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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>As filed with the U.S. Securities and Exchange
Commission on July 13, 2022.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Registration No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">S-1</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNDER THE SECURITIES ACT OF 1933</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><b>REVELATION BIOSCIENCES, INC.</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline"><span style="-sec-ix-hidden: hidden-fact-0">DELAWARE</span></span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of incorporation or organization)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2834</b></span></td>
    <td style="white-space: nowrap; width: 2%">&#160;</td>
    <td style="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>84-3898466</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial <br/>
Classification Code Number)</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.&#160;Employer <br/>
Identification Number)</span></td></tr>
  </table><div>
</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">4660 La Jolla Village Drive, Suite 100, San
Diego, CA&#160;92122</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<b>Address,&#160;including&#160;zip&#160;code,&#160;and&#160;telephone&#160;number,&#160;including&#160;area&#160;code,&#160;of&#160;Registrant&#8217;s
principal executive offices)</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">650-800-3717</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<b>Registrant&#8217;s telephone number, including
area code)</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">James Rolke</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Executive Officer</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Revelation Biosciences, Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4660 La Jolla Village Drive, Suite 100</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">San Diego, California 92122</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">650-800-3717</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Name, address and phone number of agent for
service)</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copies of Communications to:</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.P.&#160;Galda, Esq.</span></td>
    <td style="width: 20%; text-align: center">&#160;</td>
    <td style="width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert F. Charron, Esq.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.P.&#160;Galda&#160;&amp; Co.</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ellenoff Grossman &amp; Schole LLP</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40 East Montgomery Avenue LTW 220</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1345 Avenue of the Americas</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ardmore, Pennsylvania 19003</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10105</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(215)&#160;815-1534</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(212) 370-1300</span></td></tr>
  </table><div>
</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><b>Approximate date of commencement of proposed
sale to the public: </b>As soon as practicable after the effective date of this Registration Statement.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act&#160;of&#160;1933, check the
following box. &#9746;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">If this form is filed to register additional securities
for an offering pursuant to Rule&#160;462(b)&#160;under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering. &#9744;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">If this form is a post-effective amendment filed
pursuant to Rule&#160;462(c)&#160;under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. &#9744;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">If this form is a post-effective amendment filed
pursuant to Rule&#160;462(d)&#160;under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. &#9744;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221;
and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange&#160;Act.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 23%; padding-left: 34pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</span></td> <td style="white-space: nowrap; width: 1%">&#160;</td> <td style="width: 23%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="white-space: nowrap; width: 1%">&#160;</td> <td style="width: 23%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</span></td> <td style="white-space: nowrap; width: 1%">&#160;</td> <td style="width: 28%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr> <tr style="vertical-align: top"> <td style="padding-left: 34pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</span></ix:nonNumeric></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</span></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntitySmallBusiness"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="white-space: nowrap">&#160;</td> <td>&#160;</td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</span></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&#160;7(a)(2)(B)&#160;of the Securities Act. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify"><b>THE REGISTRANT HEREBY AMENDS THIS REGISTRATION
STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH
SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a)&#160;OF THE SECURITIES
ACT OF 1933 OR UNTIL THIS REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION
8(a), MAY DETERMINE.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: Red">The information in this
preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with
the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="color: Red"><b>Subject to Completion,
Dated July&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2022</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="color: Red"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="color: Red"><b>PRELIMINARY PROSPECTUS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Shares of Common Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Warrants to Purchase up to &#8239;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares of Common
Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pre-Funded Warrants to Purchase up to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares
of Common Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Placement Agent Warrants to Purchase up to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares
of Common Stock</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">This is a best efforts
public offering of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; shares of our common stock
and warrants to purchase up to shares of our common stock (which we refer to as &#8220;New Common Stock Warrants&#8221;) at a combined
public offering price of $ per share of common stock and accompanying New Common Stock Warrant. Each New Common Stock Warrant is immediately
exercisable for one share of common stock at an exercise price of $ share and will expire five years from the date of issuance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">We are also offering
to those purchasers, if any, whose purchase of common stock in this offering would otherwise result in any such purchaser, together with
its affiliates, beneficially owning more than 4.99% (or, at the election of such purchaser, 9.99%) of our outstanding common stock immediately
following the consummation of this offering, the opportunity to purchase pre-funded warrants in lieu of shares of our common stock that
would otherwise result in such purchaser&#8217;s beneficial ownership exceeding 4.99% (or, at the election of such purchaser, 9.99%) of
our outstanding common stock. The purchase price for each pre-funded warrant will equal the per share public offering price for the common
stock in this offering less the $0.0001 per share exercise price of each such pre-funded warrant. Each pre-funded warrant will be exercisable
upon issuance and will not expire prior to exercise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">Our common stock is
quoted for trading on the Nasdaq Capital Market under the symbol &#8220;REVB&#8221;. On July __, 2022, the last reported sales price
for our common stock was $ per share. The actual public offering price per share and accompanying New Common Stock Warrant will be determined
between us, the Placement Agent and the investors in the offering, and may be at a discount to the current market price of our common
stock. Therefore, the assumed public offering price used throughout this prospectus may not be indicative of the final offering price.
We do not intend to apply for listing of the New Common Stock Warrants or pre-funded warrants on any national securities exchange or
trading system.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify"><b>An investment
in our common stock and warrants involves a high degree of risk. Before buying any securities you should carefully read the
discussion of the material risks of investing in our common stock and warrants in &#8220;Risk Factors&#8221; beginning on page 7 of
this prospectus.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">We have engaged Roth
Capital Partners, LLC as our exclusive placement agent (&#8220;Roth&#8221; or the &#8220;Placement Agent&#8221;) to use its reasonable
best efforts to solicit offers to purchase our securities in this offering. The Placement Agent has no obligation to purchase any of the
securities from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities. Because there is
no minimum offering amount required as a condition to closing in this offering the actual public amount, placement agent&#8217;s fee,
and proceeds to us, if any, are not presently determinable and may be substantially less than the total maximum offering amounts set forth
above and throughout this prospectus. We have agreed to pay the Placement Agent the placement agent fees set forth in the table below
and to provide certain other compensation to the Placement Agent. See &#8220;Plan of Distribution&#8221; beginning on page 116 of
this prospectus for more information regarding these arrangements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "></p><div>

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify"><b>NEITHER THE SECURITIES AND EXCHANGE COMMISSION
(&#8220;SEC&#8221;) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS
IS TRUTHFUL OR COMPLETE.&#160;ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Per Share and<br/>
 related New<br/>
 Common Stock<br/>
 Warrant (2)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Per Pre-Funded<br/>
 Warrant and related<br/>
 New Common Stock<br/>
 Warrant (2)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%">Public offering price</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">&#160;&#160;&#160;</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">&#160;&#160;&#160;</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Placement Agent fees (1)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Proceeds to use before offering expenses (3)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
    not reflect additional compensation to the Placement Agent in the form of warrants to purchase up to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    &#160;shares of common stock at an exercise price equal to 100% of the public offering price. We have also agreed to reimburse the
    Placement Agent for certain expenses. See &#8220;Plan of Distribution&#8221; on page&#160;116&#160;of this prospectus for a description
    of these arrangements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">The
    public offering price and Placement Agent fee corresponds to (x)(i) a public offering price per share of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    &#160;and (ii) a public offering price per New Common Stock Warrant of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;,
    and (y)(i) a public offering price per pre-funded warrant of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;and (ii) a public offering
    price per New Common Stock Warrant of $&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    estimate the total expenses of this offering will be approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect to deliver our shares, New Common Stock Warrants and pre-funded
warrants, if any, to purchasers in the offering on or about , 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Roth Capital Partners</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Dated: </b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 3 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 91%">&#160;</td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARKET AND INDUSTRY DATA</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRADEMARKS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTRODUCTORY NOTE</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FREQUENTLY USED TERMS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">vi</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY OF THE OFFERING</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARKET INFORMATION FOR SECURITIES AND DIVIDEND POLICY</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#z_001">CAPITALIZATION</a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">47</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#z_002">DILUTION</a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">48</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify"><a href="#a_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF THE COMPANY&#8217;S BUSINESS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXECUTIVE OFFICER AND DIRECTOR COMPENSATION OF REVELATION</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTOR COMPENSATION</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITIES ACT RESTRICTIONS ON RESALE OF COMMON STOCK</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#D_001">SECURITY OWNERSHIP OF MANAGEMENT AND
    CERTAIN BENEFICIAL OWNERS</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS, AND DIRECTOR INDEPENDENCE</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">118</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTERESTS OF NAMED EXPERTS AND COUNSEL</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">123</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCLOSURE OF COMMISSION POSITION OF INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">123</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEX TO FINANCIAL STATEMENTS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MARKET AND INDUSTRY DATA</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">We are responsible for the disclosure contained
in this prospectus. However, certain information contained in this document relates to or is based on studies, publications, surveys and
other data obtained from third-party sources, and Revelation&#8217;s own internal estimates and research. While we believe these third-party
sources to be reliable as of the date of this prospectus, we have not independently verified the market and industry data contained in
this prospectus or the underlying assumptions relied on therein. Finally, while we believe our own internal research is reliable, such
research has not been verified by any independent source. The market and industry data used in this prospectus involve a number of assumptions
and limitations, and any estimates underlying such market information and other factors, including those described in the section titled
&#8220;Risk Factors,&#8221; could cause actual results to differ materially from those expressed in the third-party estimates and in our
estimates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TRADEMARKS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">This document contains references to trademarks,
trade names and service marks belonging to other entities. Solely for convenience, trademarks, trade names and service marks referred
to in this prospectus may appear without the <sup>&#174;</sup> or <sup>TM</sup> symbols, but such references are not intended to indicate,
in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and
trade names. We do not intend our use or display of other companies&#8217; trade names, trademarks or service marks to imply a relationship
with, or endorsement or sponsorship of us by, any other companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INTRODUCTORY NOTE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">On January&#160;10, 2022, Petra Acquisition, Inc.,
a Delaware corporation and our predecessor company (&#8220;Petra&#8221;), consummated the business combination (the &#8220;Business Combination&#8221;),
pursuant to the terms of the agreement and plan of merger, dated as of August&#160;29, 2021 (the &#8220;Business Combination Agreement&#8221;),
by and among Petra, Petra Acquisition Merger, Inc., a Delaware corporation and wholly-owned subsidiary of Petra (&#8220;Merger Sub&#8221;),
and Revelation Biosciences, Inc. (&#8220;Old Revelation&#8221;). Pursuant to the Business Combination Agreement, on the Closing Date,
(i)&#160;Merger Sub merged with and into Old Revelation (the &#8220;Merger&#8221;), with Old Revelation as the surviving company in the
Merger, and, after giving effect to such Merger, Old Revelation was renamed Revelation Biosciences Sub, Inc. and became a wholly-owned
subsidiary of Petra (&#8220;Revelation Sub&#8221;) and (ii)&#160;Petra changed its name to &#8220;Revelation Biosciences, Inc.&#8221;
(&#8220;Revelation&#8221; or the &#8220;Company&#8221; f/k/a Petra Acquisition, Inc.).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">Except where the context requires otherwise, references
herein to &#8220;Revelation&#8221; refers to Revelation Sub.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 5; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FREQUENTLY USED TERMS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify">Unless otherwise stated or unless the context
otherwise requires, the terms &#8220;<b>we</b>,&#8221; &#8220;<b>us</b>,&#8221; &#8220;<b>our</b>,&#8221; and &#8220;<b>Revelation</b>&#8221;
refer to Revelation Biosciences, Inc., and its subsidiary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In this document:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>ACEII</b>&#8221; means Angiotensin Converting
Enzyme&#160;II receptor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>AKI</b>&#8221; means acute kidney injury.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>ANDA</b>&#8221; means abbreviated new
drug application.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>API</b>&#8221; means Active Pharmaceutical
Ingredient.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>ARDS</b>&#8221; means acute respiratory
distress syndrome.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>AUC</b>&#8221; means area under the
curve.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>BLA</b>&#8221; refers to the Biologics
License Application.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>BPCIA</b>&#8221; means the Biologics
Price Competition and Innovation Act&#160;of&#160;2009.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>Business Combination</b>&#8221; means
the business combination pursuant to the Business Combination Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>Business Combination Agreement</b>&#8221;
means the Agreement and Plan of Merger, dated as of August&#160;29, 2021, by and among Petra, Merger Sub and Old Revelation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>CCPA</b>&#8221; means California Consumer
Privacy Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>CDC</b>&#8221; means Centers for Disease
Control and Prevention.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>CDHS</b>&#8221; means California Department
of Health Services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>CE</b>&#8221; means Conformit&#232;
Europ&#235;enne.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>Charter</b>&#8221; means Revelation&#8217;s
current third amended and restated certificate of incorporation as filed with the Secretary of State of the State of Delaware on January&#160;10,
2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-align: justify; text-indent: 1in">&#8220;<b>CKD</b>&#8221; means
chronic kidney disease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>CMS</b>&#8221; means Centers for Medicare
&amp; Medicaid Services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>Common Stock</b>&#8221; means common
stock of Revelation, $0.001 par value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><b>&#8220;Common Warrants&#8221; </b>means the
common stock purchase warrants issued to a selling stockholder with an exercise price of $3.29 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>cGCP</b>&#8221; or &#8220;<b>GCP</b>&#8221;
means the current Good Clinical Practices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>cGLP</b>&#8221; or &#8220;<b>GLP</b>&#8221;
means the current Good Laboratory Practices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>cGMP</b>&#8221; or &#8220;<b>GMP</b>&#8221;
means the current Good Manufacturing Practices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>CMO</b>&#8221; means contract manufacturing
organization.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>Code</b>&#8221; means the Internal Revenue
Code of 1986, as amended.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>COPD</b>&#8221; means chronic obstructive
pulmonary disease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>CRO</b>&#8221; means contract research
organization.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><!-- Field: Page; Sequence: 6; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>DGCL</b>&#8221; means the Delaware General
Corporation Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>DSMB</b>&#8221; means data safety monitoring
board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>EEA</b>&#8221; means the European Economic
Area.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>ELISA</b>&#8221; means enzyme-linked
immunosorbent assay.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>EMA</b>&#8221; means the European Medicines
Agency.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>EU</b>&#8221; means the European Union.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>Exchange&#160;Act</b>&#8221; means the
Securities Exchange&#160;Act&#160;of&#160;1934, as amended.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>FCA</b>&#8221; means the False Claims
Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>FDA</b>&#8221; means the U.S.&#160;Food
and Drug Administration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>FDASIA</b>&#8221; means Food and Drug
Administration Safety and Innovation Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>FD&amp;C Act</b>&#8221; means Federal
Food, Drug, and Cosmetic Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>FINRA</b>&#8221; means Financial Industry
Regulatory Authority.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>GAAP</b>&#8221; refers to the generally
accepted accounting principles.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>GDPR</b>&#8221; means the General Data
Protection Regulation ((EU) 2016/679).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>GLA</b>&#8221; means glucopyranosyl
lipid A.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>HHS</b>&#8221; means the U.S. Department
of Health and Human Services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>HIPAA</b>&#8221; means the Health Insurance
Portability and Accountability Act&#160;of&#160;1996.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>IDE</b>&#8221; means Investigational
Device Exemption.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>IFN</b>&#8221; means interferon.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>IM</b>&#8221; means intramuscular.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>IND</b>&#8221; means Investigational
New Drug Application.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>IPO</b>&#8221; means our initial public
offering, which was consummated on October&#160;13, 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>IRB</b>&#8221; means institutional review
board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>IVD</b>&#8221; means in vitro diagnostic.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>JOBS Act</b>&#8221; means the Jumpstart
Our Business Startup Act&#160;of&#160;2012, as amended.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>LOD</b>&#8221; means limit of detection.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>LPS</b>&#8221; means a major component
of gram-negative bacterial cell membrane, lipopolysaccharide.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>MMID</b>&#8221; means mild to moderate
influenza disease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>MPLA</b>&#8221; means monophosphoryl
lipid A.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 7; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>Nasdaq</b>&#8221; means The Nasdaq Stock
Market, LLC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>Nasdaq Capital Market</b>&#8221; means
The Nasdaq Stock Market, LLC&#8217;s Nasdaq Capital Market listing tier.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-align: justify; text-indent: 1in">&#8220;<b>NASH</b>&#8221;
means non-alcoholic steatohepatitis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>NDA</b>&#8221; means New Drug Application.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>PAMP</b>&#8221; means pathogen-associated
molecular patterns.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>Petra</b>&#8221; means Petra Acquisition,
Inc., our predecessor, prior to the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>PCR</b>&#8221; means polymerase chain
reaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>PCT</b>&#8221; means</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>PHAD</b><sup>&#174;</sup>&#8221;&#160;means
phosphorylated hexaacyl disaccharide.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>PMA</b>&#8221; means Premarket Approval
Application.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>Private Warrants</b>&#8221; means the
warrants sold by Petra in its IPO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>Program Products</b>&#8221; refers to
Revelation&#8217;s product candidates (REVTx-99b, REVTx-200 and REVTx-300) and Revelation&#8217;s diagnostic device program (REVDx-501).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>Public Warrants</b>&#8221; means the
warrants underlying the Units&#160;sold in the IPO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>QSR</b>&#8221; means Quality System
Regulation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>DAM</b>P&#8221; means damage associated
molecular pattern receptors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>REVDx-501</b>&#8221; means Revelation&#8217;s
lead diagnostic device program.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>REVTx-99a</b>&#8221; means Revelation&#8217;s
therapeutic product candidate that was being developed for the prevention and treatment of respiratory viral infections.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>REVTx-99b</b>&#8221; means Revelation&#8217;s
therapeutic product candidate being developed as a prevention or treatment for chronic nasal congestion and allergic rhinitis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>REVTx-200</b>&#8221; means Revelation&#8217;s
intranasal adjunct vaccine product candidate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>REVTx-300</b>&#8221; means Revelation&#8217;s
therapeutic product candidate being developed as a treatment for chronic organ disease including CKD and NASH.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>RSU</b>&#8221; means restricted stock
unit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>SARS-CoV-2</b>&#8221; means severe respiratory
syndrome coronavirus 2.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#8220;<b>SEC</b>&#8221; means the United States
Securities and Exchange Commission.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>Securities Act</b>&#8221; means the
Securities Act of 1933, as amended.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>Sunshine Act</b>&#8221; means the Physician
Payment Sunshine Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>TEAEs</b>&#8221; means treatment emergent
adverse events.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>TLR</b>&#8221; means Toll-like receptors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>TLR-4</b>&#8221; means Toll-like receptor
4.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>Units</b>&#8221; means units of Petra
issued in our IPO consisting of one share of Common Stock and one Public Warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#8220;<b>USPTO</b>&#8221; means U.S.&#160;Patent
and Trademark Office.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><b>&#160;</b></p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ABOUT THIS PROSPECTUS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
that we have filed with the SEC pursuant to which the selling stockholders named herein may, from time to time, offer and sell or otherwise
dispose of the shares of our common stock covered by this prospectus. You should not assume that the information contained in this prospectus
is accurate on any date subsequent to the date set forth on the front cover of this prospectus, even though this prospectus is delivered
or Shares of Common Stock are sold or otherwise disposed of on a later date. It is important for you to read and consider all information
contained in this prospectus in making your investment decision. You should also read and consider the information in the documents to
which we have referred you under &#8220;Where You Can Find Additional Information.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We have not authorized anyone to give any information
or to make any representation to you other than those contained in this prospectus. You must not rely upon any information or representation
not contained in this prospectus. This prospectus does not constitute an offer to sell or the solicitation of an offer to buy any of our
Shares of Common Stock other than the shares of our common stock covered hereby, nor does this prospectus constitute an offer to sell
or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation
in such jurisdiction. Persons who come into possession of this prospectus in jurisdictions outside the United&#160;States are required
to inform themselves about, and to observe, any restrictions as to the offering and the distribution of this prospectus applicable to
those jurisdictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><div style="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p>

