Revelation Biosciences, Inc. Announces Financial Results for the Three and Nine Months Ended September 30, 2023
Revelation Biosciences, Inc. (NASDAQ: REVB) (the “Company” or “Revelation”), a life sciences company that is focused on harnessing the power of trained immunity for the prevention and treatment of disease, today reported its three and nine months ended September 30, 2023 financial results.We are encouraged by our recently announced preclinical biomarker data that demonstrate the potential of Gemini to mobilize and upregulate infection fighting immune cells to fight and prevent infection,” said James Rolke, Chief Executive Officer of Revelation. “We are looking forward to demonstrating the same biomarker activity in our Phase 1 clinical study starting near the end of this year
As of September 30, 2023, Revelation had $14.0 million in cash and cash equivalents, compared to $5.3 million as of December 31, 2022. 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 September of 2024.
Revelation’s net cash used for operating activities for the nine months ended September 30, 2023 was $5.3 million compared to net cash used for operating activities of $10.3 million for the same period in 2022. Revelation’s net loss for the three months ended September 30, 2023 was $2.6 million, or $0.42 basic and diluted net loss per share, compared to a net loss of $1.2 million, or $1.91 basic and diluted net loss per share for the same period in 2022. Revelation’s net income for the nine months ended September 30, 2023 was $2.1 million, or $0.43 basic net earnings per share and $0.41 diluted net earnings per share, compared to a net loss of $9.6 million, or $19.61 basic and diluted net loss per share for the same period in 2022.
Net income for the nine months ended September 30, 2023 was primarily due to the change in fair value of the warrant liability creating a $8.3 million gain. The changes in net cash used for operating activities and the decrease in net loss in 2023 as compared to 2022 were primarily due to decreased clinical study expenses associated with our Phase 2b viral challenge clinical study (REVTx-99a) and our Phase 1b allergen challenge study (REVTx-99b), legal fees, professional consulting service fees and public company directors and officers insurance policy.
