SEATTLE, Wash. and VANCOUVER, British Columbia, May 27, 2021 — Achieve Life Sciences, Inc. (Nasdaq: ACHV), a clinical-stage pharmaceutical company committed to the global development and commercialization of cytisinicline for smoking cessation and nicotine addiction, today announced the closing of its underwritten public offering of 3,285,714 shares of its common stock at a public offering price of $7.00 per share, which includes 428,571 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares of common stock. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, were $23.0 million.

Achieve intends to use the proceeds from the offering to fund ongoing cytisinicline development, other clinical research and development and for working capital and general corporate purposes.

Oppenheimer & Co. Inc. acted as the sole book-running manager in the offering. Lake Street Capital Markets, LLC acted as the lead manager.

The securities were offered by Achieve pursuant to a registration statement on Form S-3 previously filed and declared effective by the Securities and Exchange Commission (SEC). A final prospectus supplement and accompanying prospectus relating to this offering have been filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating