohort, developments in the field,

and feedback from our steering committee, we are working on steps to optimize the ENLIVEN trial.

Closed enrollment in the Phase 2 ENTRIGUE trial of pegozafermin in SHTG; topline data expected in the second quarter of 2022

Manufacturing Update

Fourth Quarter and Full Year 2021 Financial Results

Cash Position. As of December 31, 2021, 89bio had cash, cash equivalents, and short-term investments totaling $150.7 million

compared to $204.7 million as of December 31, 2020.

Research and Development (R&D) Expenses. R&D expenses were

$21.0 million and $70.3 million for the three months and year ended December 31, 2021, respectively, compared to $8.8 million and $36.2 million for the three months and year ended December 31, 2020, respectively. The

increase in R&D expenses was primarily driven by increases in clinical development, contract manufacturing and personnel expenses.

Administrative (G&A) Expenses. G&A expenses were $5.3 million and $19.4 million for the three months and year ended December 31, 2021, respectively, compared to $3.8 million and $13.2 million for the three

months and year ended December 31, 2020, respectively. The increase in G&A expenses for the year ended December 31, 2021 was primarily due to an increase in costs related to personnel expenses, insurance-related expenses, and expenses

for professional services.

Net Loss. 89bio reported a net loss of $26.3 million and $90.1 million for the three

and twelve months ended December 31, 2021, respectively, compared to a net loss of $12.6 million and $49.5 million for the comparable periods in 2020, respectively. The increase in net loss is primarily attributable to increased

R&D expenses for our programs and increased G&A expenses associated with our growth and operating as a public company.

89bio is a clinical-stage biopharmaceutical company dedicated to the development of

best-in-class therapies for patients with liver and cardiometabolic diseases who lack optimal treatment options. The company is focused on rapidly advancing its lead

candidate, pegozafermin, through clinical development for the treatment of non-alcoholic steatohepatitis (NASH) and severe hypertriglyceridemia (SHTG). Pegozafermin is a specifically engineered, potentially best-in-class fibroblast growth factor 21 (FGF21) analog with unique glycoPEGylated technology that optimizes biological activity through an extended half-life. The company is

headquartered in San Francisco with operations in Herzliya, Israel. For more information, visit www.89bio.com or follow the company on LinkedIn.

Forward-looking Statements

Certain statements in this

press release may constitute forward-looking statements within the meaning of the federal securities laws, including, but not limited to, the therapeutic potential and clinical benefits of pegozafermin, clinical development plans and

timing for pegozafermin, including the Phase 2b ENLIVEN trial and Phase 2 ENTRIGUE trial, the timing for topline data, the expected trial design for the ENLIVEN trial and the ENTRIGUE trial, and the timing for the development of a pre-filled syringe. Words such as may, might, will, objective, intend, should, could, can, would,

expect, believe, design, estimate, predict, potential, anticipate, goal, opportunity, develop, plan or the negative

of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. While 89bio believes these forward-looking statements are reasonable, undue reliance should not be placed on

any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties

(including, without limitation, those set forth in 89bio s filings with the SEC), many of which are beyond 89bio s control and subject to change. Actual results could be materially different. Risks and uncertainties include: expectations

regarding the timing and outcome of 89bio s initiation of the Phase 2b ENLIVEN trial in NASH and Phase 2 ENTRIGUE trial in SHTG; expectations regarding the timing of topline data; 89bio s ability to execute on its strategy; positive

results from a clinical study may not necessarily be predictive of the results of future or ongoing clinical studies; 89bio s substantial dependence on the success of it lead product candidate; competition from competing products; the effect of

the COVID-19 pandemic on 89bio s clinical trials and business operations, and the impact of general economic, health, industrial or political conditions in the United States or internationally; and other

risks and uncertainties identified in 89bio s Annual Report on Form 10-K for the year ended December 31, 2021 to be filed with the SEC and other subsequent disclosure documents filed with the SEC.

89bio claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. 89bio expressly disclaims any obligation to update or alter any statements whether as a result of new

information, future events or otherwise, except as required by law.

Condensed Consolidated Statement of Operations Data

thousands, except share and per share amounts)

Condensed Consolidated Balance Sheet Data

Chief Financial Officer