Company: REVB
Filing Date: 2025-05-20
Form Type: S-1
Source: 0001213900-25-045828
Chunk: 218

Company: REVELATION BIOSCIENCES, INC.
Filing Date: 2025-05-20
Form: S-1
Chunk 218
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 |   |     |   |   1,716,037 |   |
| Capitalized start-up costs                 |     |              |     922,340 |   |     |   |     799,367 |   |
| Other, net                                 |     |              |     478,830 |   |     |   |     336,564 |   |
| Total 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 $ and $, respectively, was established against its deferred tax assets due
to the uncertainty surrounding the realization of such assets. The valuation allowance increased by $ and $ 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.

F-25 REVELATION BIOSCIENCES, INC.
Notes to the Consolidated Financial Statements 11. Income Taxes(cont.) As of December 31, 2024, the Company had federal and state net operating loss carryforwards of $ 36,356,115and $ 48,464,356, respectively. As of December 31, 2023, the Company had federal and state net operating loss carryforwards of $ 23,777,049and $ 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 $ 93,915as 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 $ 445,880and $ 349,658as of December 31, 2024 and 2023, respectively. The California state credits carryforward indefinitely. Pursuant to Section