Revelation Biosciences(US:REVB)2024-03-22 20:22Financial Position - As of December 31, 2023, Revelation had $12.0 million in cash and cash equivalents, an increase from $5.3 million as of December 31, 2022, primarily due to net cash received from financing activities [2]. - Revelation's total assets as of December 31, 2023, were $12.2 million, up from $5.5 million as of December 31, 2022 [14]. - Revelation's accumulated deficit as of December 31, 2023, was $25.5 million, compared to $25.3 million as of December 31, 2022 [14]. - The company anticipates that its current cash and cash equivalents will be sufficient to fund operations through 2024 [2]. Operating Performance - Net cash used for operating activities for the three months ended December 31, 2023, was $2.0 million, compared to $0.9 million for the same period in 2022, while for the twelve months, it was $7.3 million compared to $11.2 million in 2022 [3]. - The net loss for the three months ended December 31, 2023, was $2.2 million, or $8.33 per share, compared to a net loss of $1.2 million, or $15.61 per share, for the same period in 2022 [3]. - The total operating expenses for the three months ended December 31, 2023, were $2.3 million, compared to $1.2 million for the same period in 2022 [12]. Financing Activities - Revelation completed a $6.2 million public offering and commenced its first Phase 1 clinical study of Gemini in March 2024 [6]. - The change in fair value of the warrant liability resulted in an $8.3 million gain for the twelve months ended December 31, 2023 [5]. Product Development - The company is advancing the evaluation of its proprietary formulation, Gemini, which is being developed for multiple indications including acute kidney injury and post-surgical infection [7].