Revelation Biosciences(REVB) - 2024 Q4 - Annual Results

Company Overview and Financial Highlights Announcement and Corporate Highlights Revelation Biosciences reported Q4 and FY 2024 financial results, with cash and cash equivalents at $6.5 million and PRIME study advancing - CEO James Rolke anticipates completion of enrollment and topline data for the Phase 1b PRIME clinical study mid-year 2025[2] Cash and Cash Equivalents (YoY) | Metric | December 31, 2024 | December 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | $6.5 million | $12.0 million | Decreased by $5.5 million | Net Cash Used for Operating Activities (YoY) | Metric | 12 Months Ended Dec 31, 2024 | 12 Months Ended Dec 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Net cash used for operating activities | $18.3 million | $7.3 million | Increased by $11.0 million | Net Loss and EPS (QoQ & YoY) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | | Net Loss | $(1.7) million | $(2.2) million | $(15.0) million | $(0.1) million | | Basic and Diluted Net Loss Per Share | $(4.98) | $(133.64) | $(87.68) | $(8.44) | Corporate Milestones Revelation Biosciences achieved key milestones, including first patient dosing in PRIME Phase 1b Clinical Study and FDA acceptance of Gemini IND - Announced dosing of the first patient in the PRIME Phase 1b Clinical Study of Gemini in CKD Patients[5] - Announced the start of its PRIME Phase 1b Clinical Study of Gemini in CKD Patients[5] - Announced FDA Acceptance of Gemini IND[5] Net Proceeds from Warrant Exercise | Event | Amount | | :--- | :--- | | Net proceeds from the exercise of warrants in December 2024 | $3.7 million | About Revelation Biosciences and Gemini Revelation Biosciences is a clinical-stage company rebalancing inflammation with its proprietary Gemini formulation for AKI, PSI, and CKD - Revelation Biosciences, Inc. is a clinical-stage life sciences company focused on rebalancing inflammation to optimize health using its proprietary formulation Gemini[1][7] - Gemini is an intravenously administered, proprietary formulation of phosphorylated hexaacyl disaccharide (PHAD®) that reduces inflammation damage by reprogramming the innate immune system[4] - Gemini is being developed for multiple indications: prevention/reduction of acute kidney injury (GEMINI-AKI), prevention/reduction of post-surgical infection (GEMINI-PSI), and treatment to stop/slow chronic kidney disease (GEMINI-CKD)[6][7] - Revelation previously announced positive Phase 1 clinical data for intravenous Gemini treatment, meeting the primary safety endpoint and demonstrating statistically significant pharmacodynamic activity[4] Detailed Financial Statements Consolidated Statements of Operations Q4 2024 net loss improved to $(1.7) million, while FY 2024 net loss significantly increased to $(15.0) million due to other expenses Operating Expenses | Operating Expense | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Research and development | $605,504 | $1,059,984 | $3,548,996 | $4,145,902 | | General and administrative | $1,148,384 | $1,265,906 | $4,426,113 | $4,510,762 | | Total operating expenses | $1,753,888 | $2,325,890 | $7,975,109 | $8,656,664 | Loss from Operations | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Loss from operations | $(1,753,888) | $(2,325,890) | $(7,975,109) | $(8,656,664) | Other (Expense) Income, Net | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Change in fair value of warrant liability | $2,557 | $68,202 | $81,441 | $8,328,937 | | Other (expense) income, net | $25,612 | $54,785 | $(7,144,868) | $207,473 | | Total other (expense) income, net | $28,169 | $122,987 | $(7,063,427) | $8,536,410 | Net Loss and EPS | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(1,725,719) | $(2,202,903) | $(15,038,536) | $(120,254) | | Net loss per share, basic and diluted | $(4.98) | $(133.64) | $(87.68) | $(8.44) | | Weighted-average shares used to compute net loss per share | 346,504 | 16,484 | 171,510 | 14,246 | Consolidated Balance Sheets Total assets decreased to $6.6 million and liabilities to $1.9 million by December 31, 2024, driven by reduced cash and warrant liability Assets (YoY) | Asset | December 31, 2024 | December 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $6,499,018 | $11,991,701 | $(5,492,683) | | Deferred offering costs | — | $71,133 | $(71,133) | | Prepaid expenses and other current assets | $66,699 | $84,691 | $(18,992) | | Total current assets | $6,565,717 | $12,147,525 | $(5,581,808) | | Property and equipment, net | $56,332 | $65,084 | $(8,752) | | Total assets | $6,622,049 | $12,212,609 | $(5,590,560) | Liabilities (YoY) | Liability | December 31, 2024 | December 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Accounts payable | $783,621 | $1,359,898 | $(576,277) | | Accrued expenses | $1,127,800 | $1,152,460 | $(24,660) | | Deferred underwriting commissions | — | $2,911,260 | $(2,911,260) | | Warrant liability | $2,246 | $141,276 | $(139,030) | | Total current liabilities | $1,913,667 | $5,564,894 | $(3,651,227) | | Total liabilities | $1,913,667 | $5,564,894 | $(3,651,227) | Stockholders' Equity (YoY) | Equity Item | December 31, 2024 | December 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Common Stock | $522 | $16 | $506 | | Additional paid-in-capital | $45,213,498 | $32,114,801 | $13,098,697 | | Accumulated deficit | $(40,505,638) | $(25,467,102) | $(15,038,536) | | Total stockholders' equity | $4,708,382 | $6,647,715 | $(1,939,333) | Other Information Forward-Looking Statements This section outlines forward-looking statements, cautioning that actual results may differ due to risks in financial goals, clinical studies, and regulatory approvals - Forward-looking statements are based on management's expectations and involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different[9] - Key risk factors include the ability to meet financial/strategic goals, grow profitably, retain key employees, successful development/completion of clinical studies, regulatory approvals, and maintaining NASDAQ listing[9] Company Contacts Contact information for investor relations and the Chief Financial Officer is provided for inquiries - Investor Relations contact: Mike Porter, Porter LeVay & Rose Inc. (mike@plrinvest.com)[14] - Chief Financial Officer contact: Chester S. Zygmont, III, Revelation Biosciences Inc. (czygmont@revbiosciences.com)[14]