Company: REVB
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034584
Chunk: 242

Company: REVELATION BIOSCIENCES, INC.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 242
---
 gross deferred tax assets

        14,919,356

        10,503,924

        Valuation allowance

        (14,919,356
        )

        (10,503,924
        )

        Net deferred tax assets
         
        $
        —

        $
        —

      As of December 31, 2024 and 2023, a full valuation allowance of $14,919,356 and $10,503,924, respectively, was established against its deferred tax assets due to the uncertainty surrounding the realization of such assets. The valuation allowance increased by $4,415,432 and $2,003,941 in 2024 and 2023, respectively, due to the increase in the deferred tax assets by the same amount; primarily due to net operating loss carryforwards and the mandatory capitalization of qualified research and development expenses in 2023. As of December 31, 2024, the Company had federal and state net operating loss carryforwards of $36,356,115 and $48,464,356, respectively. As of December 31, 2023, the Company had federal and state net operating loss carryforwards of $23,777,049 and $33,468,573, respectively. Federal net operating losses carryforward indefinitely. State net operating loss carryforwards will begin to expire in 2026. The Company had estimated federal research and development credit carryforwards of $93,915 as of December 31, 2024 and 2023. The federal research tax credit carryforwards will begin to expire in 2040. The Company had estimated state research and development credit carryforwards of $445,880 and $349,658 as of December 31, 2024 and 2023, respectively. The California state credits carryforward indefinitely. Pursuant to Section 382 and 383 of the Internal Revenue Code (“IRC”), utilization of the Company’s federal net operating loss carryforwards and research and development credit carryforwards may be subject to annual limitations in the event of any significant future changes in its ownership structure. These annual limitations may result in the expiration of net operating loss and research and development credit carryforwards prior to utilization. The Company has not completed an IRC Section 382 and 383 analyses regarding the limitation of net operating loss and research and development credit carryforwards.No liability is recorded on the financial statements related to uncertain tax positions. There are no unrecognized tax benefits as of December