<a id="a_006"></a><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b>PROSPECTUS
SUMMARY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><i>This summary description about us and our business
highlights selected information contained elsewhere in this prospectus. To understand this offering fully, you should read carefully the
entire prospectus, including &#8220;Risk Factors&#8221; and &#8220;Cautionary Note&#160;Regarding Forward-Looking&#160;Statements.&#8221;
Unless the context indicates or suggests otherwise, references to &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us,&#8221; the &#8220;Company,&#8221;
or the &#8220;Registrant&#8221; refer to Revelation Biosciences, Inc., a Delaware corporation, and its subsidiary.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Business</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Revelation is a clinical-stage biopharmaceutical
company founded in May&#160;2020. We are focused on the development or commercialization of innate immune system therapeutics and diagnostics.
Our current product candidates were developed by Revelation to potentially prevent, treat and detect allergies or viral infections. Our
therapeutic product candidates are based on our therapeutic platform and consist of, REVTx-99a, which was being developed for the prevention
or treatment of a wide array of viral infections until June of 2022, REVTx-99b, which is being developed for the prevention or treatment
of nasal congestion due to allergies or chronic rhinosinusitis, REVTx-200 our nonclinical stage product being developed as a potential
intranasal therapy that will be administered concurrently with a commercially available IM vaccine and REVTx-300 our non-clinical stage
product being developed as a potential therapy for the treatment of chronic organ disease including CKD and NASH. Our lead diagnostic,
REVDx-501 (REVID<sup>TM </sup>Rapid Test Kit), is being developed as a rapid point of care diagnostic product that can potentially be
used to detect various respiratory viral infections. The diagnostic is similar to a home pregnancy test with a simple to read visual readout
in less than 15 minutes without the need for specialized instrumentation or complicated sample collection.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Therapeutic Platform</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Our therapeutic platform is based on the active
ingredient PHAD<sup>&#174;</sup>, a synthetic version of MPLA. Currently, as part of the platform we have focused on the development of
REVTx-99a, REVTx-99b, REVTx-200 and REVTx-300. The current differences between REVTx-99a, REVTx-99b and REVTx-200 (and as development
progresses may) include indications, dosage, timing of dosing, formulations and delivery methods of the drug product.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVTx-99a
was being developed as a broad anti-viral nasal drop solution for the potential prevention or potential treatment of respiratory viral
infections until June of 2022.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVTx-99b
is being developed as a prevention or treatment for chronic nasal congestion and allergic rhinitis.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVTx-200
is our nonclinical stage product being developed as a potential intranasal therapy that will be administered concurrently with a commercially
available IM vaccine.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">REVTx-300
is our non-clinical stage product being developed as a potential therapy for the treatment of chronic organ disease including CKD and
NASH.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The therapeutic platform focuses on the activation
of protein receptors on the surface of cells exposed to the outside environment designed to recognize pathogen molecules. These cell surface
receptors are called pathogen pattern receptors, a subset of which are the TLR. One such TLR is TLR-4 which is most well-known for recognition
of LPS. The active ingredient PHAD<sup>&#174;</sup>, mimics LPS to potentially activate TLR-4, without the adverse symptoms and toxicity
related to LPS.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><i>REVTX-99a</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">REVTx-99a was being developed as a broad anti-viral
nasal drop solution for the potential prevention or potential treatment of respiratory viral infections until June of 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We conducted a Phase&#160;2b study which began
enrollment in December&#160;2021 and on March 30, 2022 we announced that the primary endpoint of the Phase 2b study, AUC of viral load
measured by RT-PCR from nasopharyngeal swabs, did not meet statistical significance. We received the full data package during the second
quarter of 2022 and have determined to stop all future clinical development of REVTx-99a.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>REVTx-99b</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">REVTx-99b is being developed as a prevention or
treatment for chronic nasal congestion and allergic rhinitis. During the development of REVTx-99a we found that there may be benefit for
people that suffer from chronic nasal congestion and allergic rhinitis which lead to the early development of REVTx-99b. There are three
possible mechanisms of action via the TLR4 pathway for REVTx-99b. They are (i) by the possible induction of a physical barrier to allergens,
(ii) by the possible reduction of IgE secretion as a result of IFN upregulation and (iii) possible because IP-10 competes for the native
eotaxin receptor.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We were granted ethics committee approval from
Bellberry Limited Human Research Ethics Committee in Australia to conduct our Phase&#160;1b allergen challenge study in October of 2021.
The study began enrollment in December&#160;2021, dosing commenced in January&#160;2022 and on June 13, 2022 we announced completion of
dosing. Top-line data is expected in the third quarter of 2022. The Company plans to conduct a Phase 1/2 clinical study to evaluate the
safety and efficacy of REVTx-99b paired with a nasal delivery system (e.g. the spray device) in allergy patients during 2023.</p>

<p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>REVTx-200</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">REVTx-200 is our nonclinical stage product being
developed as a potential intranasal therapy that will be administered concurrently with a commercially available IM vaccine. We believe
concurrent stimulation of the nasal mucosa with REVTx-200 upon IM vaccination may provide a more complete immunization. REVTx-200 utilizes
the same active ingredient (PHAD<sup>&#174;</sup>) used in REVTx-99a/b. However, based on feedback from the FDA, we believe REVTx-200 will
be regulated as a biologic, and not as a therapeutic, since it is concurrently administered with another vaccine. As such we believe the
approval process will require its own unique development pathway to be approved for this use.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We hypothesize that optimal protection from a
vaccine requires both a systemic immune response elicited by the IM vaccine injection and a mucosal immune response elicited by the intranasal
administration of REVTx-200 developed by recruiting immune cells into the mucosal immune system. We believe that intranasal administration
of REVTx-200 will result in improved recruitment of vaccine-specific activated adaptive immune cells (e.g. T cells and B cells) into the
nasal mucosa. Biomarker data from our Phase&#160;1 therapeutic clinical study (RVL-NHV01) supports this hypothesis. In particular, we
were able to see increases in local (intranasal) IL-7 and MCP-1. IL-7 is a cytokine that induces the differentiation of hematopoietic
stem cells into T cells, B cells and NK cells. MCP-1 is a chemokine that attracts B cells and T cells to a particular site. This data
suggest, intranasal REVTx-200 will traffic antigen activated B cells and T cells to the mucosal space. While this data is supportive of
the theory, additional formulation development and preclinical testing will be necessary for the development of REVTx-200. We plan to
establish relationships with vaccine development companies with the intention of working with one or more of these companies to develop
REVTx-200 during 2022. Initial development will include studying REVTx-200 using commercially available IM vaccines in nonclinical models
unique to each potential partnering company during 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><i>REVTx-300</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">REVTx-300 is our non-clinical stage product being
developed as a potential therapy for the treatment of chronic organ disease including chronic kidney disease (CKD) and non-alcoholic steatohepatitis
(NASH).</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Chronic disease of an organ, due to chronic inflammation
and subsequent fibrosis, follows a pattern of perpetual and ongoing destruction of living functional cells and subsequent replacement
by the non-functional protein, collagen, resulting in fibrosis (scar tissue) (Wilson). The establishment of fibrosis and subsequent death
of the organ is driven by ongoing inflammatory processes associated with the innate immune response. Redirection of the innate immune
response with REVTx-300 from a pro-inflammatory state to an anti-inflammatory (protective) state may rebalance the innate immune response
to slow down or halt the progressive destruction and scarring of organ tissue, allowing the healing process to take place.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We plan complete nonclinical testing of REVTx-300
for the treatment of CKD during the remainder of 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>REVDx-501</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Our lead diagnostic, REVDx-501 (REVID<sup>TM</sup>
Rapid Test Kit) is being developed as a rapid point of care in vitro diagnostic test (or diagnostic device) that has the potential to
detect respiratory viral infections including SARS-CoV-2, Influenza A, Influenza B, parainfluenza, or respiratory syncytial virus. REVDx-501
is intended to be a user-friendly home test kit with a simple to read visual readout that provides a result in less than 15 minutes without
the need for specialized instrumentation. Preliminary evaluation of clinical samples demonstrated good correlation between REVID and PCR
for SARS-CoV-2 (100% positive agreement for replicating SARS-COV-2 virus, 86% negative agreement for no replicating SARS-COV-2 virus).
We plan to continue additional development during 2022 and once development is complete submit for regulatory clearance to the FDA.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The mailing address of Revelation is 4660 La Jolla
Village Dr., Suite 100, San Diego CA 92122, and its telephone number is (650) 800-3717.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Emerging Growth Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Revelation is an &#8220;emerging growth company,&#8221;
as defined in Section&#160;2(a)&#160;of the Securities Act, as modified by the JOBS Act, and it may take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including, but
not limited to, not being required to comply with the auditor attestation requirements of Section&#160;404 of the Sarbanes-Oxley&#160;Act,
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the
requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments
not previously approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Further, Section&#160;102(b)(1)&#160;of the JOBS
Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies
(that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange&#160;Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that
a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging&#160;growth
companies, but any such election to opt out is irrevocable. Revelation has elected not to opt out of such extended transition period,
which means that when a standard is issued or revised and it has different application dates for public or private companies, Revelation,
as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of our financial statements with certain other public companies difficult or impossible because of the potential
differences in accounting standards used.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Revelation will remain an emerging growth company
until the earlier of: (i)&#160;the last&#160;day of the fiscal year (a)&#160;following the fifth anniversary of the closing of the IPO,
(b)&#160;in which Revelation has total annual gross revenue of at least $1.07&#160;billion, or (c)&#160;in which Revelation is deemed
to be a large accelerated filer, which means the market value of our common equity that is held by non-affiliates&#160;exceeds $700&#160;million
as of the last business&#160;day of our most recently completed second fiscal quarter; and (ii)&#160;the date on which Petra has issued
more than $1.00&#160;billion in non-convertible&#160;debt securities during the prior three-year&#160;period. References herein to &#8220;emerging
growth company&#8221; have the meaning associated with it in the JOBS Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Smaller Reporting Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Additionally, Revelation is a &#8220;smaller reporting
company&#8221; as defined in Item&#160;10(f)(1)&#160;of Regulation&#160;S-K.&#160;Smaller reporting companies may take advantage of certain
reduced disclosure obligations, including, among other things, providing only two&#160;years of audited financial statements. Revelation
will remain a smaller reporting company until the last&#160;day of the fiscal year in which (i)&#160;the market value of Revelation Common
Stock held by non-affiliates&#160;exceeds $250&#160;million as of the prior June&#160;30, or (ii)&#160;Revelation&#8217;s annual revenues
exceeded $100&#160;million during such completed fiscal year and the market value of Common Stock held by non-affiliates&#160;exceeds
$700&#160;million as of the prior June&#160;30.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<a id="a_007"></a><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SUMMARY OF THE OFFERING</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares of Common Stock Offered by Us</b></span></td>
    <td style="white-space: nowrap; width: 2%">&#160;</td>
    <td style="width: 53%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares of Common Stock.</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Common Stock Warrants Offered by US</b></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants to purchase up to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares of our common stock, which will be exercisable during the period commencing on the date of their issuance and ending five years from such date at an exercise price of $&#160;&#160;&#160;&#160;&#160;per share of common stock.</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pre-funded Warrants Offered by Us</b></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are also offering to certain purchasers whose purchase of our common stock in this offering would otherwise result in the purchaser, together with its affiliates, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding shares of common stock immediately following the consummation of this offering, the opportunity to purchase pre-funded warrants in lieu of common stock that would otherwise result in any such purchaser&#8217;s beneficial ownership exceeding 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding shares of common stock. Each pre-funded warrant will be exercisable for one share of common stock. The purchase price of each pre-funded warrant and the accompanying New Common Stock Warrant will equal the price at which the common stock and the accompanying New Common Stock Warrant are being sold to the public in this offering, minus $0.0001, and the exercise price of each pre-funded warrant will be $0.0001 per share. The pre-funded warrants will be exercisable immediately and may be exercised at any time until exercised in full. For each pre-funded warrant we sell, the number of shares of common stock we are offering will be decreased on a one-for-one basis. Because we will issue one New Common Stock Warrant for each share of common stock and for each pre-funded warrant to purchase one share of common stock sold in this offering, the number of New Common Stock Warrants sold in this offering will not change as a result of a change in the mix of the shares of our common stock and pre-funded warrants sold.</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares of Common Stock outstanding before the offering</b></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,082,771 Shares of Common Stock as of the date hereof (not including shares issuable upon exercisable warrants).</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering Price</b></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#160;&#160;&#160;&#160;&#160;per share of Common Stock and accompanying New Common Stock Warrant, or pre-funded warrants and accompanying New Common Stock Warrants, as applicable.</span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Stock outstanding after this offering</b></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares (assuming we sell only shares of common stock and no pre-funded warrants, and none of the New Common Stock Warrants issued in this offering are exercised).</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of proceeds</b></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We estimate that we will receive net proceeds from this offering of approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;based upon an offering price of $&#160;&#160;&#160;&#160;&#160;&#160;per share of Common Stock and accompanying New Common Stock Warrant, or pre-funded warrant and accompanying New Common Stock Warrant, as applicable, after deducting Placement Agent fees and estimated offering expenses payable by us. We currently intend to use the net proceeds we receive from this offering to further the development of REVTx-99b including the manufacturing of clinical supply of our drug product, (ii) to conduct, a Phase 1/2 clinical study of REVTx-99b for the treatment of allergic rhinitis, (iii) continue to develop other products and therapies, and (iv) fund working capital and general corporate purposes using any remaining amounts. Because this is a best efforts offering with no minimum amount as a condition to closing, we may not sell all or any of the securities offered hereby. As a result, we may receive significantly less in net proceeds than we currently estimate. See &#8220;Use of Proceeds&#8221; on page 46.</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NASDAQ Trading Symbols</b></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock &#8212; REVB <br/>
Public Warrants &#8212; REVBW <br/>
Units &#8212; REVBU</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risk Factors Summary</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">In evaluating the information in this prospectus,
you should carefully read this prospectus, including the annexes, and especially consider the factors discussed in the section titled
&#8220;<i>Risk Factors.</i>&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Some of the risks related to Revelation&#8217;s
business and industry are summarized below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks Related to this Offering</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></td></tr>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks Related to Our Business</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks Related to the Product Development, Regulatory Approval,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

