$REVB
REVELATION BIOSCIENCES, INC.

2023 Q1 Form 10-K Financial Statement

#000095017023011000 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.095M $878.4K $5.487M
YoY Change -62.33% -5.84% 77.68%
% of Gross Profit
Research & Development $525.3K $340.0K $5.377M
YoY Change -85.73% -87.25% -22.23%
% of Gross Profit
Depreciation & Amortization $6.263K $6.260K $25.05K
YoY Change 0.02% 0.0% 49.26%
% of Gross Profit
Operating Expenses $1.620M $1.218M $10.86M
YoY Change -75.41% 30.61% 251.8%
Operating Profit -$1.620M -$10.86M
YoY Change -75.41% -9.09%
Interest Expense $7.745M
YoY Change
% of Operating Profit
Other Income/Expense, Net $7.779M $10.74K $34.96K
YoY Change -25823.49% -104.35% -96.54%
Pretax Income $6.159M -$1.208M -$10.83M
YoY Change -193.09% -1.02% 408.28%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $6.159M -$1.208M -$10.80M
YoY Change -193.09% -1.02% 406.89%
Net Earnings / Revenue
Basic Earnings Per Share $2.79 -$20.09
Diluted Earnings Per Share $1.96 -$1.69 -$20.09
COMMON SHARES
Basic Shares Outstanding 4.512M 23.54M 539.0K
Diluted Shares Outstanding 3.136M 539.0K

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.70M $5.253M $5.253M
YoY Change 146.34% 6589.14% 6589.14%
Cash & Equivalents $17.70M $5.300M $5.253M
Short-Term Investments
Other Short-Term Assets $332.4K $160.3K $160.3K
YoY Change -51.46% 3218.84% 3218.84%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $18.04M $5.413M $5.413M
YoY Change 129.13% 183.11% 6393.08%
LONG-TERM ASSETS
Property, Plant & Equipment $83.87K $90.13K $90.13K
YoY Change -23.0% -21.75% -30.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $83.87K $90.13K $90.14K
YoY Change -23.0% -30.74% -99.81%
TOTAL ASSETS
Total Short-Term Assets $18.04M $5.413M $5.413M
Total Long-Term Assets $83.87K $90.13K $90.14K
Total Assets $18.12M $5.503M $5.503M
YoY Change 127.06% 169.48% -88.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $705.1K $554.2K $554.2K
YoY Change -51.73% -7.05% -7.05%
Accrued Expenses $973.9K $985.5K $985.5K
YoY Change -73.72% -35.53% -57.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.101M $4.451M $4.451M
YoY Change 0.28% 107.83% -18.87%
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%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.101M $4.451M $4.451M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $8.101M $4.451M $4.451M
YoY Change 0.28% 107.83% -47.0%
SHAREHOLDERS EQUITY
Retained Earnings -$19.20M -$25.30M
YoY Change -9.0% 74.27%
Common Stock $4.730K $683.00
YoY Change -68.64% -70.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.00M $1.100M $1.052M
YoY Change
Total Liabilities & Shareholders Equity $18.12M $5.503M $5.503M
YoY Change 127.06% 169.48% -88.63%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $6.159M -$1.208M -$10.80M
YoY Change -193.09% -1.02% 406.89%
Depreciation, Depletion And Amortization $6.263K $6.260K $25.05K
YoY Change 0.02% 0.0% 49.26%
Cash From Operating Activities -$1.575M -$947.5K -$11.22M
YoY Change -67.39% 319.79% 1446.18%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.02M 5.000K 15.20M
YoY Change 30.57% -100.02% -160.92%
NET CHANGE
Cash From Operating Activities -1.575M -947.5K -11.22M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 14.02M 5.000K 15.20M
Net Change In Cash 12.45M -942.5K 3.978M
YoY Change 110.6% -1299.99% 5855.46%
FREE CASH FLOW
Cash From Operating Activities -$1.575M -$947.5K -$11.22M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$1.575M -$947.5K -$11.22M
YoY Change -67.39% 291.74% 1789.87%

