Exhibit 99.1 Corporate Overview January 2021 1Exhibit 99.1 Corporate Overview January 2021 1

Forward Looking Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words anticipate , believe , could , estimate , expect , intend , may , plan , predict , project , will and similar terms and phrases may be used to identify forward-looking statements in this presentation. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. These forward-looking statements are subject to risks and uncertainties including, among other things, the ongoing economic and social consequences of the COVID-19 pandemic, including any adverse impact on the commercial launch of ANJESO® or disruption in supply chain, our ability to maintain regulatory approval for ANJESO®, our ability to successfully commercialize ANJESO®; the extent to which government reimbursement for ANJESO remains available at adequate levels and the impact of any changes in government reimbursement on our pricing of ANJESO; the acceptance of ANJESO® by the medical community, including physicians, patients, health care providers and hospital formularies; our ability and that of our third party manufacturers to successfully scale-up our commercial manufacturing process for ANJESO®, our ability to produce commercial supply in quantities and quality sufficient to satisfy market demand for ANJESO®, our ability to raise future financing for continued product development, payment of milestones, required debt payments and ANJESO® commercialization, our ability to manage costs and execute on our operational and budget plans, the accuracy of our estimates of the potential market for ANJESO®, our ability to achieve our financial goals, our ability to operate under increased leverage; and our ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection. These forward-looking statements should be considered together with the risks and uncertainties that may affect our business and future results included in our filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to us, and we assume no obligation to update any forward-looking statements except as required by applicable law. This presentation is intended to be non-promotional and for investor discussion purposes only. 2 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.comForward Looking Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words anticipate , believe , could , estimate , expect , intend , may , plan , predict , project , will and similar terms and phrases may be used to identify forward-looking statements in this presentation. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. These forward-looking statements are subject to risks and uncertainties including, among other things, the ongoing economic and social consequences of the COVID-19 pandemic, including any adverse impact on the commercial launch of ANJESO® or disruption in supply chain, our ability to maintain regulatory approval for ANJESO®, our ability to successfully commercialize ANJESO®; the extent to which government reimbursement for ANJESO remains available at adequate levels and the impact of any changes in government reimbursement on our pricing of ANJESO; the acceptance of ANJESO® by the medical community, including physicians, patients, health care providers and hospital formularies; our ability and that of our third party manufacturers to successfully scale-up our commercial manufacturing process for ANJESO®, our ability to produce commercial supply in quantities and quality sufficient to satisfy market demand for ANJESO®, our ability to raise future financing for continued product development, payment of milestones, required debt payments and ANJESO® commercialization, our ability to manage costs and execute on our operational and budget plans, the accuracy of our estimates of the potential market for ANJESO®, our ability to achieve our financial goals, our ability to operate under increased leverage; and our ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection. These forward-looking statements should be considered together with the risks and uncertainties that may affect our business and future results included in our filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to us, and we assume no obligation to update any forward-looking statements except as required by applicable law. This presentation is intended to be non-promotional and for investor discussion purposes only. 2 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Company Highlights • ANJESO® (meloxicam) injection* – Product launched June 2020 – Approved February 20, 2020 for use in adults for the management of moderate-to- severe pain, alone or in combination with non-NSAID analgesics – Significant Potential Commercial Opportunity • Additional pipeline candidates in clinical stage development for acute care settings • Baudax Financial position – $50 million credit facility secured in May 2020; $10 million drawn in Q2 2020 – Cash as of 09/30/20 : $24.6 Million – Q4 equity transactions raised $22 Million • Experienced management team with significant commercial, development, and regulatory experience * Limitation of Use: Because of delayed onset of analgesia, ANJESO® alone is not recommended for use when rapid onset of analgesia  is required.  3 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comCompany Highlights • ANJESO® (meloxicam) injection* – Product launched June 2020 – Approved February 20, 2020 for use in adults for the management of moderate-to- severe pain, alone or in combination with non-NSAID analgesics – Significant Potential Commercial Opportunity • Additional pipeline candidates in clinical stage development for acute care settings • Baudax Financial position – $50 million credit facility secured in May 2020; $10 million drawn in Q2 2020 – Cash as of 09/30/20 : $24.6 Million – Q4 equity transactions raised $22 Million • Experienced management team with significant commercial, development, and regulatory experience * Limitation of Use: Because of delayed onset of analgesia, ANJESO® alone is not recommended for use when rapid onset of analgesia is required. 3 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Experienced Commercial Management & Launch Leadership Team Gerri Henwood – President and CEO Founded Recro Pharma (REPH), Auxilium Pharmaceuticals (AUXL – NASDAQ then Endo) and IBAH (NASDAQ then Omnicare); GSK Ryan Lake – Chief Financial Officer 20 years financial leadership experience – Recro (REPH), Aspire Bariatrics, DSM (DSM.AS) - DSM Biomedical, Kensey Nash (KNSY) John Harlow – EVP and Chief Commercial Officer Over 20 years commercial launch and leadership experience – Recro, Novartis, Alpharma/King/Pfizer, Endo, Shionogi, Janssen Greg Gangemi – Vice President, Sales, Trade & Market Access Over 25 years of industry, launch and operations experience – Recro, Sepracor/Sunovion, Cubist, Ferring and Ocular Therapeutix Janeese Carter – Senior Director, Marketing Over 15 years of marketing, market research, new business strategy, and sales – Recro Pharma, CSL Behring, Pfizer/Wyeth Paul Baddeley – Senior Director, Commercial Operations 20 years of industry and consulting experience in commercial operations & analytics – Recro, Collegium, IMS Health, Endo 4Experienced Commercial Management & Launch Leadership Team Gerri Henwood – President and CEO Founded Recro Pharma (REPH), Auxilium Pharmaceuticals (AUXL – NASDAQ then Endo) and IBAH (NASDAQ then Omnicare); GSK Ryan Lake – Chief Financial Officer 20 years financial leadership experience – Recro (REPH), Aspire Bariatrics, DSM (DSM.AS) - DSM Biomedical, Kensey Nash (KNSY) John Harlow – EVP and Chief Commercial Officer Over 20 years commercial launch and leadership experience – Recro, Novartis, Alpharma/King/Pfizer, Endo, Shionogi, Janssen Greg Gangemi – Vice President, Sales, Trade & Market Access Over 25 years of industry, launch and operations experience – Recro, Sepracor/Sunovion, Cubist, Ferring and Ocular Therapeutix Janeese Carter – Senior Director, Marketing Over 15 years of marketing, market research, new business strategy, and sales – Recro Pharma, CSL Behring, Pfizer/Wyeth Paul Baddeley – Senior Director, Commercial Operations 20 years of industry and consulting experience in commercial operations & analytics – Recro, Collegium, IMS Health, Endo 4

Commercial Opportunity 5Commercial Opportunity 5

ANJESO® (meloxicam) injection Overview • Proprietary non-opioid, long-acting IV form – Incorporates Alkermes’ NanoCrystal® technology • Once daily, long-acting, preferential COX-2 inhibitor for moderate to severe acute pain • Commercial Launch Underway – Receipt of permanent J-code effective October 1, 2020; replaces the previously issued C-code that became effective July 1, 2020 – Signed contracts with a top 3 IDN and GPOs; others in-process • Orange Book Listed patents run until 2030 6 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.comANJESO® (meloxicam) injection Overview • Proprietary non-opioid, long-acting IV form – Incorporates Alkermes’ NanoCrystal® technology • Once daily, long-acting, preferential COX-2 inhibitor for moderate to severe acute pain • Commercial Launch Underway – Receipt of permanent J-code effective October 1, 2020; replaces the previously issued C-code that became effective July 1, 2020 – Signed contracts with a top 3 IDN and GPOs; others in-process • Orange Book Listed patents run until 2030 6 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

