Mr. Allen Davidoff reports

XORTX ANNOUNCES US ATM OFFERING

XORTX Therapeutics Inc. has entered into an at-the-market offering agreement with H.C. Wainwright & Co. LLC, pursuant to which the company, at its discretion, may offer and sell, from time to time, through Wainwright, common shares without par value having an aggregate offering price of up to $3,701,931 (U.S.). A cash commission of 3 per cent on the aggregate gross proceeds raised under the ATM offering will be paid to Wainwright in connection with its services.

The ATM offering is being made in the United States pursuant to a registration statement on Form F-3 (file No. 333-269429) filed under the Securities Act of 1933, as amended, with the Securities and Exchange Commission (SEC), and declared effective on Feb. 3, 2023, and the related prospectus dated Feb. 3, 2023, and the prospectus supplement dated Nov. 29, 2023, filed with the commission.

Sales of shares under the prospectus will be made in transactions that are deemed to be at-the-market offering as defined in Rule 415(a)(4) promulgated under the Securities Act, including sales made directly on or through the Nasdaq Stock Market LLC. The shares will be distributed at the market prices prevailing at the time of sale. As a result, prices may vary as between purchasers and during the period of distribution. No shares in the ATM offering will be sold on the TSX Venture Exchange or any other trading market in Canada.

If XORTX chooses to sell shares under the ATM offering, the company intends to use the net proceeds of the ATM offering for working capital and for other general corporate purposes.

You can review the company's SEC filings, the registration statement and the prospectus on the SEC's website or on the company's website, through which you can access the company's SEC filings.

About XORTX Therapeutics Inc.

XORTX is a pharmaceutical company with two clinically advanced products in development: (1) its lead XRx-008 program for ADPKD; and (2) its 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. XORTX is dedicated to developing medications to improve the quality of life and future health of patients with kidney disease.

We seek Safe Harbor.