</div><div>

</div><!-- Field: Page; Sequence: 14; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
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</div><div style="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks Related to COVID-19</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks Related to our Reliance on Third Parties</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks Related to Our Intellectual Property</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks Related to Our Business Operations</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;<b>Risks Related to Commercialization of Our Program Products
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>General Risk Factors</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We are subject to several other risks of which
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corporate governance laws and financial reporting standards; and our ability to maintain an effective system of internal controls.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>RISK FACTORS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><i>The following risk factors are not exhaustive
and investors are encouraged to perform their own investigation with respect to the business, prospects, financial condition and operating
results of Revelation and our business, prospects, financial condition and operating results. You should carefully consider the following
risk factors in addition to the other information included in this proxy statement/prospectus, including matters addressed in the section
titled &#8220;Cautionary Note&#160;Regarding Forward-Looking Statements.&#8221; We may face additional risks and uncertainties that are
not presently known to us, or that we currently deem immaterial, which may also impair our business, prospects, financial condition or
operating results. The following discussion should be read in conjunction with our financial statements and notes to the financial statements
included herein.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Unless the context otherwise requires, references
herein to &#8220;Program Products&#8221; refers to Revelation&#8217;s REVTx-99a, REVTx-99b, REVTx-200, REVTx-300 and REVDx-501 programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to this Offering</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have broad discretion in the use of the
net proceeds from this offering and may not use them effectively.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Our management will have broad discretion in the
application of the net proceeds, including for any of the purposes described in the section of this prospectus entitled &#8220;Use of
Proceeds&#8221;. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not
have the opportunity, as part of your investment decision, to assess whether the net proceeds are being used appropriately. The failure
by our management to apply these funds effectively could result in financial losses that could have a material adverse effect on our business,
cause the price of our securities to decline and delay the development of our product candidates. Pending the application of these funds,
we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>You will experience immediate and substantial
dilution in the net tangible book value of the shares you purchase in this offering and may experience additional dilution in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The combined public offering price per share of
common stock and related warrant, and the combined public offering price of each pre-funded warrant and related warrant, will be substantially
higher than the pro forma as adjusted net tangible book value per share of our common stock after giving effect to this offering. Assuming
the sale of&#160;&#160;&#160;&#160;&#160;&#160;shares of our common stock and warrants to purchase up to&#160;&#160;&#160;&#160;&#160;&#160;shares
of common stock at an assumed combined public offering price of $&#160;&#160;&#160;&#160;&#160;&#160;per share and related warrant,
the closing sale price per share of our common stock on the Nasdaq on&#160;&#160;&#160;&#160;&#160;&#160;, 2022, assuming no sale
of any pre-funded warrants in this offering, no exercise of the warrants being offered in this offering and after deducting the placement
agent fees and commissions and estimated offering expenses payable by us, you will incur immediate dilution of approximately $&#160;&#160;&#160;&#160;&#160;&#160;per
share. As a result of the dilution to investors purchasing securities in this offering, investors may receive significantly less than
the purchase price paid in this offering, if anything, in the event of the liquidation of our company. See the section entitled &#8220;Dilution&#8221;
below for a more detailed discussion of the dilution you will incur if you participate in this offering. To the extent shares are issued
under outstanding options and warrants at exercise prices lower than the public offering price of our common stock in this offering, you
will incur further dilution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There is no public market for the warrants
or pre-funded warrants being offered by us in this offering.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">There is no established public trading market
for the warrants or the pre-funded warrants, and we do not expect a market to develop. In addition, we do not intend to apply to list
the warrants or pre-funded warrants on any national securities exchange or other nationally recognized trading system. Without an active
market, the liquidity of the warrants and pre-funded warrants will be limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The warrants and pre-funded warrants are
speculative in nature.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The warrants and pre-funded
warrants offered hereby do not confer any rights of share of common stock ownership on their holders, such as voting rights or the right
to receive dividends, but rather merely represent the right to acquire shares of common stock at a fixed price. Specifically, commencing
on the date of issuance, holders of the common warrants may acquire the shares of common stock issuable upon exercise of such warrants
at an exercise price of $&amp;numsp;&amp;numsp;&amp;numsp;&amp;numsp;&amp;numsp;&amp;numsp; per share of common stock, and holders of
the pre-funded warrants may acquire the shares of common stock issuable upon exercise of such warrants at an exercise price of $0.0001
per share of common stock. Moreover, following this offering, the market value of the warrants and pre-funded warrants is uncertain and
there can be no assurance that the market value of the warrants or pre-funded warrants will equal or exceed their respective public offering
prices. There can be no assurance that the market price of the shares of common stock will ever equal or exceed the exercise price of
the warrants or pre-funded warrants, and consequently, whether it will ever be profitable for holders of warrants to exercise the warrants
or for holders of the pre-funded warrants to exercise the pre-funded warrants.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Holders of the warrants offered hereby will
have no rights as common stockholders with respect to the shares our common stock underlying the warrants until such holders exercise
their warrants and acquire our common stock, except as otherwise provided in the warrants.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Until holders of the warrants and the pre-funded
warrants acquire shares of our common stock upon exercise thereof, such holders will have no rights with respect to the shares of our
common stock underlying such warrants, except to the extent that holders of such warrants will have certain rights to participate in distributions
or dividends paid on our common stock as set forth in the warrants. Upon exercise of the common warrants and the pre-funded warrants,
the holders will be entitled to exercise the rights of a common stockholder only as to matters for which the record date occurs after
the exercise date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>This is a best efforts offering, no minimum
amount of securities is required to be sold, and we may not raise the amount of capital we believe is required for our business plans,
including our near-term business plans.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The placement agent has agreed to use its reasonable
best efforts to solicit offers to purchase the securities in this offering. The placement agent has no obligation to buy any of the securities
from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities. There is no required minimum
number of securities that must be sold as a condition to completion of this offering. Because there is no minimum offering amount required
as a condition to the closing of this offering, the actual offering amount, placement agent fees and proceeds to us are not presently
determinable and may be substantially less than the maximum amounts set forth above. We may sell fewer than all of the securities offered
hereby, which may significantly reduce the amount of proceeds received by us, and investors in this offering will not receive a refund
in the event that we do not sell an amount of securities sufficient to support our continued operations, including our near-term continued
operations. Thus, we may not raise the amount of capital we believe is required for our operations in the short-term and may need to raise
additional funds, which may not be available or available on terms acceptable to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Our Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have a limited operating history and
no products approved for commercial sale. We have incurred net losses since our inception, we anticipate that we will continue to incur
significant losses for the foreseeable future, and even if we were to generate revenue, we may never achieve or maintain profitability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We are a clinical stage biopharmaceutical company
with a limited operating history may make it difficult to evaluate the success of our business to date and to assess our future viability.
We commenced our operations in May&#160;2020, and, to date, our operations have been limited to organizing and staffing our Company, business
planning, raising capital, conducting research and development activities, including early clinical study, and providing general and administrative
support for these operations. Investment in biopharmaceutical product development and diagnostic device is highly speculative because
it entails substantial upfront capital expenditures and significant risk that any potential product candidate and/or diagnostic device
will fail to demonstrate adequate effect and/or an acceptable safety profile, gain regulatory approval or become commercially viable.
We currently have no products approved for commercial sale, we have not generated any revenue from product sales to date and we continue
to incur significant research and development and other expenses related to our ongoing operations. We have limited experience as a Company
conducting clinical studies and no experience as a Company commercializing any products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We are not profitable and have incurred net losses
since our inception. As of March&#160;31, 2022, we had an accumulated deficit of $21.1&#160;million. Consequently, predictions about our
future success or viability may not be as accurate as they would be if we had a longer operating history or a history of successfully
developing and commercializing pharmaceutical products. We have spent, and expect to continue to spend, significant resources to fund
research and development of, conduct clinical studies, and seek regulatory approvals for, our Program Products, and any future product
candidates. We expect to incur substantial and increasing operating losses over the next several&#160;years as our research, development,
preclinical testing and clinical study activities increase. As a result, our accumulated deficit will also increase significantly. We
may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect our business.
The size of our future net losses will depend, in part, on the rate of future growth of our expenses and our ability to generate revenue.
Our prior losses and expected future losses have, had and will continue to have a material adverse effect on our stockholders&#8217; equity
and working capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In our own required quarterly assessments, we may continue to conclude
that there is substantial doubt about our ability to continue as a going concern, and future reports from our independent registered public
accounting firm may also contain statements expressing substantial doubt about our ability to continue as a going concern. If we seek
additional financing to fund our business activities in the future and there remains substantial doubt about going concern, investors
or other financing sources may be unwilling to provide additional funding on commercially reasonable terms or at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The net losses we incur may fluctuate significantly
from quarter-to-quarter such that a period-to-period comparison of our results of operations may not be a good indication of our future
performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We have no products approved for marketing in
any jurisdiction, our Program Products are in early stages of development. We have never generated any revenue from product sales. Our
ability to generate revenue and achieve profitability depends on our ability, alone or with strategic collaboration partners, to successfully
complete the development of and obtain the regulatory and marketing approvals necessary to commercialize one or more of our Program Products.
We do not anticipate generating revenue from product sales in the next couple of&#160;years. Even if we eventually generate product revenue,
we may never be profitable and, if we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly
or annual basis</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We may not be able to raise additional funding
on acceptable terms, or at all. Failure to obtain funding on acceptable terms and on a timely basis may require us to curtail, delay or
discontinue our product development efforts or other operations. Raising additional funding may cause dilution to our stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Developing our Program Products is expensive,
and we expect our research and development expenses to increase substantially in connection with our ongoing activities, particularly
as we advance our Program Products through clinical studies, manufacturing and regulatory approval. We expect to finance future cash needs
through public or private equity or debt offerings or product collaborations. We do not have any committed external source of funds. We
cannot guarantee that future financing will be available in sufficient amounts or on terms acceptable to us, if at all, and the terms
of any financing may adversely affect the interests or rights of our stockholders. Even if we believe that we have sufficient funds for
our current or future operating plans, we may seek additional capital if market conditions are favorable or if we have specific strategic
considerations. The issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may affect
the value of your investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">To the extent that we raise additional capital
through the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms of such securities may
include liquidation or other preferences that adversely affect your rights as a stockholder. Debt financing, if available, may involve
covenants restricting our operations or our ability to incur additional debt.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">If we do not raise additional capital, we may
not be able to expand our operations or otherwise capitalize on our business opportunities, our business and financial condition will
be negatively impacted, and we may need to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significantly delay, scale back or discontinue research and discovery efforts and the development or commercialization of our Product Programs and future program candidates or cease operations altogether;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek strategic alliances for research and development programs when we otherwise would not, or at an earlier stage than we would otherwise desire or on terms less favorable than might otherwise be available; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">relinquish, or license on unfavorable terms, our rights to technologies or any product candidates that we otherwise would seek to develop or commercialize ourselves.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to the Product Development, Regulatory
Approval, Manufacturing and Commercialization of Our Program Products and Product Candidates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If preclinical studies or clinical studies
for our Program Products are unsuccessful or delayed, we will be unable to meet our future development goals.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Conducting clinical studies for any product candidates
for approval in the United&#160;States requires filing an IND and reaching agreement with the FDA on clinical protocols, finding appropriate
clinical sites and clinical investigators, securing approvals for such studies from the IRB at each such site, manufacturing clinical
quantities of product candidates and supplying drug product or devices to clinical sites. Currently, we do not have an active IND with
the FDA in the United&#160;States for our Program Products. If our IND is not approved by the FDA, our clinical development timeline may
be negatively impacted, and any future clinical programs may be delayed or terminated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Even if the clinical studies are approved by FDA
or other regulatory agencies, clinical study is expensive and can take many&#160;years to complete, and its outcome is inherently uncertain.
A failure of one or more of our clinical studies can occur at any time during the clinical study process. We do not know whether future
clinical studies, if any, will begin on time, need to be redesigned, enroll an adequate number of patients on time or be completed on
schedule, if at all. Clinical studies can be delayed, suspended or terminated for a variety of reasons, including failure to (i)&#160;generate
sufficient positive preclinical and clinical data; (ii)&#160;recruit CROs, clinical investigators and patients in a timely manner; (iii)&#160;manufacture
sufficient quantities at the required quality of Program Products for use in clinical studies; (iv)&#160;raise sufficient capital to fund
a study; (v)&#160;comply with all applicable regulatory requirements, whether in the United&#160;States or elsewhere, and (vi)&#160;obtain
successful regulatory approval from regulatory authorities like the FDA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">If we experience delays in completing any clinical
study of our Program Products or successfully obtaining regulatory approval, the commercial prospects of our Program Products may be harmed,
and our ability to generate product revenues from any of these product candidates will be delayed. In addition, any delays in completing
our clinical studies will increase our costs, slow down the development and approval process of our Program Products, and jeopardize our
ability to commence product sales and generate revenues. Any of these occurrences may significantly harm our business and financial condition.
In addition, many of the factors that cause, or lead to, a delay in the commencement or completion of clinical studies may also ultimately
lead to the denial of regulatory approval of our product candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Clinical drug development involves a lengthy
and expensive process with uncertain timelines and uncertain outcomes, and the results of prior preclinical or clinical studies are not
necessarily predictive of our future results. Our clinical studies may fail to adequately demonstrate the safety and efficacy of our Program
Products or any future product candidates.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">To date, the primary focus of our product development
has been on the development of REVTx-99a/b, our therapeutic products and REVDx-501, our diagnostic device. Currently, REVTx-99b is our
only product candidate under clinical development. We have completed a Phase&#160;1 clinical study in Australia and collected data to
support continued development. We have completed a Phase&#160;2b viral challenge clinical study for the prevention of influenza infection
which did not meet statistical significance. We have completed a Phase&#160;1b allergen challenge study to support the treatment of chronic
nasal congestion program.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Even though our Phase&#160;1 clinical study results
are positive, our Phase&#160;1 clinical study involved a small patient population of healthy volunteers, and because of the small sample
size in such study, the results of this clinical study may be subject to substantial variability and may not be indicative of either future
interim results or final results in patients for our indication. Results from preclinical studies or early-stage clinical studies are
not necessarily predictive of future clinical study results, and interim results of a clinical study are not necessarily indicative of
final results. As well, later stage clinical studies may fail to show the desired safety and efficacy in clinical development despite
positive results in preclinical and early clinical studies. This failure would cause us to abandon further development of our most advanced
product candidate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">There is a high failure rate for product candidates
proceeding through clinical studies. Failure can occur at any time during the clinical study process. Many companies in the pharmaceutical
industry have suffered significant setbacks in late-stage clinical studies even after achieving promising results in preclinical testing
and earlier-stage clinical studies. Data obtained from preclinical and clinical activities are subject to varying interpretations, which
may delay, limit or prevent regulatory approval. In addition, we may experience regulatory delays or rejections as a result of many factors,
including changes in regulatory policy during the development period of our Program Products. Success in preclinical testing and early
clinical studies does not ensure that later clinical studies will generate the same results or otherwise provide adequate data to demonstrate
the efficacy and safety of a product candidate. Frequently, product candidates that have shown promising results in early clinical studies
have subsequently suffered significant setbacks in later clinical studies. If we are unable to successfully demonstrate the safety and
efficacy of our Program Products or other future product candidates and receive the necessary regulatory approvals, our business will
be materially harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Clinical Studies of our Program Products&#8217;
have been and are planned to be conducted outside the United&#160;States, and the FDA or comparable foreign regulatory authorities may
not accept data from such studies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We currently have not conducted any clinical studies
in the United&#160;States to date. We have conducted and we plan to conduct additional clinical studies outside the United&#160;States,
including Europe, Australia, or other foreign jurisdictions. The acceptance of clinical study data by the FDA from clinical studies conducted
outside the United&#160;States may be subject to certain conditions. In cases where data from clinical studies conducted outside the United&#160;States
are intended to serve as the sole bases for regulatory approval in the United&#160;States, the FDA will generally not approve the application
on the basis of foreign data alone unless (i)&#160;the data are applicable to the United&#160;States population and United&#160;States
medical practices, (ii)&#160;the studies were performed by clinical investigators of recognized competence and (iii)&#160;the data may
be considered valid without the need for an on-site inspection by the FDA or, if the FDA considers such an inspection to be necessary,
the FDA is able to validate the data through an on-site inspection or other appropriate means. Additionally, the FDA&#8217;s clinical
study requirements, including sufficient size of patient populations and statistical powering, must be met. Many foreign regulatory bodies
have similar approval requirements. In addition, such foreign studies would be subject to the applicable local laws of the foreign jurisdictions
where the studies are conducted. There can be no assurance that the FDA or any comparable foreign regulatory authority will accept data
from studies conducted outside of the United&#160;States or the applicable jurisdiction. If the FDA or any comparable foreign regulatory
authority does not accept such data, it would result in the need for additional studies, which would be costly and time-consuming and
delay aspects of our business plan, and may result in our Program Products&#8217; not receiving regulatory approval or clearance for commercialization
in the applicable jurisdiction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As an organization, we have never conducted
pivotal clinical studies, and we may be unable to do so for any Program Products we may develop.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We will need to successfully complete pivotal
clinical studies in order to obtain the approval of the FDA, the EMA or other regulatory agencies to market any of our Program Products.
Carrying out later-stage clinical studies and the submission to the FDA of a successful NDA, BLA, 510(k)&#160;Clearance, De Novo Clearance
or PMA is a complicated process. As an organization, we have not previously conducted any later stage or pivotal clinical studies and
have limited experience in preparing, submitting and prosecuting regulatory filings. We may be unable to conduct clinical studies at preferred
sites, enlist clinical investigators, enroll sufficient numbers of participants or begin or successfully complete clinical studies in
a timely fashion, if at all. In addition, the design of a clinical study can determine whether its results will support approval of a
product, and flaws in the design of a clinical study may not become apparent until the clinical study is well advanced. Because we have
limited experience as a company designing clinical studies, we may be unable to successfully and efficiently execute and complete necessary
clinical studies in a way that leads to successful regulatory submission and approval. We may require more time and incur greater costs
than our competitors and may not succeed in obtaining regulatory approvals of product candidates that we develop. Failure to commence
or complete, or delays in, our planned clinical studies, could prevent us from or delay us in commercializing our Program Products. We
rely on third parties to conduct certain elements of our preclinical and clinical studies and perform other tasks for us. If these third
parties do not successfully carry out their contractual duties, meet expected deadlines or comply with regulatory requirements, we may
not be able to obtain regulatory approval for or commercialize our Program Products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may find it difficult to enroll patients
in our clinical studies, which could delay or prevent us from proceeding with clinical studies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Identifying and qualifying patients to participate
in clinical studies of our product candidates is critical to our success. The timing of our clinical studies depends in part on the speed
at which we can recruit patients to participate in testing our Program Products, and we may experience delays in our clinical studies
if we encounter difficulties in enrollment. Patient enrollment and retention in clinical studies depends on many factors, including the
size of the patient population, number and location of the clinical sites, significant adverse events or other side effects observed,
if any, the nature of the study protocol, our ability to recruit clinical study investigators with the appropriate competencies and experience,
the existing body of safety and efficacy data with respect to the study drug, the number and nature of competing treatments and ongoing
clinical studies of competing drugs for the same indication, the proximity of patients to clinical sites, clinicians&#8217; and patients&#8217;
perceptions as to the potential advantages of the Program Products being studied in relation to other available therapies, including any
drugs that may be approved for the indications we are investigating, the eligibility criteria for the study, our ability to obtain and
maintain patient consents and the risk that patients enrolled in clinical studies will drop out of the studies before completion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In addition, our competitors, some of whom have
significantly greater resources than we do, are conducting clinical studies for the same indications and seek to enroll patients in their
studies that may otherwise be eligible for our clinical studies or studies, which could lead to slow recruitment and delays in our clinical
programs. Further, since the number of qualified clinical investigators is limited, we expect to conduct some of our clinical studies
at the same clinical study sites that some of our competitors use, which could further reduce the number of patients who are available
for our clinical studies in these sites.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Our inability to enroll sufficient number of patients
for our clinical studies would result in significant delays or may require us to abandon one or more clinical studies altogether. If we
are unable to enroll sufficient number of patients that will complete clinical testing, we will be unable to seek or gain marketing approval
for our Program Products and any future product candidates and our business will be harmed. Even if we are able to enroll a sufficient
number of patients in our clinical studies or studies, delays in patient enrollment may result in increased costs or may affect the timing
or outcome of our clinical studies, which could prevent completion of these studies and adversely affect our ability to advance the development
of our Program Products and any future product candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Program Products and the administration
of our Program Products may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval,
limit the commercial profile of an approved label or result in significant negative consequences following marketing approval, if any.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The severity and frequency of undesirable side
effects caused by our Program Products, could cause us or regulatory authorities to interrupt, delay or halt clinical studies and could
result in a more restrictive label, delay or denial of regulatory approval by the FDA or other regulatory agencies. Results of our studies
could reveal a high and unacceptable severity and prevalence of these or other side effects. In such an event, our clinical studies could
be suspended or terminated, and the FDA or other regulatory agencies could order us to cease further development of or deny or withdraw
approval of our product candidates for any or all targeted indications. Moreover, during the conduct of clinical studies, patients report
changes in their health, including illnesses, injuries and discomforts, to their study doctor. Often, it is not possible to determine
whether or not the product candidate being studied caused these conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Drug-related, drug product-related, formulation-related
and administration-related side effects could affect patient recruitment, the ability of enrolled patients to complete the clinical study
or result in potential product liability claims, which could exceed the insurance coverage. Additionally, if one or more of our Program
Products receives marketing approval, and we or others later identify undesirable side effects caused by such products, a number of potentially
significant negative consequences could result.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">If we or others identify undesirable or unacceptable
side effects caused by our Program Products or any future product candidates or products:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may be required to modify or include additional dosage and administration instructions, warnings and precautions, contraindications, boxed warnings, limitations, restrictions or other statements in the product label for our approved products, or issue field alerts to physicians and pharmacies;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may be required to conduct costly additional clinical studies;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may be subject to limitations on how we may promote our approved products;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales of our approved products may decrease significantly;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory authorities may require us to take our approved products off the market;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may be subject to regulatory investigations, government enforcement actions, litigation or product liability claims; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our products may become less competitive, or our reputation may suffer.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Interim, topline and preliminary data from
our clinical studies that we announce or publish from time to time may change as more patient data become available and are subject to
audit and verification procedures that could result in material changes in the final data.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">From time to time, we may publicly disclose preliminary
or topline data from our clinical studies, which are based on a preliminary analysis of then-available data, and the results and related
findings and conclusions are subject to change following a more comprehensive review of the data related to the particular study or studies.
We also make assumptions, estimations, calculations and conclusions as part of our analyses of data, and we may not have received or had
the opportunity to fully and carefully evaluate all data. As a result, the topline results that we report may differ from future results
of the same studies, or different conclusions or considerations may qualify such results, once additional data have been received and
fully evaluated. Topline data also remain subject to audit and verification procedures that may result in the final data being materially
different from the preliminary data we previously published. As a result, topline data should be viewed with caution until the final data
are available. From time to time, we may also disclose interim data from our clinical studies. In addition, we may report interim analyses
of only certain endpoints rather than all endpoints. Interim data from clinical studies that we may complete are subject to the risk that
one or more of the clinical outcomes may materially change as patient enrollment continues and more patient data become available.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">In addition, adverse changes between interim data
and final data could significantly harm our business and prospects. Additional disclosure of interim data by us or by our competitors
in the future could also result in volatility in the price of our Common Stock after this offering. Further, others, including regulatory
agencies, may not accept or agree with our assumptions, estimates, calculations, conclusions or analyses or may interpret or weigh the
importance of data differently, which could impact the value of the particular program, the approvability or commercialization of the
particular product candidate or product and our Company in general. In addition, the information we choose to publicly disclose regarding
a particular study or clinical study is based on what is typically extensive information, and you or others may not agree with what we
determine is the material or otherwise, appropriate information to include in our disclosure, and any information we determine not to
disclose may ultimately be deemed significant with respect to future decisions, conclusions, views, activities or otherwise regarding
a particular drug, drug candidate or our business. If the topline data that we report differ from actual results, or if others, including
regulatory authorities, disagree with the conclusions reached, our ability to obtain approval for, and commercialize, our Program Products
or any future product candidates may be harmed, which could harm our business, financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Even if we complete the necessary clinical
studies, we cannot predict when, or if, we will obtain regulatory approval to commercialize any of our Program Products, and the approval
may be for a more narrow indication than we seek or be subject to other limitations or restrictions that limit its commercial profile.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Our Program Products have not received regulatory
approval. We do not expect our Program Products or any future product candidate to be commercially available for&#160;years, if at all.
Our Program Products are, and any future product candidate will be subject to strict regulation by regulatory authorities in the United&#160;States
and in other countries. We cannot commercialize a product candidate or diagnostic device until the appropriate regulatory authorities