ANJESO® (meloxicam) Injection: The First and Only Once-Daily IV Analgesic Demonstrated COX-2 Preferential Once-daily IV Up to 24-hour Safety & Tolerability IV NSAID* push pain relief Efficacy in  That can be  Ready-to-use, no Evaluated in more  orthopedic & soft  incorporated into  reconstitution or 1 than 1500 patients tissue procedures MMA protocols refrigeration 1. Data on file. Baudax Bio, Inc.  *The mechanism of action of IV meloxicam, like other NSAIDs, is not completely understood, but  involves inhibition of both COX‐1 and COX‐2 pathways.   COX‐1 = cyclooxygenase 1; COX‐2 = cyclooxygenase 2; IV = intravenous; NSAID = nonsteroidal anti‐inflammatory drug; MMA = multimodal  analgesia 7 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comANJESO® (meloxicam) Injection: The First and Only Once-Daily IV Analgesic Demonstrated COX-2 Preferential Once-daily IV Up to 24-hour Safety & Tolerability IV NSAID* push pain relief Efficacy in That can be Ready-to-use, no Evaluated in more orthopedic & soft incorporated into reconstitution or 1 than 1500 patients tissue procedures MMA protocols refrigeration 1. Data on file. Baudax Bio, Inc. *The mechanism of action of IV meloxicam, like other NSAIDs, is not completely understood, but involves inhibition of both COX‐1 and COX‐2 pathways. COX‐1 = cyclooxygenase 1; COX‐2 = cyclooxygenase 2; IV = intravenous; NSAID = nonsteroidal anti‐inflammatory drug; MMA = multimodal analgesia 7 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

ANJESO® Evaluated in Three Phase 3 Studies ANJESO  30  a Study Population Placebo Primary Endpoint Outcome mg 31% greater pain reduction vs  1 Bunionectomy n=100 n=101 SPID48* placebo (p=0.0034) 17% greater pain reduction vs  2 Abdominoplasty n=110 n=109 SPID24* placebo (p=0.0145) Safety, including number of  Safety study; multiple hard  patients with adverse  Adverse Events comparable to  n=538 n=183 3 & soft tissue procedures events up to 28 days after  placebo dosing *SPID (Sum of Pain Intensity Differences) is calculated by the sum of the difference between current pain and baseline pain at each  post‐dose time point. SPID48 = summed pain intensity difference from 0‐48 hours, SPID24 =  a summed pain intensity difference from 0‐24 hours.   All studies completed with efficacy, safety and opioid reduction data. 1. Pollak RA et al. Clin J Pain. 2018;34(10):918‐926. 2. Singla N et al. Plast Reconstr Surg Glob Open. 2018;6:e1846. 3. Bergese SD et al. Clin Pharmacol Drug Dev. 2019;8(8) 1062‐1072.  8 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comANJESO® Evaluated in Three Phase 3 Studies ANJESO 30 a Study Population Placebo Primary Endpoint Outcome mg 31% greater pain reduction vs 1 Bunionectomy n=100 n=101 SPID48* placebo (p=0.0034) 17% greater pain reduction vs 2 Abdominoplasty n=110 n=109 SPID24* placebo (p=0.0145) Safety, including number of Safety study; multiple hard patients with adverse Adverse Events comparable to n=538 n=183 3 & soft tissue procedures events up to 28 days after placebo dosing *SPID (Sum of Pain Intensity Differences) is calculated by the sum of the difference between current pain and baseline pain at each post‐dose time point. SPID48 = summed pain intensity difference from 0‐48 hours, SPID24 = a summed pain intensity difference from 0‐24 hours. All studies completed with efficacy, safety and opioid reduction data. 1. Pollak RA et al. Clin J Pain. 2018;34(10):918‐926. 2. Singla N et al. Plast Reconstr Surg Glob Open. 2018;6:e1846. 3. Bergese SD et al. Clin Pharmacol Drug Dev. 2019;8(8) 1062‐1072. 8 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

ANJESO® Adverse Events Across All Phase 3 Studies Adverse Reactions in Placebo‐Controlled Phase 3  ANJESO 30 mg Placebo Clinical Trials occurring in ≥2% of Patients Treated  (n=748) (n=393) with ANJESO® and at a greater frequency than  Placebo  % (n) % (n) Constipation 57 (7.6%) 24 (6.1%) Gamma‐Glutamyl Transferase Increased 21 (2.8%) 6 (1.5%) ANJESO (n=748) Anemia 18 (2.4%) 4 (1.0%) Source: ANJESO Prescribing Information 9 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comANJESO® Adverse Events Across All Phase 3 Studies Adverse Reactions in Placebo‐Controlled Phase 3 ANJESO 30 mg Placebo Clinical Trials occurring in ≥2% of Patients Treated (n=748) (n=393) with ANJESO® and at a greater frequency than Placebo % (n) % (n) Constipation 57 (7.6%) 24 (6.1%) Gamma‐Glutamyl Transferase Increased 21 (2.8%) 6 (1.5%) ANJESO (n=748) Anemia 18 (2.4%) 4 (1.0%) Source: ANJESO Prescribing Information 9 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Two Phase 3b Health Economic Studies Completed with Preoperative Administration of ANJESO® Selection of  ANJESO®  Primary  1 2 Study Population Placebo Secondary  Selection of Results 30 mg Endpoint Endpoints Evaluate efficacy of  Preoperative administration of  Evaluate impact on  preoperative*  ANJESO as part of a MMA regimen was  Total Knee  pain control and  Arthroplasty  n=93 n=88 administration  associated with lower total mean hospital costs  healthcare resource  (TKA) measured by total  >$2,500 during the hospital stay than patients in  utilization opioid consumption the placebo group Evaluate impact on  Evaluate safety and  Preoperative administration of  hospital LOS, opioid  Bowel  tolerability of  ANJESO as part of a MMA regimen was well  Resection  n=27 n=28 consumption and  preoperative*  tolerated and decreased mean LOS by 1.1 days  Surgery healthcare resource  administration (3.6 vs 4.7 days) utilization *Preoperative dosing = ANJESO 30mg was administered prior to surgical incision (TKA) or 30 minutes prior to the start of surgery (bowel resection), then once‐daily while in hospital until discharge or IV analgesic was no  longer appropriate.  1. Studies completed with efficacy, safety, opioid reduction and healthcare resource utilization measures.  2. Data on file. Baudax Bio, Inc.  Abstracts and publications pending.  MMA = multimodal  analgesia; LOS = length of stay 10 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comTwo Phase 3b Health Economic Studies Completed with Preoperative Administration of ANJESO® Selection of ANJESO® Primary 1 2 Study Population Placebo Secondary Selection of Results 30 mg Endpoint Endpoints Evaluate efficacy of Preoperative administration of Evaluate impact on preoperative* ANJESO as part of a MMA regimen was Total Knee pain control and Arthroplasty n=93 n=88 administration associated with lower total mean hospital costs healthcare resource (TKA) measured by total >$2,500 during the hospital stay than patients in utilization opioid consumption the placebo group Evaluate impact on Evaluate safety and Preoperative administration of hospital LOS, opioid Bowel tolerability of ANJESO as part of a MMA regimen was well Resection n=27 n=28 consumption and preoperative* tolerated and decreased mean LOS by 1.1 days Surgery healthcare resource administration (3.6 vs 4.7 days) utilization *Preoperative dosing = ANJESO 30mg was administered prior to surgical incision (TKA) or 30 minutes prior to the start of surgery (bowel resection), then once‐daily while in hospital until discharge or IV analgesic was no longer appropriate. 1. Studies completed with efficacy, safety, opioid reduction and healthcare resource utilization measures. 2. Data on file. Baudax Bio, Inc. Abstracts and publications pending. MMA = multimodal analgesia; LOS = length of stay 10 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

