Nuvectis Pharma, Inc. Reports Second Quarter 2023 Financial Results and Business Highlights The Phase 1b study of NXP800 in patients with platinum resistant, ARID1a-mutated ovarian carcinoma is ongoing NXP900 IND cleared

Nuvectis Pharma, Inc. Reports Second Quarter

2023 Financial Results and Business Highlights

August 9, 2023, 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 second quarter 2023 and provided an update on recent pipeline progress.

Bentsur, Chairman and Chief Executive Officer of Nuvectis, commented, "During the second quarter, we made significant progress on

our NXP800 and NXP900 development programs. For NXP800, we initiated our single-arm, open-label, Phase 1b clinical trial in patients

with platinum resistant, ARID1a-mutated ovarian carcinoma and the study is ongoing. We expect to have a preliminary data update

from the Phase 1b in the first quarter of 2024." Mr. Bentsur continued, "Moreover, data generated in several preclinical cancer

models support the expansion of the NXP800 clinical program into additional potential target indications, such as cholangiocarcinoma."

With respect to the NXP900 program, Mr. Bentsur added, "For NXP900,

the Investigational New Drug ("IND") application was cleared by the US Food and Drug Administration ("FDA"), and

we expect to initiate the Phase 1a dose escalation study this quarter." Mr. Bentsur concluded, "Finally, we have significantly

strengthened our financial position, ending the quarter with approximately $24.6 million in cash. We expect this will enable us to support

planned operations into H1 2025."

Second Quarter 2023 Financial Results

Cash, cash equivalents, and short-term investments were $24.6 million

as of June 30, 2023, compared to $20.0 million as of December 31, 2022. The increase of $4.6 million was primarily a result of the exercise

of warrants from the July 2022 private investment in public equity ("PIPE") transaction.

Research and Development (R&D) expenses were $4.3 million for

the three months ended June 30, 2023, compared to $2.5 million for the three months ended June 30, 2022. The increase of $1.8 million

in R&D expenses was primarily attributed to non-cash expenses related to stock-based compensation and manufacturing costs. R&D

expenses for the three months ended June 30, 2023 included $0.6 million in non-cash expenses related to stock-based compensation and

$0.9 million in one-time research support and milestone payments in connection with the NXP800 and NXP900 license agreements.

General and Administrative (G&A) expenses were $1.5 million for

the three months ended June 30, 2023, compared to $1.1 million for the three months ended June 30, 2022, an increase of $0.4 million.

G&A expenses for the three months ended June 30, 2023 included $0.4 million in non-cash expenses related to stock-based compensation.

The Company's net loss was $5.7 million for the three months ended

June 30, 2023, compared to $3.6 million for the three months ended June 30, 2022, an increase of $2.1 million. The net loss for the three

months ended June 30, 2023 included $1.0 million in non-cash expenses related to stock-based compensation and $0.9 million in one-time

payments in connection with the NXP800 and NXP900 license agreements.

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 in a Phase 1b clinical trial for the

treatment of platinum resistant, ARID1a-mutated ovarian carcinoma, a development program that was granted Fast Track Designation by the

US FDA. NXP900 is a novel, small molecule SRC/YES1 kinase inhibitor. The IND has been cleared by the FDA and a Phase 1a dose escalation

study is expected to begin in Q3 2023.

Forward Looking Statements

This press release contains "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," "set to," 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 and timing

of operations, including clinical trials, 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 preclinical data generated to date for NXP800 and NXP900, the Phase

1a data generated and the Phase 1b clinical expectations for NXP800, including the safety, tolerability and other observations from the

NXP800 Phase 1a study and timing, and safety, tolerability and efficacy data from 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 and

potentially other cancer indications, and timing for the commencement of 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 safe harbor

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

Chief Executive Officer and President

Media Relations Contact

NUVECTIS PHARMA, INC.

CONDENSED BALANCE SHEETS

(USD in thousands, except per share and share

The accompanying notes are

an integral part of these unaudited condensed financial statements.

NUVECTIS PHARMA, INC.

CONDENSED STATEMENTS OF OPERATIONS

(USD in thousands, except per share and share