Company: REVB
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034584
Chunk: 62

Company: REVELATION BIOSCIENCES, INC.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 16
Chunk 62
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 for income taxes and income taxes computed using the effective U.S. federal statutory rate is as follows: 

        Year EndedDecember 31,

        2024

        2023

        Federal tax statutory rate

        21.0
        %

        21.0
        %

        State tax, net of federal benefit

        7.2

        7.2

        Non-taxable change in fair value of warrant liability

        0.2

        1,953.2

        Research and development credits

        0.5

        37.8

        Change in valuation allowance

        (28.9
        )

        (2,019.2
        )

        Effective tax rate
         
        — %

        — %

      Significant components of the Company’s deferred tax assets are as follows:  

        Year EndedDecember 31,

        2024

        2023

        Net operating loss carryforwards
         
        $
        10,949,394

        $
        7,281,811

        Research and development credits

        446,160

        370,145

        Capitalized research and development costs

        2,122,632

        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 $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