Executive Summary

Q4 2024 delivered sequential improvement in net loss ($1.73M) and EPS ($(4.98) vs. $(0.84) in Q3) amid lower R&D spend and modest positive other income; the company remains pre-revenue and focused on advancing Gemini programs .
Operational milestones were strong: FDA accepted the Gemini IND, Phase 1b in CKD is set to begin early 2025, and management expects enrollment completion and topline data by mid-2025; GMP drug supply was completed in November .
Liquidity: Cash and equivalents were $6.50M at year-end, with management indicating runway “into 2025”; 2024 operating cash burn was $18.3M vs. $7.3M in 2023, driven by operating activities including the LifeSci Capital judgment and payments to other SPAC IPO bankers .
Street estimates context: S&P Global consensus for Q4 2024 EPS and revenue was unavailable at the time of analysis; treat the quarter as a non-covered microcap event (no direct beat/miss indicators). Values from S&P Global were unavailable.
Near-term stock catalysts: Phase 1b CKD study initiation (early 2025), topline mid-year 2025, and prior $4M gross warrant exercise supporting funding continuity .

What Went Well and What Went Wrong

What Went Well

FDA accepted the Gemini IND, enabling a multi-site, placebo-controlled Phase 1b CKD study (up to 40 subjects; primary safety endpoint; PK/pharmacodynamic biomarker assessments) .
Clinical execution and supply readiness: GMP manufacture of Gemini completed to support U.S. studies; Phase 1 showed statistically significant biomarker activity (IL-10 upregulation) and met the primary safety endpoint .
Management momentum and timelines: “Now that the Phase 1b PRIME clinical study is up and running we anticipate the completion of enrollment and more importantly topline data mid-year.” — CEO James Rolke .

What Went Wrong

Elevated cash burn: Net cash used in operating activities rose to $18.3M in 2024 (vs. $7.3M in 2023), reflecting higher operating activity and specific legal/legacy SPAC-related payments .
Dilution and share count dynamics: Weighted-average shares basic rose materially vs. prior year (346,504 in Q4 2024 vs. 16,484 in Q4 2023) amid frequent financing needs for clinical progression .
Year-over-year bottom-line deterioration: Full-year net loss widened to $15.0M in 2024 (vs. $0.1M in 2023), with the prior year benefitting from large non-cash other income from warrant liability revaluation .

Financial Results

Metric	Q4 2023	Q3 2024	Q4 2024
Revenue ($USD)	Not reported	Not reported	Not reported
Research & Development ($USD)	$1,059,984	$830,981	$605,504
General & Administrative ($USD)	$1,265,906	$965,705	$1,148,384
Total Operating Expenses ($USD)	$2,325,890	$1,796,686	$1,753,888
Loss from Operations ($USD)	$(2,325,890)	$(1,796,686)	$(1,753,888)
Other (Expense) Income, Net ($USD)	$122,987	$(444,879)	$28,169
Net Loss ($USD)	$(2,202,903)	$(2,241,565)	$(1,725,719)
EPS, Basic ($)	$(133.64)	$(0.84)	$(4.98)
Weighted Avg Shares (Basic)	16,484	2,679,941	346,504

KPI and Balance Sheet Comparison

KPI	Q4 2023	Q3 2024	Q4 2024
Cash & Equivalents ($USD)	$11,991,701	$6,541,052	$6,499,018
Net Cash Used in Ops (YTD) ($USD)	$7,300,000 (FY 2023)	$14,600,000 (9M 2024)	$18,300,000 (FY 2024)

Notes:

No segment revenue breakdown disclosed; operating statements present expenses and net loss only .
Sequential improvement in net loss in Q4 2024 driven by lower R&D and slightly positive other income versus Q3 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Liquidity	“Sufficient to fund operations through 2024” (Q2)	“Sufficient to fund operations into 2025” (Q3 & reiterated Q4)	Raised (Q2→Q3), Maintained (Q3→Q4)
Phase 1b CKD Start	Clinical timeline	“Anticipated start after IND acceptance” (Q3)	“Begin early 2025” (Q4)	Clarified timeline
PRIME Phase 1b Enrollment/Topline	Clinical execution	Not previously disclosed	“Completion of enrollment and topline data mid-year 2025” (Q4)	New guidance
Financing Activity	Capital	Warrants exercised $3.8M net (Aug-2024)	Additional warrant exercise $4.0M gross proceeds (Dec-2024)	Incremental capital raised

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was available; themes reflect management’s Q2–Q4 disclosures in press releases.

