Unicycive Announces First Quarter 2023 Financial Results and Provides Business Update Closed on previously announced transformational fundraising that included $30 million financing upfront with up to an additional $100

First Quarter 2023 Financial Results and Provides Business Update

on previously announced transformational fundraising that included $30 million financing upfront with up to an additional $100 million

tied to the satisfaction of milestones

progress with plan to file New Drug Application with the U.S. Food and Drug Administration in Q3 2023, with the potential for approval

LOS ALTOS, Calif., May 16, 2023 -- Unicycive

Therapeutics, Inc. (Nasdaq: UNCY) (the "Company" or "Unicycive"), a

clinical-stage biotechnology company developing therapies for patients with kidney disease, today announced its financial results

for the first quarter ended March 31, 2023 and provided a business update.

"The first quarter of 2023 was transformational

for Unicycive and positions us for continued success throughout the balance of the year and beyond as we expect to file our New Drug Application

(NDA) for Renazorb in the third quarter of 2023 and, if approved, plan for its potential commercial launch in 2024, which should

provide additional funding in connection with our recent financing agreement," said Shalabh Gupta, M.D., Chief Executive Officer

"Additionally, we continue to expand

our scientific and clinical body of evidence for both of our product candidates' potential to transform the treatment of acute and

chronic kidney disease. The Unicycive team has presented data from studies of Renazorb and UNI-494 at key renal medical meetings worldwide.

We will continue to share data demonstrating the potential of our lead programs in kidney disease before audiences of the world's

leading nephrologists and believe it may enhance our commercial launch efforts for Renazorb and our development efforts as we advance

our global clinical trials for UNI-494," concluded Dr. Gupta.

Key Highlights of the First Quarter and

Financial Results for the First Quarter

Ended March 31, 2023

Licensing revenues were $0.7 million for the

quarter ended March 31, 2023 due to a licensing agreement executed in February 2023.

Research and development expenses for the

quarter ended March 31, 2023 were $3.0 million, compared to $1.9 million for the same period in 2022. This increase was primarily attributable

to development costs of $1.0 million for product formulation, clinical study, and preclinical study services in the current period. Labor,

consulting, and other costs increased $0.1 million.

General and administrative expenses for the

quarter ended March 31, 2023 were $1.8 million, compared to $1.6 million for the same quarter of 2022. This increase was primarily attributable

to an increase of $0.4 million in consulting and professional services costs. Non-cash stock compensation costs decreased $0.1 million.

Insurance expense for directors and officers decreased $0.2 million, and rent, travel, supplies and other costs increased $0.1 million.

Net loss for the three-month period ended

March 31, 2023 was $14.6 million, or $0.97 per share of common stock, compared to a net loss of $3.5 million, or $0.24 per share of common

stock, for the same three-month period in 2022. This increase was attributable to increased development costs as well as the $10.4 million

change in fair value of warrant liability.

As of March 31, 2023, cash and cash equivalents

totaled $24.3 million compared with $0.5 million in cash and cash equivalents held at December 31, 2022. Following the close of the fourth

quarter ended December 31, 2022, the Company completed a securities purchase agreement with certain healthcare-focused institutional investors

that will provide up to $130.0 million in gross proceeds through a private placement and that included initial upfront funding of $30.0

About Renazorb (lanthanum dioxycarbonate)

Renazorb is an investigational phosphate binding

agent utilizing proprietary nanoparticle technology being developed for the treatment of hyperphosphatemia in patients with chronic kidney

disease (CKD) on dialysis. Renazorb has over forty issued and granted patents globally. Its potential best-in-class profile may have meaningful

patient adherence benefits over currently available treatment options as it requires a smaller and fewer number of pills per dose and

is swallowed instead of chewed. The timing of Renazorb's expected launch coincides favorably with the pending expansion of Medicare

patient access to phosphate binders in 2025 when these products are added to the end stage renal disease (ESRD) PPS through the Center

for Medicare and Medicaid's Transitional Drug Add-On Payment Adjustment ("TDAPA") program. The global market opportunity

for treating hyperphosphatemia is projected to be in excess of $2.5 billion in 2023, with the United States accounting for more than $1

billion of that total. Despite the availability of several FDA-cleared medications, 75 percent of U.S. dialysis patients fail to achieve

the target phosphorus levels recommended by published medical guidelines

UNI-494 is a novel patent-protected drug that

selectively binds to the SUR2B subunit of the mitochondrial KATP channel and activates it to restore mitochondrial function

and reduce oxidative stress. The totality of the data presented so far this year, underscore UNI-494's potential to be safe, reno-protective,

and to have low risk of drug-drug interactions, all of which are important findings for this product candidate as a promising therapeutic

for AKI, a condition for which there are currently no FDA approved therapies.

About Unicycive Therapeutics

Unicycive is focused on two kidney diseases with large unmet medical

needs. We are developing Renazorb, an investigational phosphate binding agent using proprietary nanoparticle technology for the treatment

of patients with hyperphosphatemia. We plan to file a New Drug Application (NDA) for Renazorb with the U.S. Food and Drug Administration

(FDA) mid-year. We are also developing UNI-494, a new chemical entity with a novel mechanism of action that restores mitochondrial function

in acute and chronic diseases. Our initial target for UNI-494 is acute kidney injury (AKI), for which there are currently no FDA-approved

medicines. For more information, please visit www.unicycive.com.

Forward-looking statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities

Litigation Reform Act of 1995. These statements may be identified using words such as "anticipate," "believe," "forecast,"

"estimated" and "intend" or other similar terms or expressions that concern Unicycive's expectations, strategy, plans

or intentions. These forward-looking statements are based on Unicycive's current expectations and actual results could differ materially.

There are several factors that could cause actual events to differ materially from those indicated by such forward-looking statements.

These factors include, but are not limited to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and

results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued

due to unexpected side effects or other safety risks that could preclude approval of our product candidates; risks related to business

interruptions, including the outbreak of COVID-19 coronavirus, which could seriously harm our financial condition and increase our costs

and expenses; dependence on key personnel; substantial competition; uncertainties of patent protection and litigation; dependence upon

third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. Actual results

may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the

uncertainties related to market conditions and other factors described more fully in the section entitled Risk Factors' in

Unicycive's Annual Report on Form 10-K for the year ended December 31, 2022, and other periodic reports filed with the Securities

and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Unicycive

specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or

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