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Revelation Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in research and development expenses to $830,981 from $1,651,367 in the same quarter the previous year, primarily due to a reduction in other program expenses.
General and administrative expenses were $965,705, down from $1,126,530 in the same quarter of the previous year. The decrease was mainly due to a reduction in legal and professional fees.
The company reported a net loss of $2,241,565 for the quarter, compared to a net loss of $2,628,376 in the previous year. The decrease in net loss is attributed to lower operating expenses.
Revelation Biosciences had cash and cash equivalents of $6,541,052 as of September 30, 2024. The company acknowledges its need to raise additional capital to continue operations and meet future obligations.
The filing also details compliance issues with Nasdaq listing requirements, specifically regarding the minimum bid price and stockholders' equity requirements. The company has filed an appeal to address these issues.
Revelation Biosciences does not expect to generate revenue from product sales in the near future and plans to seek additional funding through public or private equity or debt financings.
The company continues to focus on the development of its product candidates, including GEM-AKI, GEM-CKD, and GEM-PSI, which are in various stages of clinical development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Revelation Biosciences Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.