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•	Clinical Efforts

•	In April, the Company's investigational new drug (IND) application for FLX-787 for patients with ALS became effective, allowing the Company to commence its U.S. Phase 2 clinical trial of FLX-787 in ALS patients who suffer from cramps as a consequence of the disease.

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In its abstract titled, “Chemical Neuro Stimulation by FLX-787, a co-activator of TRPA1/TRPV1, for the Potential Treatment of Cramps, Spasms and Spasticity,” the Company presented human efficacy data from its study in nocturnal leg cramps (NLC) at the American Academy of Neurology (AAN) 69th Annual Meeting in Boston, MA. When a neurologist evaluated, in a blinded manner, subjects likely to have NLC based upon a questionnaire administered after the study was completed, the data from first treatment exposure of these 26 subjects showed a statistically significant effect in the reduction in cramp frequency when compared to placebo (p=0.03).

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New data presented at AAN from a separate study conducted by independent researchers provides genetic validation that the transient receptor potential (TRP) A1 ion channel, the pharmacological target of FLX-787, is linked to human muscle cramp fasciculation syndrome. In the Biller et al. abstract titled “Identification of a novel TRPA1 mutation associated with carbamazepine-responsive cramp-fasciculation syndrome” the authors at NYU and Mount Sinai conclude that their findings “further clarify the functional role of human TRPA1, and underscores the importance of this ion channel as a potential therapeutic target.”

•	Consumer Launch

•	For the quarter ended March 31, 2017, the Company recorded approximately $243,000 in total revenue for its consumer product, HOTSHOT, reflecting the expected impact of seasonality. Launched in June 2016, HOTSHOT is a new 1.7 fluid ounce sports shot that is scientifically proven to prevent and treat muscle cramps by stopping them where they start: at the nerve.

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In March, the journal of Muscle & Nerve published the randomized, placebo-controlled, double-blind study of athletes, conducted by researchers at the esteemed Noll Laboratory at Penn State University. The study shows that targeting TRP channels through activators contained in HOTSHOT was significantly effective at mitigating muscle cramps in a novel volitional cramp model. The published findings from Penn State indicate

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•	In February, Tim Reed, the reigning IRONMAN 70.3® champion, became an official brand ambassador for HOTSHOT. Reed started racing with HOTSHOT a year ago and, in 2016, had the most successful year of his career with wins at the IRONMAN 70.3 Asia Pacific Championship, IRONMAN® Australia and the IRONMAN 70.3 World Championship.

•	Strengthened Leadership Team

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In April, William K. McVicar, Ph.D. joined Flex Pharma as President of Research and Development, bringing approximately 30 years of clinical development experience to the Company. Prior to joining Flex Pharma, Dr. McVicar served as Executive Vice President of Pharmaceutical Development, Chief Scientific Officer, and President during his tenure at Inotek. As Vice President of Development Operations at Sepracor, he oversaw the development, FDA review, and approval of multiple NDAs and SNDAs, including BROVANA®, XOPENEX MDI®, and XOPENEX’s pediatric approval, which were each approved in a single 10-month review cycle. Prior to Sepracor, Dr. McVicar held various positions of increasing responsibility at Sandoz, Novartis and Rhone Poulenc Rorer.

•	Cash Position: As of March 31, 2017, Flex Pharma had cash, cash equivalents and marketable securities of $52.8 million. During the three months ended March 31, 2017, cash, cash equivalents and marketable securities decreased by $8.3 million.

•	Total Revenue: Total revenue for the three months ended March 31, 2017, was approximately $243,000, including approximately $2,000 of other revenue.

•	Cost of Product Revenue: Cost of product revenue for the three months ended March 31, 2017 was approximately $79,000.

•	R&D Expense: Research and development expense for the three months ended March 31, 2017 was $3.9 million. Research and development expense for this quarter primarily included costs associated with the Company’s clinical studies of FLX-787, IND-supporting activities,

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•	SG&A Expense: Selling, general and administrative expense for the three months ended March 31, 2017 was $4.6 million. Selling, general and administrative expense for this quarter primarily included personnel costs (including salaries and stock-based compensation costs), sales, marketing and fulfillment costs related to HOTSHOT, legal costs and external consultant costs.

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Net Loss and Cash Flow: Net loss for the three months ended March 31, 2017 was ($8.3) million, or ($0.49) per share and included $1.2 million of stock compensation expense. As of March 31, 2017, Flex Pharma had 17,029,249 shares of common stock outstanding, which excludes approximately 0.9 million shares of stock that remain subject to vesting. The net loss for the first quarter of 2017 was primarily driven by the Company’s operating expenses related to its research and development efforts, costs associated with HOTSHOT, and general and administrative costs.

•	Jefferies Healthcare Conference, June 6-9, 2017 in New York, NY

•	JMP Securities Life Sciences Conference, June 20-21, 2017 in New York, NY

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(1)

As of March 31, 2017, the Company had issued approximately 5.4 million shares of restricted stock that are subject to vesting. Of these shares, approximately 4.5 million shares had vested at March 31, 2017 and are outstanding for purposes of computing weighted average shares outstanding. The remaining shares will be included in the weighted average share calculation as such shares vest over approximately the next 0.9 years.