Revelation Biosciences, Inc. — Three and Nine Months Ended September 30, 2026 Earnings Summary

Financial Performance:

• Cash and cash equivalents decreased to $9.1 million as of September 30, 2026, from $10.7 million as of December 31, 2025.
• Net cash used for operating activities was $2.6 million for the three months ended September 30, 2026, compared to $1.6 million for the same period in 2025.
• Net loss for the three months ended September 30, 2026, was $3.3 million ($5.92 per share), compared to a net loss of $1.9 million ($49.51 per share) in 2025.
• Net loss for the nine months ended September 30, 2026, was $9.6 million ($29.37 per share), compared to a net loss of $6.4 million ($273.33 per share) in 2025.
• Total operating expenses were $3.38 million for the three months ended September 30, 2026, up from $1.94 million in 2025; for the nine months, expenses were $10.14 million compared to $6.50 million in 2025.
• Research and development expenses were $1.51 million for the three months ended September 30, 2026, versus $0.92 million in 2025; for the nine months, R&D was $4.81 million compared to $3.10 million in 2025.
• General and administrative expenses were $1.87 million for the three months ended September 30, 2026, versus $1.02 million in 2025; for the nine months, G&A was $5.33 million compared to $3.40 million in 2025.
• Total other income (expense), net, was $68,063 for the three months ended September 30, 2026, compared to $35,835 in 2025; for the nine months, it was $490,369 compared to $96,583 in 2025.
• Total assets were $10.02 million as of September 30, 2026, down from $11.58 million as of December 31, 2025.
• Total liabilities were $2.79 million as of September 30, 2026, compared to $2.72 million as of December 31, 2025.
• Total stockholders' equity was $7.23 million as of September 30, 2026, down from $8.86 million as of December 31, 2025.
• Weighted-average shares used to compute net loss per share were 559,596 for the three months ended September 30, 2026, compared to 94,455 in 2025; for the nine months, shares were 522,028 compared to 45,199 in 2025.

Guidance and Future Outlook:

• Management believes current cash and cash equivalents are sufficient to fund operations into the second quarter of 2027 based on current operating plans and projections.
• The company plans to provide additional updates in the near term regarding the progression of Gemini's development.

Business Segments and Product Lines:

• Released results of an independent market assessment indicating a potential $94 billion total addressable market for Gemini.
• Selected a full-service contract research organization (CRO) with global operations to serve as the CRO for the upcoming study evaluating Gemini in patients with acute kidney injury (AKI).
• Gemini is a proprietary formulation of phosphorylated hexaacyl disaccharide (PHAD®), a toll-like receptor 4 (TLR4) agonist, currently being evaluated for acute kidney injury (GEM-AKI), chronic kidney disease (GEM-CKD), severe burn (GEM-PBI), and post-surgical infection (GEM-PSI).
• Gemini has demonstrated potential in multiple preclinical models and two Phase 1 clinical studies.

Market and Competitive Landscape:

• The company identifies a potential $94 billion total addressable market for its lead candidate, Gemini.
• The company faces competition as a factor that could cause actual results to differ from expectations, per forward-looking statements.

Risks and Challenges:

• Risks include the ability to successfully complete planned clinical studies, potential adverse safety events, and the possibility of not fully enrolling clinical studies or delays in enrollment.
• Risks include the outcome of clinical data, regulatory approval by the FDA or EMA, and the potential for actual results to differ materially from forward-looking statements due to economic, business, or competitive factors.
• There is a risk that the company may not maintain the listing of its securities on NASDAQ.

Management Commentary and Tone:

• James Rolke, Chief Executive Officer, stated the team remains focused on progressing Gemini's development for the benefit of patients and looks forward to providing additional updates in the near term.

Other Key Points:

• The decrease in cash and cash equivalents was primarily due to net cash proceeds from the January 2026 warrant inducement, offset by cash used for operating activities.
• The number of issued and outstanding common shares increased to 683,442 at September 30, 2026, from 226,330 at December 31, 2025.
• The company reported a change in fair value of warrant liability of $0 for the current periods, compared to $611 for the three months ended September 30, 2025, and $2,071 for the nine months ended September 30, 2025.
• Deemed dividends were recorded as $0 for the three months ended September 30, 2026, and $(5,681,616) for the nine months ended September 30, 2026, compared to $(2,769,742) and $(5,951,528) respectively in 2025.