Aequus Provides Update on Delay in Filing Annual Financial Statements

Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) (“

Aequus

” or the “

Company

”) announces that further to its news release on May 6, 2022, the filing of its audited annual financial statements for the fiscal year ended December 31, 2021 and its management’s discussion and analysis relating to the Annual Financial Statements (collectively, the “

Annual Disclosure

”) continues to be delayed.

Doug Janzen, CEO and Director commented that “This situation remains incredibly frustrating for us as the delay resulted from events outside of our control, including the requirement for the collection of confidential information from our partners which was previously not required during audit. Our commercial partners have now provided the requested information and we expect to be able to publicly file the financials early next week so that the Cease Trade Order can then be lifted. This issue has nothing to do with our accounting policies or procedures.”

The Company now hopes to file the Annual Disclosure with its quarterly disclosure by Monday May 30, 2022, and intends to provide updates on further developments in respect of this matter promptly following their occurrence. About Aequus Pharmaceuticals Inc.

Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) is a growing specialty pharmaceutical company focused on developing and commercializing high quality, differentiated products. Aequus has grown its sales and marketing efforts to include several commercial products in ophthalmology and transplant. Aequus plans to build on its Canadian commercial platform through the launch of additional products that are either created internally or brought in through an acquisition or license; remaining focused on highly specialized therapeutic areas. For further information, please visit www.aequuspharma.ca.

Forward-Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward- looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements include but are not limited to statements relating to: the completion of the Company’s audit; that the cease trade order will be lifted; the completion and anticipated filing date of the Annual Disclosure;. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Aequus, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward looking statements included in this release, the Company has made various material assumptions. In evaluating forward looking statements, current and prospective shareholders should specifically consider various factors set out herein and under the heading “Risk Factors” in the Company’s final short-form prospectus dated November 5, 2021, and annual information form dated April 30, 2021, copies of which are available on Aequus’ profile on the SEDAR website at www.sedar.com, and as otherwise disclosed from time to time on Aequus’ SEDAR profile. Should one or more of these risks or uncertainties, or a risk that is not currently known to us materialize, or should assumptions underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by applicable securities laws. Investors are cautioned that forward-looking statements are not guarantees of future performance and are inherently uncertain. Accordingly, investors are cautioned not to put undue reliance on forward looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:

Aequus Investor RelationsEmail: [e-mail]: 604-336-7906