ANJESO® (meloxicam) Injection: The First and Only Once-Daily IV Analgesic Dosing and Administration Highlights • Once-daily, IV bolus injection push over 15 seconds  • Administered as a 30-mg (1 mL) • Available as a small* (2 mL) single dose vial • Ready-to-use • No reconstitution required • Room temperature storage – no need to refrigerate When initiating ANJESO, monitor patient analgesic response.  Because the median time to meaningful pain relief was 2 and 3  hours after ANJESO administration in two clinical studies, a non‐NSAID analgesic with a rapid onset of effect may be needed, for example, upon anesthetic emergence or resolution of local or regional anesthetic blocks. Source: ANJESO Prescribing Information.  Some patients may not experience adequate analgesia for the entire 24‐hour dosing interval and may require administration of a  *Vial size approximately 16 X 34.5 mm short‐acting, non‐NSAID, immediate‐release analgesic. 11 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comANJESO® (meloxicam) Injection: The First and Only Once-Daily IV Analgesic Dosing and Administration Highlights • Once-daily, IV bolus injection push over 15 seconds • Administered as a 30-mg (1 mL) • Available as a small* (2 mL) single dose vial • Ready-to-use • No reconstitution required • Room temperature storage – no need to refrigerate When initiating ANJESO, monitor patient analgesic response. Because the median time to meaningful pain relief was 2 and 3 hours after ANJESO administration in two clinical studies, a non‐NSAID analgesic with a rapid onset of effect may be needed, for example, upon anesthetic emergence or resolution of local or regional anesthetic blocks. Source: ANJESO Prescribing Information. Some patients may not experience adequate analgesia for the entire 24‐hour dosing interval and may require administration of a *Vial size approximately 16 X 34.5 mm short‐acting, non‐NSAID, immediate‐release analgesic. 11 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Commercial Launch 12Commercial Launch 12

Large Opportunity Waiting For Non-Opioid Solutions: Market Can Be Targeted Efficiently & Effectively HOSPITAL INPATIENT HOPD ASC TOTAL ADDRESSABLE  11m 9m 2.2m ~22m Procedures PROCEDURES* Orthopedic (Hip/Knee, Spine, other) General Surgery CORE TARGET PROCEDURES Colorectal TARGETED 3.4m 6.9m 1.0m ~11.3m Procedures PROCEDURES TARGETED ~1,450 HOSPITALS ~550 ASCs ~2,000 Accounts ACCOUNTS Source: Definitive, LexisNexis and Company Estimates. *Includes addressable procedures where ANJESO use is anticipated. 13 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comLarge Opportunity Waiting For Non-Opioid Solutions: Market Can Be Targeted Efficiently & Effectively HOSPITAL INPATIENT HOPD ASC TOTAL ADDRESSABLE 11m 9m 2.2m ~22m Procedures PROCEDURES* Orthopedic (Hip/Knee, Spine, other) General Surgery CORE TARGET PROCEDURES Colorectal TARGETED 3.4m 6.9m 1.0m ~11.3m Procedures PROCEDURES TARGETED ~1,450 HOSPITALS ~550 ASCs ~2,000 Accounts ACCOUNTS Source: Definitive, LexisNexis and Company Estimates. *Includes addressable procedures where ANJESO use is anticipated. 13 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Executing an Efficient Launch Efficient Launch Solid Foundation Total Accounts: 1450 Hospitals & 550 Surgical claims data identified ~2,000 ASCs accounts that cover 80% of the market Later Targets: 800 – 1000 Accounts High Priority Targets: Current field team focused on prioritized ~200 accounts (~300) during launch period Hospitals & ~100 ASCs Source: Definitive, LexisNexis and Company Estimates. *Includes addressable procedures where ANJESO use is anticipated. 14 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.comExecuting an Efficient Launch Efficient Launch Solid Foundation Total Accounts: 1450 Hospitals & 550 Surgical claims data identified ~2,000 ASCs accounts that cover 80% of the market Later Targets: 800 – 1000 Accounts High Priority Targets: Current field team focused on prioritized ~200 accounts (~300) during launch period Hospitals & ~100 ASCs Source: Definitive, LexisNexis and Company Estimates. *Includes addressable procedures where ANJESO use is anticipated. 14 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

