Enveric Biosciences Presents Data Highlighting Development of EB-003 at European Behavioral Pharmacology Society Biennial Workshop

Selection of EB-003 based on research indicating its non-hallucinogenic, anxiolytic and anti-depressant properties

Enveric Biosciences (NASDAQ:ENVB) ("Enveric" or the "Company"), a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders, today announced that it is presenting research describing the Company's identification of EB-003 as its lead development candidate based on preclinical data suggesting the compound exhibits promising anxiolytic and anti-depressant properties without inducing hallucinations, a favorable profile compared with other analogs of N,N-Dimethyltryptamine (DMT). The poster is being presented by Peter Facchini, Ph.D. Chief Innovation Officer of Enveric at the European Behavioral Pharmacology Society Biennial Workshop being held in Banff, Alberta, Canada on September 26, 2024.

The presentation titled, "Semi-systematic series of DMT analogs for exploring relationships between hallucination, neuroplastigenicity, and positive behavioural outcomes in mice," describes the methodology used by Enveric to select EB-003 from a series of 3D-designed analogs based on behavioral outcomes in mouse models for anxiety and depression. The presentation highlights key measures of responses in mice including head twitch response (HTR), which is a behavioral proxy in rodents for human hallucinogenic effects, as well as outcomes of marble burying and sucrose preference, widely used models for anxiety and depression, respectively. These findings provide evidence of beneficial neuroplastogenic responses that are non-hallucinogenic in animal models.

"The European Behavioral Pharmacology Society's Biennial Workshop is an important meeting of researchers dedicated to bringing cutting-edge pharmacology-based interventions for substance use and related mental health disorders to the forefront of medicine," said Dr. Facchini. "I am proud to be presenting our team's latest findings on EB-003 to the research community, and we look forward to building upon our continued efforts to move EB-003 to clinical trials."

Enveric recently announced preclinical data confirming the oral bioavailability of EB-003 and its ability to produce brain exposure at therapeutically relevant levels. Enveric expects to file an Investigational New Drug (IND) application for EB-003 by the third quarter of 2025 and initiate clinical development by the end of 2025.

About Enveric Biosciences

Enveric Biosciences (NASDAQ:ENVB) is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, Psybrary™, Enveric has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. Enveric's lead program, EB-003, is a first-in-class approach to the treatment of difficult-to-address mental health disorders designed to promote neuroplasticity without inducing hallucinations in the patient. Enveric is also developing EB-002, a next generation synthetic prodrug of the active metabolite, psilocin, being studied as a treatment for psychiatric disorders. Enveric is headquartered in Naples, FL with offices in Cambridge, MA and Calgary, AB Canada. For more information, please visit www.enveric.com.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "proposes," " "budgets," "schedules," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," or "believes," or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, should, would, or might occur or be achieved. Forward-looking statements may include statements regarding beliefs, plans, expectations, or intentions regarding the future and are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the ability of Enveric to: negotiate and finalize definitive agreements based on any of its out-licensing term sheets and perform pursuant to the terms thereof; carry out successful clinical programs; achieve the value creation contemplated by technical developments; avoid delays in planned clinical trials; establish that potential products are efficacious or safe in preclinical or clinical trials; establish or maintain collaborations for the development of therapeutic candidates; obtain appropriate or necessary governmental approvals to market potential products; obtain future funding for product development and working capital on commercially reasonable terms; scale-up manufacture of product candidates; respond to changes in the size and nature of competitors; hire and retain key executives and scientists; secure and enforce legal rights related to Enveric's products, including patent protection; identify and pursue alternative routes to capture value from its research and development pipeline assets; continue as a going concern; and manage its future growth effectively.

A discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric's filings with the Securities and Exchange Commission, including Enveric's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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