Executive Summary

Q3 2024 was operationally constructive: REVB completed GMP manufacture of Gemini supply, advanced IND readiness, and reiterated Phase 1b start in CKD, while narrowing quarterly net loss to $2.24M and reducing total operating expenses versus Q2 .
Cash and equivalents declined to $6.54M from $12.07M in Q2, driven by operating cash use and the Lifesci Capital judgment; management guides runway “into 2025,” an improvement from prior “through 2024” commentary in H1 .
No revenues and no earnings call transcript for Q3 were available; Wall Street consensus estimates via S&P Global were unavailable, so no statistical beat/miss can be determined (estimates unavailable via S&P Global).
Potential stock catalysts: IND acceptance, Phase 1b CKD trial initiation, and 1H 2025 topline PK/PD/safety readouts; Gemini biomarker data showed dose-dependent IL‑10 upregulation, reinforcing the trained immunity mechanism .

What Went Well and What Went Wrong

What Went Well

Completed GMP manufacture of Gemini, a pivotal requirement for IND and upcoming Phase 1b CKD and future Phase 2 studies: “We are pleased to have achieved this critical milestone... anticipate top-line results... in the first half of 2025.” .
Strengthened mechanism validation: Gemini induced statistically significant, dose-dependent increases in anti-inflammatory IL‑10 in healthy volunteers (27x/162x/309x vs placebo at 2 hours, p<0.05), complementing prior Phase 1 biomarker positives without significant TNF‑α/IL‑1β increases .
Warrant exercise raised $3.8M in gross proceeds, adding financing flexibility ahead of clinical starts .

What Went Wrong

Cash balance declined materially to $6.54M (from $12.07M in Q2), with management citing operating cash use and the Lifesci Capital judgment; operating runway improved guidance but cash burn remains a focal risk .
Continued absence of revenue and net losses persisted: Q3 net loss was $2.24M, albeit improved vs Q2’s $8.39M; the business remains dependent on financing and successful trial execution .
No Q3 earnings call transcript found; reduced opportunity for real-time guidance clarifications and investor Q&A [List: 0 earnings-call-transcript documents found].

Financial Results

Sequential Quarterly Comparison (Q1–Q3 2024)

Metric	Q1 2024	Q2 2024	Q3 2024
Revenues ($USD)	$0	$0	$0
Net Income (Loss) ($USD)	$(2,681,433)	$(8,389,819)	$(2,241,565)
Diluted EPS ($USD)	$(2.46)	$(5.13)	$(0.84)
Total Operating Expenses ($USD)	$1,902,138	$2,522,397	$1,796,686
Cash and Equivalents ($USD, period-end)	$14,551,740	$12,073,058	$6,541,052
Weighted Avg Shares (Diluted)	1,089,833	1,635,234	2,679,941

Year-over-Year Comparison (Q3 2023 vs Q3 2024)

Metric	Q3 2023	Q3 2024
Net Income (Loss) ($USD)	$(2,628,376)	$(2,241,565)
Diluted EPS ($USD)	$(9.94)	$(0.84)
Total Operating Expenses ($USD)	$2,777,897	$1,796,686

Operating Expense Detail (Q1–Q3 2024)

Metric	Q1 2024	Q2 2024	Q3 2024
Research & Development ($USD)	$717,582	$1,394,929	$830,981
General & Administrative ($USD)	$1,184,556	$1,127,468	$965,705
Total Operating Expenses ($USD)	$1,902,138	$2,522,397	$1,796,686

KPIs and Biomarkers

KPI	Q-2 and Prior	Current Period (Q3 2024)
IL‑10 increase vs placebo (2h post-dose)	Trend higher in Phase 1; not statistically significant at earlier readouts	27x (low), 162x (mid), 309x (high), p<0.05
Safety/Tolerability	Phase 1 met primary safety endpoint; mid-level dose MTD; no significant TNF‑α/IL‑1β increases	Reinforced mechanism; no new safety concerns disclosed
Cash Runway	“Through 2024” (Q1/Q2 commentary)	“Into 2025” (Q3 update)
Manufacturing Readiness	Clinical supply preparation in progress	GMP manufacture completed for Gemini supply

