Tryp Therapeutics : Interim Financial Report

TRYP THERAPEUTICS INC.

Condensed Interim Consolidated Financial Statements

(Unaudited and Expressed in Canadian dollars)

For the three and six months ended February 28, 2022

TRYP THERAPEUTICS INC.
INDEX	Page
Management's Responsibility for Financial Reporting
Financial Statements	1
Condensed Interim Consolidated Statements of Financial Position	2
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss	3
Condensed Interim Consolidated Statements of Cash Flows	4
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity	5
Notes to the Condensed Interim Consolidated Financial Statements	6-15

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The condensed interim consolidated financial statements of Tryp Therapeutics Inc. (the "Company") are the responsibility of the Company's management. The condensed interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and reflect management's best estimates and judgments based on information currently available.

The Board of Directors is responsible for ensuring that management fulfills its responsibilities. The Audit Committee reviews the results of the annual audit and reviews the condensed interim consolidated financial statements prior to their submission to the Board of Directors for approval.

The condensed interim consolidated financial statements as at February 28, 2022, and for the periods ended February 28, 2022 and 2021, have not been audited or reviewed by the Company's independent auditors.

TRYP THERAPEUTICS INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at February 28, 2022 and August 31, 2021

(unaudited, expressed in Canadian dollars)

Notes

February 28, 2022

August 31, 2021

ASSETS

Current

Other receivables Total Current Assets

Cash and cash equivalents Prepaids and advances 4

666,105 $ 715,490 1,016,858 2,398,453

3,692,271 369,166 21,775 4,083,212

Non-Current

Intangible assets Total Assets

5

24,964

4,108,176

LIABILITIES AND SHAREHOLDERS' EQUITY Current

Trade and other payables Total Liabilities

6

1,578,163 $ 1,578,163

185,362 185,362

Shareholders' Equity Share capital Contributed surplus Accumulated deficit

7 7,8

10,738,607 2,642,318 (12,466,738)

Total Shareholders' Equity

9,691,644 2,908,496 (8,677,326) 3,922,814

Total Liabilities and Shareholders' Equity

4,108,176

Nature of operations and going concern (note 1)

Subsequent Events (note 13)

Approved on behalf of the Board of Directors:

"Peter Molloy" (signed)

"Gage Jull" (signed)

Director

Director

The accompanying notes are an integral part of these condensed interim consolidated financial statements

TRYP THERAPEUTICS INC.

CONDENSED INTERIM CONSOLIDATED STATEMENT OF LOSS AND COMPREHENSIVE LOSS For the three and six months ended February 28,

(unaudited, expressed in Canadian dollars)

Three months Six months Six months ended

February 28,

Notes

2022

Three months ended February 28, 2021

ended February 28, 2022

ended February 28, 2021

General and administration Directors' fees

9

723,735 $

1,017,885

Research and development Share-based payments Total expenses

10 8

70,000

26,472

70,000

93,259

616,744

779,147

1,436,951

1,960,291

Other income and expenses

Interest income

Foreign exchange loss Impairment of intangible assets Net loss and comprehensive loss

5

(1,223) 11,266- 1,558,979

(3,218)

- 956,360 2,390,093

(3,218)

- 956,360 2,913,433

Loss per share for the period- basic and diluted

(0.08)

$$$$

(0.05)

(0.06)

Weighted average number of shares outstanding

60,650,86348,351,81560,650,86348,251,815

The accompanying notes are an integral part of these condensed interim consolidated financial statements