2. KemPharm Partnered Assets — Potential for Near and Long - Term Value KemPharm Current Development Pipeline Recent News  KemPharm Announces U.S. Launch of Innovative ADHD Treatment AZSTARYS™ (serdexmethylphenidate and dexmethylphenidate capsules) by Corium, Inc.  Kempharm to be added to Russell 2000 and 3000 indexes effective June 28, 2021.  Kempharm executives to participate in panel discussions during upcoming Jun e 2021 conference.  Kempharm announced that six U.S. patents governing serdexmethylphenidate (SDX), Kem Pharm ’ s prodrug of d - methylphenidate (d - MPH), and AZSTARYS ™, are now listed in the U.S. Food and Drug Administration (FDA) publication.  Kempharm reported its financial results for the first quarter ended March 31, 2021.

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3. Management Travis C. Mickle, Ph.D.—President, CEO, and Board C hairman; Co - Founder Dr. Mickle co - founded KemPharm Inc. in 2006 with the discovery of the company ’ s LAT ™ (Ligand Activated Therapy) prodrug technology. As President, Chief Executive Officer and Chairman of the Board he over sees KemPharm ’ s business and scientific strategy and is instrumental in the ongoing development of t he company ’ s pipeline of proprietary prodrugs. Prior to founding KemPharm, Dr. Mickle served as Director of Drug Discovery and CMC at New River Pharmaceuticals where he was the principal inventor of Vyvans e®, a prodrug of amphetamine for the treatment of attention deficit hyperactivity disorder (AD HD). Today, Vyvanse is the branded market share leader in the estimated $15 billion plus ADHD market. The succes s of Vyvanse along with a robust pipeline of prodrugs targeting ADHD, pain and thyroid dysfunctions, which Dr. Mickle was responsibl e for creating, led to New River Pharmaceuticals being acquired by Shire Pharmaceutica ls, PLC for $2.6 billion. During his career, Dr. Mickle has been granted 44 US patents, 21 EP (Europe) patents and has authored more than 100 patent applications US and worldwide, primarily focused on abuse - deterrent prodrugs in pain management and mental health, including multiple patents for prodrugs of hydrocodone and methyphendiate. R. LaDuane Clifton, CPA—Chief Financial Officer, Secretary and Treasurer As Chief Financial Officer, Secretary and Treasurer, Mr. Clifton is responsible for the c ompany ’ s financial, operating and compliance activities. Mr. Clifton brings to KemPharm significa nt public company experience, along with expertise in managed care contracting and strategic leadership covering operations, compliance, investor relations and business development. Prior to joining KemPharm, Mr. Clifton served as the Chie f Financial Officer, Secretary and Treasurer of The LGL Group, Inc., a publicly - held global producer of highly - engineered electronic components and services. Mr. Clifton also previously served as the Chief Financial Officer of a21, Inc., a publicly - held holding company with businesses in stock photography and the online retail and manufact ure of framed art, as well as a variety of finance, medical cost analysis, and managed care provider contracting roles with Aetna, Inc. Sven Guenther, Ph.D.—Executive Vice President, Research and Development As Executive Vice President of Research and Development, Dr. Guenther leads KemPharm ’ s research team and plays a central role in the advancement of the company ’ s pipeline of NME prodrugs and the development of new products that utilize KemPharm ’ s proprietary LAT ™ discovery technology to improve one or more of the attributes of approved drugs. Prior to joining KemPharm, Dr. Guenther served as a research scientist for New Ri ver Pharmaceuticals, where he was part of the development team for Vyvanse®. He is an i nventor on a number of patents and patent applications and author of several research papers. Christal M.M. Mickle—Vice President, Operations and Product Development; Co - Founder Ms. Mickle co - founded KemPharm Inc. in 2006 and has held a variety of positions at the company including V ice President and Group Leader, Secretary, Vice President of Corporate Affairs and her current posi tion as Vice President Operations and Product Development. Since KemPharm ’ s inception, Ms. Mickle has played an integral part in the start - up and ongoing growth and operations