ANJESO® Stated Shares in Market Surveys Remain Consistently Positive Approximately 65% of MDs surveyed believe they would likely use ANJESO with  stated procedure shares ranging from 39‐52% Anticipated Change in Share in PACU Setting ANJESO Stated Share by Procedure Type – 1 2 % of Surgeries % of Patients 46% Oral Opioids  Knee & Shoulder Arthroscopy -6% 45% Fentanyl  Total Hip Replacement -6% IV Opioids Total Knee Replacement 47% -13% IV Ketorolac Other Orthopedic Procedures 40% -7% IV Ibuprofen Hernia Repair 52% -1% IV Acetaminophen  Laproscopic Cholesysectomy 48% -3% Local Injections Soft Tissue Procedures 0% 39% Bowel Resection and Other  ANJESO 26% 44% Colorectal Procedures *Product profile in surveys was fair balanced, based on clinical data and similar to final label.  Stated shares do not account for  possible access restrictions (i.e. special order, quantity limits, specific procedural prescribing,  limitations by site of care, etc.)  1. December 2017 – Blinded, Third Party Market Research, n=462. 2. January 2020 – Blinded, Third Party Market Research, n=400.  PACU = Post‐Anesthesia Care Unit 15 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comANJESO® Stated Shares in Market Surveys Remain Consistently Positive Approximately 65% of MDs surveyed believe they would likely use ANJESO with stated procedure shares ranging from 39‐52% Anticipated Change in Share in PACU Setting ANJESO Stated Share by Procedure Type – 1 2 % of Surgeries % of Patients 46% Oral Opioids Knee & Shoulder Arthroscopy -6% 45% Fentanyl Total Hip Replacement -6% IV Opioids Total Knee Replacement 47% -13% IV Ketorolac Other Orthopedic Procedures 40% -7% IV Ibuprofen Hernia Repair 52% -1% IV Acetaminophen Laproscopic Cholesysectomy 48% -3% Local Injections Soft Tissue Procedures 0% 39% Bowel Resection and Other ANJESO 26% 44% Colorectal Procedures *Product profile in surveys was fair balanced, based on clinical data and similar to final label. Stated shares do not account for possible access restrictions (i.e. special order, quantity limits, specific procedural prescribing, limitations by site of care, etc.) 1. December 2017 – Blinded, Third Party Market Research, n=462. 2. January 2020 – Blinded, Third Party Market Research, n=400. PACU = Post‐Anesthesia Care Unit 15 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Early Progress Promising on Pull Through Opportunities WHOLESALERS GOVERNMENT FILINGS GPOs STRATEGIC CUSTOMERS ANJESO STOCKED IN 95% OF HOSPITALS SECURING ACCESS TO KEY CUSTOMERS MAJOR WHOLESALERS ARE GPO MEMBERS HAVE INTEREST GOV’T PROGAMS • Wholesaler and Specialty • Pass through status & • Large national agreement Distributors agreements • Two GPO agreements C-code effective 7/1/2020 went effective in summer in place with sufficient signed and effective in • CMS granted permanent and sales team focused on July and August launch inventory in regional pull-through J-code (HCPCS) became • Additional major GPO forward distribution effective 10/1/2020 process in spite of COVID- agreement expected to centers • VHA Interim and FSS 19 be executed in Q1 ‘21 contracts in place • Team focused on driving providing access to awareness and early usage VA/DOD, Tricare, at targeted accounts Medicare, FSS and 340b 16 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.comEarly Progress Promising on Pull Through Opportunities WHOLESALERS GOVERNMENT FILINGS GPOs STRATEGIC CUSTOMERS ANJESO STOCKED IN 95% OF HOSPITALS SECURING ACCESS TO KEY CUSTOMERS MAJOR WHOLESALERS ARE GPO MEMBERS HAVE INTEREST GOV’T PROGAMS • Wholesaler and Specialty • Pass through status & • Large national agreement Distributors agreements • Two GPO agreements C-code effective 7/1/2020 went effective in summer in place with sufficient signed and effective in • CMS granted permanent and sales team focused on July and August launch inventory in regional pull-through J-code (HCPCS) became • Additional major GPO forward distribution effective 10/1/2020 process in spite of COVID- agreement expected to centers • VHA Interim and FSS 19 be executed in Q1 ‘21 contracts in place • Team focused on driving providing access to awareness and early usage VA/DOD, Tricare, at targeted accounts Medicare, FSS and 340b 16 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Commercial Launch Progress & 1H 2021 Plan ü Through 12/28, Q4’2020 vials sold surpassed Q3’20 by ~30% with some sales channels pending Vial Use Growing  ü On Formulary at 67+ accounts with some critical reviews upcoming in Q1’2021 Quarterly ü In market surveys, more than 1 in 3 MDs suggest increase utilization in next 3‐6 mos. Market Research  ü Market research (n = 170) reports ANJESO liked by users and lack of awareness main barrier  ü Despite lower level of familiarity, HCPs noted many sales messages to be highly compelling Validates Positive  ü Non‐usage reported to be driven by low awareness; non‐users impressed by clinical profile after reviewing it Customer Feedback ü Field focused on top drivers of ANJESO Increase: Inclusion within Formulary, Adoption into order sets &  Solving for Low  expanding usage within targeted accounts Awareness In A  ü Small field force will be supplemented with Telesales team, territory advisors (med device consultants) &  Cost‐Efficient Way hyper‐targeted NPP 17 * Q3’20 was first quarter of full commercial launch. NPP = non‐personal promotionCommercial Launch Progress & 1H 2021 Plan ü Through 12/28, Q4’2020 vials sold surpassed Q3’20 by ~30% with some sales channels pending Vial Use Growing ü On Formulary at 67+ accounts with some critical reviews upcoming in Q1’2021 Quarterly ü In market surveys, more than 1 in 3 MDs suggest increase utilization in next 3‐6 mos. Market Research ü Market research (n = 170) reports ANJESO liked by users and lack of awareness main barrier ü Despite lower level of familiarity, HCPs noted many sales messages to be highly compelling Validates Positive ü Non‐usage reported to be driven by low awareness; non‐users impressed by clinical profile after reviewing it Customer Feedback ü Field focused on top drivers of ANJESO Increase: Inclusion within Formulary, Adoption into order sets & Solving for Low expanding usage within targeted accounts Awareness In A ü Small field force will be supplemented with Telesales team, territory advisors (med device consultants) & Cost‐Efficient Way hyper‐targeted NPP 17 * Q3’20 was first quarter of full commercial launch. NPP = non‐personal promotion

End-Customer Units Continue to Increase Q4’20 vials outpacing Q3 2020 Quarterly Units Sold • On formulary at 67+ accounts with the number of upcoming P&T reviews significantly increasing 1,600 • Approximately 140 total customers • Average order size and average units purchased per account continue 1,400 to increase month over month 1,200 Strong traction in current customer base, based on 1,000 sales data 800 • Approximately 62% of accounts with 3+ units have re-ordered 1,440 • # of accounts re-ordering grew by ~44% from Oct to Nov 600 1,114 • Units purchased per account has nearly tripled from Q2* to Q4 to date 400 Continued growth in hospital sales 200 390 • Approximately 60% of Q4 to date unit sales were to Hospitals and ~56% of unit sales launch-to-date are to Hospitals 0 Q2 Q3* Q4 ‐ Through 12/28 • Nearly two-thirds of upcoming P&T reviews are at hospitals • Closely monitory postponement of elective surgeries and impact to Source: Baudax Bio Sales Data through 12/28/20 with some sales channels pending P&T reviews and pull-through 18 * Q3’20 was first quarter of full commercial launch.  Source: Baudax Bio End‐Customer Sales Data through 12/28/2020End-Customer Units Continue to Increase Q4’20 vials outpacing Q3 2020 Quarterly Units Sold • On formulary at 67+ accounts with the number of upcoming P&T reviews significantly increasing 1,600 • Approximately 140 total customers • Average order size and average units purchased per account continue 1,400 to increase month over month 1,200 Strong traction in current customer base, based on 1,000 sales data 800 • Approximately 62% of accounts with 3+ units have re-ordered 1,440 • # of accounts re-ordering grew by ~44% from Oct to Nov 600 1,114 • Units purchased per account has nearly tripled from Q2* to Q4 to date 400 Continued growth in hospital sales 200 390 • Approximately 60% of Q4 to date unit sales were to Hospitals and ~56% of unit sales launch-to-date are to Hospitals 0 Q2 Q3* Q4 ‐ Through 12/28 • Nearly two-thirds of upcoming P&T reviews are at hospitals • Closely monitory postponement of elective surgeries and impact to Source: Baudax Bio Sales Data through 12/28/20 with some sales channels pending P&T reviews and pull-through 18 * Q3’20 was first quarter of full commercial launch. Source: Baudax Bio End‐Customer Sales Data through 12/28/2020