have reviewed and approved such product candidate or diagnostic device. Even if our current or future Program Products meet safety and
efficacy endpoints in pivotal clinical studies, the regulatory authorities may not complete their review processes in a timely manner,
or we may not be able to obtain regulatory approval. Additional delays may result if an FDA Advisory Committee or other regulatory authority
recommends non-approval or restrictions on approval. This may include approval of a product candidate for more limited indications than
requested or they may impose significant limitations in the form of warnings. In addition, we may experience delays or rejections based
upon additional government regulation from future legislation or administrative action, or changes in regulatory authority policy during
the period of product development, clinical studies and the review process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business depends on the success of our
Program Products, including obtaining regulatory approval to market our product candidates in the United&#160;States and/or other major
foreign markets such as the EU.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We have invested, and will continue to invest,
a significant portion of our time and financial resources in the clinical development of REVTx-99a until June of 2022, REVTx-99b, REVTx-200,
REVTx-300 and REVDx-501. If we cannot successfully develop, obtain regulatory approval for, and commercialize our Program Products, we
may not be able to continue our operations. The future regulatory approval and commercial success of our Program Products are subject
to a number of risks, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 24; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Of the large number of drugs and devices in development
in the pharmaceutical industry, only a small percentage results in the submission of a marketing authorization to the FDA or comparable
foreign regulatory authorities and even fewer are approved for commercialization. Furthermore, even if we do receive regulatory approval
to market our Program Products, any such approval may be subject to limitations on the indicated uses or patient populations for which
we may market the products. Accordingly, even if we are able to obtain the requisite financing to continue to fund our development programs,
we may be unable to successfully develop or commercialize our Program Products. If we or any of our future development collaborators are
unable to develop, or obtain regulatory approval for, or, if approved, successfully commercialize our Program Products, we may not be
able to generate sufficient revenue to continue our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Even if we obtain regulatory approval for
a product candidate, our products and business will remain subject to ongoing regulatory obligations and review.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Even if our Program Products are approved, they
will be subject to ongoing regulatory requirements for manufacturing, labeling, packaging, storage, advertising, distribution, promotion,
sampling, record-keeping, conduct of post-marketing studies and submission of safety, efficacy and other post-market information, including
both federal and state requirements in the United&#160;States and comparable requirements outside of the United&#160;States. Accordingly,
we and others with whom we work must continue to expend time, money and effort in all areas of regulatory compliance, including manufacturing,
production and quality control. If a regulatory agency discovers previously unknown problems with a product, such as adverse events of
unanticipated severity or frequency, quality of product or disagrees with the promotion, marketing or labeling of a product, such regulatory
agency may impose restrictions on that product or us, including requiring recall or withdrawal of the product from the market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In addition, manufacturers of drug products and
their facilities are subject to continual review and periodic inspections by the FDA and other regulatory authorities for compliance with
cGMP, regulations and standards. If we or a regulatory agency discover previously unknown problems with a product, such as adverse events
of unanticipated severity or frequency, or problems with the facility where the product is manufactured, a regulatory agency may impose
restrictions on that product, the manufacturing facility or us, including requiring recall or withdrawal of the product from the market
or suspension of manufacturing. If we, our product candidates or the manufacturing facilities for our product candidates fail to comply
with applicable regulatory requirements, or undesirable side effects caused by such products are identified, a regulatory agency may:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 25; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">suspend or impose restrictions on operations, including costly new manufacturing requirements; or</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seize or detain products, refuse to import or export products or require us to initiate a product recall.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The occurrence of any event or penalty described
above may inhibit our ability to commercialize our products and generate product revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If one or more of our Program Products is
approved for marketing in the United&#160;States or other countries, we may be subject, directly or indirectly, to United&#160;States
or other countries equivalent federal and state healthcare fraud and abuse laws, false claims laws, physician payment transparency laws
and health information privacy and security laws. If we are unable to comply, or have not fully complied, with such laws, we could face
substantial penalties.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Even if we obtain FDA or other comparable regulatory
agencies approval for any of our Program Products and begin commercializing those products in the United&#160;States or other countries,
our operations may be directly or indirectly through our relationships with physicians, patients, third-party payors and customers, subject
to broadly applicable fraud and abuse and other healthcare laws and regulations that may constrain our business or financial arrangements
and relationships through which we research, market, sell and distribute our Program Products. In addition, we may be subject to patient
privacy regulation by both the federal government and the states in which we conduct our business. The laws that may affect our ability
to operate include, among others, the United&#160;States Anti-Kickback Statute, the False Claims Act, the United&#160;States Health Insurance
Portability and Accountability Act&#160;of&#160;1996, and the Sunshine Act and analogous state laws. Ensuring that our internal operations
and business arrangements with third parties comply with all applicable healthcare laws and regulations will likely be costly.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Legislative or regulatory healthcare reforms
in the United&#160;States or other countries may make it more difficult and costly for us to obtain regulatory clearance or approval of
our Program Products and to produce, market and distribute our Program Products after clearance or approval is obtained.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">From time to time, legislation is drafted and
introduced in Congress that could significantly change the statutory provisions governing the regulatory clearance or approval, manufacture
and marketing of regulated products or the reimbursement thereof. In addition, FDA or other comparable regulatory agencies regulations
and guidance are often revised or reinterpreted by the FDA or other comparable regulatory agencies in ways that may significantly affect
our business and our products. Any new regulations or revisions or reinterpretations of existing regulations may impose additional costs
or lengthen review times of our Program Products. We cannot determine what effect changes in regulations, statutes, legal interpretation
or policies, when and if promulgated, enacted or adopted may have on our business in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 26; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We face intense competition in an environment
of rapid technological change and the possibility that our competitors may develop products and drug delivery systems that are similar,
more advanced or more effective than ours, which may adversely affect our financial condition and our ability to successfully market or
commercialize our Program Products.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The pharmaceutical industry in which we operate
is intensely competitive and subject to rapid and significant technological change. We are currently aware of various existing therapies
in the market and in development that may in the future compete with our Program Products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Even if approved, we will compete with currently
approved therapies and therapies further along in development. Our competitors both in the United&#160;States and abroad include large,
well-established pharmaceutical and generic companies with significantly greater name recognition and an established market share. Our
competitors may be able to charge lower prices than we can, which may adversely affect our market acceptance. Many of these competitors
have greater resources than we do, including financial, product development, marketing, personnel and other resources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">If our competitors market products that are more
effective, safer or cheaper than our products or that reach the market sooner than our products, we may not achieve commercial success.
In addition, the biopharmaceutical industry is characterized by rapid technological change. Because our research approach integrates many
technologies, it may be difficult for us to stay abreast of the rapid changes in other technologies. If we fail to stay at the forefront
of technological change, we may be unable to compete effectively. Technological advances or products developed by our competitors may
render our technologies, products or product candidates obsolete, less competitive or not economical. Many of our competitors have substantially
greater financial, technical, human and other resources than we do and may be better equipped to develop, manufacture and market technologically
superior products. In addition, many of these competitors have significantly longer operating histories and greater experience than we
have in undertaking nonclinical studies and human clinical studies of new pharmaceutical products and in obtaining regulatory approvals
of human therapeutic products. Many of our competitors have established distribution channels for the commercialization of their products,
whereas we have no such channel or capabilities. In addition, many competitors have greater name recognition and more extensive collaborative
relationships.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">As a result, our competitors may obtain regulatory
approval of their products more rapidly than we do or may obtain patent protection or other intellectual property rights that limit our
ability to develop or commercialize our product candidate or any future product candidates. Our competitors may also develop and succeed
in obtaining approval for drugs that are more effective, more convenient, more widely used and less costly or have a better safety profile
than our products and these competitors may also be more successful than we are in manufacturing and marketing their products. If we are
unable to compete effectively against these companies, then we may not be able to commercialize our product candidate or any future product
candidates or achieve a competitive position in the market. This would adversely affect our ability to generate revenue. Our competitors
also compete with us in recruiting and retaining qualified scientific, management and commercial personnel, establishing clinical study
sites and enrolling patients for clinical studies, as well as in acquiring technologies complementary to, or necessary for, our programs.
Our inability to compete effectively in any of these aspects of our business could harm our business, financial condition, results of
operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to COVID-19</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There is a significant uncertainty around
the effects of COVID-19 on development of our Program Products.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">As a result of the COVID-19 pandemic, we continue
to experience additional disruptions that could severely impact our clinical studies for all our Program Products, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 27; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">interruption in global shipping that may affect the transport of clinical study materials, such as investigational drug product;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The delays to the clinical study would result
in a delay in the expected timeline for data readouts and thus the timeline of regulatory filings will be negatively impacted, which would
adversely affect and delay our ability to obtain regulatory approvals for our product candidates, increase our operating expenses, and
have a material adverse effect on our financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to our Reliance on Third Parties</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We rely on third parties to conduct certain
elements of our preclinical and clinical studies and perform other tasks for us. If these third parties do not successfully carry out
their contractual duties, meet expected deadlines or comply with regulatory requirements, we may not be able to obtain regulatory approval
for or commercialize our Program Products.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We currently rely on, and expect to continue to
rely on, third parties, such as CROs, clinical data management organizations, medical institutions, consultants and clinical investigators,
to conduct our clinical studies and certain aspects of our research and preclinical testing. Any of these third parties may terminate
their engagements with us at any time. If we need to enter into alternative arrangements, it will delay our product development activities
and such alternative arrangements may not be available on terms acceptable to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 28; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Our reliance on these third parties for research
and development activities will reduce our control over these activities but will not relieve us of our responsibilities. For example,
we will remain responsible for ensuring that each of our clinical studies are conducted in accordance with the general investigational
plan and protocols for the study. Moreover, the FDA and other regulatory agencies requires us to comply with standards, commonly referred
to as current Good Clinical Practices or equivalent, for conducting, recording and reporting the results of clinical studies to assure
that data and reported results are credible and accurate and that the rights, integrity and confidentiality of study participants are
protected. We also are required to register ongoing clinical studies and post the results of completed clinical.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We rely on third parties to manufacture
the raw materials, including the active pharmaceutical ingredients that we use to create our therapeutic product candidate, and to manufacture
the diagnostic devices, including the antibodies used for testing. Our business could be harmed if existing and prospective third parties
fail to provide us with sufficient quantities of these materials and products or fail to do so at acceptable quality levels or prices.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We rely on third party suppliers for certain raw
materials necessary to manufacture our product candidates for our preclinical studies and clinical studies and to manufacture our diagnostic
tests for our clinical studies. Some of these raw materials and test components are difficult to source. Because there are a limited number
of suppliers for these raw materials and components, we may need to engage alternate suppliers to prevent a possible disruption of the
manufacture of the materials necessary to produce our Program Products for our clinical studies, and if approved, ultimately for commercial
sale. In particular, there is only one supplier for PHAD<sup>&#174;</sup>, Avanti Polar Lipids, Inc. Although we have secured enough material
through a purchase order for our planned clinical trials, we do not have a long-term supply agreement with Avanti Polar Lipids, Inc. We
do not have any control over the availability of raw materials and components. If we or our manufacturers are unable to purchase these
raw materials or components on acceptable terms, at sufficient quality levels, or in adequate quantities, if at all, the development and
commercialization of our product candidates or any future product candidates, would be delayed or there would be a shortage in supply,
which would impair our ability to meet our development objectives for our Program Products or generate revenues from the sale of any approved
products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Until such time, if ever, as we establish a manufacturing
facility that has been properly validated to comply with FDA or other comparable regulatory agencies cGMP requirements, we will not be
able to independently manufacture Program Products for our planned preclinical and clinical programs. We currently rely on a third-party
manufacturer for the production of our clinical study materials. And to date, REVTx-99a/b, REVTx-200 and REVTx-300 have been manufactured
by a single third-party manufacturer. This manufacturer may not be able to scale production to the larger quantities required for large
clinical studies and to commercialize REVTx-99b, REVTx-200 and REVTx-300, if approved. REVDx-501 has also been manufactured and developed
by a single third-party manufacturer. This manufacturer may not be able to scale production to the larger quantities required for a clinical
study and to commercialize, if approved. Also, the third-party manufacturers may not be able to produce Program Products that meet the
quality requirements. In the event that this third-party manufacturer does not successfully carry out its contractual duties, meet expected
deadlines or manufacture our products in accordance with regulatory requirements or if there are disagreements between us and this third-party
manufacturer, we will not be able to complete, or may be delayed in completing, the clinical studies required. In such instances, we may
need to locate an appropriate replacement third-party relationship, which may not be readily available or on acceptable terms, which would
cause additional delay or increased expense and would thereby have a material adverse effect on our business, financial condition, results
of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We do not have a long-term supply agreement with
any third-party manufacturer. Reliance on third-party manufacturers entails risks to which we would not be subject if we manufacture product
candidates or products ourselves. For example, if we do not maintain our key manufacturing relationships, we may fail to find replacement
manufacturers or develop our own manufacturing capabilities in a timely manner or at all, which could delay or impair our ability to obtain
regulatory approval for our products and substantially increase our costs or deplete profit margins, if any. If we do find replacement
manufacturers, we may not be able to enter into agreements with them on terms and conditions favorable to us, and there could be a substantial
delay before new facilities could be qualified and registered with the FDA and other comparable foreign regulatory authorities. Even if
we are able to establish agreements with third-party manufacturers, reliance on third-party manufacturers entails additional risks, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the possible failure of the third party to manufacture product candidates according to our schedule, or at all, including if our third-party contractors give greater priority to the supply of other products over our product candidates or otherwise do not satisfactorily perform according to the terms of the agreements between us and them;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 29; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the possible breach of the manufacturing agreement by the third party because of factors beyond our control (including a failure to manufacture product candidates in accordance with our product specifications);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the possible mislabeling of clinical supplies, potentially resulting in the wrong dose amounts being supplied or active drug or placebo not being properly identified;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the possibility of clinical supplies not being delivered to clinical sites on time, leading to clinical study interruptions, or of drug supplies not being distributed to commercial vendors in a timely manner, resulting in lost sales;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the possible misappropriation of our proprietary information, including our trade secrets and know-how;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the possible termination or nonrenewal of the agreement by the third party at a time that is costly or inconvenient for us; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reliance on the third party for regulatory compliance, quality assurance and safety and pharmacovigilance reporting.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Certain raw materials necessary for the manufacture
of REVTx-99b, REVTx-200 and REVTx-300 under our current manufacturing process, such as our API, are available only from a single supplier.
Any significant delay in the acquisition or decrease in the availability of these raw materials from our supplier could considerably delay
the manufacture of REVTx-99b, REVTx-200 and REVTx-300, which could adversely impact the timing of any planned studies or the regulatory
approvals of REVTx-99b, REVTx-200 and REVTx-300. The FDA and other comparable foreign regulatory authorities require manufacturers to
register manufacturing facilities. The FDA and other comparable foreign regulatory authorities also inspect these facilities to confirm
compliance with cGMP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Contract manufacturers may face manufacturing
or quality control problems causing drug substance, drug product, diagnostic test kit production and shipment delays or a situation where
the contractor may not be able to maintain compliance with the applicable cGMP requirements. We may have little to no control regarding
the occurrence of third-party manufacturer incidents. Any failure to comply with cGMP requirements or other FDA or comparable foreign
regulatory requirements could adversely affect our clinical research activities and our ability to develop our Program Products or any
future product candidates and market our Program Products following approval.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">If our Program Products or any future product
candidates are approved by the FDA or other comparable foreign regulatory authorities for commercial sale, we may need to manufacture
such product candidate in larger quantities. We intend to use third-party manufacturers for commercial quantities of our Program Products
to the extent we advance this product candidate and other product candidates. Our manufacturers may not be able to successfully increase
the manufacturing capacity for any of our product candidates in a timely or efficient manner, or at all. If we are unable to successfully
increase the manufacturing capacity for a product candidate, the regulatory approval or commercial launch of that product candidate may
be delayed or there may be a shortage in the supply of the product candidate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">In addition, the operations of our third-party
manufacturers may be subject to earthquakes, power shortages, telecommunications failures, failures or breaches of information technology
systems, water shortages, floods, hurricanes, typhoons, fires, extreme weather conditions, medical epidemics, and other natural or man-made
disasters or business interruptions. Damage or extended periods of interruption to our facilities due to fire, natural disaster, power
loss, communications failure, unauthorized entry or other events could cause us to cease or delay development of some or all of our product
candidates. Our ability to obtain clinical supplies of our product candidates could be disrupted if the operations of these suppliers
are affected by a man-made or natural disaster or other business interruption.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Our current and anticipated future dependence
upon others for the manufacture of our product candidates may adversely affect our future profit margins and our ability to develop our
product candidates and commercialize any products that receive regulatory approval on a timely basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">In some cases, the technical skills or technology
required to manufacture our product candidates may be unique or proprietary to the original manufacturer, we may have difficulty transferring
such skills or technology to another third party and a feasible alternative many not exist. These factors would increase our reliance
on such manufacturer or require us to obtain a license from such manufacturer in order to have another third party manufacture our product
candidates. If we are required to change manufacturers for any reason, we will be required to verify that the new manufacturer maintains
facilities and procedures that comply with quality standards and with all applicable regulations and guidelines. The delays associated
with the verification of a new manufacturer, if we are able to identify an alternative source, could negatively affect our ability to
develop product candidates in a timely manner or within budget.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to obtain and maintain
the third-party relationships that are necessary to develop, commercialize and manufacture some or all of our product candidates.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We expect to depend on collaborators, partners,
licensees, clinical investigators, CROs, manufacturers and other third parties to support our discovery efforts, to formulate product
candidates, to conduct clinical studies for some or all of our Program Products, to manufacture clinical and commercial scale quantities
of our drug substance, drug product, diagnostic test and to market, sell and distribute any products we successfully develop. Any problems
we experience with any of these third parties could delay the development, commercialization and manufacturing of our product candidates,
which could harm our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We cannot guarantee that we will be able to successfully
negotiate agreements for, or maintain relationships with, collaborators, partners, licensees, clinical investigators, CROs, manufacturers
and other third parties on favorable terms, if at all. If we are unable to obtain or maintain these agreements, we may not be able to
clinically develop, formulate, manufacture, obtain regulatory approvals for or commercialize our Program Products and any future product
candidates, which will in turn adversely affect our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We expect to expend substantial management time
and effort to enter into relationships with third parties and, if we successfully enter into such relationships, to manage these relationships.
In addition, substantial amounts will be paid to third parties in these relationships. However, we cannot control the amount or timing
of resources our future contract partners will devote to our research and development programs, product candidates or potential product
candidates, and we cannot guarantee that these parties will fulfill their obligations to us under these arrangements in a timely fashion,
if at all. In addition, while we manage the relationships with third parties, we cannot control all of the operations of, and any outsourcing
used by such third parties. We rely on third parties&#8217; knowledge regarding specific local laws and regulatory requirements in foreign
jurisdictions, where applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We depend on our information technology
systems and those of our third-party collaborators, service providers, contractors or consultants. Our internal computer systems, or those
of our third-party collaborators, service providers, contractors or consultants, may fail or suffer security breaches, disruptions, or
incidents, which could result in a material disruption of our development programs or loss of data or compromise the privacy, security,
integrity or confidentiality of sensitive information related to our business and have a material adverse effect on our reputation, business,
financial condition or results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the ordinary course of our business, we collect,
store and transmit large amounts of confidential information, including intellectual property, proprietary business information and personal
information. Our internal technology systems and infrastructure, and those of our current or future third-party collaborators, service
providers, contractors and consultants are vulnerable to damage from computer viruses, unauthorized access or use resulting from malware,
natural disasters, terrorism, war and telecommunication and electrical failures, denial-of-service attacks, cyber-attacks or cyber-intrusions
over the Internet, hacking, phishing and other social engineering attacks, persons inside our organizations (including employees or contractors),
loss or theft, or persons with access to systems inside our organization. Attacks on information technology systems are increasing in
their frequency, levels of persistence, sophistication and intensity, and they are being conducted by increasingly sophisticated and organized
foreign governments, groups and individuals with a wide range of motives and expertise. In addition to extracting or accessing sensitive
information, such attacks could include the deployment of harmful malware, ransomware, denial-of-service attacks, social engineering and
other means to affect service reliability and threaten the security, confidentiality, integrity and availability of information. The prevalent
use of mobile devices that access sensitive information also increases the risk of data security incidents which could lead to the loss
of confidential information or other intellectual property. While to our knowledge we have not experienced any material system failure,
accident or security breach to date, if such an event were to occur and cause interruptions in our operations or the operations of third-party
collaborators, service providers, contractors and consultants, it could result in a material disruption of our development programs and
significant reputational, financial, legal, regulatory, business or operational harm. The costs to us to mitigate, investigate and respond
to potential security incidents, breaches, disruptions, network security problems, bugs, viruses, worms, malicious software programs and
security vulnerabilities could be significant, and while we have implemented security measures to protect our data security and information
technology systems, our efforts to address these problems may not be successful, and these problems could result in unexpected interruptions,
delays, cessation of service and other harm to our business and our competitive position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For example, the loss of clinical
study data from completed, ongoing or planned clinical studies for our product candidates could result in delays in our regulatory approval
efforts and significantly increase our costs to recover or reproduce the data. To the extent that any real or perceived security breach
affects our systems (or those of our third-party collaborators, service providers, contractors or consultants), or results in the loss
of or accidental, unlawful or unauthorized access to, use of, release of, or other processing of personally identifiable information or
damage to our data or applications or other data or applications relating to our technology or product candidates, or inappropriate disclosure
of confidential or proprietary information, we could incur liabilities and the further development of our product candidates could be
delayed. Such a breach may require notification to governmental agencies, the media or individuals pursuant to various foreign, domestic
(federal and state) privacy and security laws, if applicable, including HIPAA, as amended by HITECH, and its implementing rules and regulations,
as well as regulations promulgated by the Federal Trade Commission and state breach notification laws. In addition, our liability insurance
may not be sufficient in type or amount to cover us against claims related to security breaches, cyberattacks and other related incidents.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any failure or perceived failure
by us or any third-party collaborators, service providers, contractors or consultants to comply with our privacy, confidentiality, data
security or similar obligations, or any data security incidents or other security breaches that result in the accidental, unlawful or
unauthorized access to, use of, release of, processing of, or transfer of sensitive information, including personally identifiable information,
may result in negative publicity, harm to our reputation, governmental investigations, enforcement actions, regulatory fines, litigation
or public statements against us, could cause third parties to lose trust in us or could result in claims by third parties, including those
that assert that we have breached our privacy, confidentiality, data security or similar obligations, any of which could have a material
adverse effect on our reputation, business, financial condition or results of operations. To the extent we maintain individually identifiable
health information, we could be subject to fines and penalties (including civil and criminal) under HIPAA for any failure by us or our
business associates to comply with HIPAA&#8217;s requirements. Moreover, data security incidents and other security breaches can be difficult
to detect, and any delay in identifying them may lead to increased harm. While we have implemented data security measures intended to
protect our information, data, information technology systems, applications and infrastructure, there can be no assurance that such measures
will successfully prevent service interruptions or data security incidents.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Our Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to obtain and maintain
effective patent rights for our product candidates or any future product candidates, we may not be able to compete effectively in our
markets. If we are unable to protect the confidentiality of our trade secrets or know-how, such proprietary information may be used by
others to compete against us.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our success will depend in
significant part on our and our future licensors&#8217;, licensees&#8217; or collaborators&#8217; ability to establish and maintain adequate
protection of our owned and licensed intellectual property covering the product candidates we plan to develop, and the ability to develop
these product candidates and commercialize the products resulting therefrom, without infringing the intellectual property rights of others.
Our Program Products have been developed in-house and are not subject to any third-party license. In addition to taking other steps to
protect our intellectual property, we file patent applications to protect inventions we have developed, seeking to protect compositions,
methods of use, manufacturing methods, and other aspects of our technology. There can be no assurance that any of these patent applications
will issue as patents or, for those applications that do mature into patents, that the claims of these patents will exclude others from
making, using or selling our product candidates or products that compete with or are similar to our product candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to patent rights,
we cannot be certain whether any of the technology described in our patent applications for any of our product candidates will remain
relevant to our future commercial products, whether any of our patent applications will issue as patents, whether any patents that may
be issued to us will effectively protect our commercial processes and product candidates, or whether any patents that may be issued to
us will effectively prevent others from competing with our products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In countries where we have
not sought and do not seek patent protection, third parties may be able to manufacture and sell our product candidates without our permission,
and we may not be able to stop them from doing so.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Publications of discoveries
in the scientific literature often lag behind the actual discoveries, and patent applications in the United&#160;States and other jurisdictions
are typically not published until 18&#160;months after filing or in some cases not at all, until they are issued as a patent. Therefore,
we cannot be certain that we or future licensors, licensees or collaborators were the first to make the inventions claimed in our owned
or licensed patents or pending patent applications, or that we or future licensors, licensees or collaborators were the first to file
for patent protection of such inventions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any changes we make to our
