$REVB
REVELATION BIOSCIENCES, INC.

2022 Q3 Form 10-Q Financial Statement

#000095017022017405 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $817.9K $884.8K $2.906M
YoY Change -3.15% 5.08% 519.81%
% of Gross Profit
Research & Development $381.6K $975.6K $3.680M
YoY Change -75.11% -15.86% 136.36%
% of Gross Profit
Depreciation & Amortization $6.262K $6.262K $6.262K
YoY Change 3.15% 875.39% 875.39%
% of Gross Profit
Operating Expenses $1.199M $1.860M $6.586M
YoY Change 42.03% -23.81% 152.57%
Operating Profit -$1.199M -$1.860M -$6.586M
YoY Change -60.6% -23.81% 152.57%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $28.73K $25.73K -$30.24K
YoY Change -66.22% -192.86% 551.46%
Pretax Income -$1.171M -$1.835M -$6.617M
YoY Change 54.52% 37.83% -661.59%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.171M -$1.835M -$6.617M
YoY Change 54.52% -25.71% 153.28%
Net Earnings / Revenue
Basic Earnings Per Share -$0.06 -$0.12 -$15.90
Diluted Earnings Per Share -$0.06 -$0.12 -$465.9K
COMMON SHARES
Basic Shares Outstanding 23.42M 15.08M 416.2K
Diluted Shares Outstanding 21.06M 15.08M 416.2K

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.195M $3.476M $7.186M
YoY Change 31269.37% 1052.0% 1739.56%
Cash & Equivalents $6.200M $3.500M $7.200M
Short-Term Investments
Other Short-Term Assets $309.6K $575.5K $684.8K
YoY Change 1501.81% 700.17% 449.98%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.505M $4.051M $7.871M
YoY Change 16545.53% 984.28% 1427.88%
LONG-TERM ASSETS
Property, Plant & Equipment $96.40K $102.7K $108.9K
YoY Change -42.35% -45.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $96.40K $102.7K $108.9K
YoY Change -99.87% -99.86% -99.85%
TOTAL ASSETS
Total Short-Term Assets $6.505M $4.051M $7.871M
Total Long-Term Assets $96.40K $102.7K $108.9K
Total Assets $6.601M $4.154M $7.980M
YoY Change -91.03% -94.38% -89.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $466.1K $916.5K $1.461M
YoY Change -54.8% -15.47% 280.79%
Accrued Expenses $1.600M $2.169M $3.706M
YoY Change 35.22% 181.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.374M $5.997M $8.078M
YoY Change 17.02% 81.03% 280.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.374M $5.997M $8.078M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.374M $5.997M $8.078M
YoY Change -34.22% -3.65% 60.53%
SHAREHOLDERS EQUITY
Retained Earnings -$24.10M -$23.00M -$21.10M
YoY Change
Common Stock $23.54K $15.08K $15.08K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.200M -$1.800M -$98.51K
YoY Change
Total Liabilities & Shareholders Equity $6.601M $4.154M $7.980M
YoY Change -91.03% -94.38% -89.22%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.171M -$1.835M -$6.617M
YoY Change 54.52% -25.71% 153.28%
Depreciation, Depletion And Amortization $6.262K $6.262K $6.262K
YoY Change 3.15% 875.39% 875.39%
Cash From Operating Activities -$1.731M -$3.710M -$4.830M
YoY Change 514.04% 5083.63% 102.77%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $35.50M
YoY Change 5816.71%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.451M 0.000 10.74M
YoY Change 34.19%
NET CHANGE
Cash From Operating Activities -1.731M -3.710M -4.830M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 4.451M 0.000 10.74M
Net Change In Cash 2.720M -3.710M 5.912M
YoY Change -27196400.0% 12748974763016190000.0% 7.02%
FREE CASH FLOW
Cash From Operating Activities -$1.731M -$3.710M -$4.830M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$1.731M -$3.710M -$4.830M
YoY Change 1193.55% 2951.85% 94.67%