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Regulatory / IND	Phase 1 met safety and biomarker endpoints; preparing for next study	Anticipated FDA IND acceptance; gearing for Phase 1b	FDA accepted IND; Phase 1b to begin early 2025	Positive inflection
R&D Execution	Phase 1 completed; dose-dependent IL-10 upregulation	Continued progress; IL-10 signal reinforced	PRIME Phase 1b launched; enrollment/topline timing provided	Advancing to patients
Clinical Supply	—	GMP manufacture completed for U.S. studies	Supply available for Phase 1b and future Phase 2	Ready for execution
Financing / Liquidity	Cash $12.1M; through 2024 runway	Cash $6.5M; into 2025 runway; net $3.8M warrants	Cash $6.5M; into 2025 runway; $4.0M gross warrants	Adequate near-term
Biomarkers / Mechanism	PHAD® preconditioning; trained immunity approach	IL-10 upregulation in volunteers	CKD patient biomarker/PK endpoints planned	Clinical validation next

Management Commentary

“We made significant progress at the end of last year and hope to continue that pace in 2025… we anticipate the completion of enrollment and more importantly topline data mid-year.” — CEO James Rolke .
“We are proud to receive acceptance of our IND for Gemini, marking our most important milestone to date… We will continue to move swiftly to initiate our Phase 1b clinical study in the near future.” — CEO James Rolke .
“We are pleased to have achieved this critical milestone for the advancement of Gemini… anticipate top-line results including pharmacokinetic, pharmacodynamic, and safety data in the first half of 2025.” — CEO James Rolke .
“We look forward to the anticipated acceptance of our IND by the FDA and… start of our Phase 1b study in CKD patients in the United States.” — CEO James Rolke (Q3) .

Q&A Highlights

No Q4 2024 earnings call transcript was available; therefore, there are no Q&A highlights to report for this period [ListDocuments (earnings-call-transcript): none].

Estimates Context

S&P Global consensus estimates for Q4 2024 EPS and revenue were unavailable; we could not retrieve Street expectations to benchmark reported results, likely reflecting limited coverage of this microcap clinical-stage company. Values from S&P Global were unavailable.
In the absence of consensus, focus shifts to operational milestones (IND acceptance, Phase 1b launch timing) and liquidity runway disclosures .

Key Takeaways for Investors

Operational inflection: FDA IND acceptance and imminent Phase 1b in CKD transitions Gemini from healthy volunteers to patient data generation, with topline targeted mid-2025 — a potential binary catalyst .
Sequential financial improvement: Q4 net loss and opex declined vs. Q3, supported by lower R&D and modest positive other income; company remains pre-revenue .
Liquidity adequate near term: $6.50M cash at YE and stated runway “into 2025”; continued access to structured financings (e.g., warrant exercises) reduces near-term financing risk but implies ongoing dilution .
Mechanistic confidence: Prior Phase 1 biomarker signals (IL-10) and trained immunity rationale support the thesis; next stage will assess safety/PK and biomarker modulation in CKD patients .
Watch burn trajectory: 2024 operating cash burn rose to $18.3M; monitor spend discipline through Phase 1b and the timing of any Phase 2 initiation .
No Street benchmark: With consensus unavailable, price action may hinge on regulatory/clinical updates rather than quarterly financials; near-term trading likely catalyst-driven around study initiation and enrollment progress .
Risk-reward hinges on clinical readouts: Mid-2025 topline is the critical driver for medium-term thesis formation; failure to meet safety/biomarker goals would be thesis-negative while positive data could unlock Phase 2 momentum .

REVELATION BIOSCIENCES, INC. (REVB)·Q4 2024 Earnings Summary