Program Products or any future product candidates to cause them to have what we view as more advantageous properties may fall outside
the coverage of our existing patent applications, and we may need to file new patent applications and/or seek other forms of protection
for any such altered product candidates. The patent landscape surrounding the technology underlying our product candidates is crowded,
and there can be no assurance that we will be able to secure patent protection that would adequately cover such altered Program Products
or any future product candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The patent prosecution process
is expensive and time-consuming, and we and our future licensors, licensees or collaborators may not be able to prepare, file and prosecute
all necessary or desirable patent applications at a reasonable cost or in a timely manner. It is also possible that we or our future licensors,
licensees or collaborators will fail to identify patentable aspects of inventions made in the course of development and commercialization
activities before it is too late to obtain patent protection for them. Moreover, in some circumstances, we may not have the right to control
the preparation, filing and prosecution of patent applications, or to maintain or enforce the patents, covering technology that we license
from or license to third parties and may be reliant on our current or future licensors, licensees or collaborators to perform these activities,
which means that these patent applications may not be prosecuted, and these patents may not be enforced or maintained, in a manner consistent
with the best interests of our business. If our future licensors, licensees or collaborators fail to establish, maintain, protect or enforce
such patents and other intellectual property rights, such rights may be reduced or eliminated. If our future licensors, licensees or collaborators
are not fully cooperative or disagree with us as to the prosecution, maintenance or enforcement of any patent rights, such patent rights
could be compromised.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Similar to the patent rights
of other biotechnology companies, the scope, validity and enforceability of our owned and licensed patent rights generally are highly
uncertain and involve complex legal and factual questions. The issuance of a patent is not conclusive as to its inventorship, scope, validity
or enforceability, and our patents may be challenged in the courts or patent offices in the United&#160;States and abroad. In recent&#160;years,
these areas have been the subject of much litigation in the industry. As a result, the issuance, scope, validity, enforceability and commercial
value of our and our current or future licensors&#8217;, licensees&#8217; or collaborators&#8217; patent rights are highly uncertain.
Our and our future licensors&#8217;, licensees&#8217; or collaborators&#8217; future patent applications may not result in patents being
issued that protect our technology or product candidates, or that effectively prevent others from commercializing competitive technologies
and products. The patent examination process may require us or our future licensors, licensees or collaborators to narrow the scope of
the claims of our patent applications, which would limit the scope of patent protection that is obtained, if any. Our and our future licensors&#8217;,
licensees&#8217; or collaborators&#8217; patent applications cannot be enforced against third parties practicing the technology that is
currently claimed in such applications unless and until a patent issues from such applications, and then only to the extent the claims
that issue are broad enough to cover the technology being practiced by those third parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to protect our intellectual
property rights throughout the world.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Filing, prosecuting, enforcing
and defending patents on product candidates in all countries throughout the world would be prohibitively expensive, and we may not protect
our intellectual property in some countries outside the United&#160;States to the same extent as in the United&#160;States. In addition,
the laws of some foreign countries do not protect intellectual property rights to the same extent as federal and certain state laws in
the United&#160;States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consequently, we may not be
able to prevent third parties from practicing our inventions in all countries outside the United&#160;States, or from selling or importing
products made using our inventions in and into the United&#160;States or other jurisdictions. Competitors may use technologies in jurisdictions
where we have not obtained patent protection to develop their own products and, further, may export otherwise infringing products to territories
where we do not have patent protection, or where we do have patent protection, but enforcement is not as strong as that in the United&#160;States.
These products may compete with our Program Products or any future product candidates and our patents or other intellectual property rights
may not effectively prevent them from competing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many companies have encountered
significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries,
particularly certain developing countries, do not favor the enforcement of patents and other intellectual property protection, particularly
those relating to biopharmaceuticals. This could make it difficult for us to stop the infringement of our patents or the marketing of
competing products in violation of our proprietary rights. Proceedings to enforce our patent rights in foreign jurisdictions could result
in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being revoked,
invalidated or interpreted narrowly, and could provoke third parties to assert claims against us or our collaborator. We may not prevail
in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not adequately compensate us for the harm to
our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Different countries impose
different requirements for patentability and certain countries have heightened requirements for patentability, requiring more disclosure
in the patent application or disfavoring the issuance of broad claims. In addition, certain countries have compulsory licensing laws under
which a patent owner may be compelled to grant licenses to third parties. In such countries, we may have limited remedies if patents are
infringed or if we are compelled to grant a license to a third party, which could materially diminish the value of those patents. This
could limit our potential revenue opportunities. In addition, many countries limit the enforceability of patents against government agencies
or government contractors. In these countries, the patent owner may have limited remedies, which could materially diminish the value of
such patent. Accordingly, our efforts to enforce intellectual property rights around the world may be inadequate to obtain a significant
commercial advantage from the intellectual property that we own or license.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not have sufficient patent lifespan
to effectively protect our products and business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of our patents are in
early stages. Patents have a limited lifespan. In the United&#160;States, the natural expiration of a patent is generally 20&#160;years
after its priority date. Given the amount of time required for the development, testing and regulatory review of new product candidates,
patents protecting such candidates might expire before or shortly after the resulting products are commercialized. As a result, our owned
and future in-licensed patents may not provide us with sufficient rights to exclude others from commercializing products similar or identical
to ours. We expect to seek extensions of patent terms for our issued patents, where available. This includes in the United&#160;States
under the Hatch-Waxman Act, which permits a patent term extension of up to five&#160;years beyond the original expiration date of the
patent as compensation for regulatory delays. However, such a patent term extension cannot lengthen the remaining term of a patent beyond
a total of 14&#160;years from the product&#8217;s approval date. Only one patent applicable to an approved drug is eligible for the extension
and the application for the extension must be submitted prior to the expiration of the patent. During the period of patent term extension,
the claims of a patent are not enforceable for their full scope but are instead limited to the scope of the approved product. In addition,
the applicable authorities, including the FDA in the United&#160;States, and any comparable foreign regulatory authorities, may not agree
with our assessment of whether such extensions are available, and may refuse to grant extensions to our patents, or may grant more limited
extensions than we request. In addition, we may not be granted an extension because of, for example, failing to apply within applicable
deadlines, failing to apply prior to the expiration of relevant patents or otherwise failing to satisfy applicable requirements. If this
occurs, any period during which we have the right to exclusively market our product will be shorter than we would otherwise have expected,
and our competitors may obtain approval of and launch products earlier than might otherwise have been the case.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to maintain effective proprietary
rights for our Program Products or any future product candidates, we may not be able to compete effectively in our markets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the protection
afforded by any patents that may be granted, we rely on trade secret protection and confidentiality agreements to protect proprietary
know-how that is not patentable or that we elect not to patent, processes for which patents are difficult to enforce and any other elements
of our product candidate discovery and development processes that involve proprietary know-how, information or technology that is not
covered by patents. However, trade secrets can be difficult to protect. We protect our proprietary technology and processes, in part,
by entering into confidentiality agreements with our employees, consultants, scientific advisors and contractors. We also seek to preserve
the integrity and confidentiality of our data, trade secrets and intellectual property by maintaining the physical security of our premises
and physical and electronic security of our information technology systems. While we have confidence in these individuals, organizations
and systems, agreements or security measures may be breached, and we may not have adequate remedies for any breach. In addition, our trade
secrets and intellectual property may otherwise become known or be independently discovered by competitors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, our reliance
on third parties, including CROs and outside consultants, requires us to share our trade secrets and intellectual property, which increases
the possibility that a competitor will discover them or that our trade secrets and intellectual property will be misappropriated or publicly
disclosed. The steps that we have already taken to protect our intellectual property may not be sufficient or effective, and our confidentiality,
non-disclosure, or invention assignment agreements with employees, consultants, partners, or other parties may be breached and may otherwise
not be effective in establishing our rights in intellectual property and in controlling access to our proprietary information. Even if
we do detect violations, we may need to engage in litigation to enforce our rights, and such litigation, even if successful, may not restore
our proprietary rights or adequately compensate us for the damage to our rights or our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be involved in lawsuits to protect
or enforce our intellectual property, which could be expensive, time-consuming and unsuccessful.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Third parties may infringe
our patents or misappropriate or otherwise violate our intellectual property rights. In the future, we may initiate legal proceedings
to enforce or defend our intellectual property rights, to protect our trade secrets or to determine the validity or scope of intellectual
property rights we own or control. Also, third parties may initiate legal proceedings against us to challenge the validity or scope of
intellectual property rights we own, control or license. For example, generic or biosimilar drug manufacturers or other competitors or
third parties may challenge the scope, validity or enforceability of our patents, requiring us to engage in complex, lengthy and costly
litigation or other proceedings. These proceedings can be expensive and time-consuming and many of our adversaries in these proceedings
may have the ability to dedicate substantially greater resources to prosecuting these legal actions than we can. Accordingly, despite
our efforts, we may not be able to prevent third parties from infringing upon or misappropriating intellectual property rights we own,
control or license, particularly in countries where the laws may not protect those rights as fully as in the United&#160;States. Litigation
could result in substantial costs and diversion of management resources, which could harm our business and financial results. In addition,
if we initiated legal proceedings against a third party to enforce a patent covering a product candidate, the defendant could assert that
such patent is invalid or unenforceable, or does not cover their product candidate. Grounds for a validity challenge could be an alleged
failure to meet any of several statutory requirements, including lack of novelty, obviousness or non-enablement. Grounds for an unenforceability
assertion could be an allegation that someone connected with prosecution of the patent withheld relevant information from the USPTO, or
made a misleading statement, during prosecution. In an infringement or declaratory judgment proceeding, a court may decide that a patent
owned by or licensed to us is invalid or unenforceable or may refuse to stop the other party from using the subject matter alleged to
be infringing on the grounds that our patents do not cover that subject matter. An adverse result in any litigation proceeding could put
one or more of our patents at risk of being invalidated, narrowed, held unenforceable or interpreted in such a manner that would allow
third parties to enter the market with competing products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Third-party pre-issuance submission
of prior art to the USPTO, or opposition, derivation, revocation, reexamination, inter parties review, post-grant review or interference
proceedings, or other patent office proceedings or litigation in the United&#160;States or other jurisdictions provoked by third parties
or brought by us, may be necessary to determine the inventorship, priority, patentability or validity of inventions with respect to our
patents or patent applications. An unfavorable outcome could leave our technology or product candidates without patent protection, could
allow third parties to commercialize our technology or product candidates and compete directly with us, or without payment to us. In addition,
if the breadth or strength of protection provided by our patents and patent applications is threatened, it could dissuade companies from
collaborating with us to license, develop or commercialize current or future product candidates. Even if we successfully defend such litigation
or proceeding, we may incur substantial costs and our defense may distract our management and other employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, because of the
substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential
information could be compromised by disclosure during this type of litigation. In addition, many foreign jurisdictions have rules of discovery
that are different than those in the United&#160;States and that may make defending or enforcing our patents extremely difficult. There
could also be public announcements of the results of hearings, motions or other interim proceedings or developments. If securities analysts
or investors perceive these results to be negative, it could have a material adverse effect on the price of shares of our Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may infringe the intellectual property
rights of others, which could increase our costs and delay or prevent our development efforts.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our commercial success depends
upon our ability to develop, manufacture, market and sell our Program Products and any future product candidates that we may develop and
use our proprietary technologies without infringing, misappropriating or otherwise violating the intellectual property and proprietary
rights of third parties. The biotechnology and pharmaceutical industries are characterized by extensive litigation regarding patents and
other intellectual property rights. Third parties may initiate legal proceedings against us alleging that we infringe their intellectual
property rights, or we may initiate legal proceedings against third parties to challenge the validity or scope of intellectual property
rights controlled by third parties, including in oppositions, interferences, revocations, reexaminations, inter parties review, post-grant
review or derivation proceedings before the USPTO or its counterparts in other jurisdictions. These proceedings can be expensive and time-consuming
and many of our adversaries in these proceedings may have the ability to dedicate substantially greater resources to prosecuting these
legal actions than we can.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We could be found liable for
monetary damages, including treble damages and attorneys&#8217; fees, if we are found to have willfully infringed a patent of a third
party. A finding of infringement could prevent us from commercializing our Program Products or any future product candidates or force
us to cease some of our business operations, which could materially harm our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not be aware of all
third-party intellectual property rights potentially relating to our Program Products or any future product candidates. As to pending
third-party applications, we cannot predict with any certainty which claims will issue, if any, or the scope of any claims that may issue.
Even if we believe third-party intellectual property claims are without merit, there is no assurance that a court would find in our favor
on questions of infringement, validity, enforceability or priority. A court of competent jurisdiction could hold that these third-party
patents are valid, enforceable and infringed, which could materially and adversely affect our ability to commercialize any product candidates
we may develop and any other product candidates covered by the asserted third-party patents. In order to successfully challenge the validity
of any such U.S.&#160;patent in federal court, we would need to overcome a presumption of validity. As this burden is a high one requiring
us to present clear and convincing evidence as to the invalidity of any such U.S.&#160;patent claim, there is no assurance that a court
of competent jurisdiction would invalidate the claims of any such U.S.&#160;patent. If any third-party patents were successfully asserted
against us or our commercialization partners and we were unable to successfully challenge the scope, validity or enforceability of any
such asserted patents, then we and our commercialization partners may be prevented from commercializing our product candidates, or may
be required to pay significant damages, including treble damages and attorneys&#8217; fees if we are found to willfully infringe the asserted
patents, or obtain a license to such patents, which may not be available on commercially reasonable terms, or at all. Even if we were
able to obtain a license, it could be non-exclusive, thereby giving our competitors and other third parties&#8217; access to the same
technologies licensed to us, and it could require us to make substantial licensing and royalty payments. Any of the foregoing would have
a material adverse effect on our business, financial condition and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we have reviewed
certain third-party patents and patent filings that we believe may be relevant to our therapeutic candidates or products, we have not
conducted a freedom-to-operate search or analysis for any of our therapeutic candidates or products, and we may not be aware of patents
or pending or future patent applications that, if issued, would block us from commercializing our therapeutic candidates or products.
Thus, we cannot guarantee that our therapeutic candidates or products, or our commercialization thereof, do not and will not infringe
any third party&#8217;s intellectual property.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Changes in United&#160;States and international
patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As is the case with other
biotechnology companies, our success is heavily dependent on IP, particularly patents. Obtaining and enforcing patents in the biotechnology
industry involve both technological and legal complexity, and therefore obtaining and enforcing biotechnology patents is costly, time-consuming
and inherently uncertain. Recent U.S.&#160;Supreme Court rulings have narrowed the scope of patent protection available in certain circumstances
and weakened the rights of patent owners in certain situations, which may diminish our ability to obtain and enforce patents for our inventions.
Depending on decisions by the U.S.&#160;Congress, the federal courts, and the USPTO, the laws and regulations governing patents could
change in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents and patents that we
might obtain in the future. Furthermore, depending on the Supreme Court&#8217;s review of the Patient Protection and Affordable Care Act,
as amended by the Health Care and Education Reconciliation Act&#160;of&#160;2010 (the &#8220;Affordable Care Act&#8221;), or legislation
to repeal or amend the Affordable Care Act, the twelve&#160;years of regulatory exclusivity currently provided to certain biologic products
in the United&#160;States may be reduced or eliminated. Any such reduction or elimination could impair the length of exclusivity against
similar products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our inability to protect our trade secrets
would harm our business and competitive position.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to seeking patents
for some of our technology and product candidates, we also rely substantially on trade secrets, including unpatented know-how, technology
and other proprietary materials and information, to maintain our competitive position. We protect these trade secrets, in part, by entering
into non-disclosure and confidentiality agreements with parties who have access to them, such as our employees, corporate collaborators,
outside scientific collaborators, contract manufacturers, consultants, advisors and other third parties. However, these steps may be inadequate,
we may fail to enter into agreements with all such parties or any of these parties may breach the agreements and disclose our trade secrets
and there may be no adequate remedy available for such breach of an agreement. We cannot assure you that our trade secrets will not be
disclosed or that we can meaningfully protect our trade secrets. Enforcing a claim that a party illegally disclosed or misappropriated
a trade secret is difficult, expensive and time-consuming, and the outcome is unpredictable. In addition, some courts both within and
outside the United&#160;States may be less willing, or unwilling, to protect trade secrets. If a competitor lawfully obtained or independently
developed any technology or information that we protect as trade secret, we would have no right to prevent such competitor from using
that technology or information to compete with us, which could harm our competitive position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Intellectual property rights do not necessarily
address all potential threats.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The degree of future protection
afforded by our intellectual property rights is uncertain because intellectual property rights have limitations and may not adequately
protect our business or permit us to maintain our competitive advantage. For example:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">others may be able to make products that are similar to our Program Products and any future product candidates we may develop but that are not covered by the claims of the patents that we may own or license in the future;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we, or our future collaborators, might not have been the first to make the inventions covered by the issued patents and pending patent applications that we may own or license in the future;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we, or our future collaborators, might not have been the first to file patent applications covering certain of our or their inventions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">third-party patents may be asserted against our product candidates and technologies in a manner that threatens or harms our business; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may choose not to file a patent application in order to maintain certain trade secrets or know-how, and a third party may subsequently file a patent covering such trade secrets or know-how.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Should any of these events
occur, they could have a material adverse effect on our business, financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If our trademarks and trade names are not
maintained and adequately protected, we may not be able to build name recognition in our markets of interest, and our business may be
adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failure to obtain trademark
registrations in the future could limit our ability to protect and enforce our trademarks and impede our marketing efforts in the countries
in which we intend to operate. We may not be able to protect our rights to trademarks and trade names which we may need to build name
recognition with potential partners or customers in our markets of interest. As a means to enforce any future trademark rights and prevent
infringement, we may be required to file trademark claims against third parties or initiate trademark opposition proceedings. This can
be time-consuming and expensive and may strain the financial resources of a company of our size, and we may not ultimately be successful
in enforcing our trademark rights. In addition, our registered or unregistered trademarks or trade names may be challenged, infringed,
circumvented, declared generic or determined to be infringing on other marks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Future trademark applications
in the United&#160;States and in other foreign jurisdictions where we may file may not be allowed or may subsequently be opposed. Even
if these applications result in registration of trademarks, third parties may challenge our use or registration of these trademarks in
the future. Over the long term, if we are unable to establish name recognition based on our trademarks and trade names, then we may not
be able to compete effectively, and our business may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Our Business Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our future success depends in part on our
ability to retain our senior management team, directors and other key employees and to attract, retain and motivate other qualified personnel.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not be able to attract
or retain qualified directors, personnel and consultants due to the intense competition for such individuals among in the biotechnology
and pharmaceutical industries. If we are not able to attract and retain necessary personnel and consultants to accomplish our business
objectives, we may experience constraints that will significantly impede the achievement of our development objectives, our ability to
raise additional capital and our ability to implement our business strategy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our industry has experienced
a high rate of turnover of management personnel in recent&#160;years. We are highly dependent on the development, regulatory, commercialization
and business development expertise of the members of our executive team, as well as other key employees and consultants. If we lose one
or more of our executive officers or other key employees or consultants, our ability to implement our business strategy successfully could
be seriously harmed. Any of our executive officers or other key employees or consultants may terminate their employment or consultancy
arrangements with us at any time and replacing such individuals may be difficult and time-consuming because of the limited number of individuals
in our industry with the necessary breadth of skills and experience. Competition to hire and retain employees and consultants from this
limited pool is intense, and we may be unable to hire, train, retain or motivate such individuals. Additionally, we do not currently maintain
&#8220;key person&#8221; life insurance on the lives of our executives or any of our employees. This lack of insurance means that we may
not receive adequate compensation for the loss of the services of these individuals. If we are unable to continue to attract and retain
high-quality personnel, the rate and success with which we can discover and develop product candidates and our business will be limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We will need to expand our organization,
and we may experience difficulties in managing this growth, which could disrupt our operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are in the early stages
of building the full management team and employee base that we anticipate we will need to complete the development of our Program Products
and other future product candidates. As of July 8, 2022, we had 14 employees.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we advance our preclinical
and clinical development programs for our product candidates, seek regulatory approval in the United&#160;States and elsewhere and increase
the number of ongoing product development programs, we anticipate that we will need to increase our product development, scientific and
administrative headcount. We will also need to establish commercial capabilities in order to commercialize any product candidates that
may be approved. Such an evolution may impact our strategic focus and our deployment and allocation of resources. Our management, personnel
and systems may experience difficulty in adjusting to our growth and strategic focus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to manage our
operations and growth effectively depends upon the continual improvement of our procedures, reporting systems and operational, financial
and management controls. We may not be able to implement administrative and operational improvements in an efficient or timely manner
and may discover deficiencies in existing systems and controls. If we do not meet these challenges, we may be unable to execute our business
strategies and may be forced to expend more resources than anticipated addressing these issues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may acquire additional
technology and complementary businesses in the future. Acquisitions involve many risks, any of which could materially harm our business,
including the diversion of management&#8217;s attention from core business concerns, failure to effectively exploit acquired technologies,
failure to successfully integrate the acquired business or realize expected synergies or the loss of key employees from either our business
or the acquired businesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in order to continue
to meet our obligations as a public company and to support our anticipated long-term growth, we will need to increase our general and
administrative capabilities. Our management, personnel and systems may not be adequate to support this future growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to successfully
manage our growth and the increased complexity of our operations, our business, financial position, results of operations and prospects
may be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be successful in our efforts
to identify, discover or license additional product candidates.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although a substantial amount
of our effort will focus on the continued clinical testing, potential approval and commercialization of our lead Program Products, the
success of our business also depends upon our ability to identify, discover or license additional product candidates. Our research programs
or licensing efforts may fail to yield additional product candidates for clinical development for a number of reasons, including (i)&#160;lack
of financial or personnel resources to acquire or discover additional product candidates; (ii)&#160;product candidates may not succeed
in preclinical or clinical testing; (iii)&#160;product candidates may be shown to have harmful side effects or may have other characteristics
that may make the products unmarketable or unlikely to receive marketing approval; (iv)&#160;competitors may develop alternatives that
render our product candidates obsolete or less attractive; (v)&#160;the market for a product candidate may change during our development
program so that such product may become unprofitable to continue to develop; (vi)&#160;product candidates may not be capable of being
produced in commercial quantities at an acceptable cost, or at all; and (vii)&#160;product candidates may not be accepted as safe and
effective by patients, the medical community, or third-party payors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be forced to abandon
our development efforts for a program or programs that are unsuccessful, or we may not be able to identify, license, or discover additional
product candidates, which would have a material adverse effect on our business and could potentially cause us to cease operations. Further,
research programs to identify new product candidates require substantial technical, financial and human resources. We may focus our efforts
and resources on potential programs or product candidates that ultimately prove to be unsuccessful.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we fail to comply with environmental,
health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse
effect on the success of our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research, development
and manufacturing activities and our third-party manufacturers&#8217; and suppliers&#8217; activities involve the controlled storage,
use and disposal of hazardous materials, including the components of our product candidates and other hazardous compounds. We and our
manufacturers and suppliers are subject to laws and regulations governing the use, manufacture, storage, handling and disposal of these
hazardous materials. In some cases, these hazardous materials and various wastes resulting from their use are stored at our and our manufacturers&#8217;
facilities pending their use and disposal. We cannot eliminate the risk of contamination, which could cause an interruption of our commercialization
efforts, research and development efforts and business operations, environmental damage resulting in costly clean-up and liabilities under
applicable laws and regulations governing the use, storage, handling and disposal of these materials and specified waste products. Although
we believe that the safety procedures utilized by our third-party manufacturers for handling and disposing of these materials generally
comply with the standards prescribed by these laws and regulations, we cannot guarantee that this is the case or eliminate the risk of
accidental contamination or injury from these materials. In such an event, we may be held liable for any resulting damages, such liability
could exceed our resources, and state or federal or other applicable authorities may curtail our use of certain materials and/or interrupt
our business operations. Furthermore, environmental laws and regulations are complex, change frequently and have tended to become more
stringent. We cannot predict the impact of such changes and cannot be certain of our future compliance. We do not currently carry biological
or hazardous waste insurance coverage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Healthcare reform in the United&#160;States
may negatively impact our ability to profitably sell our product candidates, if approved, and to recoup the upfront investment needed
to obtain regulatory approval of our product candidates.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Third-party payors, whether
domestic or foreign, or governmental or commercial, are continually developing and advancing new methods of controlling healthcare costs.
The United&#160;States and many foreign jurisdictions have enacted or proposed legislative and regulatory changes affecting the healthcare
system that could prevent or delay marketing approval of our product candidates, restrict or regulate post-approval activities and affect
our ability to profitably sell any product for which we obtain marketing approval.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Affordable Care Act for example,
contains provisions that have significantly changed the way health care is financed by both governmental and private insurers. We expect
that current laws, as well as other healthcare reform measures that may be adopted in the future, may result in more rigorous coverage
criteria and in additional downward pressure on the price that we, or any strategic collaborators, may receive for any approved products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since&#160;its&#160;enactment,&#160;there&#160;have
