PolyPid Provides Corporate Update and Reports Third Quarter 2022 Financial Results Company Intends to Meet with U.S. and EU Regulatory Authorities to Discuss Data from SHIELD I Phase 3 Study and Regulatory Pathway for D-

Provides Corporate Update and Reports Third Quarter 2022 Financial Results

Company Intends to Meet with U.S. and EU Regulatory Authorities to Discuss Data from SHIELD I Phase 3 Study and Regulatory Pathway for D-PLEX100 in First Quarter of 2023

Implemented a Cost Reduction Plan, Including a 20% Decrease in Headcount Across All Departments

Conference Call Scheduled for Today at 8:30 AM ET

TIKVA, Israel, November

Ltd. (Nasdaq: PYPD) (PolyPid or the Company), a late-stage biopharma company aiming to improve

surgical outcomes, today provided a corporate update and reported financial results for the three and nine months ended September 30,

Corporate Highlights:

the top-line results were announced, we have continued to gather and analyze additional data from SHIELD I," stated Dikla

Czaczkes Akselbrad, PolyPid's Chief Executive Officer. "These data have been increasingly

encouraging. While SHIELD I did not meet its primary endpoint, the significant reduction in SSIs in complex surgeries with

large incisions and in high-risk patients, as well as the safety data, are very compelling.

As such, we are in the process of preparing a comprehensive package of D-PLEX100 data for a planned meeting with the U.S.

Food and Drug Administration (FDA). We expect to meet the FDA and EU regulatory authorities regarding the regulatory pathway for D-PLEX100 in

the first quarter of 2023."

parallel to preparing for these important regulatory interactions, we recently implemented a cost reduction plan, including a 20% decrease

in headcount across all departments," continued Ms. Czaczkes

Akselbrad. "We expect that these significant measures will extend our cash runway into the

third quarter of 2023 in support of the Company's long-term growth strategy."

results for three months ended September 30, 2022

results for nine months ended September 30, 2022

Call Dial-In & Webcast Information:

Ltd. (Nasdaq: PYPD) is a late-stage biopharma company aiming to improve surgical outcomes. Through locally administered, controlled,

prolonged-release therapeutics, PolyPid's proprietary PLEX (Polymer-Lipid Encapsulation matriX) technology pairs with Active Pharmaceutical

Ingredients (APIs), enabling precise delivery of drugs at optimal release rates over durations ranging from several days to months. PolyPid's

lead product candidate D-PLEX100 is in Phase 3 clinical trials for the prevention of soft tissue abdominal surgical site

infections. In addition, the Company is currently in preclinical stages to test the efficacy of OncoPLEX for treatment of solid tumors,

beginning with glioblastoma.

press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act

and other securities laws. Words such as "expects," "anticipates," "intends,"

"plans," "believes," "seeks," "estimates" and similar expressions or variations of

such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it

discusses its ongoing clinical trials and the increasing encouragement from data analysis of the SHIELD I study outcome, its

expectation to extend the Company's available cash into the third quarter of 2023, its intention to meet with U.S. and EU

regulatory authorities to discuss data from SHIELD I Phase 3 study and regulatory

pathway for D-PLEX100 in first quarter of 2023 and the potential safety and efficacy of D-PLEX100.

Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and

projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in

good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and

actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking

statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those

expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company,

reference is made to the Company's reports filed from time to time with the Securities and Exchange

Commission ("SEC"), including, but not limited to, the risks detailed in the Company's Annual Report on Form

20-F filed on February 28, 2022. Forward-looking statements speak only as of the date the statements are made. The Company

assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in

assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities

laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make

additional updates with respect thereto or with respect to other forward-looking statements.

and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference

into this press release. PolyPid is not responsible for the contents of third-party websites.

CONDENSED CONSOLIDATED BALANCE SHEETS

accompanying notes are an integral part of the interim condensed consolidated financial statements.

CONDENSED CONSOLIDATED BALANCE SHEETS

dollars in thousands (except share and per share data)

accompanying notes are an integral part of the interim condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

dollars in thousands (except share and per share data)

accompanying notes are an integral part of the interim condensed consolidated financial statements.