Executive Summary

REVB reported no revenue in Q1 2024; operating loss was $1.90M and net loss was $2.68M (basic EPS $(2.46)), with YoY comparability distorted by a $7.7M favorable warrant liability revaluation in Q1 2023 .
OpEx trended lower sequentially (Q4’23: $2.33M → Q1’24: $1.90M) as Phase 1 activities commenced and early GEM-AKI/SSI expenses normalized; YoY OpEx increased on higher clinical spend (R&D +37% YoY) .
Liquidity improved: cash and equivalents rose to $14.6M at 3/31/24 (from $12.0M at 12/31/23); management reiterated runway “through 2024” .
No earnings call transcript or quantitative guidance beyond runway; upcoming Gemini clinical milestones remain the likely stock catalysts near term .

What Went Well and What Went Wrong

Cash balance increased to $14.6M, supporting a runway through 2024; the cash build was primarily from financing, offset by operating cash burn .
Sequential OpEx improved ($2.33M in Q4’23 to $1.90M in Q1’24) as programs transitioned into clinical execution .
Management highlighted momentum entering 2024: “During 2024, we look forward to building on this momentum and advancing evaluation of Gemini into patients.” — CEO James Rolke (Q4 release) .

Net loss widened QoQ ($2.20M in Q4’23 to $2.68M in Q1’24) driven by non-operating other expense; YoY optics are skewed by prior-year warrant liability gains .
Operating cash burn increased YoY ($2.8M used in Q1’24 vs $1.6M used in Q1’23), reflecting clinical trial spend for GEM-AKI and GEM-SSI .
No explicit revenue or margin metrics and no quantitative guidance beyond cash runway; limited datapoints for near-term fundamental modeling .

Metric	Q3 2023	Q4 2023	Q1 2024
Revenues ($USD)	$0 (no revenue reported)	$0 (no revenue reported)	$0 (no revenue reported)
R&D Expense ($)	$1,651,367	$1,059,984	$717,582
G&A Expense ($)	$1,126,530	$1,265,906	$1,184,556
Total Operating Expenses ($)	$2,777,897	$2,325,890	$1,902,138
Operating Income (Loss) ($)	$(2,777,897)	$(2,325,890)	$(1,902,138)
Change in FV of Warrant Liability ($)	$92,561	$68,202	$68,427
Other (Expense) Income, net ($)	$56,960	$54,785	$(847,722)
Net Income (Loss) ($)	$(2,628,376)	$(2,202,903)	$(2,681,433)
Basic EPS ($)	$(0.42)	$(8.33)	$(2.46)

Notes: No consensus estimates available for Q1 2024; estimate comparison NA. S&P Global estimates unavailable at time of analysis.

Metric	Q1 2023	Q1 2024
Revenues ($USD)	$0 (no revenue reported)	$0 (no revenue reported)
R&D Expense ($)	$525,273	$717,582
G&A Expense ($)	$1,094,574	$1,184,556
Total Operating Expenses ($)	$1,619,847	$1,902,138
Operating Income (Loss) ($)	$(1,619,847)	$(1,902,138)
Change in FV of Warrant Liability ($)	$7,744,935	$68,427
Other (Expense) Income, net ($)	$34,107	$(847,722)
Net Income (Loss) ($)	$6,159,195	$(2,681,433)
Basic EPS ($)	$45.52	$(2.46)

KPIs and Liquidity

KPI	Q1 2023	Q4 2023	Q1 2024
Cash & Equivalents ($)	—	$11,991,701	$14,551,740
Net Cash Used in Ops ($)	$1.6M used (3 mo)	—	$2.8M used (3 mo)
Shares (Wtd Avg Basic)	135,305	264,537	1,089,833

Estimate comparison

S&P Global consensus for Q1 2024 EPS and Revenue was unavailable at time of analysis; therefore, no beat/miss determination can be made (NA).

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	FY 2024	“Sufficient to fund operations through 2024” (Q4 release)	“Sufficient to fund operations through 2024” (Q1 release)	Maintained

No other quantitative guidance (revenue, margins, OpEx, OI&E, tax, dividends) was provided in Q1 materials .

Topic	Q-2 (Q3 2023)	Q-1 (Q4 2023)	Current (Q1 2024)	Trend
R&D execution (Gemini)	Preclinical biomarker data; Phase 1 to start near end-2023	Phase 1 commenced at beginning of March; positive preclinical AKI data presented	Clinical expenses for GEM-AKI and GEM-SSI driving OpEx; continued execution	Progressing from preclinical → clinical
Cash runway	“Through September 2024”	“Through 2024”	“Through 2024”	Improved, then maintained
Non-cash warrant liability effects	Significant YoY impact ($8.3M YTD gain)	Continued effect in 2023 results	Minimal in Q1’24; prior-year Q1 had $7.7M gain	Normalizing impact

Note: No earnings call transcript located for Q1 2024; only the 8-K with press release was furnished .

“The Revelation team has worked hard over 2023 to build the foundation for successful advancement of Gemini… During 2024, we look forward to building on this momentum and advancing evaluation of Gemini into patients.” — James Rolke, CEO (Q4’23 press release) .
“We are encouraged by our recently announced preclinical biomarker data that demonstrate the potential of Gemini to mobilize and upregulate infection fighting immune cells to fight and prevent infection.” — James Rolke, CEO (Q3’23 press release) .
Q1’24 press release emphasized increased clinical spend on GEM-AKI and GEM-SSI as the main driver of higher operating cash use YoY .

No Q1 2024 earnings call transcript was available in company filings or our document catalog; the 8-K furnished only the press release (Exhibit 99.1) .
Accordingly, there were no disclosed analyst Q&A clarifications on guidance, timelines, or OpEx cadence for the quarter .

Wall Street consensus (S&P Global) for Q1 2024 revenue and EPS was unavailable at the time of analysis; estimate comparisons are NA. Management did not provide quantitative guidance beyond cash runway .

Liquidity is adequate near term: $14.6M cash with runway maintained through 2024; watch financing cadence versus clinical enrollment pace .
OpEx improved sequentially as programs transitioned to clinical stages; monitor R&D ramp as cohorts expand in GEM-AKI/CKD/SSI .
YoY comps are noisy due to prior-year non-cash warrant liability gains; focus on operating loss and cash burn as cleaner indicators of progress .
Lack of revenue and limited guidance concentrate the narrative on clinical catalysts (enrollment, biomarker readouts); execution timing will drive sentiment .
With no consensus estimates available and no call transcript, the near-term trade skews to binary clinical updates; consider position sizing around anticipated milestones .
Watch for updates on GEM-AKI and GEM-SSI expense cadence and any runway extension actions as 2024 progresses .