been numerous judicial,&#160;administrative,&#160;executive,&#160;and legislative challenges to certain&#160;aspects&#160;of the&#160;Affordable&#160;Care
Act, and we expect&#160;there&#160;will&#160;be additional challenges&#160;and amendments to the&#160;Affordable&#160;Care Act in the&#160;future.&#160;By
way of example, on January&#160;28, 2021, President Biden issued the &#8220;Executive Order on Strengthening Medicaid and the Affordable
Care Act,&#8221; which, among other things revoked certain executive orders of the previous administration that had eliminated cost sharing
subsidies and various other provisions of the Affordable Care Act, stating that it is the current administration&#8217;s policy &#8220;to
protect and strengthen Medicaid and the ACA and to make high-quality healthcare accessible and affordable for every American,&#8221; and
directing heads of relevant executive departments and agencies immediately to review agency actions to determine whether any such actions
are inconsistent with this policy. And, on June&#160;24, 2021, the U.S.&#160;Supreme Court dismissed a challenge to the Affordable Care
Act&#160;in a decision that leaves the law intact. We cannot&#160;predict&#160;what effect further&#160;changes&#160;to the Affordable&#160;Care
Act would have on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is also possible that additional
governmental action is taken in response to the COVID-19 pandemic. Individual states in the United&#160;States have also become increasingly
active in implementing regulations designed to control pharmaceutical product pricing, including price or patient reimbursement constraints,
discounts, restrictions on certain product access and marketing cost disclosure and transparency measures, and, in some cases, designed
to encourage importation from other countries and bulk purchasing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the same time, there has
been increasing legislative and enforcement interest in the United&#160;States with respect to specialty drug pricing practices. Specifically,
there have been several recent U.S.&#160;congressional inquiries and proposed bills designed to, among other things, bring more transparency
to drug pricing, reduce the cost of prescription drugs under Medicare, review the relationship between pricing and manufacturer patient
programs and reform government program reimbursement methodologies for drugs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There have been, and likely
will continue to be, legislative and regulatory proposals at the foreign, federal and state levels directed at broadening the availability
of healthcare and containing or lowering the cost of healthcare. The implementation of cost containment measures or other healthcare reforms
may prevent us from being able to generate product revenue, attain profitability, or commercialize our products. Such reforms could have
an adverse effect on anticipated revenue from product candidates that we may successfully develop and for which we may obtain regulatory
approval and may affect our overall financial condition, including our ability to recoup the upfront investment needed to obtain regulatory
approval for our product candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Commercialization of Our Program
Products and Product Candidates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As we evolve from a company that is primarily
involved in clinical development to a company that is also involved in commercialization, we may encounter difficulties in expanding our
operations successfully.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we advance our Program
Products through clinical studies, we will need to expand our development, regulatory, manufacturing, and marketing and sales capabilities
and may need to further contract with third parties to provide these capabilities, such as collaborators, distributors, marketers and
additional suppliers. We currently have no experience as a Company in or infrastructure for sales, marketing and distribution, and our
operations are currently limited to clinical development activities and as our operations expand, we likely will need to manage additional
relationships with such third parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our Program Products or
any future product candidate is approved, we intend either to establish a sales organization with technical expertise and supporting distribution
capabilities to commercialize our Program Products or any future product candidate or to outsource such functions to one or more third
parties. Either of these options would be expensive and time-consuming. Some or all of these costs may be incurred in advance of any approval
of our Program Products or any future product candidate. In addition, we may not be able to hire a sales force that is sufficient in size
or has adequate expertise in the medical markets that we intend to target. Any failure or delay in the development of our internal sales,
marketing and distribution capabilities would adversely affect the commercialization of our Program Products and other future product
candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Maintaining third-party relationships
for these purposes will impose significant added responsibilities on members of our management and other personnel. We must be able to
effectively manage our development efforts, recruit and train sales and marketing personnel, effectively manage our participation in the
clinical studies in which our product candidates are involved and improve our managerial, development, operational and finance systems,
all of which may impose a strain on our administrative and operational infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we enter into arrangements
with third parties to perform sales, marketing or distribution services, any product revenues that we receive, or the profitability of
these product revenues to us, are likely to be lower than if we were to market and sell any products that we develop without the involvement
of these third parties. In addition, we may not be successful in entering into arrangements with third parties to sell and market our
products or in doing so on terms that are favorable to us. We likely will have little control over such third parties, and any of them
may fail to devote the necessary resources and attention to sell and market our products effectively. If we do not establish sales and
marketing capabilities successfully, either on our own or in collaboration with third parties, we will not be successful in commercializing
our products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may seek to establish commercial collaborations
for our Program Products and future product candidates, and, if we are not able to establish them on commercially reasonable terms, we
may have to alter our development plans.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our drug development programs,
and the potential commercialization of our product candidates will require substantial additional cash to fund expenses. We may decide
to collaborate with other pharmaceutical and biotechnology companies for the development and potential commercialization of our product
candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We face significant competition
in seeking appropriate collaborators. Whether we reach a definitive agreement for a collaboration will depend, among other things, upon
our assessment of the collaborator&#8217;s resources and expertise, the terms and conditions of the proposed collaboration and the proposed
collaborator&#8217;s evaluation of a number of factors. Those factors may include the design or results of clinical studies, the likelihood
of approval by the FDA or comparable foreign regulatory authorities, the potential market for the subject product candidate, the costs
and complexities of manufacturing and delivering such product candidate to patients, the potential of competing products and the existence
of uncertainty with respect to our ownership of technology, which can exist if there is a challenge to such ownership without regard to
the merits of the challenge and industry and market conditions generally. The collaborators may also consider alternative product candidates
or technologies for similar indications that may be available to collaborate on and whether such a collaboration could be more attractive
than the one with us for our product candidate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Collaborations are complex
and time-consuming to negotiate and document. In addition, there have been a significant number of business combinations among large pharmaceutical
companies that have resulted in a reduced number of potential future collaborators.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not be able to negotiate
collaborations on a timely basis, on acceptable terms, or at all. If we are unable to do so, we may have to curtail the development of
the product candidate for which we are seeking to collaborate, reduce or delay its development program or one or more of our other development
programs, delay its potential commercialization or reduce the scope of any sales or marketing activities or increase our expenditures
and undertake development or commercialization activities at our own expense. If we elect to increase our expenditures to fund development
or commercialization activities on our own, we may need to obtain additional capital, which may not be available to us on acceptable terms,
or at all. If we do not have sufficient funds, we may not be able to further develop our product candidates or bring them to market and
generate product revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We currently have no Program Products approved
for marketing. We do not have a marketing and sales organization. If we are unable to establish sales and marketing capabilities or enter
into agreements with third parties to market and sell our Program Products, we may be unable to generate any product revenue.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have no experience selling
and marketing our Program Products, and we currently have no marketing or sales organization. To successfully commercialize any product
candidates that may result from our development programs, we will need to develop these capabilities, either on our own or with others.
If our product candidates receive regulatory approval, we intend to establish a sales and marketing organization independently or by utilizing
experienced third parties with technical expertise and supporting distribution capabilities to commercialize our Program Products in major
markets, all of which will be expensive, difficult and time consuming. Any failure or delay in the development of our internal sales,
marketing and distribution capabilities would adversely impact our ability to commercialize our Program Products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our efforts to educate the
medical community, including physicians, hospital pharmacists and third-party payors on the benefits of our Program Products may require
significant resources and may never be successful. If any of our Program Products are approved but fail to achieve market acceptance among
physicians, patients or third-party payors, we will not be able to generate significant revenues from such product, which could have a
material adverse effect on our business, financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>It may be difficult for us to profitably
sell our Program Products, if and when approved, if coverage and reimbursement for these Program Products are limited by government authorities
and/or third-party payor policies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to any healthcare
reform measures which may affect reimbursement, market acceptance and sales of our Program Products, if approved, will depend on, in part,
the extent to which the procedures utilizing our Program Products, performed by health care providers, will be covered by third party
payors, such as government health care programs, commercial insurance and managed care organizations. In the event health care providers
and patients accept our Program Products as medically useful, cost effective and safe, there is uncertainty regarding whether our Program
Products will be directly reimbursed, reimbursed through a bundled payment or if the product candidates will be included in another type
of value-based reimbursement program. Third party payors determine the extent to which new products will be covered as a benefit under
their plans and the level of reimbursement for any covered product or procedure which may utilize a covered product. It is difficult to
predict at this time what third party payors will decide with respect to the coverage and reimbursement for our Program Products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Obtaining coverage and reimbursement
approval for a product from a government or other third-party payor is a time-consuming and costly process that could require us to provide
supporting scientific, clinical and cost effectiveness data for the use of our products to the payor. Additionally, we may not be able
to provide data sufficient to gain acceptance with respect to coverage and reimbursement. We cannot be sure that coverage or adequate
reimbursement will be available for our product candidates, if approved. Also, we cannot be sure that reimbursement amounts will not reduce
the demand for, or the price of, our future products. If reimbursement is not available, or is available only to limited levels, we may
not be able to commercialize our product candidates, or achieve profitably at all, even if approved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business entails a significant risk
of clinical study and/or product liability and our ability to obtain sufficient insurance coverage could have a material effect on our
business, financial condition, results of operations or prospects.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business exposes us to
significant clinical study and/or product liability risks inherent in the development, testing, manufacturing and marketing of therapeutic
treatments. Clinical study liability claims could delay or prevent completion of our development programs. If we succeed in marketing
products, product liability claims could result in an FDA investigation of the safety and effectiveness of our products, our manufacturing
processes and facilities or our marketing programs and potentially a recall of our products or more serious enforcement action, limitations
on the approved indications for which they may be used or suspension or withdrawal of approvals. Regardless of the merits or eventual
outcome, liability claims may also result in decreased demand for our products, injury to our reputation, costs to defend the related
litigation, a diversion of management&#8217;s time and our resources, substantial monetary awards to study participants or patients and
a decline in our Company valuation. We currently carry insurance coverage to the limit required by clinical sites for our clinical study.
We do not anticipate carrying product liability insurance until such time we have a commercially available product. Our current insurance
coverage or any other insurance coverage that we may obtain in the future may not provide sufficient coverage against potential liabilities.
Furthermore, clinical study and product liability insurance are becoming increasingly expensive. As a result, we may be unable to obtain
sufficient insurance at a reasonable cost to protect us against losses caused by clinical study and product liability claims that could
have a material adverse effect on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Product liability lawsuits against us could
cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We face an inherent risk of
product liability exposure related to the testing of our product candidates in human clinical studies and will face an even greater risk
if we commercialize any resulting products. Product liability claims may be brought against us by subjects enrolled in our clinical studies,
patients, or others using our products. If we cannot successfully defend ourselves against claims that our product candidates or products
that we may develop caused injuries, we could incur substantial liabilities. Regardless of merit or eventual outcome, liability claims
may result in:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">product recalls or a change in the indications for which products may be used;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">termination of clinical study sites or entire study programs;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss of revenue;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our clinical study liability
insurance coverage may not adequately cover all liabilities that we may incur. We may not be able to maintain insurance coverage at a
reasonable cost or in an amount adequate to satisfy any liability that may arise. Our inability to obtain product liability insurance
at an acceptable cost or to otherwise protect against potential product liability claims could prevent or delay the commercialization
of any products or product candidates that we develop. We intend to expand our insurance coverage for products to include the sale of
commercial products if we obtain marketing approval for our product candidates in development, but we may be unable to obtain commercially
reasonable product liability insurance for any products approved for marketing. Large judgments have been awarded in class action lawsuits
based on drugs that had unanticipated side effects. If we are sued for any injury caused by our products, product candidates or processes,
our liability could exceed our product liability insurance coverage and our total assets. Claims against us, regardless of their merit
or potential outcome, may also generate negative publicity or hurt our ability to obtain physician endorsement of our products or expand
our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our employees, contractors, vendors, principal
investigators, consultants and future partners may engage in misconduct or other improper activities, including noncompliance with regulatory
standards and requirements and insider trading.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are exposed to the risk
of fraud or other misconduct by our employees, contractors, vendors, principal investigators, consultants or future partners. Misconduct
by these parties could include failures to comply with FDA regulations, to provide accurate information to the FDA, to comply with federal
and state healthcare fraud and abuse laws and regulations, to report financial information or data timely, completely or accurately, or
to disclose unauthorized activities to us. In particular, sales, marketing and business arrangements in the healthcare industry are subject
to extensive laws and regulations intended to prevent fraud, misconduct, kickbacks, self-dealing and other abusive practices. These laws
and regulations may restrict or prohibit a wide range of pricing, discounting, marketing and promotion, sales commission, customer incentive
programs and other business arrangements. Third-party misconduct could also involve the improper use of information obtained in the course
of clinical studies, which could result in regulatory sanctions and serious harm to our reputation. Although we have adopted a Code of
Business Conduct and Ethics, it is not always possible to identify and deter misconduct, and the precautions we take to detect and prevent
this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations
or other actions or lawsuits stemming from a failure to comply with these laws or regulations. If any such actions are instituted against
us resulting from this misconduct and we are not successful in defending ourselves or asserting our rights, those actions could have a
significant impact on our business, including the imposition of significant fines or other sanctions. If we or our future partners market
products in a manner that violates fraud and abuse and other healthcare laws, or if we or our future partners violate government price
reporting laws, we or our future partners may be subject to administrative civil and/or criminal penalties, among other sanctions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pharmaceutical and other healthcare
companies have been prosecuted under these laws for a variety of promotional and marketing activities, such as: providing free trips,
free goods, sham consulting fees and grants and other monetary benefits to prescribers; reporting to pricing services inflated average
wholesale prices that were then used by federal programs to set reimbursement rates; engaging in off-label promotion; and submitting inflated
best price information to the Medicaid Rebate Program to reduce liability for Medicaid rebates. Ensuring that our internal operations
and future business arrangements with third parties comply with applicable healthcare laws and regulations will involve substantial costs.
It is possible that governmental authorities will conclude that our business practices do not comply with current or future statutes,
regulations, agency guidance or case law involving applicable fraud and abuse or other healthcare laws and regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business operations and relationships
with investigators, healthcare professionals, consultants, third-party payors, patient organizations and customers are subject to broadly
applicable healthcare regulatory laws, which could expose us to penalties.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Healthcare providers, physicians
and third-party payors will play a primary role in the recommendation and prescription of any product candidate for which we obtain regulatory
approval. Our current and future arrangements may expose us to broadly applicable fraud and abuse and other healthcare laws that may constrain
the business or financial arrangements and relationships through which we would market, sell and distribute our products. Even though
we will not control referrals of healthcare services or bill directly to Medicare, Medicaid or other third-party payors, federal and state
healthcare laws pertaining to fraud and abuse are and will be applicable to our business. Such laws include, but are not limited to, the
following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The federal transparency requirements under the Physician Payments Sunshine Act, enacted as part of the Affordable Care Act, that require applicable manufacturers of covered drugs, devices, biologics and medical supplies for which payment is available under Medicare, Medicaid, or the Children&#8217;s Health Insurance Program, with specific exceptions, to track and annually report to CMS payments and other transfers of value provided to physicians and teaching hospitals and certain ownership and investment interests held by physicians or their immediate family members in the applicable manufacturer, and disclosure of such information will be made by CMS on a publicly available website.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pharmaceutical and other healthcare
companies have been prosecuted under these laws for a variety of promotional and marketing activities, such as: providing free trips,
free goods, sham consulting fees and grants and other monetary benefits to prescribers; reporting to pricing services inflated average
wholesale prices that were then used by federal programs to set reimbursement rates; engaging in off-label promotion; and submitting inflated
best price information to the Medicaid Rebate Program to reduce liability for Medicaid rebates. Ensuring that our internal operations
and future business arrangements with third parties comply with applicable healthcare laws and regulations will involve substantial costs.
It is possible that governmental authorities will conclude that our business practices do not comply with current or future statutes,
regulations, agency guidance or case law involving applicable fraud and abuse or other healthcare laws and regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The global data protection
landscape is rapidly evolving, and we may be affected by or subject to new, amended or existing laws and regulations in the future, including
as our operations continue to expand or if we operate in foreign jurisdictions. Several foreign jurisdictions, including the EU, its member
states, the United Kingdom, Japan and Australia, among others, have adopted legislation and regulations that increase or change the requirements
governing the collection, use, disclosure and transfer of the personal information of individuals in these jurisdictions. Additionally,
certain countries have passed or are considering passing laws that require local data residency and/or restrict the international transfer
of data. These laws have the potential to increase costs of compliance, risks of noncompliance and penalties for noncompliance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our operations are found
to be in violation of any of these laws or any other governmental regulations that may apply to us, we may be subject to significant civil,
criminal and administrative penalties, damages, disgorgement, fines, imprisonment, exclusion from government funded healthcare programs,
such as Medicare and Medicaid, additional oversight and reporting obligations, contractual damages, reputational harm, diminished profits
and future earnings, and the curtailment or restructuring of our operations. If any of the physicians or other healthcare providers or
entities with whom we expect to do business is found not to be in compliance with applicable laws, that person or entity may be subject
to significant criminal, civil or administrative sanctions, including exclusions from government funded healthcare programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Data collection is governed by restrictive
regulations governing the collection, use, processing and cross-border transfer of personal information.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are currently conducting
a Phase&#160;2b clinical study in Europe and we will collect, process, use or transfer personal information from individuals located in
the EEA in connection with our business, including in connection with conducting clinical studies in the EEA.&#160;Additionally, if any
of our product candidates are approved, we may seek to commercialize those products in the EEA.&#160;The collection and use of personal
health data in the EEA is governed by the provisions of the GDPR, along with other European Union and country-specific laws and regulations.
The United Kingdom and Switzerland have also adopted data protection laws and regulations. These legislative acts (together with regulations
and guidelines) impose requirements relating to having legal bases for processing personal data relating to identifiable individuals and
transferring such data outside of the EEA, including to the United&#160;States, providing details to those individuals regarding the processing
of their personal data, keeping personal data secure, having data processing agreements with third parties who process personal data,
responding to individuals&#8217; requests to exercise their rights in respect of their personal data, reporting security breaches involving
personal data to the competent national data protection authority and affected individuals, appointing data protection officers or corporate
representatives, conducting data protection impact assessments and record-keeping. The GDPR imposes additional responsibilities and liabilities
in relation to personal data that we process and we may be required to put in place additional mechanisms ensuring compliance with the
new data protection rules. Failure to comply with the requirements of the GDPR and related national data protection laws of the member
states of the EEA and other states in the EEA may result in substantial fines, other administrative penalties and civil claims being brought
against us, which could have a material adverse effect on our business, financial condition and results of operations. European data protection
authorities may interpret the GDPR and national laws differently and may impose additional requirements, which adds to the complexity
of processing personal data in or from the EEA or United Kingdom. Guidance on implementation and compliance practices are often updated
or otherwise revised. Compliance with the GDPR will be a rigorous and time-intensive process that may increase our cost of doing business
or require us to change our business practices, and despite those efforts, there is a risk that we may be subject to fines and penalties,
litigation, and reputational harm in connection with our European activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in 2018 California
enacted the California Consumer Privacy Act (&#8220;CCPA&#8221;), which created new individual privacy rights for California consumers
(as defined in the law) and places increased privacy and security obligations on entities handling personal data of consumers or households.
The CCPA requires covered companies to provide new disclosure to consumers about such companies&#8217; data collection, use and sharing
practices, provide such consumers new ways to opt-out of certain sales or transfers of personal information, and provide consumers with
additional causes of action. The CCPA went into effect on January&#160;1, 2020, and the California Attorney General commenced enforcement
actions for violations on July&#160;1, 2020. Moreover, the California Privacy Rights Act, or CPRA, which was passed in November&#160;2020
and will go into effect on January&#160;1, 2023, with a &#8220;look-back&#8221; period to January&#160;1, 2022. The CPRA significantly
modified the CCPA, resulting in further uncertainty and requiring us to incur additional costs and expenses in an effort to comply. The
CCPA and the CPRA, may impact our business activities and exemplifies the vulnerability of our business to the evolving regulatory environment
related to personal data and protected health information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Compliance with U.S.&#160;and
international data protection laws and regulations could require us to take on more onerous obligations in our contracts, restrict our
ability to collect, use and disclose data, or in some cases, impact our ability to operate in certain jurisdictions. Any actual or alleged
failure to comply with U.S.&#160;or international laws and regulations relating to privacy, data protection, and data security could result
in governmental investigations, proceedings and enforcement actions (which could include civil or criminal penalties), private litigation
or adverse publicity, harm to our reputation, and could negatively affect our operating results and business. Moreover, clinical study
subjects about whom we or our potential collaborators obtain information, as well as the providers who share this information with us,
may contractually limit our ability to use and disclose the information or impose other obligations or restrictions in connection with
our use, retention and other processing of information, and we may otherwise face contractual restrictions applicable to our use, retention,
and other processing of information. Claims that we have violated individuals&#8217; privacy rights, failed to comply with data protection
laws, or breached our contractual obligations, even if we are not found liable, could be expensive and time consuming to defend and could
result in adverse publicity that could harm our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Unstable market and economic conditions
may have serious adverse consequences on our business and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Global credit and financial
markets have experienced extreme disruptions at various points over the last few decades, characterized by diminished liquidity and credit
availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic
stability. If another such disruption in credit and financial markets and deterioration of confidence in economic conditions occurs, our
business may be adversely affected. If the equity and credit markets were to deteriorate significantly in the future, it may make any
necessary debt or equity financing more difficult to complete, more costly, and more dilutive. Failure to secure any necessary financing
in a timely manner and on favorable terms could have a material adverse effect on our growth strategy, financial performance and share
price and could require us to delay or abandon development or commercialization plans. In addition, there is a risk that one or more of
our service providers, manufacturers or other partners would not survive or be able to meet their commitments to us under such circumstances,
which could directly affect our ability to attain our operating goals on schedule and on budget.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to U.S.&#160;and certain
foreign export and import controls, sanctions, embargoes, anti-corruption laws, and anti-money laundering laws and regulations. Compliance
with these legal standards could impair our ability to compete in domestic and international markets. We can face criminal liability and
other serious consequences for violations, which can harm our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to export control
and import laws and regulations, including the U.S.&#160;Export Administration Regulations, U.S.&#160;Customs regulations, various economic
and trade sanctions regulations administered by the U.S.&#160;Treasury Department&#8217;s Office of Foreign Assets Controls, the U.S.&#160;Foreign
Corrupt Practices Act&#160;of&#160;1977, as amended, the U.S.&#160;domestic bribery statute contained in 18 U.S.C. &#167; 201, the U.S.&#160;Travel
Act, the USA PATRIOT Act, and other state and national anti-bribery and anti-money laundering laws in the countries in which we conduct
activities. Anti-corruption laws are interpreted broadly and prohibit companies and their employees, agents, contractors, and other collaborators
from authorizing, promising, offering, or providing, directly or indirectly, improper payments or anything else of value to recipients
in the public or private sector. We may engage third parties to sell our products sell our products outside the United&#160;States, to
conduct clinical studies, and/or to obtain necessary permits, licenses, patent registrations, and other regulatory approvals. We have
direct or indirect interactions with officials and employees of government agencies or government-affiliated hospitals, universities,
and other organizations. We can be held liable for the corrupt or other illegal activities of our employees, agents, contractors, and
other collaborators, even if we do not explicitly authorize or have actual knowledge of such activities. Any violations of the laws and
regulations described above may result in substantial civil and criminal fines and penalties, imprisonment, the loss of export or import
privileges, debarment, tax reassessments, breach of contract and fraud litigation, reputational harm, and other consequences.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Changes in our effective income tax rate
could adversely affect our results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to income taxes
in the United&#160;States. Various factors may have favorable or unfavorable effects on our effective income tax rate. These factors include,
but are not limited to, interpretations of existing tax laws, changes in tax laws and rates, the accounting for stock options and other
stock-based compensation, changes in accounting standards, future levels of research and development spending, changes in the mix and
level of pre-tax earnings in different jurisdictions, the outcome of audits or other examinations by the U.S.&#160;Internal Revenue Service
and tax regulators in other jurisdictions, the accuracy of our estimates for unrecognized tax benefits, the realization of deferred tax
assets and changes to our ownership or capital structure. The impact of the above-mentioned factors and others on our effective income
tax rate may be significant and could adversely affect our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our future growth may depend, in part, on
our ability to penetrate foreign markets, where we would be subject to additional regulatory burdens and other risks and uncertainties.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our future profitability may
depend, in part, on our ability to commercialize our product candidates in foreign markets for which we may rely on collaboration with
third parties. We are evaluating the opportunities for the development and commercialization of our product candidates in foreign markets.
We are not permitted to market or promote any of our product candidates before we receive regulatory approval from the applicable regulatory
authority in that foreign market, and we may never receive such regulatory approval for any of our product candidates. To obtain separate
regulatory approvals in other countries, we may be required to comply with numerous and varying regulatory requirements of such countries
regarding the safety and efficacy of our product candidates and governing, among other things, clinical studies and commercial sales,
pricing and distribution of our product candidates, and we cannot predict success in these jurisdictions. We may not obtain foreign regulatory
approvals on a timely basis, if at all. If we obtain approval of our product candidates and ultimately commercialize our product candidates
in foreign markets, we would be subject to additional risks and uncertainties, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">foreign currency exchange rate fluctuations; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the interpretation of contractual provisions governed by foreign laws in the event of a contract dispute.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Foreign sales of our product
candidates could also be adversely affected by the imposition of governmental controls, political and economic instability, trade restrictions
