Revelation Biosciences, Inc. (NASDAQ: REVB), a clinical-stage life sciences firm dedicated to leveraging trained immunity for disease prevention and treatment, released its financial results for the three months ending March 31, 2024.
Financial Highlights:
As of March 31, 2024, the company possessed $14.6 million in cash and cash equivalents, up from $12.0 million as of December 31, 2023. This increase stemmed mainly from net cash inflows from financing activities, offset by operating expenses. Based on current projections, Revelation expects its cash reserves to sustain operations through 2024.
During the three months ending March 31, 2024, the company’s net cash used for operating activities totaled $2.8 million, compared to $1.6 million for the same period in 2023. Revelation reported a net loss of $2.7 million for the quarter, translating to $2.46 per basic and diluted share, in contrast to net earnings of $6.2 million, or $45.52 and $37.07 per basic and diluted share, respectively, for the corresponding period in 2023.
The increase in net cash usage was primarily driven by expenses related to the GEM-AKI and GEM-SSI clinical studies. Additionally, the shift from net earnings to a net loss was largely influenced by changes in the fair value of the warrant liability, resulting in a $7.7 million gain during the three months ending March 31, 2023.
Gemini represents Revelation’s proprietary formulation of phosphorylated hexaacyl disaccharide (PHAD®) designed for systemic administration. Under development for various indications, including pretreatment for post-surgical infection (GEMINI-SSI program), acute kidney injury prevention (GEMINI-AKI program), and potential chronic kidney disease treatment (GEMINI-CKD program), Gemini operates through trained immunity, redirecting and tempering the innate immune response to external stress factors like infection or trauma. Revelation has conducted several preclinical studies illustrating Gemini’s therapeutic promise in targeted indications.
Revelation Biosciences, Inc. is a clinical-stage life sciences company focused on leveraging trained immunity for disease prevention and treatment, utilizing its proprietary Gemini formulation. The company has multiple ongoing programs assessing Gemini’s efficacy, including its potential to prevent post-surgical infections, mitigate acute kidney injury, and treat chronic kidney disease.
