Lytix Biopharma AS: GRANT OF SHARE OPTIONS

Oslo, 14. December 2022. The Board of Directors of Lytix Biopharma AS (the "Company") has resolved to grant 1,194,000 share options in the Company ("Options") under the Company's long term incentive program. The following primary insiders of Lytix Biopharma AS have been granted and allocated Options: - Øystein Rekdal, CEO: 420,000 Options - Baldur Sveinbjørnsson, CSO: 100,000 Options - Gjest Breistein, CFO: 67,000 Options - Gry Stensrud, CTO: 67,000 Options The Options are granted without consideration and each Option will upon exercise give the right to acquire one share in the Company. The exercise price of each Option is NOK 8.50, which equals to the closing share price of the Company on Euronext Growth Oslo, the day prior to grant of the Options. The Options will vest gradually pursuant to specific vesting schedules: - 13,000 Options will vest on the date of grant and 37,000 Options will vest with 1/36 on the last day of the 36 following months. - 40,000] Options will vest on 31 January 2023 and 120,000 Options will vest with 1/36 on the last day of the 36 following months. - 246,500 Options will vest 12 months after the date of grant, while the remaining 737,500 Options will vest with 1/36 on the last day of the 36 following months. Vesting of Options is subject to the Option holder being qualified to be part of the Company's long term incentive program at each vesting date. All Options will expire and lapse if not exercised within five years from the date of grant. Please refer to the forms appended hereto for the disclosure of Option grants to primary insiders of the Company. For further information, please contact: Gjest Breistein, CFO Email: gjest.breistein@lytixbiopharma.com Ole Peter Nordby, Head of Communication and Investor Relations Email: ole.peter.nordby@lytixbiopharma.com This announcement is made pursuant to section 5-12 of the Norwegian Securities Trading Act and article 19 of the Market Abuse Regulation.