Revelation Biosciences, Inc. Announces Financial Results for the Three and Nine Months Ended September 30, 2024
Revelation Biosciences (NASDAQ: REVB) reported financial results for Q3 2024. The company ended the period with $6.5 million in cash and cash equivalents, down from $12.0 million at the end of 2023. Net loss for Q3 2024 was $2.2 million ($0.84 per share), compared to a $2.6 million loss in Q3 2023. For the nine months ended September 30, 2024, net loss was $13.3 million. The company received $3.8 million from warrant exercises in August 2024 and completed GMP manufacture of Gemini clinical drug supply. Management believes current cash position is sufficient to fund operations into 2025.
Revelation Biosciences (NASDAQ: REVB) ha riportato i risultati finanziari per il terzo trimestre del 2024. L'azienda ha chiuso il periodo con 6,5 milioni di dollari in contante e equivalenti, in calo rispetto ai 12,0 milioni di dollari alla fine del 2023. La perdita netta per il terzo trimestre del 2024 è stata di 2,2 milioni di dollari (0,84 dollari per azione), rispetto a una perdita di 2,6 milioni di dollari nel terzo trimestre del 2023. Nei nove mesi conclusi il 30 settembre 2024, la perdita netta è stata di 13,3 milioni di dollari. L'azienda ha ricevuto 3,8 milioni di dollari dagli esercizi di warrant nell'agosto 2024 e ha completato la produzione GMP dell'approvvigionamento del farmaco clinico Gemini. La direzione crede che l'attuale posizione di liquidità sia sufficiente per finanziare le operazioni fino al 2025.
Revelation Biosciences (NASDAQ: REVB) informó sobre los resultados financieros del tercer trimestre de 2024. La empresa terminó el período con 6,5 millones de dólares en efectivo y equivalentes, una disminución desde los 12,0 millones de dólares al final de 2023. La pérdida neta para el tercer trimestre de 2024 fue de 2,2 millones de dólares (0,84 dólares por acción), comparado con una pérdida de 2,6 millones de dólares en el tercer trimestre de 2023. Durante los nueve meses finalizados el 30 de septiembre de 2024, la pérdida neta fue de 13,3 millones de dólares. La empresa recibió 3,8 millones de dólares por el ejercicio de opciones en agosto de 2024 y completó la fabricación GMP del suministro clínico del fármaco Gemini. La gerencia cree que la posición de efectivo actual es suficiente para financiar las operaciones hasta 2025.
Revelation Biosciences (NASDAQ: REVB)는 2024년 3분기 재무 결과를 보고했습니다. 회사는 2023년 말 1200만 달러에서 감소한 650만 달러의 현금 및 현금성 자산으로 이 기간을 마감했습니다. 2024년 3분기 순손실은 220만 달러 (주당 0.84달러)였으며, 이는 2023년 3분기의 260만 달러 손실과 비교됩니다. 2024년 9월 30일 종료된 9개월 동안 순손실은 1330만 달러였습니다. 회사는 2024년 8월에 영업권 행사로 380만 달러를 받았고, Gemini 임상 약물 공급의 GMP 제조를 완료했습니다. 경영진은 현재의 현금 상황이 2025년까지 운영 자금을 조달하는 데 충분하다고 믿고 있습니다.
Revelation Biosciences (NASDAQ: REVB) a publié ses résultats financiers pour le troisième trimestre 2024. L'entreprise a terminé la période avec 6,5 millions de dollars en liquidités et équivalents, en baisse par rapport à 12,0 millions de dollars à la fin de 2023. La perte nette pour le troisième trimestre 2024 s'élevait à 2,2 millions de dollars (0,84 dollar par action), contre une perte de 2,6 millions de dollars au troisième trimestre 2023. Pour les neuf mois se terminant le 30 septembre 2024, la perte nette était de 13,3 millions de dollars. L'entreprise a reçu 3,8 millions de dollars d'exercices de bons en août 2024 et a terminé la fabrication GMP de l'approvisionnement clinique du médicament Gemini. La direction estime que la position de liquidités actuelle est suffisante pour financer les opérations jusqu'en 2025.
Revelation Biosciences (NASDAQ: REVB) hat die finanziellen Ergebnisse für das 3. Quartal 2024 gemeldet. Das Unternehmen schloss den Zeitraum mit 6,5 Millionen Dollar in Bargeld und Barmitteln ab, ein Rückgang von 12,0 Millionen Dollar zum Ende von 2023. Der Nettoverlust für das 3. Quartal 2024 betrug 2,2 Millionen Dollar (0,84 Dollar pro Aktie), im Vergleich zu einem Verlust von 2,6 Millionen Dollar im 3. Quartal 2023. Für die neun Monate bis zum 30. September 2024 betrug der Nettoverlust 13,3 Millionen Dollar. Das Unternehmen erhielt 3,8 Millionen Dollar aus Optionsausübung im August 2024 und schloss die GMP-Herstellung von Gemini-Klinik-Apothekenlieferungen ab. Das Management ist der Meinung, dass die derzeitige Liquiditätsposition ausreicht, um die Betriebskosten bis 2025 zu decken.
- Received $3.8 million from warrant exercises in August 2024
- Reduced quarterly net loss to $2.2 million from $2.6 million year-over-year
- Cash runway extended into 2025
- Successful completion of Gemini clinical drug supply manufacturing
- Cash position decreased from $12.0M to $6.5M since December 2023
- Net loss of $13.3M for nine months compared to $2.1M net income in same period 2023
- Increased cash burn with $14.6M used in operations vs $5.3M in same period 2023
Insights
The financial results reveal concerning trends for Revelation Biosciences. Cash reserves declined significantly from
While the
Corporate Highlights
- Completed GMP manufacture of Gemini clinical drug supply
-
Received net proceeds of
from the exercise of warrants in August 2024$3.8 million - 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
Revelation’s net cash used for operating activities for the nine months ended September 30, 2024 was
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
|
|
Nine Months Ended
|
||||||||||||
|
|
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,
|
|
December 31,
|
||||
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, |
|
|
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 |
|
View source 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
Source: Revelation Biosciences, Inc.
FAQ
What was Revelation Biosciences (REVB) net loss for Q3 2024?
How much cash does REVB have as of September 30, 2024?
How much did REVB raise from warrant exercises in August 2024?