Revelation Biosciences, Inc. — Three and Six Months Ended June 30, 2026 Earnings Summary

Financial Performance

• Reported cash and cash equivalents of $11.5 million as of June 30, 2026, an increase from $10.7 million as of December 31, 2025, primarily driven by net cash proceeds from a January 2026 warrant inducement.
• Net cash used for operating activities was $2.6 million for the three months ended June 30, 2026, compared to $1.9 million for the same period in 2025.
• Net loss for the three months ended June 30, 2026, was $3.3 million ($0.87 per share), compared to a net loss of $2.4 million ($28.04 per share) in the prior year period.
• Net loss for the six months ended June 30, 2026, was $6.3 million ($3.41 per share), compared to a net loss of $4.5 million ($54.39 per share) in the prior year period.
• Total operating expenses for the three months ended June 30, 2026, were $3.66 million, up from $2.46 million in the same period in 2025; for the six months ended June 30, 2026, expenses were $6.75 million, up from $4.56 million in the prior year period.
• Research and development expenses were $1.92 million for the three months ended June 30, 2026 (vs. $1.32 million in 2025) and $3.30 million for the six months ended June 30, 2026 (vs. $2.18 million in 2025).
• General and administrative expenses were $1.74 million for the three months ended June 30, 2026 (vs. $1.14 million in 2025) and $3.46 million for the six months ended June 30, 2026 (vs. $2.38 million in 2025).
• Total liabilities decreased to $2.43 million as of June 30, 2026, from $2.72 million as of December 31, 2025.
• Total stockholders' equity increased to $10.07 million as of June 30, 2026, from $8.86 million as of December 31, 2025.
• Issued and outstanding common stock increased to 3,908,420 shares at June 30, 2026, from 1,583,969 shares at December 31, 2025.

Guidance and Future Outlook

• Management expects current cash and cash equivalents to be sufficient to fund operations through the first quarter of 2027.
• The Company aims to start enrollment for its pivotal Phase 2/3 clinical study of Gemini in acute kidney injury patients by the end of 2026.

Business Segments and Product Lines

• Formed an Acute Kidney Injury Advisory Board for the upcoming Phase 2/3 AKI clinical trial and expanded the existing board.
• Continued progress on start-up activities for the Phase 2/3 clinical study.
• Released results of an independent market assessment indicating a potential $94 billion total addressable market for Gemini.
• Gemini (phosphorylated hexaacyl disaccharide) is being evaluated for acute kidney injury (GEM-AKI), chronic kidney disease (GEM-CKD), severe burn (GEM-PBI), and post-surgical infection (GEM-PSI).

Market and Competitive Landscape

• The press release identifies a potential $94 billion total addressable market for the company's lead asset, Gemini.
• No specific data regarding market share or direct competitor performance was provided in the text.

Risks and Challenges

• Forward-looking statements highlight risks including the ability to meet financial and strategic goals, competition, and the ability to grow and manage growth.
• Specific risks include the potential for adverse safety events, failure to fully enroll clinical studies, delays in enrollment, and the possibility that clinical data may not be positive or replicable.
• Risks also include the potential for regulatory authorities (FDA, EMA) to deem data insufficient for approval and the risk of not maintaining NASDAQ listing.

Management Commentary and Tone

• James Rolke, Chief Executive Officer, stated that start-up activities for the pivotal clinical study continue to progress and emphasized a focus on starting enrollment by year-end to benefit patients and deliver shareholder value.
• The tone reflects confidence in the clinical timeline while acknowledging the need to manage cash resources through Q1 2027.

Other Key Points

• The increase in cash and cash equivalents was primarily attributed to net cash proceeds from a warrant inducement completed in January 2026.
• The Company is a clinical-stage life sciences firm focused on rebalancing inflammation using its proprietary formulation, Gemini.
• The press release includes a standard "Forward-Looking Statements" disclaimer regarding uncertainties and risks that could cause actual results to differ from expectations.