Revelation Biosciences, Inc. Announces Financial Results for the Three Months Ended March 31, 2024

10 May 2024
www.biospace.com
Financial Statement
SAN DIEGO--(BUSINESS WIRE)-- Revelation Biosciences, Inc. (NASDAQ: REVB) (the “Company” or “Revelation”), a clinical-stage life sciences company that is focused on harnessing the power of trained immunity for the prevention and treatment of disease, today reported its three months ended March 31, 2024 financial results. Results of Operations As of March 31, 2024, Revelation had $14.6 million in cash and cash equivalents, compared to $12.0 million as of December 31, 2023. The increase in cash and cash equivalents was primarily due to net cash received from financing activities, offset primarily by cash used for operating activities. Based on current operating plans and projections, Revelation believes that its current cash and cash equivalents are sufficient to fund operations through 2024. Revelation’s net cash used for operating activities for the three months ended March 31, 2024 was $2.8 million compared to net cash used for operating activities of $1.6 million for the same period in 2023. Revelation’s net loss for the three months ended March 31, 2024 was $2.7 million, or $2.46 basic and diluted net loss per share, compared to net earnings of $6.2 million, or $45.52 and $37.07 basic and diluted net loss per share for the same period in 2023, respectively. The change in net cash used for operating activities for the three months ended March 31, 2024 as compared to March 31, 2023 was primarily due to GEM-AKI and GEM-SSI clinical study expenses. The change to net loss for the three months ended March 31, 2024 from net earnings for the three months ended March 31, 2023, was primarily due to the change in fair value of the warrant liability creating a $7.7 million gain during the three months ended March 31, 2023. About Gemini Gemini is a proprietary formulation of phosphorylated hexaacyl disaccharide (PHAD®) for systemic administration. It is being developed for multiple indications including as a pretreatment to prevent or reduce the severity and duration of post-surgical infection (GEMINI-SSI program), as pretreatment to prevent or reduce the severity and duration of acute kidney injury (GEMINI-AKI program). In addition, Gemini may be a treatment to stop or slow the progression of chronic kidney disease (GEMINI-CKD program). Revelation believes Gemini works through trained immunity, which redirects and attenuates the innate immune response to external stress (infection, trauma, etc.). Revelation has conducted multiple preclinical studies demonstrating the therapeutic potential of Gemini in the target indications. About Revelation Biosciences, Inc. Revelation Biosciences, Inc. is a clinical stage life sciences company focused on harnessing the power of trained immunity for the prevention and treatment of disease using its proprietary formulation Gemini. Revelation has multiple ongoing programs to evaluate Gemini, including as a prevention for post-surgical infection, as a prevention for acute kidney injury, and for the treatment of chronic kidney disease. For more information on Revelation, please visit . Forward-Looking Statements This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These forward-looking statements are generally identified by the words "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions. We caution investors that forward-looking statements are based on management’s expectations and are only predictions or statements of current expectations and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those anticipated by the forward-looking statements. Revelation cautions readers not to place undue reliance on any such forward looking statements, which speak only as of the date they were made. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the ability of Revelation to meet its financial and strategic goals, due to, among other things, competition; the ability of Revelation to grow and manage growth profitability and retain its key employees; the possibility that the Revelation may be adversely affected by other economic, business, and/or competitive factors; risks relating to the successful development of Revelation’s product candidates; the ability to successfully complete planned clinical studies of its product candidates; the risk that we may not fully enroll our clinical studies or enrollment will take longer than expected; risks relating to the occurrence of adverse safety events and/or unexpected concerns that may arise from data or analysis from our clinical studies; changes in applicable laws or regulations; expected initiation of the clinical studies, the timing of clinical data; the outcome of the clinical data, including whether the results of such study is positive or whether it can be replicated; the outcome of data collected, including whether the results of such data and/or correlation can be replicated; the timing, costs, conduct and outcome of our other clinical studies; the anticipated treatment of future clinical data by the FDA, the EMA or other regulatory authorities, including whether such data will be sufficient for approval; the success of future development activities for its product candidates; potential indications for which product candidates may be developed; the ability of Revelation to maintain the listing of its securities on NASDAQ; the expected duration over which Revelation’s balances will fund its operations; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the SEC by Revelation. REVELATION BIOSCIENCES, INC. Consolidated Statements of Operations Three Months Ended March 31, 2024 2023 Operating expenses: Research and development $ 717,582 $ 525,273 General and administrative 1,184,556 1,094,574 Total operating expenses 1,902,138 1,619,847 Loss from operations (1,902,138 ) (1,619,847 ) Other (expense) income: Change in fair value of warrant liability 68,427 7,744,935 Other (expense) income, net (847,722 ) 34,107 Total other (expense) income, net (779,295 ) 7,779,042 Net (loss) earnings $ (2,681,433 ) $ 6,159,195 Net (loss) earnings per share, basic $ (2.46 ) $ 45.52 Weighted-average shares used to compute net (loss) earnings per share, basic 1,089,833 135,305 Net (loss) earnings per share, diluted $ (2.46 ) $ 37.07 Weighted-average shares used to compute net (loss) earnings per share, diluted 1,089,833 166,144 REVELATION BIOSCIENCES, INC. Consolidated Balance Sheets March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 14,551,740 $ 11,991,701 Deferred offering costs — 71,133 Prepaid expenses and other current assets 71,876 84,691 Total current assets 14,623,616 12,147,525 Property and equipment, net 77,994 65,084 Total assets $ 14,701,610 $ 12,212,609 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,681,665 $ 1,359,898 Accrued expenses 620,280 1,152,460 Deferred underwriting commissions 2,911,260 2,911,260 Warrant liability 15,260 141,276 Total current liabilities 5,228,465 5,564,894 Total liabilities 5,228,465 5,564,894 Stockholders’ equity: Common Stock, $0.001 par value; 500,000,000 shares authorized at March 31, 2024 and December 31, 2023 and 1,632,935 and 264,537 issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1,633 265 Additional paid-in-capital 37,620,047 32,114,552 Accumulated deficit (28,148,535 ) (25,467,102 ) Total stockholders’ equity 9,473,145 6,647,715 Total liabilities and stockholders’ equity $ 14,701,610 $ 12,212,609 View source version on businesswire.com: Contacts Sandra Vedrick Vice President, Investor Relations & Human Resources Revelation Biosciences, Inc. Email: svedrick@revbiosciences.com and Chester Zygmont, III Chief Financial Officer Revelation Biosciences, Inc. Email: czygmont@revbiosciences.com Source: Revelation Biosciences, Inc. View this news release online at:
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
-
Drugs
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Leverages most recent intelligence information, enabling fullest potential.