Revelation Biosciences Inc. Announces Financial Results for the Three Months Ended March 31, 2022 and Recent Corporate Progress
SAN DIEGO, May 16, 2022 (GLOBE NEWSWIRE) -- 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 first quarter 2022 financial results and highlighted recent corporate progress.
Recent Corporate Progress
- In January we completed our merger with Petra Acquisition, Inc. and started trading on the Nasdaq Capital Market.
- Also in January, we completed our $7.7 million PIPE financing.
- We anticipate completing enrollment in the Phase 1b allergen challenge and receiving top-line data from that study during the second half of this year.
- 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.
"Q1 2022 has been a busy quarter for Revelation, we look forward to completing our allergic rhinitis study and anticipate receiving data later this year," said James Rolke, Chief Executive Officer of Revelation. "We remain committed to the development of our product candidates including REVTx-99b for management of allergic rhinitis and other underlying conditions; REVTx-200 for improved vaccinations and REVDx-501, our universal at-home screening test for respiratory viral infection."
Results of Operations
As of March 31, 2022, Revelation had $7.2 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. Based on current operating plans and projections, Revelation believes that its current cash and cash equivalents are sufficient to fund operations through 2022.
Revelation's net cash used for operating activities for the three months ended March 31, 2022 was $4.8 million, compared to net cash used for operating activities of $2.4 million for the same period in 2021. Revelation's net loss for the three months ended March 31, 2022 was $6.6 million, or $0.47 per share, compared to a net loss of $2.6 million, or $0.42 per share, for the same period 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 and professional consulting service fees, and public company directors and officers insurance policy ("D&O Insurance").
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-99a is being developed for the prevention and treatment of respiratory viral infections REVTx-99b, the lead therapeutic candidate, is being developed for allergic rhinitis and chronic nasal congestion. 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. REVTx-200 is an intranasal immunomodulator adjunct to be used in combination with an intramuscular vaccination for more complete immunity.
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 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 March 31, | ||||||||
| 2022 | 2021 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 3,680,280 | $ | 1,557,039 | ||||
| General and administrative | 2,906,020 | 1,050,672 | ||||||
| Total operating expenses | 6,586,300 | 2,607,711 | ||||||
| Loss from operations | (6,586,300 | ) | (2,607,711 | ) | ||||
| Other income (expense): | ||||||||
| Other income (expense) | (30,241 | ) | (4,642 | ) | ||||
| Total other income (expense), net | (30,241 | ) | (4,642 | ) | ||||
| Net loss | $ | (6,616,541 | ) | $ | (2,612,353 | ) | ||
| Net loss per share, basic and diluted | $ | (0.47 | ) | $ | (0.42 | ) | ||
| Weighted-average shares used to compute net loss per share, basic and diluted | 14,201,955 | 6,290,262 | ||||||
REVELATION BIOSCIENCES, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
| March 31, 2022 | December 31, 2021 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 7,186,261 | $ | 1,274,729 | ||||
| Prepaid expenses and other current assets | 684,780 | 637,342 | ||||||
| Total current assets | 7,871,041 | 1,912,071 | ||||||
| Property and equipment, net | 108,919 | 115,181 | ||||||
| Right-of-use lease asset | — | 14,960 | ||||||
| Total assets | $ | 7,979,960 | $ | 2,042,212 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,460,845 | $ | 596,261 | ||||
| Accrued expenses | 3,706,366 | 1,528,669 | ||||||
| Lease liability | — | 16,752 | ||||||
| Deferred underwriting commissions | 2,911,260 | — | ||||||
| Total current liabilities | 8,078,471 | 2,141,682 | ||||||
| Total liabilities | 8,078,471 | 2,141,682 | ||||||
| Commitments and Contingencies (Note 5) | ||||||||
| STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| Series A Preferred Stock, $0.001 par value; zero and 628,930 shares authorized, issued and outstanding at March 31, 2022 and December 31, 2021, respectively; liquidation preference of $0 and $3,999,995 at March 31, 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 March 31, 2022 and December 31, 2021, respectively; liquidation preference of $0 and $4,353,102 at March 31, 2022 and December 31, 2021, respectively | — | 3,578,197 | ||||||
| Common Stock, $0.001 par value; 100,000,000 and 29,977,303 shares authorized and 15,082,771 and 12,944,213 issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 15,083 | 2,309 | ||||||
| Additional paid-in-capital | 21,020,246 | 6,933,593 | ||||||
| Accumulated deficit | (21,133,840 | ) | (14,517,299 | ) | ||||
| Total stockholders' equity (deficit) | (98,511 | ) | (99,470 | ) | ||||
| Total liabilities and stockholders' equity (deficit) | $ | 7,979,960 | $ | 2,042,212 | ||||
Company Contacts
Sandra Vedrick
Vice President, Investor Relations & Human Resources
Revelation Biosciences Inc.
Email: [email protected]
and
Chester Zygmont, III
Chief Financial Officer
Revelation Biosciences Inc.
Email: [email protected]
