Tryp Therapeutics Files Amended Financial Statements for the Six Months Ended February 29, 2024

Kelowna, British Columbia--(Newsfile Corp. - May 17, 2024) - Tryp Therapeutics, Inc. (CSE: TRYP) ("Tryp" or the "Company") announces, that it has filed amended financial statements for the six months ended February 29, 2024 (the "Financial Statements"), along with the corresponding Management Discussion & Analysis (the "MD&A"). The amendments to the financial statements resulted from a review of the financial statements conducted in May 2024 by the Company's auditors.

Amendments to the Financial Statements are summarized in the following table:

1. The share based compensation expense change primarily related to a changing the stock option valuation model to a Monte Carlo simulation model that better reflects vesting terms based on the probabiliies of completing a minimum financing amount and of achieving multiple share price appreciation thresholds.
2. The convertible debenture liability and related expenses were overstated, which resulted in the amendment to reduce the liability and expense by $189,845.
3. Additional accrued expenses resulted from an increase in the estimated FY2023 audit fees and the Q2 review fees not previously anticipated ($28,592) and the correction for three vendor invoices previously omitted.

The notes to the Financial Statements and the MD&A have been updated to reflect the amendments noted above. The Company's accounting and internal review processes will be modified to improve future financial reporting.

About Tryp

On May 1, 2024, Tryp to announce dthat completion of the previously announced plan of arrangement (the "Arrangement"), whereby Exopharm Limited ("Exopharm") acquired Tryp in an all stock transaction by way of court-approved plan of arrangement under the Business Corporations Act (British Columbia). With the completion of the Arrangement, the Tryp Shares are expected to be de-listed from the Canadian Securities Exchange and to cease trading on the OTCQB Venture Market on the close of markets on or around May 1, 2024. The Company also anticipates applying to cease to be a reporting issuer under applicable Canadian securities laws.

The Exopharm Shares are expected to commence trading on the Australian Securities Exchange under the name "Tryptamine Therapeutics Limited" and the ticker symbol "TYP" on or around May 23, 2024.

Tryp, operating as Tryptamine Therapeutics Limited going forward, is a clinical-stage biotechnology company focused on developing proprietary, novel formulations for the administration of psilocin in combination with psychotherapy to treat diseases with unmet medical needs. Tryp's lead program, TRP-8803, is a proprietary formulation of IV-infused psilocin (the active metabolite of psilocybin) that alleviates numerous shortcomings of oral psilocybin including: significantly reducing the time to onset of the psychedelic state, controlling the depth and duration of the psychedelic experience, and reducing the overall duration of the intervention to a commercially feasible timeframe. The Company has completed a Phase 2a clinical trial for the treatment of binge eating disorder at the University of Florida, which demonstrated an average reduction in binge eating episodes of greater than 80%. The Company also recently announced commencement of patient dosing in a Phase 2a clinical trial for the treatment of fibromyalgia in collaboration with the University of Michigan and is preparing to initiate a Phase 2a clinical trial in collaboration with Massachusetts General Hospital for the treatment of abdominal pain and visceral tenderness in patients suffering from irritable bowel syndrome. Each of the studies is utilizing TRP-8802 (synthetic, oral psilocybin) to demonstrate clinical benefit in these indications. Where a positive clinical response is demonstrated, subsequent studies are expected to utilize TRP-8803 (IV-infused psilocin), which has the potential to further improve efficacy, safety, and patient experience. For more information, please visit www.tryptherapeutics.com.

Investor & Media Contact

Peter Molloy
Chief Business Officer
Tryp Therapeutics Inc.

pmolloy@tryptherapeutics.com

Forward-Looking Information

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively referred to herein as "forward-looking statements"). The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements in this press release include statements concerning the halt in trading and delisting of the Tryp Shares from the CSE, the listing of and commencement of trading of the combined company's shares on the ASX and all other statements that are not historical in nature. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Tryp to control or predict, that may cause Tryp's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out in the filings available for review on the Company's profile at www.sedarplus.ca. Such forward-looking statements represent management's best judgment based on information currently available. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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