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Revelation Biosciences, Inc. Announces Financial Results for the Three Months Ending March 31, 2024
SAN DIEGO, May 10, 2024–(BUSINESS WIRE)–Revelation Biosciences, Inc. (NASDAQ: REVB) (the “Company” or “Revelation”), a clinical-stage life sciences company focused on harnessing the power of trained immunity for the prevention and treatment of disease, today reported its financial results for the three months ended March 31, 2024.
Results of Operations
As of March 31, 2024, Revelation had $14.6 million in cash and cash equivalents, compared to $12.0 million as of December 31, 2023. 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 months ended March 31, 2024 was $2.8 million compared to net cash used for operating activities of $1.6 million for the same period in 2023. Revelation’s net loss for the three months ended March 31, 2024 was $2.7 million, or $2.46 basic and diluted net loss per share, compared to net income of $6.2 million , or US$45.52 and US$37.07 of basic and diluted net loss per share for the same period in 2023, respectively.
The change in net cash used for operating activities for the three months ended March 31, 2024 compared to March 31, 2023 was primarily due to expenses for GEM-AKI and GEM-SSI clinical studies. The change in net loss for the three months ended March 31, 2024, relative to net income for the three months ended March 31, 2023, was primarily due to the change in the fair value of the warrant liability, creating a gain of US$7.7 million during the three months ended. March 31, 2023.
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 postsurgical infection (GEMINI-SSI program), as a pretreatment to prevent or reduce the severity and duration of acute kidney injury (program GEMINI-AKI ). Additionally, Gemini may be a treatment to stop or slow the progression of chronic kidney disease (GEMINI-CKD program). Revelation believes that Gemini works through trained immunity, which redirects and dampens the innate immune response to external stress (infection, trauma, etc.). Revelation has conducted several preclinical studies demonstrating Gemini’s therapeutic potential in targeted indications.
The story continues
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 Gemini formulation. Revelation has several programs underway to evaluate Gemini, including as prevention of post-surgical infection, as prevention of acute kidney injury and for the treatment of chronic kidney disease.
For more information about Revelation, 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 could cause actual results to differ materially from those anticipated by the forward-looking statements. statements. Revelation cautions readers not to place undue reliance on such forward-looking statements, which speak only as of the date they are made. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: Revelation’s ability to meet its financial and strategic goals, due to, among other things, competition; Revelation’s ability to grow and manage the profitability of growth and retain its key employees; the possibility that the Disclosure may be negatively affected by other economic, commercial and/or competitive factors; risks related 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 in our clinical trials or that enrollment may take longer than expected; risks related to the occurrence of adverse safety events and/or unexpected concerns that may arise from data or analyzes from our clinical studies; changes in applicable laws or regulations; expected start of clinical studies, timing of clinical data; the outcome of the clinical data, including whether the results of this study are positive or can be replicated; the outcome of the data collected, including whether the results of such data and/or correlation can be replicated; the timing, costs, conduct and results of our other clinical studies; the anticipated handling of future clinical data by the FDA, 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; Revelation’s ability to maintain the listing of its securities on NASDAQ; the anticipated duration over which Revelation balances will fund its operations; and other risks and uncertainties described herein, as well as the risks and uncertainties discussed from time to time in other reports and other public filings with the SEC by Revelation.
|
REVELATION BIOSCIENCES, INC. |
||||||||
|
Three months are over |
||||||||
|
2024 |
2023 |
|||||||
|
Operational expenses: |
||||||||
|
Research and Development |
$ |
717,582 |
$ |
525,273 |
||||
|
General and administrative |
1,184,556 |
1,094,574 |
||||||
|
Total operating expenses |
1,902,138 |
1,619,847 |
||||||
|
Loss of operations |
(1,902,138 |
) |
(1,619,847 |
) |
||||
|
Other income (expenses): |
||||||||
|
Change in the fair value of the guarantee liability |
68,427 |
7,744,935 |
||||||
|
Other income (expenses), net |
(847,722 |
) |
34,107 |
|||||
|
Total other income (expenses), net |
(779,295 |
) |
7,779,042 |
|||||
|
Net profit (loss) |
$ |
(2,681,433 |
) |
$ |
6,159,195 |
|||
|
Net profit (loss) per share, basic |
$ |
(2.46 |
) |
$ |
45.52 |
|||
|
Weighted average shares used to calculate net income (loss) per share, basic |
1,089,833 |
135,305 |
||||||
|
Net profit (loss) per share, diluted |
$ |
(2.46 |
) |
$ |
37.07 |
|||
|
Weighted average shares used to calculate net income (loss) per share, diluted |
1,089,833 |
166,144 |
||||||
|
REVELATION BIOSCIENCES, INC. |
||||||||
|
March 31, |
December 31th, |
|||||||
|
ACTIVE |
||||||||
|
Current assets: |
||||||||
|
Cash and cash equivalents |
$ |
14,551,740 |
$ |
11,991,701 |
||||
|
Deferred Offer Costs |
– |
71,133 |
||||||
|
Prepaid expenses and other current assets |
71,876 |
84,691 |
||||||
|
Total current assets |
14,623,616 |
12,147,525 |
||||||
|
Fixed assets, net |
77,994 |
65,084 |
||||||
|
Total assets |
$ |
14,701,610 |
$ |
12,212,609 |
||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
|
Current liabilities: |
||||||||
|
Bills to pay |
$ |
1,681,665 |
$ |
1,359,898 |
||||
|
Accumulated expenses |
620,280 |
1,152,460 |
||||||
|
Deferred underwriting commissions |
2,911,260 |
2,911,260 |
||||||
|
Warranty liability |
15,260 |
141,276 |
||||||
|
Total current liabilities |
5,228,465 |
5,564,894 |
||||||
|
Total responsibilities |
5,228,465 |
5,564,894 |
||||||
|
Net worth: |
||||||||
|
Common stock, $0.001 par value; 500,000,000 shares authorized as of March 31, 2024 and December 31, 2023 and 1,632,935 and 264,537 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively |
1,633 |
265 |
||||||
|
Additional paid-in capital |
37,620,047 |
32,114,552 |
||||||
|
Accumulated deficit |
(28,148,535 |
) |
(25,467,102 |
) |
||||
|
Total net worth |
9,473,145 |
6,647,715 |
||||||
|
Total liabilities and net worth |
$ |
14,701,610 |
$ |
12,212,609 |
||||
View the original version on businesswire.com: https://www.businesswire.com/news/home/20240510396055/en/
Contacts
Sandra Vedrick
Vice President, Investor Relations and Human Resources
Revelation Biosciences, Inc.
Email: svedrick@revbiosciences.com
It is
Chester Zygmont, III
CFO
Revelation Biosciences, Inc.
Email: czygmont@revbiosciences.com
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
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Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
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An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
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Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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News / Business / Latest Business News Live Updates Today, July 11, 2024
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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