and changes in tariffs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 49; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of our product candidates
is approved for commercialization, we may selectively partner with third parties to market it in certain jurisdictions outside the United&#160;States.
We expect that we will be subject to additional risks related to international pharmaceutical operations, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">different regulatory requirements for drug approvals and rules governing drug commercialization in foreign countries, including requirements specific to biologics or cell therapy products;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">foreign reimbursement, pricing and insurance regimes;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">production shortages resulting from any events affecting raw material supply or manufacturing capabilities abroad.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have no prior experience
in these areas. In addition, there are complex regulatory, tax, labor and other legal requirements imposed by both the EU and many of
the individual countries in Europe with which we will need to comply. Many U.S.-based biotechnology companies have found the process of
marketing their own products in Europe to be very challenging.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain legal and political
risks are also inherent in foreign operations. There is a risk that foreign governments may nationalize private enterprises in certain
countries where we may operate. In certain countries or regions, terrorist activities and the response to such activities may threaten
our operations more than in the United&#160;States. Social and cultural norms in certain countries may not support compliance with our
corporate policies, including those that require compliance with substantive laws and regulations. Also, changes in general economic and
political conditions in countries where we may operate are a risk to our financial performance and future growth. Additionally, the need
to identify financially and commercially strong partners for commercialization outside the United&#160;States who will comply with the
high manufacturing and legal and regulatory compliance standards we require is a risk to our financial performance. As we operate our
business globally, our success will depend, in part, on our ability to anticipate and effectively manage these and other related risks.
There can be no assurance that the consequences of these and other factors relating to our international operations will not have an adverse
effect on our business, financial condition or results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In some countries, particularly
in Europe, the pricing of prescription pharmaceuticals is subject to governmental control. In these countries, pricing negotiations with
governmental authorities can take considerable time after the receipt of marketing approval for a drug. To obtain reimbursement or pricing
approval in some countries, we may be required to conduct clinical studies that compare the cost-effectiveness of our product candidates
to other available therapies. If reimbursement of our products is unavailable or limited in scope or amount, or if pricing is set at unsatisfactory
levels, our business could be harmed, possibly materially.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We face the risk of product liability claims
and may not be able to obtain insurance.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business exposes us to
the risk of product liability claims that are inherent in the development of drugs and diagnostic devices. We may be subject to costly
and damaging product liability claims brought against us by clinical study participants, consumers, health care providers, pharmaceutical
companies or others selling our products. Our inability to obtain sufficient product liability insurance at an acceptable cost to protect
against potential product liability claims could prevent or inhibit the commercialization of pharmaceutical products we develop, alone
or with collaborators. While we currently carry clinical study insurance and product liability insurance, the amount of insurance coverage
we hold now may not be adequate to cover all liabilities we might incur. We intend to expand our insurance coverage to include the sale
of commercial products if we obtain marketing approval for our product candidates in development, but we may be unable to obtain commercially
reasonable product liability insurance for any products approved for marketing. If we are unable to obtain insurance at an acceptable
cost or otherwise protect against potential product liability claims, we will be exposed to significant liabilities, which may materially
and adversely affect our business and financial position. If we are sued for any injury allegedly caused by our Program Products, our
liability could exceed our total assets and our ability to pay the liability. A product liability claim or series of claims brought against
us would decrease our cash and could cause our stock price to fall.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 50; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our insurance policies are expensive and
protect us only from some business risks, which will leave us exposed to significant uninsured liabilities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We carry insurance for most
categories of risk that our business may encounter; however, we may not have adequate levels of coverage. We currently maintain general
liability, property, workers&#8217; compensation, clinical study, products liability and directors&#8217; and officers&#8217; insurance,
along with an umbrella policy. We may not be able to maintain existing insurance at current or adequate levels of coverage. Any significant
uninsured liability may require us to pay substantial amounts, which would adversely affect our cash position and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have no current plans to pay dividends
on our Shares of Common Stock.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not anticipate paying
any cash dividends in the foreseeable future. If we incur indebtedness in the future to fund our future growth, our ability to pay dividends
may be further restricted by the terms of such indebtedness.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we fail to maintain proper and effective
internal control over financial reporting in the future, our ability to produce accurate and timely financial statements could be impaired,
which could harm our operating results, investors&#8217; views of us and, as a result, the value of our Common Stock.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Section&#160;404
of the Sarbanes-Oxley Act, our management will be required to report upon the effectiveness of our internal control over financial reporting
beginning with the Annual Report for our fiscal year ending December&#160;31, 2022. When and if we are a &#8220;large accelerated filer&#8221;
or an &#8220;accelerated filer&#8221; and are no longer an &#8220;emerging growth company&#8221; or &#8220;smaller reporting company,&#8221;
each as defined in the Exchange&#160;Act, our independent registered public accounting firm will be required to attest to the effectiveness
of our internal control over financial reporting. However, for so long as we remain an emerging growth company or smaller reporting company,
we intend to take advantage of an exemption available to emerging growth companies and smaller reporting companies from these auditor
attestation requirements. The rules governing the standards that must be met for management to assess our internal control over financial
reporting are complex and require significant documentation, testing, and possible remediation. To comply with the requirements of being
a reporting company under the Exchange&#160;Act, we will need to upgrade our systems including information technology; implement additional
financial and management controls, reporting systems, and procedures; and hire additional accounting and finance staff. If we or, if required,
our auditors are unable to conclude that our internal control over financial reporting is effective, investors may lose confidence in
our financial reporting, and the trading price of our Common Stock may decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are an emerging growth company, and the
reduced reporting requirements applicable to emerging growth companies may make our Common Stock less attractive to investors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an emerging growth
company and are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public
companies that are not emerging growth companies, including, but not limited to, only two&#160;years of audited financial statements in
addition to any required unaudited interim financial statements with correspondingly reduced &#8220;Management&#8217;s Discussion and
Analysis of Financial Condition and Results of Operations&#8221; disclosure, not being required to comply with the auditor attestation
requirements of Section&#160;404 of the Sarbanes-Oxley Act&#160;of&#160;2002 reduced disclosure obligations regarding executive compensation
in this Prospectus and our periodic reports and proxy statements, exemptions from the requirements of holding non-binding advisory votes
on executive compensation and seeking stockholder approval of any golden parachute payments not previously approved and not being required
to adopt certain accounting standards until those standards would otherwise apply to private companies. We could be an emerging growth
company until the last&#160;day of the fiscal year following the fifth anniversary of the IPO, although circumstances could cause us to
lose that status earlier, including if we become a large accelerated filer (in which case we will cease to be an emerging company as of
the date we become a large accelerated filer, which, generally, would occur if, at the end of a fiscal year, among other things, the market
value of our Common Stock that is held by non-affiliates exceeds $700&#160;million as of the last business&#160;day of our most recently
completed second fiscal quarter), if we have total annual gross revenue of $1.07&#160;billion or more during any fiscal year (in which
cases we would no longer be an emerging growth company as of March&#160;31 of such fiscal year), or if we issue more than $1.0&#160;billion
in non-convertible debt during any three year period before that time (in which case we would cease to be an emerging growth company immediately).
Even after we no longer qualify as an emerging growth company, we may still qualify as a &#8220;smaller reporting company,&#8221; which
would allow us to take advantage of many of the same exemptions from disclosure requirements including not being required to comply with
the auditor attestation requirements of Section&#160;404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive
compensation in this Prospectus and our periodic reports and proxy statements. We cannot predict if investors will find our Common Stock
less attractive because we may rely on these exemptions. If some investors find our Common Stock less attractive as a result, there may
be a less active trading market for our Common Stock and our stock price may be more volatile.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 51; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Common Stock price may be volatile and
as a result you could lose all or part of your investment.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to volatility
associated with equity securities in general, the value of your investment could decline due to the impact of any of the following factors
upon the market price of our shares of Common Stock:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disappointing results from our development efforts;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">decline in demand for our shares of Common Stock;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investor perception of our industry or our prospects; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic trends.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stock markets in general have
experienced extreme price and volume fluctuations, and the market prices of securities have been highly volatile. These fluctuations are
often unrelated to operating performance and may adversely affect the market price of our shares of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Potential future sales pursuant to registration
rights granted by the Company and under Rule&#160;144 may depress the market price for our shares of Common Stock.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has granted a
number of its stockholders&#8217; registration rights with respect to their shares of Common Stock. See the section titled &#8220;Registration
Rights.&#8221; Such future sales of our shares of Common Stock by our existing stockholders, pursuant to and in accordance with the provisions
of any registration statement, may have a depressive effect on the market price of our shares of Common Stock. Further, in general, under
Rule&#160;144 under the Securities Act, a person who has satisfied a minimum holding period of between six&#160;months and one-year and
any other applicable requirements of Rule&#160;144, may thereafter sell such shares publicly. A significant number of our currently issued
and outstanding shares of Common Stock held by existing stockholders, including officers and directors and other principal stockholders
are currently eligible for resale pursuant to and in accordance with the provisions of Rule&#160;144. The possible future sale of our
shares by our existing stockholders, pursuant to and in accordance with the provisions of Rule&#160;144, may have a depressive effect
on the price of our Shares of Common Stock in the applicable trading marketplace.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>FINRA has adopted sales practice requirements,
which may also limit a stockholder&#8217;s ability to buy and sell our Common Stock.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FINRA has adopted rules that
require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment
is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers
must make reasonable efforts to obtain information about the customer&#8217;s financial status, tax status, investment objectives and
other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities
will not be suitable for at least some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their
customers buy our shares of Common Stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market
for our shares of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We face risks related to compliance with
corporate governance laws and financial reporting standards.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sarbanes-Oxley Act, as
well as related new rules and regulations implemented by the SEC and the Public Company Accounting Oversight Board, require changes in
the corporate governance practices and financial reporting standards for public companies. These laws, rules and regulations, including
compliance with Section&#160;404 of the Sarbanes-Oxley Act relating to internal control over financial reporting, referred to as Section&#160;404,
materially increased our legal and financial compliance costs and made some activities more time-consuming and more burdensome,</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Anti-takeover provisions contained in our
Charter and bylaws, as well as provisions of Delaware law, could impair a takeover attempt.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Charter contains provisions
that may discourage unsolicited takeover proposals that stockholders may consider to be in their best interests. We are also subject to
anti-takeover provisions under Delaware law, which could delay or prevent a change of control. Together, these provisions may make more
difficult the removal of management and may discourage transactions that otherwise could involve payment of a premium over prevailing
market prices for our securities. These provisions will include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">no cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a classified board of directors with three-year staggered terms, which could delay the ability of stockholders to change the membership of a majority of the Board;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the right of our Board to elect a director to fill a vacancy created by the expansion of our Board or the resignation, death or removal of a director in certain circumstances, which prevents stockholders from being able to fill vacancies on our Board; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Charter provides that the Court of Chancery
of the State of Delaware and the federal district courts of the United&#160;States of America will be the exclusive forums for substantially
all disputes between us and our stockholders, which could limit our stockholders&#8217; ability to obtain a favorable judicial forum for
disputes with us or our directors, officers, or employees.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Charter provides that,
subject to limited exceptions, any (i)&#160;derivative action or proceeding brought on our behalf of under Delaware law, (ii)&#160;any
action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer or other employee of Revelation
to its stockholders, (iii)&#160;any action asserting a claim against Revelation or any of its directors, officers or other employees arising
pursuant to any provision of the DGCL, the Charter or the Bylaws of Revelation (in each case, as may be amended from time to time), (iv)&#160;any
action asserting a claim against Revelation or any of its directors, officers or other employees governed by the internal affairs doctrine
of the State of Delaware or (v)&#160;any other action asserting an &#8220;internal corporate claim,&#8221; as defined in Section&#160;115
of the DGCL, in all cases subject to the court&#8217;s having personal jurisdiction over all indispensable parties named as defendants
shall, to the fullest extent permitted by law, be exclusively brought in the Court of Chancery of the State of Delaware or, if such court
does not have subject matter jurisdiction thereof, another state or federal court located within the State of Delaware. The Charter also
provides that unless a majority of the Board of Revelation, acting on behalf of Revelation, consents in writing to the selection of an
alternative forum (which consent may be given at any time, including during the pendency of litigation), the federal district courts of
the United&#160;States of America, to the fullest extent permitted by law, will be the sole and exclusive forum for the resolution of
any action asserting a cause of action arising under the Securities Act. Any person or entity purchasing or otherwise acquiring any interest
in shares of Revelation&#8217;s capital stock shall be deemed to have notice of and to have consented to the provisions of Revelation&#8217;s
certificate of incorporation described above. Section&#160;27 of the Exchange&#160;Act creates exclusive federal jurisdiction over all
suits brought to enforce any duty or liability created by the Exchange&#160;Act or the rules and regulations thereunder. As a result,
the exclusive forum provision will not apply to suits brought to enforce any duty or liability created by the Exchange&#160;Act or any
other claim for which the federal courts have exclusive jurisdiction. Section&#160;22 of the Securities Act creates concurrent jurisdiction
for state and federal courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations
thereunder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This choice of forum provision
may limit a stockholders ability to bring a claim in a judicial forum that it finds favorable for disputes with Revelation or its directors,
officers, or other employees, which, along with potential increased costs of litigating the courts provided by the choice of forum provision,
may discourage such lawsuits against Revelation and its directors, officers, and employees. Alternatively, if a court were to find these
provisions of Revelation&#8217;s Charter inapplicable to, or unenforceable in respect of, one or more of the specified types of actions
or proceedings, Revelation may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely
affect Revelation&#8217;s business and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If Revelation is not able to comply with
the applicable continued listing requirements or standards of Nasdaq, Nasdaq could delist our Common Stock.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation&#8217;s
Common Stock, Public Warrants and Units are listed on the Nasdaq Capital Market under the symbols &#8220;REVB,&#8221;
&#8220;REVBW&#8221; and &#8220;REVBU,&#8221; respectively. As of March 31, 2022, we were not in compliance with NASDAQ's stockholder
equity requirement and our stock has traded for significant periods below the Nasdaq $1 minimum bid requirement. We have submitted a
compliance plan to NASDAQ and with the anticipated proceeds of this offering and other actions being undertaken by the Company we
believe we will have addressed the issues raised by Nasdaq. If Nasdaq delists the Revelation Common Stock from trading on its
exchange for failure to meet the listing standards such as the minimum public stockholders requirement or for failure to hold an
annual stockholders meeting, we and our stockholders could face significant material adverse consequences including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limited availability of market quotations for our securities;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced liquidity for Revelation&#8217;s securities;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a determination that the Revelation Common Stock is a &#8220;penny stock&#8221; which will require brokers trading in the Revelation Common Stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for Revelation&#8217;s securities;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a limited amount of news and analyst coverage; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a decreased ability to issue additional securities or obtain additional financing in the future.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revelation will incur significant increased
expenses and administrative burdens as a public company, which could negatively impact its business, financial condition and results of
operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a public company, we are
subject to the reporting requirements of the Exchange&#160;Act, the listing standards of the Nasdaq, and other applicable securities rules
and regulations. We expect that the requirements of these rules and regulations will continue to increase our legal, accounting, and financial
compliance costs, make some activities more difficult, time-consuming and costly, and place significant strain on our personnel, systems,
and resources. For example, the Exchange&#160;Act requires, among other things, that we file annual, quarterly, and current reports with
respect to our business and results of operations. As a result of the complexity involved in complying with the rules and regulations
applicable to public companies, our management&#8217;s attention may be diverted from other business concerns, which could harm our business,
results of operations, and financial condition. Additionally, as a public company subject to additional rules and regulations and oversight,
we may not have the same flexibility we had as a private company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to timely and effectively
implement controls and procedures required by Section&#160;404(a)&#160;of the Sarbanes-Oxley Act applicable us.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to provide
management&#8217;s attestation on internal controls. The standards required for a public company under Section&#160;404(a)&#160;of the
Sarbanes-Oxley Act are significantly more stringent than those required of us as a privately-held company. Management may not be able
to effectively and timely implement controls and procedures that adequately respond to the increased regulatory compliance and reporting
requirements that are applicable to the Company. If the Company is not able to implement the additional requirements of Section&#160;404(a)&#160;in
a timely manner or with adequate compliance, it may not be able to assess whether its internal controls over financial reporting are effective,
which may subject it to financial reporting misstatements and adverse regulatory consequences and could harm investor confidence and the
market price of its securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revelation&#8217;s business and operations
could be negatively affected if it becomes subject to any securities litigation or stockholder activism, which could cause Revelation
to incur significant expense, hinder execution of business and growth strategy and impact its stock price.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the past, following periods
of volatility in the market price of a company&#8217;s securities, securities class action litigation has often been brought against that
company. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing recently. Volatility
in the stock price of Revelation Common Stock or other reasons may in the future cause it to become the target of securities litigation
or stockholder activism. Securities litigation and stockholder activism, including potential proxy contests, could result in substantial
costs and divert management&#8217;s and board of directors&#8217; attention and resources from the Revelation&#8217;s business. Additionally,
such securities litigation and stockholder activism could give rise to perceived uncertainties as to the Combined Entity&#8217;s future,
adversely affect its relationships with service providers and make it more difficult to attract and retain qualified personnel. Also,
Revelation may be required to incur significant legal fees and other expenses related to any securities litigation and activist stockholder
matters. Further, its stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks
and uncertainties of any securities litigation and stockholder activism.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our financial condition will be adversely
affected if we are unsuccessful in our defense in our litigation with LifeSci Capital LLC</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
investment banking firm for the SPAC into which we merged has brought suit against us for unpaid investment banking fees relating to the
merger and deferred underwriting fees, which claims damages of $5.3 million, payable in a combination of cash and shares of common stock.
See &#8220;Legal Proceedings.&#8221; While we have defenses which we believe are meritorious, if we were to be unsuccessful in the proceeding
it would have a material adverse effect on our financial condition and reduce the available funds to advance our product development.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 54; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>FORWARD-LOOKING
STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains forward-looking
statements as defined in the Private Securities Litigation Reform Act&#160;of&#160;1995, as amended. Forward-looking statements are statements
that are not historical facts. These forward-looking statements are generally identified by the words &#8220;anticipate&#8221;, &#8220;believe&#8221;,
&#8220;expect&#8221;, &#8220;estimate&#8221;, &#8220;plan&#8221;, &#8220;outlook&#8221;, and &#8220;project&#8221; and other similar expressions.
We caution investors that forward-looking statements are based on management&#8217;s expectations and are only predictions or statements
of current expectations and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially
different from those anticipated by the forward-looking statements. Revelation cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date they were made. The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking statements: the ability of Revelation to meet its financial and strategic
goals, due to, among other things, competition; the ability of Revelation to grow and manage growth profitability and retain its key employees;
the possibility that the Revelation may be adversely affected by other economic, business, and/or competitive factors; risks relating
to the successful development of Revelation&#8217;s product candidates; the clinical utility of an increase in intranasal cytokine levels
as a biomarker of viral infections; the ability to successfully complete planned clinical studies of REVTx-99a and REVTx-99b; risks relating
to the successful completion of RVL-CLR01 and RVL-VRL01 clinical studies; the risk that we may not fully enroll our clinical studies or
enrollment will take longer than expected; risks relating to the occurrence of adverse safety events and/or unexpected concerns that may
arise from data or analysis from our clinical studies; changes in applicable laws or regulations; expected initiation of the clinical
studies, the timing of clinical data; the outcome of the clinical data, including whether the results of such study is positive or whether
it can be replicated; the outcome of data collected, including whether the results of such data and/or correlation can be replicated;
the timing, costs, conduct and outcome of our other clinical studies; the anticipated treatment of future clinical data by the FDA, the
EMA or other regulatory authorities, including whether such data will be sufficient for approval; the success of future development activities
for REVTx-99a, REVTx-99b, REVTx-200, REVTx-300 REVDx-501, or any other product candidates; potential indications for which product candidates
may be developed; the potential impact that COVID-19 may have on Revelation&#8217;s suppliers, vendors, regulatory agencies, employees
and the global economy as a whole; the ability of Revelation to maintain the listing of its securities on The Nasdaq Stock Market LLC
(Nasdaq); investor sentiment relating to SPAC related going public transactions; the expected duration over which Revelation&#8217;s balances
will fund its operations; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed in this
prospectus or from time to time in other reports and other public filings with the SEC by Revelation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>USE
OF PROCEEDS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that the net proceeds
from this offering will be approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; based on a public offering price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per share of common stock and accompanying New Common
Stock Warrant, after deducting estimated Placement Agent fees and estimated offering expenses payable by us and excluding the proceeds,
if any, from the exercise of the New Common Stock Warrants issued in this offering. However, because this is a best efforts offering and
there is no minimum offering amount required as a condition to the closing of this offering, the actual offering amount, Placement Agent&#8217;s
fees and net proceeds to us are not presently determinable and may be substantially less than the maximum amounts set forth on the cover
page of this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently intend to use
the net proceeds we receive from this offering to further the development of REVTx-99b including the manufacturing of clinical supply
of our drug product, (ii) to conduct, a Phase 1/2 clinical study of REVTx-99b for the treatment of allergic rhinitis, (iii) continue to
develop other products and therapies, and (iv) fund working capital and general corporate purposes using any remaining amounts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on our planned use of
the net proceeds, we estimate such funds, together with our existing cash and cash equivalents, will be sufficient for us to fund our
operating expenses and capital expenditure requirements through at least December 2023. We have based this estimate on assumptions that
may prove to be wrong, and we could use our available capital resources sooner than we expect.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The expected use of the net
proceeds from the offering represents our intentions based upon our current plans and business conditions. The amounts we actually expend
in these areas, and the timing thereof, may vary significantly from our current intentions and will depend on a number of factors, including
the success of research and product development efforts, cash generated from future operations and actual expenses to operate our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amounts and timing of
our preclinical and clinical expenditures and the extent of preclinical and clinical development may vary significantly depending on numerous
factors, including the status, results and timing of our current preclinical studies and the preclinical studies and&#160;clinical&#160;trials&#160;which
we may commence in the future, the product approval process with the FDA and other regulatory agencies, and any new collaborations we
may enter into with third parties and any unforeseen cash needs. As a result, we cannot predict with any certainty all of the particular
uses for the net proceeds or the amounts that we will actually spend on the uses set forth above. Accordingly, our management will have
broad discretion in the application of the net proceeds, and investors will be relying on the judgment of our management regarding the
application of the net proceeds of this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The expected net proceeds
of this offering will not be sufficient for us to fund any of our product candidates through regulatory approval, and we will need to
raise substantial additional capital to complete the development and commercialization of our product candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>MARKET
INFORMATION FOR SECURITIES AND DIVIDEND POLICY</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Common Stock, Public Warrants
and Units&#160;are currently listed on the Nasdaq Capital Market under the symbols &#8220;REVB,&#8221; &#8220;REVBW&#8221; and &#8220;REVBU&#8221;
respectively. Prior to the consummation of the Business Combination, Petra&#8217;s Common Stock, Public Warrants and Units&#160;were listed
on the Nasdaq Capital Market under the symbols &#8220;PAIC,&#8221; &#8220;PAICW&#8221; and &#8220;PAICU,&#8221; respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dividend Policy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never declared or
paid any dividends on shares of Common Stock. We anticipate that we will retain all of our future earnings, if any, to fund the development
and growth of our business. Any future determination to pay dividends on our capital stock will be at the discretion of our board of directors.
It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly,
our board of directors does not anticipate declaring any dividends in the foreseeable future. Further, if we incur any indebtedness, our
ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="z_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAPITALIZATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth our cash and cash
equivalents, debt obligations, and capitalization as of March 31, 2022 (i) on an actual basis, and (ii) on a pro forma as adjusted basis
to give effect to the issuance and sale of shares of our common stock and New Common Stock Warrants in this offering at a combined public
offering price of $ per share and accompanying New Common Stock Warrant, for total net proceeds of approximately $ (assuming no sale of
pre-funded warrants).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Actual</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Pro Forma</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 76%">Cash</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,186,261</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Stockholders&#8217; (deficit) equity:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify">Common Stock, $0.001 par value, 100,000,000 share authorized; 15,082,771 issued and outstanding
    actual; shares issued and shares outstanding pro forma</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">15,083</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Additional paid-in capital</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">21,020,246</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Accumulated deficit</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(21,133,840</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Total stockholders&#8217; equity (deficit)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(98,511</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Total capitalization</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">7,979,960</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; ">The
foregoing pro forma as adjusted information is illustrative only, and our capitalization following the completion of this offering will
be adjusted based on the actual public offering price and other terms of this offering determined at pricing. You should read this table
together with our financial statements and the related notes appearing elsewhere in this prospectus and &#8220;Management&#8217;s discussion
and analysis of financial condition and results of operations&#8221; sections of this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; ">The
above discussion and table is based on 15,082,771 shares of common stock outstanding on March 31, 2022, and excludes the following:&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">939,969 shares of our common stock reserved for issuance under our 2021 Equity
Incentive Plan;</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">460,706 shares of our common stock reserved for the issuance of Rollover
RSUs;</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">165,976 shares of our common stock reserved for the issuance of Rollover
Warrants, with an exercise price of $2.68 per share;</span></td></tr></table><div>

