Revelation Biosciences, Inc. Announces Financial Results For the Three and Nine Months Ended September 30, 2026

SAN DIEGO--(BUSINESS WIRE)--Revelation Biosciences, Inc. (NASDAQ: REVB) (the “Company” or “Revelation”), a clinical-stage life sciences company developing innovative solutions to treat acute and chronic disease, today reported its financial results for the three and nine months ended September 30, 2026.

Corporate Highlights

• Released results of an independent market assessment that showed a potential $94 billion total addressable market for Gemini
• Announced that it has selected a full-service contract research organization (CRO) with global operations to serve as the CRO for our upcoming study for evaluating Gemini in patients with acute kidney injury (AKI)

“The Revelation team remains focused on progressing Gemini's development for the benefit of patients,” said James Rolke, Chief Executive Officer of Revelation. “We look forward to providing additional updates in the near term.”

Results of Operations

As of September 30, 2026, Revelation had $9.1 million in cash and cash equivalents, compared to $10.7 million as of December 31, 2025. The decrease in cash and cash equivalents was primarily due to net cash proceeds from the January 2026 warrant inducement, offset by cash used for operating activities. Based on current operating plans and projections, Revelation believes its current cash and cash equivalents are sufficient to fund operations into the second quarter of 2027.

Net cash used for operating activities for the three months ended September 30, 2026 was $2.6 million compared to net cash used for operating activities of $1.6 million for the same period in 2025. Net loss for the three months ended September 30, 2026 was $3.3 million, or $5.92 basic and diluted net loss per share compared to net loss of $1.9 million, or $49.51 basic and diluted net loss per share for the three months ended September 30, 2025. Net loss for the nine months ended September 30, 2026 was $9.6 million, or $29.37 basic and diluted net loss per share compared to net loss of $6.4 million, or $273.33 basic and diluted net loss per share for the nine months ended September 30, 2025.

About Gemini

Gemini is the Company’s proprietary formulation of phosphorylated hexaacyl disaccharide (PHAD®), a toll-like receptor 4 (TLR4) agonist. TLR4 stimulation with Gemini rebalances the innate immune response and has been demonstrated to have the potential to treat acute and chronic diseases associated with dysregulated inflammation. Gemini is currently being evaluated as a potential treatment for acute kidney injury (GEM-AKI); Gemini is also being developed as a treatment for chronic kidney disease (GEM-CKD), as a treatment to reduce hyperinflammation and infection associated with severe burn (GEM-PBI), and as a treatment to prevent post-surgical infection (GEM-PSI). The potential of Gemini to correct dysregulated inflammation has been demonstrated in multiple preclinical models of AKI, CKD, and infection, as well as in two Phase 1 clinical studies. See additional details here.

About Revelation Biosciences, Inc.

Revelation Biosciences, Inc. is a clinical-stage life sciences company focused on rebalancing inflammation using its proprietary formulation, Gemini. Revelation has multiple ongoing programs to evaluate Gemini as a treatment for acute kidney injury, a treatment for chronic kidney disease, prevention of post-surgical infection, and a treatment to reduce hyperinflammation and infection associated with severe burn.

For more information, please visit www.RevBiosciences.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These forward-looking statements are generally identified by the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions. We caution investors that forward-looking statements are based on management’s expectations and are only predictions or statements of current expectations and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those anticipated by the forward-looking statements. Revelation cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they were made. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the ability of Revelation to meet its financial and strategic goals, due to, among other things, competition; the ability of Revelation to grow and manage growth, profitability, and retain its key employees; the possibility that Revelation may be adversely affected by other economic, business, and/or competitive factors; risks relating to the successful development of Revelation’s product candidates; the ability to successfully complete planned clinical studies of its product candidates; the risk that we may not fully enroll our clinical studies or enrollment will take longer than expected; risks relating to the occurrence of adverse safety events and/or unexpected concerns that may arise from data or analysis from our clinical studies; changes in applicable laws or regulations; expected initiation of the clinical studies; the timing of clinical data; the outcome of the clinical data, including whether the results of such studies are positive or whether they can be replicated; the outcome of data collected, including whether the results of such data and/or correlation can be replicated; the timing, costs, conduct and outcome of our other clinical studies; the anticipated treatment of future clinical data by the FDA, the EMA or other regulatory authorities, including whether such data will be sufficient for approval; the success of future development activities for its product candidates; potential indications for which product candidates may be developed; the ability of Revelation to maintain the listing of its securities on NASDAQ; the expected duration over which Revelation’s balances will fund its operations; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the SEC by Revelation.

REVELATION BIOSCIENCES, INC. Condensed Consolidated Statements of Operations
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
Operating expenses:			​			​			​			​
Research and development	$	1,512,898		$	922,857		$	4,808,183		$	3,099,667
General and administrative		1,870,678			1,020,154			5,330,134			3,399,559
Total operating expenses		3,383,576			1,943,011			10,138,317			6,499,226
Loss from operations		(3,383,576	)		(1,943,011	)		(10,138,317	)		(6,499,226	)
Other income (expense), net:			​			​			​			​
Other income (expense), net		68,063			35,224			490,369			94,512
Change in fair value of warrant liability		—			611			—			2,071
Total other income (expense), net		68,063			35,835			490,369			96,583
Net loss	$	(3,315,513	)	$	(1,907,176	)	$	(9,647,948	)	$	(6,402,643	)
Deemed dividends		—			(2,769,742	)		(5,681,616	)		(5,951,528	)
Net loss attributable to common stockholders		(3,315,513	)		(4,676,918	)		(15,329,564	)		(12,354,171	)
Net loss per share, basic and diluted	$	(5.92	)	$	(49.51	)	$	(29.37	)	$	(273.33	)
Weighted-average shares used to compute net loss per share, basic and diluted		559,596			94,455			522,028			45,199

REVELATION BIOSCIENCES, INC. Condensed Consolidated Balance Sheets
​	September 30,​			December 31,​
​	2026			2025
ASSETS	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	$	9,121,630	​	$	10,700,331	​
Prepaid expenses and other current assets	​	146,516	​	​	111,297	​
Total current assets	​	9,268,146	​	​	10,811,628	​
Property and equipment, net	​	163,847	​	​	18,067	​
Operating lease right-of-use asset	​	559,163	​	​	722,288	​
Other assets	​	30,941	​	​	30,941	​
Total assets	$	10,022,097	​	$	11,582,924	​
LIABILITIES AND STOCKHOLDERS’ EQUITY	​	​	​	​	​	​
Current liabilities:	​	​	​	​	​	​
Accounts payable	$	1,066,836	​	$	577,501	​
Accrued expenses	​	916,160	​	​	1,397,644	​
Operating lease liability	​	344,588	​	​	23,013	​
Total current liabilities	​	2,327,584	​	​	1,998,158	​
Operating lease liability, net of current portion	​	460,811	​	​	723,771	​
Total liabilities	​	2,788,395	​	​	2,721,929	​
Commitments and Contingencies	​	​	​	​	​	​
Stockholders’ equity:	​	​	​	​	​	​
Common Stock, $0.001 par value; 500,000,000 shares authorized; 683,442 and 226,330 issued and outstanding at September 30, 2026 and December 31, 2025, respectively	​	683	​	​	226	​
Additional paid-in-capital	​	66,300,254	​	​	58,280,056	​
Accumulated deficit	​	(59,067,235	)	​	(49,419,287	)
Total stockholders’ equity	​	7,233,702	​	​	8,860,995	​
Total liabilities and stockholders’ equity	$	10,022,097	​	$	11,582,924	​