Revelation Biosciences (REVB) Q2 2024 earnings summary

Executive summary

• Clinical-stage biopharma focused on innate immunity, developing Gemini-based therapies for acute kidney injury, chronic kidney disease, and post-surgical infection.

• Completed dosing in first-in-human phase 1 clinical study of Gemini, meeting primary safety endpoint and showing significant biomarker activity.

• Plans to initiate a Phase 1b study in CKD patients in the second half of 2024.

• No revenue generated to date; operations funded by $49.3M in equity and warrant sales since inception.

• Net loss of $11.1M for the six months ended June 30, 2024, with an accumulated deficit of $36.5M.

Financial highlights

• Cash and cash equivalents at June 30, 2024: $12.1M, up from $12.0M at December 31, 2023.

• Net loss for six months ended June 30, 2024: $11.1M ($8.13 per share), compared to net income of $4.7M for the same period in 2023.

• Net loss for Q2 2024 was $8.4M ($5.13 per share), compared to $1.4M in Q2 2023.

• Net cash used for operating activities was $5.3M for the six months ended June 30, 2024, compared to $3.6M for the same period in 2023.

• Stockholders' equity at June 30, 2024: $1.1M, down from $6.6M at December 31, 2023.

Outlook and guidance

• Expects continued operating and net losses, and negative cash flows from operations for the foreseeable future.

• Current cash and cash equivalents are expected to fund operations through 2024 based on operating plans and projections.

• Current cash balance not sufficient to sustain operations for one year; additional capital required.

• Plans to seek further funding through equity or debt; failure to secure funding may delay or halt R&D and commercialization.