Facts In Submission

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us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions about future events that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of expenses. These estimates and assumptions are based on the Company’s best estimates and judgment. The Company regularly evaluates its estimates and assumptions using historical and industry experience and other factors; however, actual results could differ materially from these estimates and could have an adverse effect on the Company’s condensed consolidated financial statements.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents. Bank deposits are held by accredited financial institutions and these deposits may at times be in excess of federally insured limits. The Company limits its credit risk associated with cash and cash equivalents by placing them with financial institutions that it believes are of high quality. The Company has not experienced any losses on its deposits of cash or cash equivalents.</span></p>
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P5Y
us-gaap Operating Lease Expense
OperatingLeaseExpense
32260
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
15067
us-gaap Operating Lease Expense
OperatingLeaseExpense
25112
CY2022Q1 revb Common Stock Transferred
CommonStockTransferred
245019
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14441532
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4207776
CY2022Q2 revb Interest Incurred
InterestIncurred
0
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
167867
CY2022Q1 us-gaap Common Unit Issued
CommonUnitIssued
12944213
CY2022Q1 us-gaap Common Unit Outstanding
CommonUnitOutstanding
1294421
CY2022Q1 revb Aggregate Shares Of Common Stock
AggregateSharesOfCommonStock
3072870
CY2022Q1 us-gaap Shares Issued
SharesIssued
3480692
CY2022Q1 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
10.20
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
35500000
CY2022Q1 revb Escrowed Amount
EscrowedAmount
7700000
CY2022Q1 revb Released Amount
ReleasedAmount
4200000
CY2021Q4 revb Prepaid Clinical Costs Current
PrepaidClinicalCostsCurrent
488614
CY2022Q2 us-gaap Prepaid Insurance
PrepaidInsurance
412500
CY2022Q2 revb Other Prepaid Expense And Current Assets
OtherPrepaidExpenseAndCurrentAssets
162981
CY2021Q4 revb Other Prepaid Expense And Current Assets
OtherPrepaidExpenseAndCurrentAssets
148728
CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
575481
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
637342
revb Interest Incurred
InterestIncurred
14383
CY2022Q2 revb Expense Incurred For Upfront Monthly And Interest Payments
ExpenseIncurredForUpfrontMonthlyAndInterestPayments
209536
revb Expense Incurred For Upfront Monthly And Interest Payments
ExpenseIncurredForUpfrontMonthlyAndInterestPayments
417976
CY2022Q2 revb Cash Paid For Upfront Monthly And Interest Payments Under Finance Agreement
CashPaidForUpfrontMonthlyAndInterestPaymentsUnderFinanceAgreement
223285
CY2022Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
131963
CY2021Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
131963
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
131963
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
131963
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
29306
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
16782
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
102657
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
115181
CY2022Q2 us-gaap Depreciation
Depreciation
6262
us-gaap Depreciation
Depreciation
12524
CY2021Q2 us-gaap Depreciation
Depreciation
642
us-gaap Depreciation
Depreciation
4449
CY2022Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
978343
CY2021Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
756729
CY2021Q4 revb Accrued Clinical Study Expenses
AccruedClinicalStudyExpenses
327244
CY2022Q2 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
799023
CY2021Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
294130
CY2022Q2 revb Accrued Clinical Development Costs
AccruedClinicalDevelopmentCosts
68300
CY2021Q4 revb Accrued Clinical Development Costs
AccruedClinicalDevelopmentCosts
145566
CY2022Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
30229
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
5000
CY2022Q2 revb Premium Finance Agreement
PremiumFinanceAgreement
293333
CY2022Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
2169228
CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
1528669
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
17193
CY2022Q2 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
297714
CY2022Q1 us-gaap Noninterest Expense Investment Advisory Fees
NoninterestExpenseInvestmentAdvisoryFees
2700000
CY2022Q1 revb Noninterest Expense Investment Advisory Fees In Form Of Equity
NoninterestExpenseInvestmentAdvisoryFeesInFormOfEquity
2600000
CY2022Q1 revb Transaction Expenses
TransactionExpenses
8500000
CY2022Q1 revb Deferred Underwriting Fees
DeferredUnderwritingFees
1500000
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Unit Outstanding
CommonUnitOutstanding
21136
revb Public Warrants Outstanding
PublicWarrantsOutstanding
21136
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
29977303
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
6292140
CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6100000
CY2020 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
37000
CY2022Q1 us-gaap Proceeds From Previous Acquisition
ProceedsFromPreviousAcquisition
11900000
CY2022Q1 revb Escrowed Amount
EscrowedAmount
7700000
CY2022Q1 revb Released Amount
ReleasedAmount
4200000
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
15082771
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
15082771
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2308877
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2308877
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
15381501
CY2021Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4207776
CY2022Q1 revb Percentage Of Aggregate Number Of Outstanding Shares Of Common Stock
PercentageOfAggregateNumberOfOutstandingSharesOfCommonStock
0.10
CY2022Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
2.725
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
90188
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
131321
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
228080
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
233646
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0

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