Nuvectis Pharma, Inc. Reports Fiscal Year 2023 Financial Results and Business Highlights NXP800 preliminary data update expected this month from the Phase 1b study in platinum resistant, ARID1a mutated ovarian cancer, a

Nuvectis Pharma, Inc. Reports Fiscal Year 2023 Financial Results

and Business Highlights

March 5, 2024, Fort Lee, NJ - Nuvectis Pharma,

Inc (NASDAQ: NVCT) ("Nuvectis" or the "Company"), a clinical-stage biopharmaceutical company focused on the development

of innovative precision medicines for the treatment of serious conditions of unmet medical need in oncology, today reported its financial

results for the fiscal year 2023 and provided an update on recent business progress.

Ron Bentsur, Chairman and Chief Executive Officer of Nuvectis, commented,

"2023 was an eventful year for Nuvectis as we continued to make important strides with our two clinical-stage drug candidates, NXP800

and NXP900. For NXP800, we initiated the Phase 1b in platinum resistant ARID1a-mutated ovarian carcinoma and an investigator-sponsored

clinical trial in cholangiocarcinoma in collaboration with the Mayo Clinic. Additional preclinical data presented during the year demonstrated

the potency of NXP800 in ARID1A-mutated endometrial carcinoma, providing another potential development path for NXP800 within the gynecology-oncology

space." Mr. Bentsur continued, "For NXP900, we initiated the Phase 1a dose escalation clinical trial and presented additional

preclinical data that demonstrated the potential of NXP900 as a single agent and in combination with certain market-leading therapies."

Mr. Bentsur added, "We expect several catalysts in 2024 for NXP800

and NXP900, starting with the preliminary clinical data update later this month from the NXP800 Phase 1b study in platinum resistant ARID1a-mutated

ovarian cancer. We also expect to provide updates from all our clinical trials throughout the year."

Mr. Bentsur concluded, "We remain cash efficient and highly focused

on our mission of developing important precision medicines for the treatment of serious conditions of unmet medical need in oncology."

Full Year 2023 Financial Results

Cash, and cash equivalents were $19.1 million as of December 31, 2023,

compared to $20.0 million as of December 31, 2022. The decrease of $0.9 million was a result of the Company's continued operations, offset

primarily by the exercise of warrants issued in our 2022 PIPE transaction.

The Company's net loss was $22.3 million for the year ended December

31, 2023, compared to $19.1 million for the year ended December 31, 2022, an increase in net loss of $2.2 million. Net loss for the 2023

fiscal year included $4.7 million in non-cash stock-based compensation and $2.3 million in one-time non-recurring expenses.

Research and development expenses, including non-cash stock-based compensation

and one-time non-recurring expenses, were $15.4 million for the year ended December 31, 2023, compared to $13.2 million for the year ended

December 31, 2022, an increase of $2.2 million.

General and administrative expenses, including non-cash stock-based

compensation and one-time non-recurring expenses, were $7.5 million for the year ended December 31, 2023, compared to $6.0 million for

the year ended December 31, 2022, an increase of $1.5 million.

Interest income was $0.6 million for the year ended December 31, 2023,

compared to $0.1 million for the year ended December 31, 2022, an increase of $0.5 million.

About Nuvectis Pharma, Inc.

Nuvectis Pharma, Inc. is a biopharmaceutical company focused on the

development of innovative precision medicines for the treatment of serious conditions of unmet medical need in oncology. The Company is

currently developing two drug candidates, NXP800 and NXP900. NXP800 is an oral small molecule GCN2 activator currently in a Phase 1b clinical

trial for the treatment for platinum resistant, ARID1a-mutated ovarian carcinoma and in an investigator-sponsored clinical trial for the

treatment of cholangiocarcinoma. The U.S. Food and Drug Administration ("FDA") granted Fast Track Designation to the NXP800

development program in platinum resistant, ARID1a-mutated ovarian carcinoma, and Orphan Drug Designation for the treatment of cholangiocarcinoma.

NXP900 is a novel, small molecule SRC/YES1 kinase inhibitor currently undergoing a Phase 1a dose escalation study.

Forward Looking Statements

Certain statements in this press release constitute

"forward-looking statements" within the meaning of the federal securities laws, which statements are subject to substantial

risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking

statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate,"

"believe," "contemplate," "could," "estimate," "expect," "intend," "seek,"

"may," "might," "plan," "potential," "predict," "project," "target,"

"aim," "should," "will," "would," or the negative of these words or other similar expressions,

although not all forward-looking statements contain these words. Forward-looking statements are based on Nuvectis Pharma, Inc.'s current

expectations, estimates, and projections about future events and trends that we believe may affect our business, financial condition,

results of operations, prospects, business strategy, and financial needs. The outcome of the events described in these forward-looking

statements are subject to inherent uncertainties, risks, assumptions, market and other conditions, and other factors that are difficult

to predict and include statements regarding the conclusions and interpretation of preclinical data generated to date for NXP800 and NXP900,

the Phase 1a data generated for NXP800 and the timing and clinical expectations for the NXP800 Phase 1b study, including statements regarding

NXP800's potential ability to become a therapeutic option for the treatment of platinum-resistant, ARID1a-mutated ovarian carcinoma, cholangiocarcinoma

and potentially other cancer indications, and timing of and expectations for the Phase 1a study for NXP900. Further, certain forward-looking

statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are

subject to market and other conditions and described more fully in the section titled "Risk Factors" in our 2022 Form 10-K filed

with the Securities and Exchange Commission ("SEC"). However, these risks are not exhaustive and new risks and uncertainties

emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking

statements contained in this press release or other filings with the SEC. Any forward-looking statements contained in this press release

speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or

revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions

or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safeharbor

for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Chairman, Chief Executive Officer and President

Media Relations Contact:

Christopher M. Calabrese

NUVECTIS PHARMA, INC.

(USD in thousands, except per share and share

NUVECTIS PHARMA, INC.

STATEMENT OF OPERATIONS

(USD in thousands, except per share and share