Company: REVB
Filing Date: 2025-05-20
Form Type: S-1
Source: 0001213900-25-045828
Chunk: 230

Company: REVELATION BIOSCIENCES, INC.
Filing Date: 2025-05-20
Form: S-1
Chunk 230
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 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 costs of the warrant inducement and are treated as equity. The Class E Common Stock Warrants were exercisable immediately
upon issuance, provide for a cash or cashless exercise right and expire on . In connection with the Class E Warrant Inducement
(see Note 5), of these warrants were exercised. As of March 31, 2025, there are Class E Common Stock Warrants outstanding
to purchase shares of common stock.

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

| Volatility              |     |   95 | % |
| Expected term (years)   |     |    5 |   |
| Risk-free interest rate |     | 3.77 | % |
| Expected dividend yield |     |  0.0 | % |

F-39