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.

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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.

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

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Chester Zygmont, III
CFO
Revelation Biosciences, Inc.
Email: czygmont@revbiosciences.com

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