Revelation Biosciences(US:REVB)2024-05-10 20:04Financial Performance - The company reported a net loss of $2.7 million for the three months ended March 31, 2024, compared to a net loss of $6.2 million for the same period in 2023, resulting in an accumulated deficit of $28.1 million as of March 31, 2024[117][135]. - Total operating expenses increased to $1.9 million for the three months ended March 31, 2024, from $1.6 million in the same period of 2023, reflecting a rise of $282,291[127]. - Research and development expenses rose to $717,582 for the three months ended March 31, 2024, up from $525,273 in 2023, primarily due to increased clinical study expenses related to GEM-AKI and GEM-SSI[128]. - General and administrative expenses increased to $1.2 million for the three months ended March 31, 2024, compared to $1.1 million in 2023, with personnel expenses accounting for a significant portion of the increase[129]. - For the three months ended March 31, 2024, net cash used in operating activities was $2.8 million, compared to $1.6 million for the same period in 2023, indicating an increase of 80% in cash outflow[139][140]. - Net cash provided by financing activities for the three months ended March 31, 2024, was $5.4 million, a decrease of 61% from $14.0 million in the same period in 2023[142]. - The company reported a net loss of $2.7 million for the three months ended March 31, 2024, compared to a net income of $6.2 million for the same period in 2023[139][140]. Liquidity and Funding - As of March 31, 2024, the company had available cash and cash equivalents of $14.6 million, which is insufficient to sustain operations for the next year, raising substantial doubt about its ability to continue as a going concern[115][135]. - The company plans to seek additional funding through public or private equity or debt financings, but there is no guarantee that financing will be obtained on acceptable terms[116]. - The company plans to seek additional funding through public or private equity or debt financings to continue as a going concern[136]. Operational Outlook - The company has never generated revenue and does not expect to do so until it successfully completes development and obtains regulatory approval for its product candidates, which is anticipated to take several years[119][135]. - The company expects to continue incurring significant operating losses and negative cash flows as it expands its research and development activities[133]. Stock and Obligations - A reverse stock split of 1-for-30 was executed on January 25, 2024, following approval at a special meeting of stockholders[120]. - As of March 31, 2024, the company had total contractual obligations of $42,800, all related to operating lease obligations[143]. - There were 94 unvested and unissued Rollover RSU awards and 1,157 stock options outstanding as of March 31, 2024[152]. Other Considerations - The company has not experienced significant changes in its estimates of clinical study accruals to date[150]. - The fair value of cash and cash equivalents would not be significantly affected by interest rate changes due to their short-term nature[147]. - The company is exposed to foreign currency transaction gains or losses, but these have not been material to date[148]. - The company has elected to use an extended transition period under the JOBS Act to comply with new or revised accounting standards[156].