Revelation Biosciences, Inc. announced its financial results for the three and nine months ended September 30, 2024. The company reported a net loss of $2.2 million for the third quarter of 2024, an improvement from the $2.6 million net loss in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $13.3 million, a significant change from the net income of $2.1 million reported in the prior year.
As of September 30, 2024, Revelation held $6.5 million in cash and cash equivalents, a decrease from $12.0 million at December 31, 2023. Net cash used in operating activities for the nine-month period was $14.6 million, compared to $5.3 million for the same period in 2023. The company stated that its current cash and cash equivalents are sufficient to fund operations into 2025.
Research and development expenses for the three months ended September 30, 2024, were $830,981, a decrease from $1,651,367 in the prior year's quarter. General and administrative expenses also saw a reduction, totaling $965,705 compared to $1,126,530 in Q3 2023. The company anticipates the acceptance of its Investigational New Drug (IND) application by the FDA and the initiation of its Phase 1b study in CKD patients in the United States.
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