Mon, Sep 23, 8:59 PM (88 days ago)
Revelation Biosciences, Inc. filed a 10-Q/A for the quarter ending June 30, 2024, primarily to amend certifications in previously filed exhibits. The company reported total assets of $12.27 million, with cash and cash equivalents of $12.07 million. Current liabilities surged to $11.13 million, significantly impacting stockholders' equity, which fell to $1.14 million due to a high accumulated deficit of $36.54 million. For Q2 2024, the company incurred a net loss of $8.39 million, compared to a loss of $1.45 million in Q2 2023. Operating expenses rose to $2.52 million, driven by increased research and development costs. The company continues to face liquidity challenges, with ongoing losses and negative cash flows, raising doubts about its ability to sustain operations without additional funding. The company has not generated revenue and does not anticipate doing so until product development is completed. Management plans to seek further financing, but uncertainties regarding capital raising efforts remain. The financial statements reflect the company's ongoing operational challenges and the need for strategic capital management.