Facts In Submission

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REVELATION BIOSCIENCES, INC.
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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:&quot;Times New Roman&quot;, serif;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;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the 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 consolidated financial statements.</span></p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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:&quot;Times New Roman&quot;, serif;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;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:&quot;Times New Roman&quot;, serif;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>
CY2022 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P5Y
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
660956
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17946
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4792
CY2022Q1 us-gaap Common Unit Outstanding
CommonUnitOutstanding
369836
CY2022Q1 revb Aggregate Shares Of Common Stock
AggregateSharesOfCommonStock
87797
CY2022Q1 us-gaap Shares Issued
SharesIssued
99449
CY2022Q1 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
357.10
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
CY2022Q4 revb Other Prepaid Expense And Current Assets
OtherPrepaidExpenseAndCurrentAssets
73132
CY2021Q4 revb Other Prepaid Expense And Current Assets
OtherPrepaidExpenseAndCurrentAssets
148728
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
73132
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
637342
CY2022Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
131963
CY2021Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
131963
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
131963
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
131963
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
41830
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
16782
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
90133
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
115181
CY2022 us-gaap Depreciation
Depreciation
25048
CY2021 us-gaap Depreciation
Depreciation
16782
CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
618014
CY2021Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
756729
CY2022Q4 revb Accrued Clinical Study Expenses
AccruedClinicalStudyExpenses
175061
CY2021Q4 revb Accrued Clinical Study Expenses
AccruedClinicalStudyExpenses
327244
CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
75722
CY2021Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
294130
CY2022Q4 revb Accrued Clinical Development Costs
AccruedClinicalDevelopmentCosts
111700
CY2021Q4 revb Accrued Clinical Development Costs
AccruedClinicalDevelopmentCosts
145566
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
5000
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
5000
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
985497
CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
1528669
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8572
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
700000
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
5000
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
66645
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
55246
CY2022Q1 revb Common Stock Transferred
CommonStockTransferred
7001
CY2021 revb Interest Incurred
InterestIncurred
14383
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
CY2022Q1 us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
655000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1600000
CY2023Q1 us-gaap Noninterest Expense Investment Advisory Fees
NoninterestExpenseInvestmentAdvisoryFees
150000
CY2022Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
238096
CY2022Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
4500000
CY2022Q3 revb Percentage Of Placement Agent Cash Fee On Gross Proceeds Received
PercentageOfPlacementAgentCashFeeOnGrossProceedsReceived
0.070
CY2022Q3 revb Placement Agent Cash Fee Amount
PlacementAgentCashFeeAmount
350000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022 revb Class Of Warrant Or Right For Issuing Description
ClassOfWarrantOrRightForIssuingDescription
October of 2020, Petra issued unit's that consisted of one share of common stock and one warrant with an exercise price of $402.50 per shares (the “Public Warrants”).
CY2022 revb Public Warrants Outstanding
PublicWarrantsOutstanding
48246
CY2022Q1 us-gaap Proceeds From Previous Acquisition
ProceedsFromPreviousAcquisition
11900000
CY2022Q1 revb Escrowed Amount
EscrowedAmount
7700000
CY2022Q1 revb Released Amount
ReleasedAmount
4200000
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
682882
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
682882
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
282039
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
282039
CY2022 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
719663
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
17946
CY2022Q1 revb Percentage Of Aggregate Number Of Outstanding Shares Of Common Stock
PercentageOfAggregateNumberOfOutstandingSharesOfCommonStock
0.10
CY2022 revb Weighted Average Black Scholes Value Per Stock Option
WeightedAverageBlackScholesValuePerStockOption
25.67
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
301116
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
470878
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.071
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.006
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.019
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.029
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.023
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.317
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.277
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
5511086
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3524526
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
324661
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
255656
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1429419
CY2022Q4 revb Deferred Tax Assets Capitalized Start Up Cost
DeferredTaxAssetsCapitalizedStartUpCost
860853
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
373936
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
351836
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
8499983
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
4132018
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
8499983
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
4132018
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
8499983
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
4132018
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4012802
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3323197
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2020Q1 revb Tax Cuts And Jobs Act Of2017 Limitation Of Net Operating Loss Deductions As Percentage Of Taxable Income
TaxCutsAndJobsActOf2017LimitationOfNetOperatingLossDeductionsAsPercentageOfTaxableIncome
0.80
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
87171

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