Revelation Biosciences reported 2025 results showing lower losses, a stronger balance sheet, and progress with its Gemini inflammation program. Net loss for 2025 was $8.9 million, improved from $15.0 million in 2024, as operating cash burn decreased.
Net cash used for operating activities fell to $8.3 million from $18.3 million, while cash and cash equivalents rose to $10.7 million at December 31, 2025 from $6.5 million a year earlier, helped by a May 2025 public offering and a September 2025 warrant inducement.
The company expects its cash to fund operations into the first quarter of 2027. It highlighted positive PRIME study results in late-stage chronic kidney disease, an FDA agreement on a single adaptive Phase 2/3 study of Gemini for acute kidney injury, and planned presentation of Gemini data at a major nephrology conference.
Revelation Biosciences, Inc. files its annual report as a clinical‑stage biotech focused on kidney disease, built around its Gemini immunomodulatory platform. Gemini is being developed as GEM‑AKI for acute kidney injury and GEM‑CKD for chronic kidney disease, both driven by dysregulated inflammation.
The company reports extensive preclinical and early clinical data showing Gemini’s effects on inflammatory markers, kidney injury models, and immune rebalancing in CKD patients. Revelation has FDA agreement on a single Phase 2/3 adaptive study in AKI, targeting a composite endpoint of death and/or dialysis, and plans 2026 infrastructure build‑out to start this trial.
The report highlights significant business risks: ongoing net losses, a going concern qualification, a need for additional funding, dependence on a single PHAD supplier, intense competition, and reliance on continued Nasdaq listing. Multiple reverse stock splits and a small equity base of 3,720,420 common shares as of February 23, 2026 underscore financing and volatility concerns.
Revelation Biosciences Schedule 13G/A shows Armistice Capital, LLC and Steven Boyd report 288,332 shares beneficially owned, representing 4.99% of common stock. The filing states the Reporting Persons hold shared voting and shared dispositive power over 288,332 shares and that Armistice is investment manager to the direct holder, Armistice Capital Master Fund Ltd.
The filing attributes voting and investment power to Armistice Capital under an Investment Management Agreement and notes the Master Fund retains legal title while disclaiming beneficial ownership due to its inability to vote or dispose of the shares.
Revelation Biosciences, Inc. is calling a virtual special stockholder meeting on March 18, 2026 to vote on a key financing-related proposal. The main item is approval for the reservation and issuance of common shares underlying newly issued Class J Common Stock Warrants, where exercises could exceed 20% of shares outstanding and trigger Nasdaq’s Rule 5635(d) share issuance cap.
These Class J warrants were issued on January 23, 2026 in a warrant inducement deal tied to the exercise of 2,136,251 Class I warrants at an exercise price of $8.80 per share and are exercisable for five years at an exercise price of $3.44 per share. As of January 26, 2026, there were 10,492,469 shares of common stock outstanding, each with one vote. A second proposal would allow adjournment of the meeting if there are not enough proxies to approve the warrant share issuance. The board unanimously recommends voting in favor of both proposals.
Revelation Biosciences director Jess Roper reported a mandatory tax-related share sale. On February 3, 2026, the issuer sold 1,591 shares of common stock on Roper’s behalf to cover tax obligations arising from vested restricted stock awards. The weighted average sale price was $1.85 per share, with individual trades ranging from $1.84 to $1.88. After this transaction, Roper directly beneficially owned 12,828 common shares. All share amounts reflect a 1-for-4 reverse stock split that became effective on January 28, 2026.
Revelation Biosciences director Lakhmir S. Chawla had 2,261 common shares sold on February 3, 2026 to cover taxes on vesting restricted stock. The issuer sold the shares on the director’s behalf at a weighted average price of $1.85 per share.
After this mandatory tax-withholding transaction, Chawla beneficially owned 12,158 common shares directly. All share figures reflect a 1-for-4 reverse stock split that became effective on January 28, 2026.
Revelation Biosciences director Jennifer Carver reported a routine share sale tied to tax withholding. On February 3, 2026, 1,661 shares of common stock were sold at a weighted average price of $1.87 per share, solely to cover tax obligations from vesting restricted stock awards.
After this mandatory transaction, Carver beneficially owned 12,758 shares of Revelation Biosciences common stock on a direct basis. All share amounts reflect a 1-for-4 reverse stock split effective January 28, 2026.
Revelation Biosciences, Inc. reported an insider transaction for Chief Executive Officer and director James Rolke. On February 3, 2026, the company sold 8,521 shares of common stock on his behalf at a weighted average price of $1.86 per share.
The sale was made solely to satisfy required tax withholding obligations arising from the vesting of restricted stock awards and was described as mandatory, with no investment discretion exercised by Rolke. After the transaction, he beneficially owned 224,853 shares of common stock, reflecting a 1-for-4 reverse stock split effective January 28, 2026.
Revelation Biosciences, Inc. Chief Financial Officer Chester S. Zygmont III reported a mandatory sale of 13,100 shares of common stock on February 4, 2026. The issuer sold these shares on his behalf solely to cover tax withholding from vesting restricted stock awards.
The weighted average sale price was $1.65 per share, with individual trades ranging from $1.63 to $1.66. All share figures reflect a 1-for-4 reverse stock split effective January 28, 2026. After the transaction, 105,348 shares are held indirectly by The Zygmont Family Trust and 2 shares are held indirectly by Czeslaw Capital Fund, LLC, both entities associated with the CFO.
Revelation Biosciences, Inc. has filed an S-3 registration statement covering the resale of up to 4,272,500 shares of common stock. These shares are issuable upon exercise of Class J common stock warrants granted under a January 23, 2026 inducement letter.
The Class J warrants are exercisable after stockholder approval for five years at an exercise price of $3.44 per share. Revelation is not selling shares in this offering and will not receive proceeds from resales, but could receive up to approximately $14,697,400 if all warrants are exercised in cash.
The filing follows a private warrant exercise in which two holders immediately exercised 2,136,251 Class I warrants at $3.44, providing gross proceeds of $7,348,699. Shares outstanding were 2,623,118 as of January 26, 2026 and would be 6,895,618 assuming full warrant exercise. Class J warrant exercises are limited by 4.99% and 9.99% beneficial ownership caps.