Revelation Biosciences Inc. Announces Financial Results for the Three and Six Months Ended June 30, 2022 and Recent Corporate Progress
16 August 2022 - 7:30AM
Revelation Biosciences Inc. (NASDAQ: REVB) (the “Company” or
“Revelation”), a clinical-stage life sciences company that is
focused on the development of immunologic‑based therapies for the
prevention and treatment of disease, today reported its second
quarter 2022 financial results and highlighted recent corporate
progress.
Recent Corporate Progress
- Most recently in July, we completed a $5 million public
offering.
- We continue to explore the possible effects of REVTx-99b for
the treatment of allergies.
- Data from our preclinical and Phase 2 viral challenge clinical
study (RVL-VRL01) suggest intranasal REVTx-200 may positively
augment the immune response relative to vaccination alone and we
anticipate preclinical data during the fourth quarter.
- We anticipate preclinical data for REVTx-300 as a potential
therapy for the treatment of chronic organ disease including
chronic kidney disease (CKD) and non-alcoholic steatohepatitis
(NASH) later this year during the fourth quarter.
“2022 has been a busy year for Revelation,
starting with Revelation becoming a publicly traded company” said
James Rolke, Chief Executive Officer of Revelation. “We remain
committed to the development of our PHAD based product candidates
including REVTx-99b for management of allergies, REVTx-200 for
improved vaccinations, and REVTx-300 for chronic organ disease, as
well as REVDx-501, our universal at-home screening test for
respiratory viral infection.”
Results of Operations
As of June 30, 2022, Revelation had $3.5 million
in cash and cash equivalents, compared to $1.3 million as of
December 31, 2021. 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, including the proceeds of
the recent public offering, Revelation believes that its current
cash and cash equivalents are sufficient to fund operations through
June of 2023.
Revelation’s net cash used for operating
activities for the three and six months ended June 30, 2022 was
$3.7 million and $8.5 million, respectively, compared to net cash
used for operating activities of $3.6 million and $6.0 million,
respectively, for the same periods in 2021. Revelation’s net loss
for the three and six months ended June 30, 2022 was $1.8 million
and $8.5 million, or $0.12 per share and $0.58 per share,
respectively, compared to a net loss of $2.5 million and $5.1
million, or $0.39 per share and $1.61 per share, for the same
periods in 2021.
The increases in net cash used for operating
activities and net loss in 2022 as compared to 2021 were primarily
due to clinical study expenses associated with our Phase 2b viral
challenge clinical study (REVTx-99a) and our Phase 1b allergen
challenge study (REVTx-99b), financial advisory fees, legal fees,
professional consulting service fees, and the public company
directors and officers insurance policy.
About Revelation Biosciences
Inc.
Revelation Biosciences, Inc. is a clinical-stage
life sciences company focused on the development of
immunologic‑based therapies for the prevention and treatment of
disease. Revelation has multiple product candidates in development.
REVTx‑99b, the lead therapeutic candidate, is being developed as a
treatment for allergies. REVTx‑200 is being developed as an
intranasal immunomodulator adjunct to be used in combination with
an intramuscular vaccination for more complete immunity. REVTx‑300
is being developed as a potential therapy for the treatment of
chronic organ disease including CKD and NASH. REVDx‑501, a rapid
home use diagnostic that can be used to detect any respiratory
viral infection, regardless of virus type or strain, without the
need for specialized instrumentation.
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
clinical utility of an increase in intranasal cytokine levels as a
biomarker of viral infections; 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
potential impact that COVID‑19 may have on Revelation’s suppliers,
vendors, regulatory agencies, employees and the global economy as a
whole; the ability of Revelation to maintain the listing of its
securities on NASDAQ; investor sentiment relating to SPAC related
going public transactions; 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(Unaudited)
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
$ |
975,583 |
|
|
$ |
1,159,505 |
|
|
$ |
4,655,863 |
|
|
$ |
2,716,544 |
|
General and administrative |
|
884,837 |
|
|
|
1,282,375 |
|
|
|
3,790,857 |
|
|
|
2,333,047 |
|
Total operating expenses |
|
1,860,420 |
|
|
|
2,441,880 |
|
|
|
8,446,720 |
|
|
|
5,049,591 |
|
Loss from
operations |
|
(1,860,420 |
) |
|
|
(2,441,880 |
) |
|
|
(8,446,720 |
) |
|
|
(5,049,591 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
25,734 |
|
|
|
(27,714 |
) |
|
|
(4,507 |
) |
|
|
(32,356 |
) |
Total other income
(expense), net |
|
25,734 |
|
|
|
(27,714 |
) |
|
|
(4,507 |
) |
|
|
(32,356 |
) |
Net loss |
$ |
(1,834,686 |
) |
|
$ |
(2,469,594 |
) |
|
$ |
(8,451,227 |
) |
|
$ |
(5,081,947 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic
and diluted |
$ |
(0.12 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.58 |
) |
|
$ |
(1.61 |
) |
Weighted-average shares used to
compute net loss per share, basic and diluted |
|
15,082,771 |
|
|
|
6,291,690 |
|
|
|
14,644,796 |
|
|
|
3,163,225 |
|
REVELATION BIOSCIENCES,
INC.Condensed Consolidated Balance
Sheets(Unaudited)
|
June 30, 2022 |
|
|
December 31, 2021 |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
3,475,816 |
|
|
$ |
1,274,729 |
|
Prepaid expenses and other current assets |
|
575,481 |
|
|
|
637,342 |
|
Total current assets |
|
4,051,297 |
|
|
|
1,912,071 |
|
Property and equipment, net |
|
102,657 |
|
|
|
115,181 |
|
Right-of-use lease asset |
|
— |
|
|
|
14,960 |
|
Total
assets |
$ |
4,153,954 |
|
|
$ |
2,042,212 |
|
LIABILITIES AND
STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
916,475 |
|
|
$ |
596,261 |
|
Accrued expenses |
|
2,169,228 |
|
|
|
1,528,669 |
|
Lease liability |
|
— |
|
|
|
16,752 |
|
Deferred underwriting commissions |
|
2,911,260 |
|
|
|
— |
|
Total current liabilities |
|
5,996,963 |
|
|
|
2,141,682 |
|
Total
liabilities |
|
5,996,963 |
|
|
|
2,141,682 |
|
Commitments and
Contingencies |
|
|
|
|
|
Stockholders’ deficit: |
|
|
|
|
|
Series A Preferred Stock, $0.001 par value; zero and 628,930 shares
authorized, issued and outstanding at June 30, 2022 and December
31, 2021, respectively; liquidation preference of $0 and $3,999,995
at June 30, 2022 and December 31, 2021, respectively |
|
— |
|
|
|
3,903,730 |
|
Series A-1 Preferred Stock, $0.001 par value; zero and 1,100,000
shares authorized and zero and 684,450 shares issued and
outstanding at June 30, 2022 and December 31, 2021, respectively;
liquidation preference of $0 and $4,353,102 at June 30, 2022 and
December 31, 2021, respectively |
|
— |
|
|
|
3,578,197 |
|
Common Stock, $0.001 par value; 100,000,000 and 11,000,000 shares
authorized and 15,082,771 and 2,308,877 issued and outstanding at
June 30, 2022 and December 31, 2021, respectively |
|
15,083 |
|
|
|
2,309 |
|
Additional paid-in-capital |
|
21,110,434 |
|
|
|
6,933,593 |
|
Accumulated deficit |
|
(22,968,526 |
) |
|
|
(14,517,299 |
) |
Total stockholders’ deficit |
|
(1,843,009 |
) |
|
|
(99,470 |
) |
Total liabilities and
stockholders’ deficit |
$ |
4,153,954 |
|
|
$ |
2,042,212 |
|
Company Contacts
Sandra VedrickVice President, Investor Relations & Human
ResourcesRevelation Biosciences Inc. Email:
svedrick@revbiosciences.com
and
Chester Zygmont, IIIChief Financial OfficerRevelation
Biosciences Inc. Email: czygmont@revbiosciences.com
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