Note: No segment reporting; company has no revenues .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Operating runway	“Sufficient to fund operations through 2024” (Q1/Q2)	“Sufficient to fund operations into 2025” (Q3)	Raised
Clinical Milestones	IND/Phase 1b CKD	Phase 1b CKD start “late 2024” (Sep PR)	IND acceptance anticipated; Phase 1b CKD start in U.S.; topline PK/PD/safety 1H 2025 (Nov PRs)	Clarified timing
Manufacturing	Gemini clinical supply	Ongoing preparation	GMP manufacture completed; supply ready for trials	Achieved milestone

No explicit financial guidance (revenue, margins, OpEx ranges, tax, OI&E, dividends) was provided in Q3 materials .

Earnings Call Themes & Trends

No Q3 earnings call transcript was available; themes below reflect press releases.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3)	Trend
R&D execution (Gemini)	Phase 1 met safety endpoint; biomarker activity; MTD identified	Additional IL‑10 statistical significance; mechanism reinforced	Positive momentum
Manufacturing readiness	Preparation of clinical supply	GMP manufacture completed	Milestone achieved
Regulatory/IND & trials	Phase 1b CKD planned late 2024	IND acceptance anticipated; Phase 1b CKD start in U.S.; topline in 1H 2025	Timeline clarity improved
Financing	H1 cash balances and financing activity	$3.8M gross proceeds from warrant exercise (Aug); cash declined by Q3	Mixed: financing inflow, higher burn
Macro/legal	—	Lifesci Capital judgment impacted cash	Headwind acknowledged

Management Commentary

“The Revelation team continues to make significant progress on the advancement of Gemini… anticipated acceptance of our IND… start of our Phase 1b study in CKD patients in the United States.” — CEO James Rolke, Q3 results press release .
“We are pleased to have achieved this critical milestone for the advancement of Gemini… anticipate top-line results… in the first half of 2025.” — CEO James Rolke, GMP manufacture press release .
“We are very pleased to see such a clear increase in interleukin-10 levels… new data underlines the potential benefit of Gemini… committed to moving rapidly into our Phase 1b study in late 2024.” — CEO James Rolke, IL‑10 press release .
“Primary endpoint to evaluate the safety and tolerability of escalating doses of Gemini was met… statistically significant dose dependent upregulation of key biomarkers.” — Q2 results release .

Q&A Highlights

No Q3 earnings call transcript was available to extract Q&A, clarifications, or tone shifts [List: 0 earnings-call-transcript documents found].

Estimates Context

Wall Street consensus estimates via S&P Global were unavailable; we could not retrieve Q3 2024 EPS and revenue consensus and therefore cannot assess a beat/miss (Values via S&P Global were unavailable due to access limits).
For future reference, REVB has no reported revenue; estimates, if covered, would focus on EPS, cash burn, and trial timelines rather than operating metrics .

Key Takeaways for Investors

Operational de-risking: GMP supply readiness and IND/Phase 1b CKD timeline provide clearer execution path into 1H 2025; mechanism data (IL‑10) strengthens biological rationale .
Cash runway improved to “into 2025,” but Q3 cash drawdown underscores financing risk; monitor further capital raises and non-dilutive options .
Expense discipline evident: total OpEx fell sequentially in Q3; net loss narrowed sharply versus Q2; sustainability depends on trial cadence and manufacturing costs .
Near-term catalysts: IND acceptance, Phase 1b CKD initiation, and topline PK/PD/safety readout in 1H 2025; clinical data likely the primary stock driver .
No revenue and limited estimate visibility: trading likely reacts to clinical/regulatory headlines rather than fundamentals; absence of a Q3 call limits guidance granularity .
Watch legal/miscellaneous accruals and cash movements tied to judgments and financing mechanics to gauge runway resilience .
Maintain a risk-managed approach: position sizing should reflect binary trial outcomes and financing timelines typical of clinical-stage biotech.

REVELATION BIOSCIENCES, INC. (REVB)·Q3 2024 Earnings Summary