Revelation Biosciences Reports Q2 2024 Financial Results

Revelation Biosciences, Inc. (NASDAQ: REVB), a clinical-stage biopharmaceutical enterprise, is making strides in the field of trained immunity for disease prevention and treatment. Their innovative approach focuses on developing therapeutics that modulate the innate immune system. Recently, the company disclosed their financial results for the three and six months ending June 30, 2024.

Corporate Developments

One of Revelation Biosciences' significant milestones is the completion of dosing in their first human Phase 1 clinical trial for their lead product, Gemini. The trial results were positive, meeting the primary safety endpoint and demonstrating significant biomarker activity. According to CEO James Rolke, the primary objective was to assess the safety and tolerability of escalating doses of Gemini. The study identified a maximum tolerated dose in healthy volunteers and observed dose-dependent upregulation of key biomarkers, validating the immunostimulatory preconditioning effect of Gemini.

Looking ahead to the latter half of 2024, Revelation plans to capitalize on this momentum by initiating a Phase 1b study targeting patients with Chronic Kidney Disease (CKD).

Financial Performance

As of June 30, 2024, Revelation Biosciences reported $12.1 million in cash and cash equivalents, a slight increase from $12.0 million as of December 31, 2023. This rise is primarily attributed to net cash gained from financing activities, partially offset by the cash used in operations. The company projects that its current cash reserves will be adequate to fund operations through the end of 2024.

Revelation's net cash used for operating activities for the first half of 2024 was $5.3 million, an increase from $3.6 million over the same period in 2023. The net loss for the three months ending June 30, 2024, was $8.4 million, translating to $5.13 basic and diluted net loss per share. This is a substantial increase compared to a net loss of $1.4 million, or $5.83 per share, for the same period in 2023. For the six months ending June 30, 2024, the net loss was $11.1 million, or $8.13 per share, compared to net income of $4.7 million, or $24.52 basic net earnings per share and $23.89 diluted net earnings per share, for the same period in 2023.

About Gemini

Gemini is a proprietary formulation of phosphorylated hexaacyl disaccharide (PHAD®) designed 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 under the GEMINI-PSI program, and to prevent or reduce the severity and duration of acute kidney injury under the GEMINI-AKI program. Additionally, it may serve as a treatment to halt or slow the progression of chronic kidney disease (GEMINI-CKD program). Revelation Biosciences believes that Gemini acts through trained immunity, effectively redirecting and attenuating the innate immune response to external stressors such as infections and trauma.

About Revelation Biosciences, Inc.

Revelation Biosciences is dedicated to leveraging trained immunity for disease prevention and treatment. Their proprietary formulation, Gemini, is at the center of multiple ongoing programs aimed at evaluating its efficacy in preventing post-surgical infections, mitigating acute kidney injury, and treating chronic kidney disease. The company has conducted numerous preclinical studies that showcase the therapeutic potential of Gemini in its target indications.

Based on the reported financials and the progress of their clinical programs, Revelation Biosciences appears well-positioned to advance its initiatives further in 2024, potentially bringing new therapeutic options to market and addressing critical unmet medical needs.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!