Detailed financial statements for Revelation Biosciences, Inc. (REVB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Revelation Biosciences, Inc. is a biopharmaceutical firm currently in its clinical development phase, dedicated to the advancement and commercialization of treatments and diagnostic tools targeting the immune system.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.92, REVB has negative trailing earnings (P/E not meaningful) and an ROE of -100.20%. Market capitalisation stands at $4M.
Balance sheet quality for REVB: current ratio of 5.4, net cash position of $10.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | $40008 | $25049 | $27923 | $27058 |
| Gross Profit | 0 | 0 | 0 | -$40008 | -$25049 | -$27923 | -$27058 |
| Research & Development | 0 | $2.6M | $6.9M | $5.4M | $4.1M | $3.5M | $4.1M |
| Selling, General & Admin | $3638 | $1.2M | $5.0M | $5.5M | $4.5M | $4.4M | $5.0M |
| Operating Expenses | $3638 | $3.8M | $12.0M | $10.9M | $8.7M | $8.0M | $9.1M |
| Operating Income | -$3638 | -$3.8M | -$12.0M | -$10.9M | -$8.7M | -$8.0M | -$9.1M |
| EBITDA | -$3638 | 0 | -$11.9M | -$10.8M | -$8.6M | -$7.9M | -$9.0M |
| Interest Expense | 0 | 0 | $41759 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$3638 | -$3.8M | -$12.0M | -$10.8M | -$120254 | -$15.0M | -$8.9M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$3638 | -$1.6M | -$12.0M | -$10.8M | -$120254 | -$15.0M | -$8.9M |
| EPS | $-6.72 | $-9032.69 | $-20400.00 | $-9643.37 | $-8.41 | $-87.68 | $-23.95 |
| EPS (Diluted) | $-6.72 | $-9032.69 | $-20400.00 | $-9643.37 | $-8.41 | $-87.68 | $-23.95 |
| Shares Outstanding (Diluted) | $542 | $181 | $588 | $1123 | $14290 | $171510 | $620800 |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$6765 | -$5852 | -$7203 | 0 |
| Operating Income | -$1.9M | -$2.6M | -$3.1M | -$3.7M |
| EBITDA | -$1.9M | -$2.6M | -$3.1M | -$3.3M |
| Net Income | -$1.9M | -$2.5M | -$3.0M | -$3.3M |
| EPS | $-1.77 | $-1.65 | $-2.71 | $-0.87 |
| EPS (Diluted) | $-1.77 | $-1.65 | $-2.71 | $-0.87 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 0 | $11734 | $1.3M | $5.3M | $12.0M | $6.5M | $10.7M |
| Short-term Investments | 0 | $525287 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | $651291 | $1.9M | $5.4M | $12.1M | $6.6M | $10.8M |
| Property, Plant & Equipment | 0 | 0 | $130141 | $90133 | $65084 | $56332 | $740355 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $22671 | $74.2M | $2.0M | $5.5M | $12.2M | $6.6M | $11.6M |
| Accounts Payable | 0 | 0 | $596261 | $554205 | $1.4M | $783621 | $577501 |
| Short-term Debt | 0 | 0 | $16752 | 0 | 0 | 0 | $23013 |
| Total Current Liabilities | $26309 | $3.4M | $2.1M | $4.5M | $5.6M | $1.9M | $2.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $26309 | $6.3M | $2.1M | $4.5M | $5.6M | $1.9M | $2.7M |
| Retained Earnings | -$3638 | -$5.7M | -$14.5M | -$25.3M | -$25.5M | -$40.5M | -$49.4M |
| Total Equity | -$3638 | $67.8M | -$99470 | $1.1M | $6.6M | $4.7M | $8.9M |
| Total Debt | 0 | 0 | $16752 | 0 | 0 | 0 | $746784 |
| Net Debt | 0 | -$537021 | -$1.3M | -$5.3M | -$12.0M | -$6.5M | -$10.0M |
| Working Capital | -$26309 | -$2.8M | -$229611 | $948281 | $6.6M | $4.7M | $8.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $12.7M | $10.7M | $14.1M | $11.5M |
| Total Assets | $12.9M | $11.6M | $15.0M | $12.5M |
| Total Liabilities | $1.9M | $2.7M | $2.1M | $2.4M |
| Total Equity | $11.0M | $8.9M | $13.0M | $10.1M |
| Total Debt | 0 | $746784 | $759044 | $739916 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$3638 | -$1.6M | -$12.0M | -$10.8M | -$120254 | -$15.0M | -$8.9M |
| Depreciation & Amortization | 0 | 0 | $16782 | $25048 | $25049 | $27923 | $27058 |
| Stock-based Compensation | 0 | $43848 | $470878 | $301116 | $155721 | $168850 | $595368 |
| Change in Working Capital | $3638 | -$80497 | $356220 | -$730971 | $982135 | -$3.4M | -$6037 |
| Operating Cash Flow | 0 | -$215074 | -$11.1M | -$11.2M | -$7.3M | -$18.3M | -$8.3M |
| Capital Expenditure | 0 | $4 | -$131963 | 0 | 0 | -$19171 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | -$215070 | -$11.2M | -$11.2M | -$7.3M | -$18.3M | -$8.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$1.6M | -$2.0M | -$3.2M | -$2.6M |
| Capital Expenditure | 0 | 0 | -$71879 | -$39628 |
| Free Cash Flow | -$1.6M | -$2.0M | -$3.3M | -$2.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $874 | $370166 | $470997 | $401417 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -44718.6% | -635.2% | +9.7% | +98.9% | -12405.6% | +40.7% |
| EPS Growth (YoY) | | -134315.0% | -125.8% | +52.7% | +99.9% | -942.6% | +72.7% |
| Shares Change (YoY) | | -66.7% | +225.5% | +91.1% | +1172.5% | +1100.2% | +262.0% |
| FCF Growth (YoY) | | | -5118.1% | +0.0% | +35.1% | -151.7% | +54.9% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.00 | $-1191.46 | $-19099.53 | $-9990.56 | $-509.89 | $-106.94 | $-13.32 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $542 | $181 | $588 | $1123 | $14290 | $171510 | $620800 |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -100.20% |
| Return on Invested Capital | -104.28% |
| Return on Assets | -86.02% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.07 |
| Current Ratio | 6.21 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -7.21 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -97600.00 | -74.77 | -33.60 | -3.97 | -342.93 | -1.01 | -0.13 |
| P/B | -97628.86 | 1.80 | -4048.98 | 40.89 | 6.20 | 3.22 | 0.22 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |