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 and
twelve months ended December 31, 2023 financial results.
Corporate Highlights
- Completed a $6.2 million public offering.
- Commencement of first in human Phase 1 clinical study of Gemini
at the beginning of March.
- Oral presentation and poster of nonclinical data demonstrating
Gemini reduces the severity and duration of acute kidney injury in
an ischemia reperfusion model at the 29th International Conference
on Advances in Critical Care Nephrology this month.
“The Revelation team has worked hard over 2023 to build the
foundation for successful advancement of Gemini and we are
delighted with being able to share the positive preclinical AKI
results and the start of our Phase 1 study,” said James Rolke,
Chief Executive Officer of Revelation. “During 2024, we look
forward to building on this momentum and advancing evaluation of
Gemini into patients.”
Results of Operations
As of December 31, 2023, Revelation had $12.0 million in cash
and cash equivalents, compared to $5.3 million as of December 31,
2022. 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 and twelve months ended December 31, 2023 was $2.0 million
and $7.3 million, respectively, compared to net cash used for
operating activities of $0.9 million and $11.2 million for the same
periods in 2022, respectively. Revelation’s net loss for the three
and twelve months ended December 31, 2023 was $2.2 million and $0.1
million, or $8.33 and $0.53 basic and diluted net loss per share,
respectively, compared to a net loss of $1.2 million and $10.8
million, or $15.61 and $149.20 basic and diluted net loss per share
for the same period in 2022, respectively.
The changes in net cash used for operating activities and the
increase in net loss for the three months ended December 31, 2023
as compared to December 31, 2022 was primarily due to pre-clinical
costs and clinical preparation costs primarily for programs GEM-SSI
and GEM-AKI.
The changes in net cash used for operating activities for the
twelve months ended December 31, 2023 as compared to December 31,
2022 were primarily due to decreased clinical study expenses
associated with our Phase 2b viral challenge clinical study
(REVTx-99a) and our Phase 1b allergen challenge study (REVTx-99b),
legal fees, professional consulting service fees and public company
directors and officers insurance policy. The decrease in net loss
for the twelve months ended December 31, 2023 as compared to
December 31, 2022 were primarily due to the change in fair value of
the warrant liability creating a $8.3 million gain.
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 hospital acquired
infection and as a prevention for acute kidney injury.
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
clinical utility of an increase in intranasal cytokine levels as a
biomarker of viral infections; 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
potential impact that COVID-19 may have on Revelation’s suppliers,
vendors, regulatory agencies, employees and the global economy as a
whole; the ability of Revelation to maintain the listing of its
securities on NASDAQ; investor sentiment relating to SPAC related
going public transactions; 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
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Operating expenses:
Research and development
$
1,059,984
$
339,971
$
4,145,902
$
5,377,400
General and administrative
1,265,906
878,356
4,510,762
5,487,111
Total operating expenses
2,325,890
1,218,327
8,656,664
10,864,511
Loss from operations
(2,325,890
)
(1,218,327
)
(8,656,664
)
(10,864,511
)
Other income (expense):
Change in fair value of warrant
liability
68,202
—
8,328,937
—
Other income (expense)
54,785
10,741
207,473
34,962
Total other income (expense),
net
122,987
10,741
8,536,410
34,962
Net loss
$
(2,202,903
)
$
(1,207,586
)
$
(120,254
)
$
(10,829,549
)
Net loss per share, basic and
diluted
$
(8.33
)
$
(15.61
)
$
(0.53
)
$
(149.20
)
Weighted-average shares used to compute
net loss per share, basic and diluted
264,537
77,375
228,641
72,585
REVELATION BIOSCIENCES,
INC.
Consolidated Balance
Sheets
December 31,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
11,991,701
$
5,252,979
Deferred offering costs
71,133
87,171
Prepaid expenses and other current
assets
84,691
73,132
Total current assets
12,147,525
5,413,282
Property and equipment, net
65,084
90,133
Total assets
$
12,212,609
$
5,503,415
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
1,359,898
$
554,205
Accrued expenses
1,152,460
985,497
Deferred underwriting commissions
2,911,260
2,911,260
Warrant liability
141,276
—
Total current liabilities
5,564,894
4,450,962
Total liabilities
5,564,894
4,450,962
Stockholders’ equity:
Series A Preferred Stock, $0.001 par
value; zero and one shares authorized, issued and outstanding at
December 31, 2023 and December 31, 2022, respectively; liquidation
preference of $0 and $5,000 at December 31, 2023 and December 31,
2022, respectively
—
—
Common Stock, $0.001 par value;
500,000,000 shares authorized at December 31, 2023 and December 31,
2022 and 264,537 and 77,375 issued and outstanding at December 31,
2023 and December 31, 2022, respectively
265
77
Additional paid-in-capital
32,114,552
26,399,224
Accumulated deficit
(25,467,102
)
(25,346,848
)
Total stockholders’ equity
6,647,715
1,052,453
Total liabilities and stockholders’
equity
$
12,212,609
$
5,503,415
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version on businesswire.com: https://www.businesswire.com/news/home/20240322925709/en/
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
Revelation Biosciences (NASDAQ:REVB)
過去 株価チャート
から 11 2024 まで 12 2024
Revelation Biosciences (NASDAQ:REVB)
過去 株価チャート
から 12 2023 まで 12 2024