$REVB
REVELATION BIOSCIENCES, INC.

2023 Q2 Form 10-Q Financial Statement

#000095017023023313 Filed on May 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 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 $1.024M $1.095M $2.906M
YoY Change 15.7% -62.33% 519.81%
% of Gross Profit
Research & Development $909.3K $525.3K $3.680M
YoY Change -6.8% -85.73% 136.36%
% of Gross Profit
Depreciation & Amortization $6.262K $6.263K $6.262K
YoY Change 0.0% 0.02% 875.39%
% of Gross Profit
Operating Expenses $1.933M $1.620M $6.586M
YoY Change 3.9% -75.41% 152.57%
Operating Profit -$1.933M -$1.620M -$6.586M
YoY Change 3.9% -75.41% 152.57%
Interest Expense $7.745M
YoY Change
% of Operating Profit
Other Income/Expense, Net $484.9K $7.779M -$30.24K
YoY Change 1784.12% -25823.49% 551.46%
Pretax Income -$1.448M $6.159M -$6.617M
YoY Change -21.07% -193.09% -661.59%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$1.448M $6.159M -$6.617M
YoY Change -21.07% -193.09% 153.28%
Net Earnings / Revenue
Basic Earnings Per Share -$0.25 $2.79 -$15.90
Diluted Earnings Per Share -$0.25 $1.96 -$465.9K
COMMON SHARES
Basic Shares Outstanding 6.049M 4.512M 416.2K
Diluted Shares Outstanding 5.812M 3.136M 416.2K

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.71M $17.70M $7.186M
YoY Change 352.01% 146.34% 1739.56%
Cash & Equivalents $15.70M $17.70M $7.200M
Short-Term Investments
Other Short-Term Assets $250.0K $332.4K $684.8K
YoY Change -56.56% -51.46% 449.98%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $15.96M $18.04M $7.871M
YoY Change 293.98% 129.13% 1427.88%
LONG-TERM ASSETS
Property, Plant & Equipment $77.61K $83.87K $108.9K
YoY Change -24.4% -23.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $77.61K $83.87K $108.9K
YoY Change -24.4% -23.0% -99.85%
TOTAL ASSETS
Total Short-Term Assets $15.96M $18.04M $7.871M
Total Long-Term Assets $77.61K $83.87K $108.9K
Total Assets $16.04M $18.12M $7.980M
YoY Change 286.11% 127.06% -89.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $913.9K $705.1K $1.461M
YoY Change -0.28% -51.73% 280.79%
Accrued Expenses $496.9K $973.9K $3.706M
YoY Change -77.09% -73.72%
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 $4.624M $8.101M $8.078M
YoY Change -22.89% 0.28% 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%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.624M $8.101M $8.078M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.624M $8.101M $8.078M
YoY Change -22.89% 0.28% 60.53%
SHAREHOLDERS EQUITY
Retained Earnings -$20.60M -$19.20M -$21.10M
YoY Change -10.43% -9.0%
Common Stock $6.297K $4.730K $15.08K
YoY Change -58.25% -68.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.40M $10.00M -$98.51K
YoY Change
Total Liabilities & Shareholders Equity $16.04M $18.12M $7.980M
YoY Change 286.11% 127.06% -89.22%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.448M $6.159M -$6.617M
YoY Change -21.07% -193.09% 153.28%
Depreciation, Depletion And Amortization $6.262K $6.263K $6.262K
YoY Change 0.0% 0.02% 875.39%
Cash From Operating Activities -$1.992M -$1.575M -$4.830M
YoY Change -46.32% -67.39% 102.77%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -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 20.00 14.02M 10.74M
YoY Change 30.57% 34.19%
NET CHANGE
Cash From Operating Activities -1.992M -1.575M -4.830M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 20.00 14.02M 10.74M
Net Change In Cash -1.992M 12.45M 5.912M
YoY Change -46.32% 110.6% 7.02%
FREE CASH FLOW
Cash From Operating Activities -$1.992M -$1.575M -$4.830M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$1.575M -$4.830M
YoY Change -67.39% 94.67%

