Revelation Biosciences (REVB) Q3 2024 earnings summary

Executive summary

• Focused on developing Gemini-based therapeutics for acute kidney injury, chronic kidney disease, and post-surgical infection, with no revenue generated to date and continued reliance on external financing for operations.

• Completed GMP manufacture of Gemini clinical drug supply and advanced clinical development activities.

• Net loss of $13.3 million for the nine months ended September 30, 2024, with an accumulated deficit of $38.8 million and cash and cash equivalents of $6.5 million as of quarter-end.

• Substantial doubt exists about the ability to continue as a going concern due to insufficient cash to sustain operations for the next year.

• Announced Gemini induces dose-dependent significant increases in IL-10 in healthy volunteers.

Financial highlights

• Cash and cash equivalents were $6.5 million as of September 30, 2024, down from $12.0 million at December 31, 2023.

• Total assets decreased to $6.7 million as of September 30, 2024, from $12.2 million at December 31, 2023.

• Net cash used in operating activities was $14.6 million for the nine months ended September 30, 2024, compared to $5.3 million in the prior year period.

• Net loss for the nine months ended September 30, 2024 was $13.3 million ($7.38 per share), versus net income of $2.1 million ($9.62 per share) for the same period in 2023.

• Stockholders' equity dropped to $2.7 million from $6.6 million over the same period.

Outlook and guidance

• Expects continued operating losses and negative cash flows for the foreseeable future, with no anticipated product revenue for several years, if ever.

• Current cash and cash equivalents are expected to fund operations into 2025 based on operating plans and projections.

• Plans to seek additional funding through equity or debt financings; failure to secure funding may delay or halt development programs.

• Anticipates FDA acceptance of IND and initiation of Phase 1b study in CKD patients in the US.