Mr. Allen Davidoff reports

XORTX ANNOUNCES CLOSING OF US$5 MILLION PUBLIC OFFERING

XORTX Therapeutics Inc. has closed its previously announced public offering of 2,659,574 common shares or common shares equivalents in lieu thereof (prefinanced warrants) at a purchase price of $1.88 (U.S.).

In connection with the offering, the company entered into definitive securities purchase agreements with purchasers to which the company has issued 183,577 common shares and 2,475,997 prefinanced warrants. Each prefinanced warrant will entitle the holder to acquire one common share at an exercise price of 0.01 cent per share.

The gross proceeds from the offering were $5-million (U.S.), before deducting placement agent fees and other offering expenses payable by the company. The company intends to use the net proceeds from the offering for working capital and general corporate purposes, including investor relations related activities. The closing of the offering remains subject to the final approval of the TSX Venture Exchange.

E.F. Hutton & Co. acted as exclusive placement agent for the offering and was paid a cash commission of $200,000 (U.S.), representing a 4-per-cent commission.

The common shares (and prefinanced warrants in lieu thereof) were issued pursuant to a registration statement on Form F-1 (file No. 333-290512), which was declared effective by the U.S. Securities and Exchange Commission (the SEC) on May 13, 2026. The offering was made only by means of the prospectus forming part of the effective registration statement relating to the offering. A final prospectus relating to the offering has been filed with the SEC. Copies of the final prospectus relating to the offering may be obtained by contacting E.F. Hutton & Co., 745 Fifth Ave., 34th floor, and PH, New York, N.Y., 10151, or by e-mail at efhcapitalmarkets@efhutton.com.

A portion of the proceeds of the offering, in an amount equal to $2.5-million (U.S.), will be paid to IR Agency LLC for marketing and advertising services to communicate information about XORTX to the financial community, including but not limited to, creating company profiles, media distribution and building digital community with respect to XORTX. IR Agency LLC operates out of Newark, N.J., and is an arm's-length party to XORTX prohibited from acquiring interest in XORTX.

About XORTX Therapeutics Inc.

XORTX is a pharmaceutical company with three clinically advanced products in development: 1) the company's lead program XRx-026 program for the treatment of gout; 2) XRx-008 program for ADPKD; and 3) XRx-101 for acute kidney and other acute organ injury associated with respiratory virus infections. In addition, the company is developing XRx-225, a preclinical stage program for Type 2 diabetic nephropathy and recently acquired VB4-P5 program, which is currently at the pre-IND stage of development and targets both rare and prevalent forms of kidney disease. XORTX is working to advance 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 that improve the quality of life and health of individuals with gout and other important diseases.

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