Revelation Biosciences, Inc. (NASDAQ: REVB) (the “Company” or
“Revelation”), a clinical-stage biopharmaceutical company focused
on harnessing the power of trained immunity for the prevention and
treatment of disease by developing and commercializing therapeutics
that modulate the innate immune system, today reported its three
and nine months ended September 30, 2024 financial results.
Corporate Highlights
- Completed GMP manufacture of Gemini clinical drug supply
- Received net proceeds of $3.8 million from the exercise of
warrants in August 2024
- Announced Gemini induces dose dependent significant increases
in IL-10 in healthy volunteers
“The Revelation team continues to make significant progress on
the advancement of Gemini,” said James Rolke, Chief Executive
Officer of Revelation. “We look forward to the anticipated
acceptance of our IND by the FDA and building on this momentum with
the start of our Phase 1b study in CKD patients in the United
States.”
Results of Operations
As of September 30, 2024, Revelation had $6.5 million in cash
and cash equivalents, compared to $12.0 million as of December 31,
2023. The decrease in cash and cash equivalents was primarily due
to cash used for operating activities and the Lifesci Capital
judgment, offset by net cash received from financing activities.
Based on current operating plans and projections, Revelation
believes that its current cash and cash equivalents are sufficient
to fund operations into 2025.
Revelation’s net cash used for operating activities for the nine
months ended September 30, 2024 was $14.6 million compared to net
cash used for operating activities of $5.3 million for the same
period in 2023. Revelation’s net loss for the three months ended
September 30, 2024 was $2.2 million, or $0.84 basic and diluted net
loss per share compared to a net loss of $2.6 million, or $9.94
basic and diluted net loss per share for the same period in 2023.
Revelation’s net loss for the nine months ended September 30, 2024
was $13.3 million, or $7.38 basic and diluted net loss per share
compared to net income of $2.1 million, or $9.62 basic net earnings
per share and $9.38 diluted net earnings per share for the same
period in 2023, respectively.
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-PSI program), and as a 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
www.RevBiosciences.com.
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.
Condensed Consolidated
Statements of Operations
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Operating expenses:
Research and development
$
830,981
$
1,651,367
$
2,943,492
$
3,085,918
General and administrative
965,705
1,126,530
3,277,729
3,244,856
Total operating expenses
1,796,686
2,777,897
6,221,221
6,330,774
Loss from operations
(1,796,686
)
(2,777,897
)
(6,221,221
)
(6,330,774
)
Other (expense) income:
Change in fair value of warrant
liability
6,041
92,561
78,884
8,260,735
Other (expense) income, net
(450,920
)
56,960
(7,170,480
)
152,688
Total other (expense) income,
net
(444,879
)
149,521
(7,091,596
)
8,413,423
Net (loss) earnings
$
(2,241,565
)
$
(2,628,376
)
$
(13,312,817
)
$
2,082,649
Net (loss) earnings per share,
basic
$
(0.84
)
$
(9.94
)
$
(7.38
)
$
9.62
Weighted-average shares used to compute
net (loss) earnings per share, basic
2,679,941
264,537
1,804,875
216,544
Net (loss) earnings per share,
diluted
$
(0.84
)
$
(9.94
)
$
(7.38
)
$
9.38
Weighted-average shares used to compute
net (loss) earnings per share, diluted
2,679,941
264,537
1,804,875
222,110
REVELATION BIOSCIENCES,
INC.
Condensed Consolidated Balance
Sheets
September 30, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
6,541,052
$
11,991,701
Deferred offering costs
—
71,133
Prepaid expenses and other current
assets
117,846
84,691
Total current assets
6,658,898
12,147,525
Property and equipment, net
81,242
65,084
Total assets
$
6,740,140
$
12,212,609
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
3,127,348
$
1,359,898
Accrued expenses
934,372
1,152,460
Deferred underwriting commissions
—
2,911,260
Warrant liability
4,803
141,276
Total current liabilities
4,066,523
5,564,894
Total liabilities
4,066,523
5,564,894
Stockholders’ equity:
Common Stock, $0.001 par value;
500,000,000 shares authorized at September 30, 2024 and December
31, 2023 and 4,292,455 and 264,537 issued and outstanding at
September 30, 2024 and December 31, 2023, respectively
4,292
265
Additional paid-in-capital
41,449,244
32,114,552
Accumulated deficit
(38,779,919
)
(25,467,102
)
Total stockholders’ equity
2,673,617
6,647,715
Total liabilities and stockholders’
equity
$
6,740,140
$
12,212,609
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version on businesswire.com: https://www.businesswire.com/news/home/20241108038521/en/
Chester Zygmont, III Chief Financial Officer Revelation
Biosciences, Inc. Email: czygmont@revbiosciences.com
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