Analyst Coverage

Firm Analyst
JMP Securities
Donald Ellis Pharm.D.
Piper Jaffray & Co.
David Amsellem
H.C. Wainwright & Co.
Oren Livnat

Novan Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Novan Inc.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Novan Inc. or its management. Novan Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.