Revelation Biosciences, Inc. (NASDAQ: REVB) (the “Company” or
“Revelation”), a clinical-stage biopharmaceutical company focused
on harnessing the power of trained immunity for the prevention and
treatment of disease by developing and commercializing therapeutics
that modulate the innate immune system, today reported its three
and six months ended June 30, 2024 financial results.
Corporate Highlights
- Completed dosing of its first in human phase 1 clinical study
of Gemini
- Announced positive phase 1 clinical data of Gemini met the
primary safety endpoint and showed statistically significant
biomarker activity
“The Revelation team has worked hard in the first half of 2024
to continue to build the foundation for successful advancement of
Gemini and we were excited to share that the primary endpoint to
evaluate the safety and tolerability of escalating doses of Gemini
was met, a maximum tolerated dose in healthy volunteers was
identified and statistically significant dose dependent
upregulation of key biomarkers was observed, demonstrating the
immunostimulatory preconditioning effect of Gemini,” said James
Rolke, Chief Executive Officer of Revelation. “During the second
half of 2024, we look forward to building on this momentum with the
start of a Phase 1b study in CKD patients.”
Results of Operations
As of June 30, 2024, Revelation had $12.1 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 six
months ended June 30, 2024 was $5.3 million compared to net cash
used for operating activities of $3.6 million for the same period
in 2023. Revelation’s net loss for the three months ended June 30,
2024 was $8.4 million, or $5.13 basic and diluted net loss per
share compared to a net loss of $1.4 million, or $5.83 basic and
diluted net loss per share for the same period in 2023.
Revelation’s net loss for the six months ended June 30, 2024 was
$11.1 million, or $8.13 basic and diluted net loss per share
compared to net income of $4.7 million, or $24.52 basic net
earnings per share and $23.89 diluted net earnings per share for
the same period in 2023, respectively.
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 post-surgical
infection (GEMINI-PSI program), as pretreatment to prevent or
reduce the severity and duration of acute kidney injury (GEMINI-AKI
program). In addition, Gemini may be a treatment to stop or slow
the progression of chronic kidney disease (GEMINI-CKD program).
Revelation believes Gemini works through trained immunity, which
redirects and attenuates the innate immune response to external
stress (infection, trauma, etc.). Revelation has conducted multiple
preclinical studies demonstrating the therapeutic potential of
Gemini in the target indications.
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
formulation Gemini. Revelation has multiple ongoing programs to
evaluate Gemini, including as a prevention for post-surgical
infection, as a prevention for acute kidney injury, and for the
treatment of chronic kidney disease.
For more information on Revelation, please 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 may cause actual
results to be materially different from those anticipated by the
forward-looking statements. Revelation cautions readers not to
place undue reliance on any such forward looking statements, which
speak only as of the date they were made. The following factors,
among others, could cause actual results to differ materially from
those described in these forward-looking statements: the ability of
Revelation to meet its financial and strategic goals, due to, among
other things, competition; the ability of Revelation to grow and
manage growth profitability and retain its key employees; the
possibility that the Revelation may be adversely affected by other
economic, business, and/or competitive factors; risks relating 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 our
clinical studies or enrollment will take longer than expected;
risks relating to the occurrence of adverse safety events and/or
unexpected concerns that may arise from data or analysis from our
clinical studies; changes in applicable laws or regulations;
expected initiation of the clinical studies, the timing of clinical
data; the outcome of the clinical data, including whether the
results of such study is positive or whether it can be replicated;
the outcome of data collected, including whether the results of
such data and/or correlation can be replicated; the timing, costs,
conduct and outcome of our other clinical studies; the anticipated
treatment of future clinical data by the FDA, the 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; the ability of
Revelation to maintain the listing of its securities on NASDAQ; the
expected duration over which Revelation’s balances will fund its
operations; and other risks and uncertainties described herein, as
well as those risks and uncertainties discussed from time to time
in other reports and other public filings with the SEC by
Revelation.
REVELATION BIOSCIENCES,
INC.
Condensed Consolidated
Statements of Operations
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Operating expenses:
Research and development
$
1,394,929
$
909,278
$
2,112,511
$
1,434,551
General and administrative
1,127,468
1,023,752
2,312,024
2,118,326
Total operating expenses
2,522,397
1,933,030
4,424,535
3,552,877
Loss from operations
(2,522,397
)
(1,933,030
)
(4,424,535
)
(3,552,877
)
Other income (expense):
Change in fair value of warrant
liability
4,416
423,239
72,843
8,168,174
Other income (expense), net
(5,871,838
)
61,621
(6,719,560
)
95,728
Total other income (expense),
net
(5,867,422
)
484,860
(6,646,717
)
8,263,902
Net (loss) earnings
$
(8,389,819
)
$
(1,448,170
)
$
(11,071,252
)
$
4,711,025
Net (loss) earnings per share,
basic
$
(5.13
)
$
(5.83
)
$
(8.13
)
$
24.52
Weighted-average shares used to compute
net (loss) earnings per share, basic
1,635,234
248,369
1,362,534
192,149
Net (loss) earnings per share,
diluted
$
(5.13
)
$
(5.83
)
$
(8.13
)
$
23.89
Weighted-average shares used to compute
net (loss) earnings per share, diluted
1,635,234
248,369
1,362,534
197,167
REVELATION BIOSCIENCES,
INC.
Condensed Consolidated Balance
Sheets
June 30, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
12,073,058
$
11,991,701
Deferred offering costs
—
71,133
Prepaid expenses and other current
assets
125,743
84,691
Total current assets
12,198,801
12,147,525
Property and equipment, net
70,774
65,084
Total assets
$
12,269,575
$
12,212,609
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
1,281,323
$
1,359,898
Accrued expenses
8,454,139
1,152,460
Deferred underwriting commissions
1,382,848
2,911,260
Warrant liability
10,844
141,276
Total current liabilities
11,129,154
5,564,894
Total liabilities
11,129,154
5,564,894
Stockholders’ equity:
Common Stock, $0.001 par value;
500,000,000 shares authorized at June 30, 2024 and December 31,
2023 and 1,643,395 and 264,537 issued and outstanding at June 30,
2024 and December 31, 2023, respectively
1,643
265
Additional paid-in-capital
37,677,132
32,114,552
Accumulated deficit
(36,538,354
)
(25,467,102
)
Total stockholders’ equity
1,140,421
6,647,715
Total liabilities and stockholders’
equity
$
12,269,575
$
12,212,609
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version on businesswire.com: https://www.businesswire.com/news/home/20240809407415/en/
Sandra Vedrick Vice President, Investor Relations & Human
Resources Revelation Biosciences, Inc. Email:
svedrick@revbiosciences.com
and
Chester Zygmont, III Chief Financial Officer Revelation
Biosciences, Inc. Email: czygmont@revbiosciences.com
Revelation Biosciences (NASDAQ:REVB)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Revelation Biosciences (NASDAQ:REVB)
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부터 12월(12) 2023 으로 12월(12) 2024
