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, primarily due to net cash used for operating activities offset by proceeds from a January 2026 warrant inducement.
• Net cash used for operating activities for the three months ended September 30, 2026, was $2.6 million, 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 the same period 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 the same period in 2025.
• Research and development expenses increased to $1.5 million for the three months ended September 30, 2026, from $0.9 million in 2025, and to $4.8 million for the nine months ended September 30, 2026, from $3.1 million in 2025.
• General and administrative expenses increased to $1.9 million for the three months ended September 30, 2026, from $1.0 million in 2025, and to $5.3 million for the nine months ended September 30, 2026, from $3.4 million in 2025.
• Total operating expenses were $3.4 million for the three months ended September 30, 2026, compared to $1.9 million in 2025, and $10.1 million for the nine months ended September 30, 2026, compared to $6.5 million in 2025.
• Other income, net, was $68,063 for the three months ended September 30, 2026, compared to $35,224 in 2025, and $490,369 for the nine months ended September 30, 2026, compared to $94,512 in 2025.
• Total assets were $10.0 million as of September 30, 2026, compared to $11.6 million as of December 31, 2025.
• Total liabilities were $2.8 million as of September 30, 2026, compared to $2.7 million as of December 31, 2025.
• Total stockholders' equity was $7.2 million as of September 30, 2026, compared to $8.9 million as of December 31, 2025.
• The company has 683,442 shares of common stock issued and outstanding as of September 30, 2026, compared to 226,330 shares as of December 31, 2025.

Guidance and Future Outlook

• Based on current operating plans and projections, the company believes its current cash and cash equivalents are sufficient to fund operations into the second quarter of 2027.

Business Segments and Product Lines

• The company selected a full-service contract research organization (CRO) with global operations to serve as the CRO for its upcoming study evaluating Gemini in patients with acute kidney injury (AKI).
• Gemini, a proprietary formulation of phosphorylated hexaacyl disaccharide (PHAD®), is a toll-like receptor 4 (TLR4) agonist currently being evaluated for acute kidney injury (GEM-AKI), chronic kidney disease (GEM-CKD), severe burn hyperinflammation/infection (GEM-PBI), and post-surgical infection prevention (GEM-PSI).
• The potential of Gemini to correct dysregulated inflammation has been demonstrated in multiple preclinical models and two Phase 1 clinical studies.

Market and Competitive Landscape

• An independent market assessment released by the company indicated a potential $94 billion total addressable market for Gemini.

Risks and Challenges

• The press release notes forward-looking statements involve known and unknown risks, including the ability to meet financial and strategic goals, competition, growth management, employee retention, and the successful development of product candidates.
• Specific risks include the possibility of not fully enrolling clinical studies, delays in enrollment, adverse safety events, unexpected concerns from data analysis, and the potential for clinical data to be insufficient for regulatory approval by the FDA, EMA, or other authorities.
• Risks also include the timing of clinical data, the outcome of data collection, changes in laws or regulations, and the ability to maintain NASDAQ listing.

Management Commentary and Tone

• James Rolke, Chief Executive Officer, stated, "The Revelation team remains focused on progressing Gemini's development for the benefit of patients," and expressed anticipation for providing additional updates in the near term.

Other Key Points

• The company completed a warrant inducement in January 2026 which generated net cash proceeds.
• The company is a clinical-stage life sciences firm focused on rebalancing inflammation using its proprietary formulation, Gemini.