Revelation Biosciences Reports Q1 2024 Financial Results

Revelation Biosciences, Inc. (NASDAQ: REVB), a clinical-stage life sciences company dedicated to leveraging trained immunity to prevent and treat diseases, has announced its financial results for the quarter ending March 31, 2024.

Financial Overview
By the end of March 2024, Revelation Biosciences reported holding $14.6 million in cash and cash equivalents, an increase from the $12 million reported at the close of 2023. This growth was mainly fueled by net cash inflow from financing activities, which was counterbalanced by cash used in operating activities. According to the company's projections, the existing cash reserves are expected to sustain operations through the remainder of 2024.

During the first quarter of 2024, the company expended $2.8 million in net cash for operating activities, a significant rise compared to the $1.6 million spent in the same period in 2023. The net loss for the first quarter of 2024 stood at $2.7 million, translating to a $2.46 loss per share, whereas the company had reported a net gain of $6.2 million, or $45.52 and $37.07 per share in basic and diluted terms, respectively, for the first quarter of 2023. The fluctuations in net cash used and net earnings between the two periods were largely attributed to the expenses related to GEM-AKI and GEM-SSI clinical studies and the change in the fair value of the warrant liability.

Research and Development
Revelation Biosciences increased its research and development expenses to $717,582 in the first quarter of 2024, up from $525,273 in the same period the previous year. General and administrative expenses also saw an uptick, rising to $1,184,556 from $1,094,574. Consequently, total operating expenses climbed to approximately $1.9 million, up from around $1.6 million.

Operating Loss and Other Income
The increase in operating expenses led to an operating loss of approximately $1.9 million for the first quarter of 2024, compared to $1.6 million in the first quarter of 2023. The change in fair value of the warrant liability, resulting in an income of $68,427, was significantly lower than the $7.7 million reported in the previous year. Additionally, other net expenses totaled $847,722, resulting in a total net other expense of $779,295 for the first quarter of 2024.

Balance Sheet Highlights
As of March 31, 2024, Revelation’s total assets were valued at $14.7 million, a rise from $12.2 million as of December 31, 2023. Current liabilities amounted to $5.2 million, a slight decrease from $5.6 million at the end of 2023. Stockholders’ equity also saw a positive change, increasing to $9.5 million from $6.6 million.

Gemini Program
Revelation Biosciences is advancing its proprietary formulation, Gemini, which is a phosphorylated hexaacyl disaccharide (PHAD®) designed for systemic administration. This formulation is under development for various indications, including preventing or mitigating post-surgical infections (GEMINI-SSI program) and acute kidney injury (GEMINI-AKI program). Additionally, Gemini may potentially treat chronic kidney disease (GEMINI-CKD program). The mechanism behind Gemini involves training the immune system to redirect and modulate the innate immune response to external stressors like infections and trauma. Multiple preclinical studies have demonstrated Gemini's therapeutic promise in targeted indications.

Company Overview
Revelation Biosciences, Inc. continues to focus on harnessing trained immunity through its Gemini formulation for preventing and treating diseases. The company has several ongoing programs to evaluate the efficacy of Gemini, including its use in preventing post-surgical infections, acute kidney injury, and treating chronic kidney disease. The company remains committed to advancing these programs through various stages of research and development.