Mr. Bill Adams reports

NERVGEN ANNOUNCES "AT-THE-MARKET" EQUITY PROGRAM

Nervgen Pharma Corp. has established an at-the-market equity program (the ATM program) that allows the company to issue and sell common shares in the capital of the company to the public from time to time through Stifel Nicolaus Canada Inc., at the company's discretion and subject to regulatory requirements. All common shares issued under the ATM program will be sold in transactions that are deemed to be at-the-market distributions as defined in National Instrument 44-102 -- Shelf Distributions. All common shares sold under the ATM program will be sold through the TSX Venture Exchange or any other recognized marketplace upon which the common shares are listed, quoted or otherwise traded in Canada at the prevailing market price at the time of sale. As common shares distributed under the ATM program will be issued and sold at the prevailing market prices at the time of their sale, prices may vary among purchasers and during the period of distribution.

The ATM program provides the company with enhanced flexibility should future additional financing be required, and it may be activated if and as deemed appropriate. The volume and timing of distributions under the ATM program, if any, will be determined in the company's sole discretion and in accordance with the terms and conditions of an equity distribution agreement, dated Dec. 19, 2024, between the company and the agent. The company is not obligated to make any sales of common shares under the ATM program and is limited to sell up to $30-million in common shares.

The company currently intends to use the net proceeds from the ATM program, to the extent raised, principally for general corporate purposes (including funding ongoing operations and/or working capital requirements), to repay indebtedness outstanding from time to time, to finance research and development, intellectual property development, preclinical and clinical expenses and potential future acquisitions, or other corporate purposes.

Pursuant to the distribution agreement, the ATM program will terminate upon the earlier of: (i) Dec. 19, 2026, (ii) the issuance and sale of all of the common shares issuable pursuant to the ATM program, or (iii) the termination of the distribution agreement by either the company or the agent. The company will pay the agent a fee from the sale of common shares under the ATM program as further described in a prospectus supplement dated Dec. 19, 2024, to the company's final short form base shelf prospectus filed in all of the provinces and territories of Canada, dated Nov. 25, 2024.

The offering of common shares under the ATM program is qualified by the prospectus supplement to the shelf prospectus. Copies of the distribution agreement, the prospectus supplement and the shelf prospectus are available on the company's profile on SEDAR+. Alternatively, copies of the distribution agreement, the prospectus supplement and the shelf prospectus may be obtained upon request, without charge, by contacting the agent at: 161 Bay St., suite 3800, Toronto, Ont., M5J 2S1, or by e-mail at ecmcanada@stifel.com.

About Nervgen Pharma Corp.

Nervgen is a clinical-stage biotechnology company dedicated to developing innovative treatments that enable the nervous system to repair in the settings of traumatic injury and disease. Nervgen's lead drug candidate, NVG-291, is being evaluated in a phase 1b/2a clinical trial in the company's initial target indication -- spinal cord injury. The company has initiated preclinical evaluation of a new development candidate, NVG-300, in models of ischemic stroke, amyotrophic lateral sclerosis (ALS) and spinal cord injury.

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