Field Engaging Customers In-Person & Virtually with Comprehensive Resources • Core Visual Aid • Phase 3 Publication Flashcard • Promotional Leave Behind • Phase 3 Abdominoplasty Reprint • Rep Inservice Deck • Phase 3 Bunionectomy Reprint • Tabletop Panels • Phase 3 Safety Study Reprint • Baudax Bio Brochure • Pharmacoeconomic Materials Detail Aids &   Publication   Collateral Resources • Site specific billing resources Market Access/   Speaker Program • Comprehensive Billing Guides • Virtual and In‐ Reimbursement • NDC Announcements Personal Speaker  • HUB flashcard Programs • Coverage Announcements • Commercial Claim Forms 19 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.comField Engaging Customers In-Person & Virtually with Comprehensive Resources • Core Visual Aid • Phase 3 Publication Flashcard • Promotional Leave Behind • Phase 3 Abdominoplasty Reprint • Rep Inservice Deck • Phase 3 Bunionectomy Reprint • Tabletop Panels • Phase 3 Safety Study Reprint • Baudax Bio Brochure • Pharmacoeconomic Materials Detail Aids & Publication Collateral Resources • Site specific billing resources Market Access/ Speaker Program • Comprehensive Billing Guides • Virtual and In‐ Reimbursement • NDC Announcements Personal Speaker • HUB flashcard Programs • Coverage Announcements • Commercial Claim Forms 19 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Market Research Indicates Awareness is Impacting Usage; Reports that Non-Users Respond Favorably After Learning More Use Of ANJESO Is Driven By A Few Key Principles:   1 Awareness Level, Perception of Cost vs. Value and Strong Efficacy Benefits COVID‐19 has Significantly Disrupted Hospital‐related Processes for New  2 Product Adoption Driving ANJESO Utilization Relies on Increasing Awareness Among Targets and  3 the Broader Medical Community 20 Source:  Baudax Bio ANJESO User / Non‐User Final Report; November 2020; n = 20Market Research Indicates Awareness is Impacting Usage; Reports that Non-Users Respond Favorably After Learning More Use Of ANJESO Is Driven By A Few Key Principles: 1 Awareness Level, Perception of Cost vs. Value and Strong Efficacy Benefits COVID‐19 has Significantly Disrupted Hospital‐related Processes for New 2 Product Adoption Driving ANJESO Utilization Relies on Increasing Awareness Among Targets and 3 the Broader Medical Community 20 Source: Baudax Bio ANJESO User / Non‐User Final Report; November 2020; n = 20

ATU (Awareness, Trial & Usage) Market Research Reports: Messaging Rated Highly Compelling & Future Utilization Encouraging Key ANJESO® Messaging Future ANJESO Utilization Messages related to duration of effect &  More than 1 in 3 MDs suggest increase  utilization of ANJESO in next 3‐6 mos. safety were seen to be highly compelling % of MDs selecting messages as highly compelling Top 3 Drivers of ANJESO Increase ANJESO demonstrated up to 24‐ • Inclusion within Formulary 64% hours of pain relief…. • Strong efficacy/safety vs.  ANJESO is the first and only once‐ 60% daily IV analgesic alternatives Safety was demonstrated in more  55% • Adoption of MMA protocols than 1400 surgical patients …. 21 Source:  Baudax Bio ANJESO Launch ATU Wave 1 Initial Findings; December 2020; n = 150ATU (Awareness, Trial & Usage) Market Research Reports: Messaging Rated Highly Compelling & Future Utilization Encouraging Key ANJESO® Messaging Future ANJESO Utilization Messages related to duration of effect & More than 1 in 3 MDs suggest increase utilization of ANJESO in next 3‐6 mos. safety were seen to be highly compelling % of MDs selecting messages as highly compelling Top 3 Drivers of ANJESO Increase ANJESO demonstrated up to 24‐ • Inclusion within Formulary 64% hours of pain relief…. • Strong efficacy/safety vs. ANJESO is the first and only once‐ 60% daily IV analgesic alternatives Safety was demonstrated in more 55% • Adoption of MMA protocols than 1400 surgical patients …. 21 Source: Baudax Bio ANJESO Launch ATU Wave 1 Initial Findings; December 2020; n = 150

2021 ANJESO® Strategic Imperatives Facilitate pull through at accounts which have  ANJESO on formulary Maintain Focus On Building Advocates Accelerate Formulary Adoption &  Gain New Accounts 222021 ANJESO® Strategic Imperatives Facilitate pull through at accounts which have ANJESO on formulary Maintain Focus On Building Advocates Accelerate Formulary Adoption & Gain New Accounts 22

Cost-Effective & Innovative Personal Promotion Approach Tele Sales: Extend Tele Sales: Extend Ortho Reach Hospital Reach Deployed virtual reps in December for Deploying virtual Ortho reps with outreach to those hospital customers not experience in this category in January 7 currently targeted by field sales 2021 to expand reach in Orthopedics Territory Advisors Accelerate Access 15 Surgical & Medical Device Baudax Field Teams Consultants engaged to Current customer facing team accelerate access and uptake 30 focused on developing advocacy, with targeted customers and P&T submissions and pull through accounts with core customers and accounts 23Cost-Effective & Innovative Personal Promotion Approach Tele Sales: Extend Tele Sales: Extend Ortho Reach Hospital Reach Deployed virtual reps in December for Deploying virtual Ortho reps with outreach to those hospital customers not experience in this category in January 7 currently targeted by field sales 2021 to expand reach in Orthopedics Territory Advisors Accelerate Access 15 Surgical & Medical Device Baudax Field Teams Consultants engaged to Current customer facing team accelerate access and uptake 30 focused on developing advocacy, with targeted customers and P&T submissions and pull through accounts with core customers and accounts 23

ANJESO® (meloxicam) Injection: The First and Only Once-Daily IV Analgesic Demonstrated COX-2 Preferential Once-daily IV Up to 24-hour Safety & Tolerability IV NSAID* push pain relief Efficacy in  That can be  Ready-to-use, no Evaluated in more  orthopedic & soft  incorporated into  reconstitution or 1 than 1500 patients tissue procedures MMA protocols refrigeration 1. Data on file. Baudax Bio, Inc.  *The mechanism of action of IV meloxicam, like other NSAIDs, is not completely understood, but  involves inhibition of both COX‐1 and COX‐2 pathways.   COX‐1 = cyclooxygenase 1; COX‐2 = cyclooxygenase 2; IV = intravenous; NSAID = nonsteroidal anti‐inflammatory drug; MMA = multimodal  analgesia 24 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comANJESO® (meloxicam) Injection: The First and Only Once-Daily IV Analgesic Demonstrated COX-2 Preferential Once-daily IV Up to 24-hour Safety & Tolerability IV NSAID* push pain relief Efficacy in That can be Ready-to-use, no Evaluated in more orthopedic & soft incorporated into reconstitution or 1 than 1500 patients tissue procedures MMA protocols refrigeration 1. Data on file. Baudax Bio, Inc. *The mechanism of action of IV meloxicam, like other NSAIDs, is not completely understood, but involves inhibition of both COX‐1 and COX‐2 pathways. COX‐1 = cyclooxygenase 1; COX‐2 = cyclooxygenase 2; IV = intravenous; NSAID = nonsteroidal anti‐inflammatory drug; MMA = multimodal analgesia 24 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Company Highlights • ANJESO® (meloxicam) injection* – Product launched June 2020 – Approved February 20, 2020 for use in adults for the management of moderate-to- severe pain, alone or in combination with non-NSAID analgesics – Significant Potential Commercial Opportunity • Additional pipeline candidates in clinical stage development for acute care settings • Baudax Financial position – $50 million credit facility secured in May 2020; $10 million drawn in Q2 2020 – Cash as of 09/30/20 : $24.6 Million – Q4 equity transactions raised $22 Million • Experienced management team with significant commercial, development, and regulatory experience * Limitation of Use: Because of delayed onset of analgesia, ANJESO® alone is not recommended for use when rapid onset of analgesia  is required.  25 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comCompany Highlights • ANJESO® (meloxicam) injection* – Product launched June 2020 – Approved February 20, 2020 for use in adults for the management of moderate-to- severe pain, alone or in combination with non-NSAID analgesics – Significant Potential Commercial Opportunity • Additional pipeline candidates in clinical stage development for acute care settings • Baudax Financial position – $50 million credit facility secured in May 2020; $10 million drawn in Q2 2020 – Cash as of 09/30/20 : $24.6 Million – Q4 equity transactions raised $22 Million • Experienced management team with significant commercial, development, and regulatory experience * Limitation of Use: Because of delayed onset of analgesia, ANJESO® alone is not recommended for use when rapid onset of analgesia is required. 25 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Important Safety Information 26Important Safety Information 26

