Revelation Biosciences reports Q1 EPS ($2.46), consensus ($5.38)

The company said, “As of March 31, 2024, Revelation had $14.6 million in cash and cash equivalents, compared to $12.0 million as of December 31, 2023. 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, Revelation believes that its current cash and cash equivalents are sufficient to fund operations through 2024. Revelation’s net cash used for operating activities for the three months ended March 31, 2024 was $2.8 million compared to net cash used for operating activities of $1.6 million for the same period in 2023. Revelation’s net loss for the three months ended March 31, 2024 was $2.7 million, or $2.46 basic and diluted net loss per share, compared to net earnings of $6.2 million, or $45.52 and $37.07 basic and diluted net loss per share for the same period in 2023, respectively. The change in net cash used for operating activities for the three months ended March 31, 2024 as compared to March 31, 2023 was primarily due to GEM-AKI and GEM-SSI clinical study expenses. The change to net loss for the three months ended March 31, 2024 from net earnings for the three months ended March 31, 2023, was primarily due to the change in fair value of the warrant liability creating a $7.7 million gain during the three months ended March 31, 2023.”