Mon, Sep 23, 8:57 PM (97 days ago)
Revelation Biosciences, Inc. filed an amendment to its 10-Q for the quarter ending March 31, 2024, primarily to correct omissions in previously filed certifications. The company reported a net loss of $2.7 million for Q1 2024, contrasting sharply with a net income of $6.2 million in Q1 2023, reflecting increased operating expenses of $1.9 million, driven by research and development costs. Cash and cash equivalents rose to $14.6 million from $12.0 million at year-end 2023, indicating improved liquidity, although the company remains uncertain about sustaining operations without additional funding, given its ongoing losses and lack of revenue generation. Total liabilities decreased slightly to $5.2 million, while stockholders' equity increased to $9.5 million, bolstered by a public offering in February 2024 that raised $5.4 million. The company emphasizes the need for future capital to support ongoing development efforts and mitigate going concern risks, as it does not anticipate generating revenue for several years.