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Form 8-K REVELATION BIOSCIENCES, For: Aug 15

August 17, 2022 4:33 PM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 15, 2022

 

 

REVELATION BIOSCIENCES, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-39603

84-3898466

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

4660 La Jolla Village Drive

Suite 100

 

San Diego, California

 

92122

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (650) 800-3717

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Units, each consisting of one share of common stock and one redeemable warrant

 

REVBU

 

The NASDAQ Stock Market LLC

Common stock, par value $0.001 per share

 

REVB

 

The NASDAQ Stock Market LLC

Redeemable warrants, each exercisable for a share of common stock at an exercise price of $11.50 per share

 

REVBW

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 


Item 2.02 Results of Operations and Financial Condition.

On August 15, 2022, Revelation Biosciences, Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2022. A copy of the press release is furnished as Exhibit 99.1.



Item 7.01 Regulation FD Disclosure.

 

On August 15, 2022, the Company issued a press release which included program updates. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.



The information in Item 2.02, 7.01 and in Exhibit 99.1 will not be treated as “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or into another filing under the Exchange Act, unless that filing expressly incorporates this information by reference.


Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

 

 

 

Exhibit No.

 

Description

99.1

 

Press release, dated August 15, 2022




 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

REVELATION BIOSCIENCES, INC.

 

 

 

 

Date:

August 17, 2022

By:

/s/ Chester S. Zygmont, III

 

 

 

Chester S. Zygmont, III
Chief Financial Officer
(principal financial and accounting officer)

 

 


Exhibit 99.1

 

img220778470_0.jpg 

Revelation Biosciences Inc. Announces Financial Results for the Three and Six Months Ended June 30, 2022 and Recent Corporate Progress

 

 

San Diego, CA – August 15, 2022 – 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 its second quarter 2022 financial results and highlighted recent corporate progress.

 

Recent Corporate Progress

 

Most recently in July, we completed a $5 million public offering.
We continue to explore the possible effects of REVTx-99b for the treatment of allergies.
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 and we anticipate preclinical data during the fourth quarter.
We anticipate preclinical data for REVTx-300 as a potential therapy for the treatment of chronic organ disease including chronic kidney disease (CKD) and non-alcoholic steatohepatitis (NASH) later this year during the fourth quarter.

 

“2022 has been a busy year for Revelation, starting with Revelation becoming a publicly traded company” said James Rolke, Chief Executive Officer of Revelation. “We remain committed to the development of our PHAD based product candidates including REVTx-99b for management of allergies, REVTx-200 for improved vaccinations, and REVTx-300 for chronic organ disease, as well as REVDx-501, our universal at-home screening test for respiratory viral infection.”

 

Results of Operations

 

As of June 30, 2022, Revelation had $3.5 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, offset primarily by cash used for operating activities. Based on current operating plans and projections, including the proceeds of the recent public offering, Revelation believes that its current cash and cash equivalents are sufficient to fund operations through June of 2023.

 

Revelation’s net cash used for operating activities for the three and six months ended June 30, 2022 was $3.7 million and $8.5 million, respectively, compared to net cash used for operating activities of $3.6 million and $6.0 million, respectively, for the same periods in 2021. Revelation’s net loss for the three and six months ended June 30, 2022 was $1.8 million and $8.5 million, or $0.12 per share and $0.58 per share, respectively, compared to a net loss of $2.5 million and $5.1 million, or $0.39 per share and $1.61 per share, for the same periods 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, professional consulting service fees, and the public company directors and officers insurance policy.

 


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-99b, the lead therapeutic candidate, is being developed as a treatment for allergies. REVTx-200 is being developed as an intranasal immunomodulator adjunct to be used in combination with an intramuscular vaccination for more complete immunity. REVTx-300 is being developed as a potential therapy for the treatment of chronic organ disease including CKD and NASH. 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.

 

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 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
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

975,583

 

 

$

1,159,505

 

 

$

4,655,863

 

 

$

2,716,544

 

General and administrative

 

 

884,837

 

 

 

1,282,375

 

 

 

3,790,857

 

 

 

2,333,047

 

Total operating expenses

 

 

1,860,420

 

 

 

2,441,880

 

 

 

8,446,720

 

 

 

5,049,591

 

Loss from operations

 

 

(1,860,420

)

 

 

(2,441,880

)

 

 

(8,446,720

)

 

 

(5,049,591

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

25,734

 

 

 

(27,714

)

 

 

(4,507

)

 

 

(32,356

)

Total other income (expense), net

 

 

25,734

 

 

 

(27,714

)

 

 

(4,507

)

 

 

(32,356

)

Net loss

 

$

(1,834,686

)

 

$

(2,469,594

)

 

$

(8,451,227

)

 

$

(5,081,947

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

 

$

(0.12

)

 

$

(0.39

)

 

$

(0.58

)

 

$

(1.61

)

Weighted-average shares used to compute net loss per share, basic and diluted

 

 

15,082,771

 

 

 

6,291,690

 

 

 

14,644,796

 

 

 

3,163,225

 

 


REVELATION BIOSCIENCES, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

 

 

June 30,
2022

 

 

December 31,
2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,475,816

 

 

$

1,274,729

 

Prepaid expenses and other current assets

 

 

575,481

 

 

 

637,342

 

Total current assets

 

 

4,051,297

 

 

 

1,912,071

 

Property and equipment, net

 

 

102,657

 

 

 

115,181

 

Right-of-use lease asset

 

 

 

 

 

14,960

 

Total assets

 

$

4,153,954

 

 

$

2,042,212

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

916,475

 

 

$

596,261

 

Accrued expenses

 

 

2,169,228

 

 

 

1,528,669

 

Lease liability

 

 

 

 

 

16,752

 

Deferred underwriting commissions

 

 

2,911,260

 

 

 

 

Total current liabilities

 

 

5,996,963

 

 

 

2,141,682

 

Total liabilities

 

 

5,996,963

 

 

 

2,141,682

 

Commitments and Contingencies

 

 

 

 

 

 

Stockholders’ deficit:

 

 

 

 

 

 

Series A Preferred Stock, $0.001 par value; zero and 628,930 shares authorized, issued and outstanding at June 30, 2022 and December 31, 2021, respectively; liquidation preference of $0 and $3,999,995 at June 30, 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 June 30, 2022 and December 31, 2021, respectively; liquidation preference of $0 and $4,353,102 at June 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

3,578,197

 

Common Stock, $0.001 par value; 100,000,000 and 11,000,000 shares authorized and 15,082,771 and 2,308,877 issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

 

15,083

 

 

 

2,309

 

Additional paid-in-capital

 

 

21,110,434

 

 

 

6,933,593

 

Accumulated deficit

 

 

(22,968,526

)

 

 

(14,517,299

)

Total stockholders’ deficit

 

 

(1,843,009

)

 

 

(99,470

)

Total liabilities and stockholders’ deficit

 

$

4,153,954

 

 

$

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]

 

 




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