Company: REVB
Filing Date: 2025-05-23
Form Type: S-1/A
Source: 0001213900-25-047104
Chunk: 228

Company: REVELATION BIOSCIENCES, INC.
Filing Date: 2025-05-23
Form: S-1/A
Chunk 228
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 issued in 2023, are treated as a liability due to the alternative cashless exercise for 0.4shares of common stock per warrant. As of March 31, 2025 and December 31, 2024, the fair value of the Class C Common Stock Warrants was $ 829and $ 2,246, respectively, using a Black-Scholes model and Monte-Carlo simulation model as of March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025 and 2024, the gain of $ 1,417and $ 68,427, respectively, resulting from the change in the fair value of the liability for the unexercised warrants was recorded as a change in fair value of the warrant liability in the accompanying consolidated statements of operations. F-38

Class D Common Stock Warrants

As of March 31, 2025, the Company had Class D Common
Stock Warrants outstanding to purchase up to shares of common stock with an initial exercise price of $, which were issued
in connection with the February Public Offering (see Note 5). The warrants were exercisable immediately upon issuance, provide for a cash
or cashless exercise right and expire on February 5, 2029. The Class D Common Stock Warrants were valued on the issuance date in the aggregate
at $ million and included in the issuance costs of the offering and treated as equity. As part of the reverse stock split on January
28, 2025, the exercise price of the Class D Common Stock Warrants was reset from $ to $.

The fair value of the Class D Common Stock Warrants
were originally estimated using the Black-Scholes option pricing model with the following assumptions:

| Volatility              |     |  100 | % |
| Expected term (years)   |     |    5 |   |
| Risk-free interest rate |     | 4.20 | % |
| Expected dividend yield |     |  0.0 | % |

Class E Common Stock Warrants

On August 22, 2024, in connection with the Class
D Warrant Inducement (see Note 5), the Company issued Class E Common Stock Warrants to purchase up to shares of common stock at
an exercise price of $ per share, valued on the Class D Warrant Inducement date in the aggregate at $ million and included in
the issuance