Menlo Reports Financial Results for Subsidiary Foamix Pharmaceuticals for Year Ended

Financial Results for Subsidiary Foamix Pharmaceuticals for Year Ended December 31, 2019

Became a Wholly Owned Subsidiary of Menlo Therapeutics Upon Closing of Merger on March 9, 2020

Conference Call and Webcast Scheduled for Thursday, March 12th at 8:30am Eastern Time

BRIDGEWATER, N.J., March 12, 2020 -- Menlo Therapeutics

Inc. (Nasdaq: MNLO) ("Menlo" or the "Company"), a specialty pharmaceutical company focused on developing

and commercializing proprietary therapies to address unmet needs in dermatology, today announced financial results for its wholly-owned

subsidiary, Foamix Pharmaceuticals Ltd. ("Foamix"), for the twelve months ended December 31, 2019 and provided a corporate

update. Menlo and Foamix announced the consummation of their merger transaction on March 9, 2020.

Recent pipeline highlights:

Financial Results for Foamix Pharmaceuticals

for the Year Ended December 31, 2019

following financial results pertain only to Menlo's wholly-owned subsidiary, Foamix Pharmaceuticals Ltd. Foamix Pharmaceuticals

is filing its last Form 10-K this week, and Menlo does not intend to provide separate financial results for Foamix Pharmaceuticals

revenues, consisting primarily of royalties, decreased by $3.2 million, or 89%, from $3.6 million in the year ended December

31, 2018 to $0.4 million in the year ended December 31, 2019, due to the ongoing suspension of the manufacturing and

sales of Finacea by LEO, following inadequate supply of quality-compliant batches of the API used in such product.

and Development Expenses

Research and development expenses

for the year ended December 31, 2019 were $51.2 million, representing a decrease of $13.3 million, or 21%, compared to $64.5 million

for the year ended December 31, 2018. The decrease in research and development expenses resulted primarily from decrease of $21.4

million in clinical trial expenses due to the completion of AMZEEQ and FMX103 clinical trials, offset by an increase of $3.2 million

in consulting expenses, an increase of $2.8 million in payroll and payroll-related expenses due to an increase in headcount and

salaries and an increase of $2.6 million in payments related to the submission of our NDA for FMX103.

General and Administrative Expenses

General and administrative

expenses for the year ended December 31, 2019 were $45.1 million, representing an increase of $31.1 million, or 221%, compared

to $14.0 million for the year ended December 31, 2018. The increase in selling, general and administrative expenses resulted primarily

from an increase of $18.0 million in connection with the pre-commercialization activities, an increase of $5.4 million in payroll

and payroll-related expenses due to an increase in headcount as we built out our sales and marketing organization in preparation

for the AMZEEQ launch, a $3.1 million increase in costs relating to the merger transaction with Menlo and a $2.0 million increase

in other advisor and consulting expenses.

Net loss for the year ended December

31, 2019 was $95.2 million, compared to $74.2 million for the year ended December 31, 2018, an increase of $21.0 million, or 28%.

Cash & Cash Equivalents

At December 31, 2019, Foamix had cash and cash equivalents of

$73.4 million, compared to cash and cash equivalents of $99.4 million at December 31, 2018.

Pro Forma Cash Position for Combined Company

At December 31, 2019, the combined pro forma cash position for

Menlo, assuming the merger transaction with Foamix Pharmaceuticals was completed on December 31, 2019, was approximately $150.5

Conference Call & Webcast

There will be a conference call at

8:30 a.m. Eastern Time on Thursday, March 12th during which management of Menlo will provide a corporate update.

Thursday, March 12th @ 8:30amET

replay of the call will be archived on the Company's website at www.menlotherapeutics.com promptly after the conference call.

Menlo Therapeutics Inc. recently

combined with Foamix Pharmaceuticals Ltd. to form a different type of biopharmaceutical company working to solve some of today's

most difficult therapeutic challenges in dermatology and beyond.

With expertise in topical

medicine innovation as a springboard, the Company is working to develop and commercialize a variety of solutions using its proprietary

Molecule Stabilizing Technology (MST ), and has received FDA approval for the world's first topical minocycline, AMZEEQ

(minocycline) topical foam, 4%. In addition, the Company is focused on the development of serlopitant, a once-daily oral NK1 receptor

antagonist, as a novel potential treatment option for pruritus associated with prurigo nodularis.

For more information about

Menlo or its investigational products, visit www.menlotherapeutics.com. Menlo

may use its website to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor Menlo's

website in addition to following its press releases, filings with the U.S. Securities and Exchange Commission, public conference

calls, and webcasts.

Cautionary Statement Regarding Forward-Looking Statements

This release includes forward-looking statements within

the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding

expectations with respect to the anticipated announcement of results of Menlo's clinical trials for pruritus associated

with prurigo nodularis, statements regarding the development and commercialization of Menlo's products and product

candidates and other statements regarding the future expectations, plans and prospects of Menlo. All statements in this press

release which are not historical facts are forward-looking statements. Any forward-looking statements are based on

Menlo's current knowledge and its present beliefs and expectations regarding possible future events and are subject to

risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those set forth

or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, Menlo's

ability to successfully integrate the two companies; the achievement of certain expected cost synergies; the outcome of any

legal proceedings related to the merger; the outcome and cost of clinical trials for current and future product candidates,

including those for serlopitant; determination by the FDA that results from Menlo's clinical trials are not sufficient

to support registration or marketing approval of product candidates; adverse events associated with the commercialization of

AMZEEQ ; the outcome of pricing, coverage and reimbursement negotiations with third party payors for AMZEEQ or

any other products or product candidates that Menlo may commercialize in the future; whether, and to what extent, third party

payors impose additional requirements before approving AMZEEQ prescription reimbursement; the eligible patient base

and commercial potential of AMZEEQ or any of Menlo's other product or product candidates; risks that

Menlo's intellectual property rights, such as patents, may fail to provide adequate protection, may be challenged and

one or more claims may be revoked or interpreted narrowly or will not be infringed; risks that any of Menlo's patents

may be held to be narrowed, invalid or unenforceable or one or more of Menlo's patent applications may not be granted

and potential competitors may also seek to design around Menlo's granted patents or patent applications; additional

competition in the acne and dermatology markets; inability to raise additional capital on favorable terms or at all;

Menlo's ability to recruit and retain key employees; and Menlo's ability to stay in compliance with applicable

laws, rules and regulations. For a discussion of other risks and uncertainties, and other important factors, any of which

could cause Menlo's actual results to differ from those contained in the forward-looking statements, see the sections

titled "Risk Factors" in (i) Menlo's most recent annual report on Form 10-K, (ii) Foamix's most

recent annual report on Form 10-K and (iii) Menlo's definitive joint proxy statement/prospectus filed with the U.S.

Securities and Exchange Commission under Rule 424(b)(3) on January 7, 2020, as well as discussions of potential risks,

uncertainties, and other important factors in Menlo's subsequent filings with the U.S. Securities and Exchange

Commission. Although Menlo believes these forward-looking statements are reasonable, they speak only as of the date of this

announcement and Menlo undertakes no obligation to update publicly such forward-looking statements to reflect subsequent

events or circumstances, except as otherwise required by law. Given these risks and uncertainties, you should not rely upon

forward-looking statements as predictions of future events.

LifeSci Advisors, LLC

FOAMIX PHARMACEUTICALS LTD.

CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)