Facts In Submission

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REVELATION BIOSCIENCES, INC.
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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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 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>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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>
CY2023Q1 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P5Y
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q1 revb Common Stock Transferred
CommonStockTransferred
7001
CY2023Q1 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
CY2023Q1 revb Antidilutive Securities Included From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesIncludedFromComputationOfEarningsPerShareAmount
925213
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
412594
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 revb Prepaid Clinical Costs Current
PrepaidClinicalCostsCurrent
213750
CY2023Q1 revb Other Prepaid Expense And Current Assets
OtherPrepaidExpenseAndCurrentAssets
118637
CY2022Q4 revb Other Prepaid Expense And Current Assets
OtherPrepaidExpenseAndCurrentAssets
73132
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
332387
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
73132
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1600000
CY2023Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
131963
CY2022Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
131963
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
131963
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
131963
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
48093
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
41830
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
83870
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
90133
CY2023Q1 us-gaap Depreciation
Depreciation
6263
CY2022Q1 us-gaap Depreciation
Depreciation
6262
CY2023Q1 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
708450
CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
618014
CY2023Q1 revb Accrued Clinical Study Expenses
AccruedClinicalStudyExpenses
39610
CY2022Q4 revb Accrued Clinical Study Expenses
AccruedClinicalStudyExpenses
175061
CY2023Q1 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
135865
CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
75722
CY2023Q1 revb Accrued Clinical Development Costs
AccruedClinicalDevelopmentCosts
90000
CY2022Q4 revb Accrued Clinical Development Costs
AccruedClinicalDevelopmentCosts
111700
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
5000
CY2023Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
973925
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
985497
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
5000
CY2023Q1 revb Lessee Operating Lease Liability Base Monthly Rent
LesseeOperatingLeaseLiabilityBaseMonthlyRent
9630
CY2021Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
5564
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
24991
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
15067
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
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2888600
CY2023Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
14000000.0
CY2023Q1 revb Percentage Of Placement Agent Cash Fee On Gross Proceeds Received
PercentageOfPlacementAgentCashFeeOnGrossProceedsReceived
0.080
CY2023Q1 revb Placement Agent Cash Fee Amount
PlacementAgentCashFeeAmount
1200000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 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 exercisable for 1/35 of a share of common stock with an exercise price of $402.50 per share which expire on January 10, 2027 (the “Public Warrants”), which traded on the Nasdaq Capital Market under the ticker symbol REVBU.
CY2023Q1 revb Number Of Units Seperation
NumberOfUnitsSeperation
1688598
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
As a result of the Reverse Split, every 35 shares of the Company’s issued and outstanding common stock automatically converted into one share of common stock, without any change in the par value per share. No fractional shares were outstanding following the Reverse Split. Any holder who would have received a fractional share of common stock automatically received an additional fraction of a share of common stock to round up to the next whole share. In addition, effective as of the same time as the Reverse Split, proportionate adjustments were made to all then-outstanding equity awards and warrants with respect to the number of shares of common stock subject to such award or warrant and the exercise price thereof. Furthermore, the number of shares of common stock available for issuance under the Company’s equity incentive plans were proportionately adjusted for the Reverse Split ratio, such that fewer shares will be subject to such plans.
CY2022Q1 us-gaap Proceeds From Previous Acquisition
ProceedsFromPreviousAcquisition
11900000
CY2022Q1 revb Escrowed Amount
EscrowedAmount
7700000
CY2022Q1 revb Released Amount
ReleasedAmount
4200000
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
4729839
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4729839
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
682882
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
682882
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4899673
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
470764
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
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
32095
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
137892
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 revb Non Taxable Income From Fair Value Change Of Warrant Liability
NonTaxableIncomeFromFairValueChangeOfWarrantLiability
7700000

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