Indication and Boxed Warning INDICATION ANJESO is indicated for use in adults for the management of moderate-to-severe pain, alone or in combination with non-NSAID analgesics. Limitation of Use: Because of delayed onset of analgesia, ANJESO alone is not recommended for use when rapid onset of analgesia is required. IMPORTANT SAFETY INFORMATION WARNING: RISK OF SERIOUS CARDIOVASCULAR AND GASTROINTESTINAL EVENTS Cardiovascular Risk • Non‐steroidal anti‐inflammatory drugs (NSAIDs) cause an increased risk of serious cardiovascular thrombotic events, including myocardial infarction and  stroke, which can be fatal. This risk may occur early in treatment and may increase with duration of use. • ANJESO is contraindicated in the setting of coronary artery bypass graft (CABG) surgery. Gastrointestinal Risk • NSAIDs cause an increased risk of serious gastrointestinal (GI) adverse events including bleeding, ulceration, and perforation of the stomach or  intestines, which can be fatal. These events can occur at any time during use and without warning symptoms. Elderly patients and patients with a prior  history of peptic ulcer disease and/or GI bleeding are at greater risk for serious GI events. 27Indication and Boxed Warning INDICATION ANJESO is indicated for use in adults for the management of moderate-to-severe pain, alone or in combination with non-NSAID analgesics. Limitation of Use: Because of delayed onset of analgesia, ANJESO alone is not recommended for use when rapid onset of analgesia is required. IMPORTANT SAFETY INFORMATION WARNING: RISK OF SERIOUS CARDIOVASCULAR AND GASTROINTESTINAL EVENTS Cardiovascular Risk • Non‐steroidal anti‐inflammatory drugs (NSAIDs) cause an increased risk of serious cardiovascular thrombotic events, including myocardial infarction and stroke, which can be fatal. This risk may occur early in treatment and may increase with duration of use. • ANJESO is contraindicated in the setting of coronary artery bypass graft (CABG) surgery. Gastrointestinal Risk • NSAIDs cause an increased risk of serious gastrointestinal (GI) adverse events including bleeding, ulceration, and perforation of the stomach or intestines, which can be fatal. These events can occur at any time during use and without warning symptoms. Elderly patients and patients with a prior history of peptic ulcer disease and/or GI bleeding are at greater risk for serious GI events. 27

Important Safety Information (cont) CONTRAINDICATIONS ANJESO is contraindicated in patients with: • Known hypersensitivity (eg, anaphylactic reactions and serious skin reactions) to meloxicam or any components of the drug product. • History of asthma, urticaria, or other allergic-type reactions after taking aspirin or other NSAIDs. • In the setting of coronary artery bypass graft (CABG) surgery. • Moderate to severe renal insufficiency patients who are at risk for renal failure due to volume depletion. WARNINGS AND PRECAUTIONS Hepatotoxicity: Elevations of ALT or AST have been reported in patients with NSAIDs. In addition, rare, sometimes fatal, cases of severe hepatic injury including fulminant hepatitis, liver necrosis, and hepatic failure have been reported. Inform patients of warning signs and symptoms of hepatotoxicity. Discontinue ANJESO immediately if abnormal liver tests persist or worsen or if clinical signs and symptoms of liver disease develop. Hypertension: NSAIDs including ANJESO can lead to new onset of hypertension or worsening of preexisting hypertension, which may contribute to the increased incidence of cardiovascular (CV) events. Patients taking some antihypertensive medications may have impaired response to these therapies when taking NSAIDs. Monitor blood pressure. Heart Failure and Edema: NSAID use increased the risk of myocardial infarction (MI), hospitalization for heart failure, and death. Avoid use of ANJESO in patients with severe heart failure unless benefits are expected to outweigh risk of worsening heart failure. If ANJESO is used in patients with severe heart failure, monitor patients for signs of worsening heart failure. 28Important Safety Information (cont) CONTRAINDICATIONS ANJESO is contraindicated in patients with: • Known hypersensitivity (eg, anaphylactic reactions and serious skin reactions) to meloxicam or any components of the drug product. • History of asthma, urticaria, or other allergic-type reactions after taking aspirin or other NSAIDs. • In the setting of coronary artery bypass graft (CABG) surgery. • Moderate to severe renal insufficiency patients who are at risk for renal failure due to volume depletion. WARNINGS AND PRECAUTIONS Hepatotoxicity: Elevations of ALT or AST have been reported in patients with NSAIDs. In addition, rare, sometimes fatal, cases of severe hepatic injury including fulminant hepatitis, liver necrosis, and hepatic failure have been reported. Inform patients of warning signs and symptoms of hepatotoxicity. Discontinue ANJESO immediately if abnormal liver tests persist or worsen or if clinical signs and symptoms of liver disease develop. Hypertension: NSAIDs including ANJESO can lead to new onset of hypertension or worsening of preexisting hypertension, which may contribute to the increased incidence of cardiovascular (CV) events. Patients taking some antihypertensive medications may have impaired response to these therapies when taking NSAIDs. Monitor blood pressure. Heart Failure and Edema: NSAID use increased the risk of myocardial infarction (MI), hospitalization for heart failure, and death. Avoid use of ANJESO in patients with severe heart failure unless benefits are expected to outweigh risk of worsening heart failure. If ANJESO is used in patients with severe heart failure, monitor patients for signs of worsening heart failure. 28

Important Safety Information (cont) Post MI Patients: Avoid the use of ANJESO in patients with recent MI unless the benefits are expected to outweigh the risk of recurrent CV thrombotic events. If ANJESO is used in these patients, monitor for signs of cardiac ischemia. Renal Toxicity: Long-term administration of NSAIDs has resulted in renal papillary necrosis, renal insufficiency, acute renal failure, and other renal injury. ANJESO is not recommended in patients with moderate to severe renal insufficiency and is contraindicated in patients with moderate to severe renal insufficiency who are at risk for renal failure due to volume depletion. Correct volume status in dehydrated or hypovolemic patients prior to initiating ANJESO. Monitor renal function in patients with renal or hepatic impairment, heart failure, dehydration, or hypovolemia. Avoid use of ANJESO in patients with advanced renal disease unless benefits are expected to outweigh risk of worsening renal function. If ANJESO is used in patients with advanced renal disease, monitor patients for signs of worsening renal function. Anaphylactic Reactions: Meloxicam has been associated with anaphylactic reactions in patients with and without known hypersensitivity to meloxicam and in patients with aspirin-sensitive asthma. Seek emergency help if an anaphylactic reaction occurs. Exacerbation of Asthma Related to Aspirin Sensitivity: ANJESO is contraindicated in patients with aspirin-sensitive asthma. Monitor patients with preexisting asthma (without aspirin sensitivity). Serious Skin Reactions: NSAIDs, including ANJESO, can cause serious skin reactions, including exfoliative dermatitis, Stevens-Johnson Syndrome (SJS), and toxic epidermal necrolysis (TEN), which can be fatal and can occur without warning. Discontinue ANJESO at first appearance of skin rash or other signs of hypersensitivity. Hematologic Toxicity: Anemia has occurred in NSAID-treated patients. Monitor hemoglobin or hematocrit in patients with any signs or symptoms of anemia. NSAIDs, including ANJESO, may increase the risk of bleeding events. Monitor patients for signs of bleeding. 29Important Safety Information (cont) Post MI Patients: Avoid the use of ANJESO in patients with recent MI unless the benefits are expected to outweigh the risk of recurrent CV thrombotic events. If ANJESO is used in these patients, monitor for signs of cardiac ischemia. Renal Toxicity: Long-term administration of NSAIDs has resulted in renal papillary necrosis, renal insufficiency, acute renal failure, and other renal injury. ANJESO is not recommended in patients with moderate to severe renal insufficiency and is contraindicated in patients with moderate to severe renal insufficiency who are at risk for renal failure due to volume depletion. Correct volume status in dehydrated or hypovolemic patients prior to initiating ANJESO. Monitor renal function in patients with renal or hepatic impairment, heart failure, dehydration, or hypovolemia. Avoid use of ANJESO in patients with advanced renal disease unless benefits are expected to outweigh risk of worsening renal function. If ANJESO is used in patients with advanced renal disease, monitor patients for signs of worsening renal function. Anaphylactic Reactions: Meloxicam has been associated with anaphylactic reactions in patients with and without known hypersensitivity to meloxicam and in patients with aspirin-sensitive asthma. Seek emergency help if an anaphylactic reaction occurs. Exacerbation of Asthma Related to Aspirin Sensitivity: ANJESO is contraindicated in patients with aspirin-sensitive asthma. Monitor patients with preexisting asthma (without aspirin sensitivity). Serious Skin Reactions: NSAIDs, including ANJESO, can cause serious skin reactions, including exfoliative dermatitis, Stevens-Johnson Syndrome (SJS), and toxic epidermal necrolysis (TEN), which can be fatal and can occur without warning. Discontinue ANJESO at first appearance of skin rash or other signs of hypersensitivity. Hematologic Toxicity: Anemia has occurred in NSAID-treated patients. Monitor hemoglobin or hematocrit in patients with any signs or symptoms of anemia. NSAIDs, including ANJESO, may increase the risk of bleeding events. Monitor patients for signs of bleeding. 29