of the company. Today, as Vice President Operations and Product Development, Ms. Mickle oversees the development of each of KemPharm ’ s products through strategic collaboration across the various drug development disciplines including clinical, r egulatory, non - clinical, and manufacturing enabling efficient use of funds and the ability to meet timelines and milestones. Prior to founding KemPharm, she served as a Research Associate for New River Pharmaceuticals preparing c ompounds in the areas of ADHD, pain, and thyroid dysfunctions for further study. Ms. Mickle received her M.A. degree from the University of Virginia and her B.A. and B.S. degrees from Virginia Polytechnic Institute and State University. www.kempharm.com

1. A C O R N M A N A G E M E N T P A R T N E R S , L L C Pharmaceuticals Technology For More Information: “ Call AMP ” Brandon Bouysou 678 - 736 - 5685 KemPharm.com KemPharm Inc. (NASD: KMPH) is a clinical - stage specialty pharmaceutical company engaged in the discovery and development of proprietary prodrugs that are designed to be improved versions of widely prescribed and FDA approved drugs. KemPharm has employed its LAT ™ technology to create a diverse pipeline of prodrug therapeutics that target large market opportunities in pain, attention deficit hyperactivity disorder (ADHD) and other central nervous system indications. KemPharm has already received FDA approval for its prodrug product, APADAZ®. LAT ™ Technology KemPharm ’ s strategy is to employ its LAT ™ (Ligand Activated Therapy) technology to discover and develop prodrugs that are new molecules that can improve one or more of the attributes of approved drugs, such as susceptibility to abuse, bioavailability and safety. Elegant in design and utilization, the LAT ™ technology has been proven effective for over a decade in numerous clinical and preclinical trials. LAT ™ technology has demonstrated the ability to improve the attributes of approved drugs and allows the company to develop prodrugs that may be eligible to use the 505(b)(2) NDA pathway. Additionally, the ligands typically used have been demonstrated to be safe in toxicological studies or have been granted Generally Recognized as Safe (GRAS) status by the FDA. KemPharm continues to employ its LAT ™ technology to create a portfolio of product candidates that potentially offer significant improvements over FDA - approved and widely prescribed drugs. Company Highlights  Product License Agreements— Under the terms of the amended License Agreement, KemPharm is now eligible to receive a total of up to $590 million in future regulatory and sales milestone payments for AZSTARYS, as well as tiered royalty payments on a product - by - product basis for net sales. Royalty rates range, on a product - by - product basis, from a percentage in the high single digits up to the mid - twenties for U.S. net sales, and a percentage in the low to mid - single digits of net sales in each country outside of the U.S.  Product Pipeline Expectations— On May 7, 2021 Kempharm announced that serdexmethylphenidate (SDX), KemPharm ’ s proprietary prodrug of d - methylphenidate (d - MPH) and the primary active pharmaceutical ingredient (API) in AZSTARYS ™, has been classified as a Schedule IV controlled substance by the U.S. Drug Enforcement Administration (DEA). Per the License Agreement, as amended, with an affiliate of Gurnet Point Capital (GPC), KemPharm has earned a $10 million milestone payment which is payable within 30 days following the scheduling determination of SDX by the DEA.  Financial Position —The successful completion of this series of transactions, culminating in aggregate gross proceeds of approximately $94 million, has allowed the Company to regain its listing on The Nasdaq Capital Market, created the opportunity to eliminate all of the Company ’ s debt, and has provided a substantial amount of new capital to propel the Company ’ s efforts to create shareholder value.  LAT ™ Technology— Applicable across many therapeutic areas and already proven to produce and improve FDA - approved products. AMP Quick Facts KemPharm Inc. (NASD: KMPH) August 2 0 2 1 NASD: KMPH Price: $ 10.00 8 / 02 /21 Fiscal Yr: 12/31 Market Cap: $ 350.46 Cash on Hand: $ 120M Revenue: $ 12.1M Shares Out: 33.89M Float: ~ 2 5M Avg Volume: 830,000 Employees: 22