Company: REVB
Filing Date: 2025-05-23
Form Type: S-1/A
Source: 0001213900-25-047104
Chunk: 211

Company: REVELATION BIOSCIENCES, INC.
Filing Date: 2025-05-23
Form: S-1/A
Chunk 211
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 Company issued pre-funded warrants to purchase up to shares of common stock at an exercise price of $ per
share. Between February 14, 2023 and April 6, 2023, the Company received notices of cash exercise for the Class C Pre-Funded
Warrants issued in connection with the February 2023 Public Offering for shares of common stock at a total purchase price of
$. As of December 31, 2024, there were no Class C Pre-Funded Warrants outstanding.

Class C Common Stock Warrants

In connection with the February 2023
Public Offering, the Company issued Class C Common Stock Warrants to purchase up to shares of common stock at an
exercise price of $ per share, valued on the public offering purchase date in the aggregate at $ and included in the
issuance costs of the public offering and treated as a liability. The warrants were exercisable immediately upon issuance, provide for
a cash, cashless exercise right or an alternative cashless exercise right for shares of common stock per Class C Common Stock
Warrant and expire on .

The Company evaluated the Class C
Common Stock Warrants under ASC 815-40 and concluded that they do not meet the criteria to be classified in stockholders’ equity
and accounted for the Class C Common Stock Warrants as current liabilities.

The Company concluded that
the multiplier of shares of common stock per Class C Common Stock Warrant used in the alternative cashless exercise precludes
the Class C Common Stock Warrants from being considered indexed to the Company’s stock. The Company recorded the Class C
Common Stock Warrants as current liabilities on the balance sheet at fair value, with subsequent changes in their respective fair values
recognized in the consolidated statements of operations at each reporting date. Estimating fair values of liability-classified financial
instruments requires the development of estimates that may, and are likely to, change over the duration of the instrument with related
changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in
the trading market price of the Company’s common stock. Because liability-classified financial instruments are initially and subsequently
carried at fair value, the Company’s financial results will reflect the volatility in these estimate and assumption changes. Changes
in fair value are recognized as a component of other (expense) income in the consolidated statements of operations.

F-22 REVELATION BIOSCIENCES, INC.
Notes to the Consolidated Financial Statements 10. Warrants(cont.)