Important Safety Information (cont) DRUG INTERACTIONS Drugs That Interfere With Hemostasis (eg, warfarin, aspirin, SSRIs/SNRIs): Monitor patients for bleeding who are concomitantly taking ANJESO with drugs that interfere with hemostasis. Concomitant use of ANJESO and analgesic doses of aspirin is not generally recommended. Angiotensin Converting Enzyme (ACE) Inhibitors, Angiotensin Receptor Blockers (ARB), or Beta-Blockers: Concomitant use with ANJESO may diminish the antihypertensive effect of these drugs. Monitor blood pressure. ACE Inhibitors and ARBs: Concomitant use with ANJESO in elderly, volume depleted, or those with renal impairment may result in deterioration of renal function. In such high-risk patients, monitor for signs of worsening renal function. Diuretics: NSAIDs can reduce natriuretic effect of furosemide and thiazide diuretics. Monitor patients to ensure diuretic efficacy including antihypertensive effects. ADVERSE REACTIONS The most common adverse reactions in controlled clinical trials occurring in ≥2% of patients treated with ANJESO and at a greater frequency than placebo included: constipation, gamma-glutamyl transferase increased and anemia. USE IN SPECIFIC POPULATIONS Pregnancy: Use of NSAIDs during the third trimester of pregnancy increases the risk of premature closure of the fetal ductus arteriosus. Avoid use of NSAIDs in pregnant women starting at 30 weeks gestation. Infertility: NSAIDs are associated with reversible infertility. Consider withdrawal of ANJESO in women who have trouble conceiving. Please see full Prescribing Information, including Boxed Warning, at www.baudaxbio.com. 30Important Safety Information (cont) DRUG INTERACTIONS Drugs That Interfere With Hemostasis (eg, warfarin, aspirin, SSRIs/SNRIs): Monitor patients for bleeding who are concomitantly taking ANJESO with drugs that interfere with hemostasis. Concomitant use of ANJESO and analgesic doses of aspirin is not generally recommended. Angiotensin Converting Enzyme (ACE) Inhibitors, Angiotensin Receptor Blockers (ARB), or Beta-Blockers: Concomitant use with ANJESO may diminish the antihypertensive effect of these drugs. Monitor blood pressure. ACE Inhibitors and ARBs: Concomitant use with ANJESO in elderly, volume depleted, or those with renal impairment may result in deterioration of renal function. In such high-risk patients, monitor for signs of worsening renal function. Diuretics: NSAIDs can reduce natriuretic effect of furosemide and thiazide diuretics. Monitor patients to ensure diuretic efficacy including antihypertensive effects. ADVERSE REACTIONS The most common adverse reactions in controlled clinical trials occurring in ≥2% of patients treated with ANJESO and at a greater frequency than placebo included: constipation, gamma-glutamyl transferase increased and anemia. USE IN SPECIFIC POPULATIONS Pregnancy: Use of NSAIDs during the third trimester of pregnancy increases the risk of premature closure of the fetal ductus arteriosus. Avoid use of NSAIDs in pregnant women starting at 30 weeks gestation. Infertility: NSAIDs are associated with reversible infertility. Consider withdrawal of ANJESO in women who have trouble conceiving. Please see full Prescribing Information, including Boxed Warning, at www.baudaxbio.com. 30

APPENDIX: Additional information for ANJESO® January 2021 31APPENDIX: Additional information for ANJESO® January 2021 31

Wholesale Acquisition Cost: ANJESO and Other Non- Opioids $94.00 $94.74 $9.84 $47.37 $78.60 $142.11 $173.84 $334.18 IV Ketorolac Ofirmev Caldolor Ofirmev Ofirmev Ofirmev Exparel (per day) (per dose) (4X dose) (2X dose) (3X dose) (4X dose) (per dose) Note: For illustration only. Not drawn to scale § Economic Analysis of two Phase 3b studies completed with positive data available Strong Economic  § Budget Impact & Cost Effectiveness Models to address ANJESO cost effectiveness vs. other IV analgesics Evidence Available at  Launch § Retrospective Analyses of claims database that models real‐world AE rates and costs Source: Wholesale Acquisition Cost Prices from Red Book accessed August 2020, which may not represent a customer’s cost.  Price per  day equals dosing schedule times price per dose.   Dosing schedule according to product prescribing information for 24‐hour coverage.  Generic ketorolac has multiple manufacturers, price reflects the  lowest manufacturer WAC.  32 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comWholesale Acquisition Cost: ANJESO and Other Non- Opioids $94.00 $94.74 $9.84 $47.37 $78.60 $142.11 $173.84 $334.18 IV Ketorolac Ofirmev Caldolor Ofirmev Ofirmev Ofirmev Exparel (per day) (per dose) (4X dose) (2X dose) (3X dose) (4X dose) (per dose) Note: For illustration only. Not drawn to scale § Economic Analysis of two Phase 3b studies completed with positive data available Strong Economic § Budget Impact & Cost Effectiveness Models to address ANJESO cost effectiveness vs. other IV analgesics Evidence Available at Launch § Retrospective Analyses of claims database that models real‐world AE rates and costs Source: Wholesale Acquisition Cost Prices from Red Book accessed August 2020, which may not represent a customer’s cost. Price per day equals dosing schedule times price per dose. Dosing schedule according to product prescribing information for 24‐hour coverage. Generic ketorolac has multiple manufacturers, price reflects the lowest manufacturer WAC. 32 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Surgical Setting Coding and Reimbursement Hospital Inpatient Hospital Outpatient Ambulatory Surgery Centers Medicare Medicare Medicare Medicare Medicare Medicare • • Use J3490 Use J3490 • • Unique Code, C9059 Unique Code, C9059 • • Unique Code, C9059 Unique Code, C9059 • • R Re eimbursement bundled into imbursement bundled into (Injection, Meloxicam 1mg) (Injection, Meloxicam 1mg) (Injection, Meloxicam 1mg) (Injection, Meloxicam 1mg) DRG payment DRG payment • • R Re eimbursed at 80% of 95% imbursed at 80% of 95% • • R Re eimbursed at 80% of 95% imbursed at 80% of 95% of A of AW WP P of A of AW WP P Commercial Commercial Commercial Commercial Commercial Commercial • • Use J3490 Use J3490 • • P Pe ermanent J-code J1738 rmanent J-code J1738 • • P Pe ermanent J-code J1738 rmanent J-code J1738 effective 10/1/2020 effective 10/1/2020 • • Bundled and Bundled and part of a part of a effective 10/1/2020 effective 10/1/2020 case rate case rate • • May be bundled May be bundled with with • • May be bundled May be bundled with with procedure or separately procedure or separately procedure or separately procedure or separately reimbursed based reimbursed based on on the the reimbursed based reimbursed based on on the the facility contract facility contract facility contract facility contract AWP=average wholesale price; DRG=diagnosis related group. Permanent J‐code J1738  Injection, meloxicam, 1 mg“ effective 10/1/2020 and replaced all other codes 33 Please see Important Safety Information including BOXED WARNING at the end of presentation.   Full Prescribing Information at www.ANJESO.comSurgical Setting Coding and Reimbursement Hospital Inpatient Hospital Outpatient Ambulatory Surgery Centers Medicare Medicare Medicare Medicare Medicare Medicare • • Use J3490 Use J3490 • • Unique Code, C9059 Unique Code, C9059 • • Unique Code, C9059 Unique Code, C9059 • • R Re eimbursement bundled into imbursement bundled into (Injection, Meloxicam 1mg) (Injection, Meloxicam 1mg) (Injection, Meloxicam 1mg) (Injection, Meloxicam 1mg) DRG payment DRG payment • • R Re eimbursed at 80% of 95% imbursed at 80% of 95% • • R Re eimbursed at 80% of 95% imbursed at 80% of 95% of A of AW WP P of A of AW WP P Commercial Commercial Commercial Commercial Commercial Commercial • • Use J3490 Use J3490 • • P Pe ermanent J-code J1738 rmanent J-code J1738 • • P Pe ermanent J-code J1738 rmanent J-code J1738 effective 10/1/2020 effective 10/1/2020 • • Bundled and Bundled and part of a part of a effective 10/1/2020 effective 10/1/2020 case rate case rate • • May be bundled May be bundled with with • • May be bundled May be bundled with with procedure or separately procedure or separately procedure or separately procedure or separately reimbursed based reimbursed based on on the the reimbursed based reimbursed based on on the the facility contract facility contract facility contract facility contract AWP=average wholesale price; DRG=diagnosis related group. Permanent J‐code J1738 Injection, meloxicam, 1 mg“ effective 10/1/2020 and replaced all other codes 33 Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing Information at www.ANJESO.com

Appendix: COVID-19 Backdrop IQVIA Monitoring the Impact of COVID-19 on the Pharmaceutical Market Published December 18, 2020; Data week ending December 4, 2020 34Appendix: COVID-19 Backdrop IQVIA Monitoring the Impact of COVID-19 on the Pharmaceutical Market Published December 18, 2020; Data week ending December 4, 2020 34

Elective Procedures: Weekly Year over Year Comparison for Selected Procedure Types 20% 20% GI CARDIAC 0% 0% -20% -20% -40% -40% -60% -60% -80% 11-06 11-13 10-23 10-30 11-06 11-13 11-20 11-27 12-04 10-23 10-30 11-20 11-27 12-04 PACEMAKER FEMORAL HERNIA ABLATION BYPASS VALVE AB WALL HERNIA INGUINAL HERNIA COLONOSCOPY BARIATRIC PTCA/PCI REPAIR ORTHOPEDIC OTHER 0% 40% 30% 20% -20% 10% -40% 0% -10% -20% -60% -30% -80% 10-23 10-30 11-06 11-13 11-20 11-27 12-04 -40% 10-23 10-30 11-06 11-13 11-20 11-27 12-04 PROSTATECTOMY HYSTERECTOMY ROTATOR CUFF KNEE REP HIP REP BREAST RECON CATARACTS 35 Source: IQVIA: Medical Claims Data Analysis, 2020; Latest Week: W/E 12/04/2020 vs. W/E 12/06/2019; Elective procedures based on IQVIA custom analysis; Data includes claims from inpatient and outpatient sites of care. Latest two weeks are estimates using a recency data factor that is adjusted out as all claims are received. Year over Year % Year over Year %Elective Procedures: Weekly Year over Year Comparison for Selected Procedure Types 20% 20% GI CARDIAC 0% 0% -20% -20% -40% -40% -60% -60% -80% 11-06 11-13 10-23 10-30 11-06 11-13 11-20 11-27 12-04 10-23 10-30 11-20 11-27 12-04 PACEMAKER FEMORAL HERNIA ABLATION BYPASS VALVE AB WALL HERNIA INGUINAL HERNIA COLONOSCOPY BARIATRIC PTCA/PCI REPAIR ORTHOPEDIC OTHER 0% 40% 30% 20% -20% 10% -40% 0% -10% -20% -60% -30% -80% 10-23 10-30 11-06 11-13 11-20 11-27 12-04 -40% 10-23 10-30 11-06 11-13 11-20 11-27 12-04 PROSTATECTOMY HYSTERECTOMY ROTATOR CUFF KNEE REP HIP REP BREAST RECON CATARACTS 35 Source: IQVIA: Medical Claims Data Analysis, 2020; Latest Week: W/E 12/04/2020 vs. W/E 12/06/2019; Elective procedures based on IQVIA custom analysis; Data includes claims from inpatient and outpatient sites of care. Latest two weeks are estimates using a recency data factor that is adjusted out as all claims are received. Year over Year % Year over Year %

COVID-19 National Overview Total National Case Count 16,756,581 Case Count Weekly % Growth 2.5% Top State Cases/100K (last 7 days) 140 129.4 120 98 93.7 92.9 100 90.6 Cases in the last 7 80 days per 100K 0-23.7 60 31.8-46.3 40 47.3-58.2 59.9-68.9 20 70.4-82.6 0 Indiana Arizona Rhode Island Oklahoma Tennessee 83.6-129.4 Source: COVID-19 cases data: https://covid.cdc.gov/covid-data-tracker/ *1.49M Cases in week ending 12/16; COVID-19 Market Impact published by IQVIA on 12/18/2020 2 36COVID-19 National Overview Total National Case Count 16,756,581 Case Count Weekly % Growth 2.5% Top State Cases/100K (last 7 days) 140 129.4 120 98 93.7 92.9 100 90.6 Cases in the last 7 80 days per 100K 0-23.7 60 31.8-46.3 40 47.3-58.2 59.9-68.9 20 70.4-82.6 0 Indiana Arizona Rhode Island Oklahoma Tennessee 83.6-129.4 Source: COVID-19 cases data: https://covid.cdc.gov/covid-data-tracker/ *1.49M Cases in week ending 12/16; COVID-19 Market Impact published by IQVIA on 12/18/2020 2 36