Mr. Allen Davidoff reports

XORTX CLARIFIES TIMING FOR SHARE CONSOLIDATION

Further to its press release of Nov. 8, 2023, the consolidation of XORTX Therapeutics Inc.'s common shares on the basis of one postconsolidation share for every nine preconsolidation shares will now be undertaken today, with the shares expected to begin trading on a postconsolidation basis on the TSX Venture Exchange and the Nasdaq Capital Market when markets open on or about Tuesday, Nov. 14, 2023.

The shares will continue to trade on the TSX-V and Nasdaq under the symbol XRTX on a postconsolidation basis, under a new Cusip number -- 98420Q306. The consolidation has been approved by the TSX-V and follows approval of a consolidation of the shares on the basis of a range of up to nine preconsolidation shares for every one postconsolidation share at the special meeting of shareholders of the company held on Oct. 27, 2023. As a result of the consolidation, the number of issued and outstanding shares will be reduced from 17,989,687 to approximately 1,998,854, subject to adjustment for rounding. No fractional shares will be issued in connection with the consolidation.

If a holder of shares would otherwise be entitled to a fraction of a share, then the number of postconsolidation shares issuable to such shareholder shall be rounded down to the next lower whole number. No cash consideration will be paid in respect of fractional shares. The exercise or conversion price and/or the number of shares issuable under any of the company's outstanding convertible securities will be proportionately adjusted in connection with the consolidation.

Shareholders of record as of the effective date will receive a letter of transmittal from TSX Trust Company, the transfer agent for the shares, providing instructions for the exchange of their shares as soon as practicable following the effective date. Until surrendered, each share certificate representing preconsolidation shares will represent the number of whole postconsolidation shares to which the holder is entitled as a result of the consolidation.

About XORTX Therapeutics Inc.

XORTX is a pharmaceutical company with two clinically advanced products in development: (1) the company's lead XRx-008 program for ADPKD (autosomal dominant polycystic kidney disease); and (2) the company's secondary program in XRx-101 for acute kidney and other acute organ injury associated with respiratory viral infection. In addition, XRx-225 is a preclinical-stage program for Type 2 diabetic nephropathy. XORTX is working to advance its clinical-development-stage products that target aberrant purine metabolism and xanthine oxidase to decrease or inhibit production of uric acid. At XORTX, the company is dedicated to developing medications to improve the quality of life and future health of patients with kidney disease.

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