</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10,511,597 shares of our common stock issuable upon the exercise of warrants,
with an exercise price of $11.50 per share;</span></td></tr></table><div>

</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2,948,801 shares of our common stock issuable upon the exercise of warrants,
with an exercise price of $3.29 per share;</span></td></tr></table><div>

</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; ">shares of common stock issuable upon the exercise
of the New Common Stock Warrants issued pursuant to this offering; and</span></td></tr></table><div>

</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">shares of common stock issuable upon the exercise of the warrants to be issued
to the Placement Agent.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; "></p><div>

</div><!-- Field: Page; Sequence: 56; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; ">&#160;</p><div>

</div><div><a id="z_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DILUTION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; ">If
you invest in our securities in this offering, your interest will be diluted to the extent of the difference between the public offering
price per share of common stock and accompanying New Common Stock Warrant and the pro forma as adjusted net tangible book value per share
of common stock immediately after this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; ">Our
net tangible book value is the amount of our total tangible assets less our total liabilities. We had a net tangible book value as of
March 31, 2022 of $(98,511), or $(0.01) share of common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; ">Pro
forma as adjusted net tangible book value is our pro forma net tangible book value, plus the effect of the sale of our securities in this
offering at the public offering price of $ per share of common stock and accompanying New Common Stock Warrant and after deducting the
Placement Agent fees and commissions and other estimated offering expenses payable by us. Our pro forma as adjusted net tangible book
value as of March 31, 2022 would have been approximately $ , or $ per share. This amount represents an immediate increase in pro forma
as adjusted net tangible book value of approximately $ per share to our existing stockholders, and an immediate dilution of $ per share
to new investors participating in this offering. Dilution per share to new investors is determined by subtracting pro forma as adjusted
net tangible book value per share after this offering from the public offering price per share paid by new investors.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; ">The
following table illustrates this per share dilution:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Assumed public offering price per share
    (attributing no value to the warrants)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 88%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net tangible book value per
    share as of March 31, 2022</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(0.01</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Increase in pro forma as adjusted net tangible
    book value per share after this offering</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Pro forma as adjusted net tangible book
    value per share after giving effect of this offering</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Dilution in pro forma as adjusted net tangible
    book value per share to new investors</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Each
$0.50 increase (decrease) in the public offering price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160; per share and accompanying New Common Stock Warrant would increase (decrease)
the pro forma as adjusted net tangible book value per share by $&#160;&#160;&#160;&#160;&#160;&#160;&#160;, and the dilution per share to new investors in this offering by $&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
assuming the number of shares of common stock offered by us, as set forth on the cover page of this prospectus, remains the same and after
deducting the Placement Agent fees and commissions and estimated offering expenses payable by us. Each increase of 500,000 in the number
of shares of common stock and accompanying New Common Stock Warrants sold in this offering would increase (decrease) our pro forma as
adjusted net tangible book value by approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160; and the dilution per share to new investors in this offering by $ , assuming that
the public offering price per share and accompanying New Common Stock Warrant remains the same and after deducting Placement Agent fees
and commissions and estimated offering expenses payable by us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt; ">The
above discussion and table is based on 15,082,771 shares of common stock outstanding on March 31, 2022, and excludes the following:&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-family: Times New Roman, Times, Serif">939,969 shares of our common stock reserved for issuance under our 2021 Equity
Incentive Plan;</span></td></tr></table><div>

</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">460,706 shares of our common stock reserved for the issuance of Rollover
RSUs;</span></td></tr></table><div>

</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">165,976 shares of our common stock reserved for the issuance of Rollover
Warrants, with an exercise price of $2.68 per share;</span></td></tr></table><div>

</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">10,511,597 shares of our common stock issuable upon the exercise of warrants,
with an exercise price of $11.50 per share;</span></td></tr></table><div>

</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2,948,801 shares of our common stock issuable upon the exercise of warrants,
with an exercise price of $3.29 per share;</span></td></tr></table><div>

</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; ">shares of common stock issuable upon the exercise
of the New Common Stock Warrants issued pursuant to this offering; and</span></td></tr></table><div>

</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; "><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">shares of common stock issuable upon the exercise of the warrants to be issued
to the Placement Agent.</span></td></tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 57; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF<br/>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>You should read the following
discussion of our financial condition and results of operations in conjunction with our financial statements and the notes included elsewhere
in this prospectus. The following discussion contains forward-looking statements that involve certain risks and uncertainties. Our actual
results could differ materially from those discussed in these statements. Factors that could cause or contribute to these differences
include those discussed below and elsewhere in this proxy statement/prospectus, particularly under the &#8220;Risk Factors&#8221; and
&#8220;Disclosure Regarding Forward-Looking Statements&#8221; sections.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Throughout this section,
unless otherwise noted, &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us,&#8221; &#8220;Revelation&#8221; and the &#8220;Company&#8221;
refer to Revelation Biosciences, Inc. and its subsidiary.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation is a clinical-stage
biopharmaceutical company founded in May 2020. We are focused on the development or commercialization of immune system therapeutics and
diagnostics. Our current product candidates are being developed for the prevention, treatment and detection of allergies or viral infections.
REVTx-99a, was being developed as a broad anti-viral nasal drop for the potential prevention or treatment of respiratory viral infections
until June of 2022. REVTx-99b is being developed for the prevention or treatment of nasal congestion due to allergies or chronic rhinosinusitis.
Our lead diagnostic, REVDx-501 (REVIDTM Rapid Test Kit), is being developed as a rapid point of care diagnostic product that can potentially
be used to detect various respiratory viral infections.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since our inception in May&#160;2020,
we have devoted substantially all of our resources to organizing and staffing our Company, business planning, raising capital, and research
and development of REVTx-99a/b and REVDx-501, our product candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have funded our operations
since our inception in May 2020 to March 31, 2022 through the issuance and sale of our capital stock, from which we have raised net proceeds
of $25.5 million. Our current cash and cash equivalents balance will not be sufficient to complete all necessary product development or
future commercialization efforts. We anticipate that our current cash and cash equivalents balance will not be sufficient to sustain operations
within one year after the date that our unaudited financial statements for March 31, 2022 were issued, which raises substantial doubt
about our ability to continue as a going concern.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to seek additional
funding through public or private equity or debt financings. We may not be able to obtain financing on acceptable terms, or at all. The
terms of any financing may adversely affect the holdings or the rights of our stockholders. If we are unable to obtain funding we could
be required to delay, reduce or eliminate research and development programs, product portfolio expansion or future commercialization efforts,
which could adversely affect our business operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 58; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have incurred recurring
losses since our inception, including a net loss of $6.6 million and $2.6 million for the three months ended March 31, 2022 and 2021,
respectively. As of March 31, 2022 we had an accumulated deficit of $21.1 million. We expect to continue to generate operating losses
and negative operating cash flows for the foreseeable future if and as we:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continue the research and development of our product candidates;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">initiate clinical studies for, or preclinical development of, our product candidates;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">further develop and refine the manufacturing processes of our product candidates;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">change or add manufacturers or suppliers of product candidate materials;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek regulatory and marketing authorizations for any of our product candidates that successfully complete development;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our net losses may fluctuate
significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical studies and our expenditures on other
research and development activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never generated revenue
and do not expect to generate revenue from product sales unless and until we successfully complete development and obtain regulatory approval
for REVTx-99b, REVDx-501 or other product candidates, which we expect will not be for at least several&#160;years, if ever. Accordingly,
until such time as we can generate significant revenue from sales of REVTx-99b, REVDx-501 or other product candidates, if ever, we expect
to finance our cash needs through a combination of public or private equity offerings, debt financings or other capital sources, including
potential collaborations, licenses and other similar arrangements. However, we may be unable to raise additional funds or enter into such
other arrangements when needed on favorable terms or at all. Our failure to raise capital or enter into such other arrangements when needed
would have a negative impact on our financial condition and could force us to delay, limit, reduce or terminate our product development
or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop
and market ourselves.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Developments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Business Combination</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January&#160;10, 2022,
we consummated the previously announced Business Combination, pursuant to the terms of the agreement and plan of merger, dated as of August&#160;29,
2021 with Petra and Merger Sub.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Business Combination
Agreement, on the Closing Date, (i)&#160;Merger Sub merged with and into Revelation Sub, with Revelation Sub as the surviving company
in the Business Combination, and became a wholly-owned subsidiary of Petra and (ii)&#160;Petra changed its name to &#8220;Revelation Biosciences,
Inc.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 59; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Research and Development</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development expenses
consist primarily of costs incurred for the development of our lead product candidates, REVTx-99a/b and our lead diagnostic product REVDx-501.
Our research and development expenses consist primarily of external costs related to clinical development, costs related to contract research
organizations, costs related to consultants, costs related to acquiring and manufacturing clinical study materials, costs related to contract
manufacturing organizations and other vendors, costs related to the preparation of regulatory submissions, costs related to laboratory
supplies and services, and personnel costs. Personnel and related costs consist of salaries, employee benefits and stock-based compensation
for personnel involved in research and development efforts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expense all research and
development expenses in the periods in which they are incurred. We accrue for costs incurred as the services are being provided by monitoring
the status of specific activities and the invoices received from our external service providers. We adjust our accrual as actual costs
become known.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect our research and
development expenses to increase substantially for the foreseeable future as we continue the development of REVTx-99b and REVDx-501 and
continue to invest in research and development activities. The process of conducting the necessary clinical research and product development
to obtain regulatory approval is costly and time consuming, and the successful development of REVTx-99b, REVDx-501 and any future product
candidates is highly uncertain. To the extent that either REVTx-99b continue to advance into larger and later stage clinical studies,
our expenses will increase substantially and may become more variable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The actual probability of
success for REVTx-99b, REVDx-501 or any future product candidate may be affected by a variety of factors, including the safety and efficacy
of our product candidates, investment in the development of REVDx-501, investment in our clinical programs, manufacturing capability and
competition with other products. As a result, we are unable to determine the timing of initiation, duration and completion costs of our
research and development efforts or when and to what extent we will generate revenue from the commercialization and sale of REVTx-99b,
REVDx-501 or any future product candidate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>General and Administrative</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our general and administrative
expenses consist primarily of personnel costs, expenses for outside professional services, including financial advisory, legal, human
resource, audit and accounting services and consulting costs. Personnel and related costs consist of salaries, employee benefits and stock-based
compensation for personnel involved in executive, finance and other administrative functions. We expect our general and administrative
expenses to increase for the foreseeable future as we increase the size of our administrative function to support the growth of our business
and support our continued research and development activities. We also anticipate increased expenses as a result of operating as a public
company, including increased expenses related to financial advisory services, audit, legal, regulatory, investor relations costs, director
and officer insurance premiums associated with maintaining compliance with exchange listing and SEC requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Income (Expense), Net</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other income (expense), net
primarily consists of foreign currency transaction gains and losses, interest expense for the Promissory Notes Payable and Convertible
Note and interest income from our cash balances in savings accounts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 60; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Three Months Ended March&#160;31, 2021 and
Three&#160;Months Ended March&#160;31, 2022 (unaudited)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table summarizes our results of operations
for the periods presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(6,616,541</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(4,004,188</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Research and Development Expenses</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table summarizes our research and
development expenses for the periods presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development expenses
increased by $2.1 million, from $1.6 million for the three months ended March 31, 2021 to $3.7 million for the three months ended March
31, 2022. The increase was primarily due to an increase of $2.2 million in clinical study expenses related to REVTx-99a, $0.2 million
in clinical study expenses related to REVTx-99b, $0.1 million in REVTx-99a/b manufacturing expenses and $0.2 million in personnel expenses,
which included $57,808 of employee stock-based compensation expense. These increases were offset by a decrease of $0.5 million in diagnostic
development expenses related to REVDx-501.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">General and Administrative Expenses</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table summarizes our general and
administrative expenses for the periods presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(6,963</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Total general and administrative expenses.</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,906,020</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">General and administrative
expenses increased by $1.9 million, from $1.1 million for the three months ended March 31, 2021 to $2.9 million for the three months ended
March 31, 2022. The increase was primarily due to an increase $1.2 million in financial advisory fees, legal fees and professional consulting
service fees. In addition, other expenses increased by $0.7 million as a result of an increase in D&amp;O Insurance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 61; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Other Income (Expense), Net</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other income (expense), net
was $4,645 for the three months ended March 31, 2021 and $30,241 for the three months ended March 31, 2022, related to interest expense
for the Promissory Notes Payable and Convertible Note, foreign currency transaction gains and losses, and interest income from our cash
balances in savings accounts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Period from May&#160;4, 2020 (inception)
to December 31, 2020 and the Year Ended December 31, 2021</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
our results of operations for the periods presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Research and Development Expenses</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
our research and development expenses for the periods presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development expenses
increased by $5.2&#160;million, from $1.7&#160;million for the period from May&#160;4, 2020 (inception) to December 31, 2020 to $6.9&#160;million
for the year ended December 31, 2021. The increase was primarily due to an increase of $2.6&#160;million in clinical study expenses related
to REVTx-99a/b and an increase of $0.8&#160;million in diagnostic development expenses related to REVDx-501. Personnel expenses increased
$1.4&#160;million, which included $58,664 of employee stock-based compensation expense. In addition, other expenses increased by $0.3&#160;million
as a result of an increase in lab supplies, lab facilities costs and consulting expenses that were not specific to REVTx-99a/b and REVDx-501.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 62; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">General and Administrative Expenses</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
our general and administrative expenses for the periods presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">490,977</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,035,729</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">General and administrative
expenses increased by $4.2&#160;million, from $0.8&#160;million for the period from May&#160;4, 2020 (inception) to December 31, 2020
to $5.0&#160;million for the year ended December 31, 2021. The increase was primarily due to an increase of $2.1&#160;million in personnel
expenses, which included $384,164 of employee stock-based compensation expense, and an increase of $2.0&#160;million in legal fees and
professional consulting service fees, which included $28,050 of non-employee stock-based compensation expense. In addition, other expenses
increased by $110,724 as a result of an increase in general business insurance, business taxes, computer equipment and software license
fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Other Income (Expense), Net</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other income (expense), net
was $84 for the period from May&#160;4, 2020 (inception) to December 31, 2020 and $36,352 for the year ended December 31, 2021, related
to foreign currency transaction gains and losses, and interest income from our cash balances in savings accounts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity and Capital Resources</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since our inception to March
31, 2022, we have funded our operations from the issuance and sale of our common stock, preferred stock and warrants, from which we have
raised net proceeds of $25.5 million, of which $11.6 million was received during the three months ending March 31, 2022. As of March 31,
2022, we had available cash and cash equivalents of $7.2 million and an accumulated deficit of $21.1 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our use of cash is to fund
operating expenses, which consist primarily of research and development expenditures related to our lead therapeutic product candidates,
historically for REVTx-99a/b and the development of our lead diagnostic product, REVDx-501. We plan to increase our research and development
expenses substantially for the foreseeable future as we continue the clinical development of our current and future product candidates.
At this time, due to the inherently unpredictable nature of product development, we cannot reasonably estimate the costs we will incur
and the timelines that will be required to complete development, obtain marketing approval, and commercialize our current product candidate,
diagnostic product or any future product candidates. For the same reasons, we are also unable to predict when, if ever, we will generate
revenue from product sales or any future license agreements which we may enter into or whether, or when, if ever, we may achieve profitability.
Clinical and preclinical development timelines, the probability of success, and development costs can differ materially from expectations.
In addition, we cannot forecast the timing and amounts of milestone, royalty and other revenue from licensing activities, which future
product candidates may be subject to future collaborations, when such arrangements will be secured, if at all, and to what degree such
arrangements would affect our development plans and capital requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect to continue to generate
substantial operating losses for the foreseeable future as we expand our research and development activities. We will continue to fund
our operations primarily through utilization of our current financial resources and through additional raises of capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 63; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that we raise
additional capital through partnerships or licensing arrangements with third parties, we may have to relinquish valuable rights to our
product candidates, future revenue streams or research programs or to grant licenses on terms that may not be favorable to us. If we raise
additional capital through public or private equity offerings, the ownership interest of our then-existing stockholders will be diluted,
and the terms of these securities may include liquidation or other preferences that adversely affect our stockholders&#8217; rights. If
we raise additional capital through debt financing, we may be subject to covenants limiting or restricting our ability to take specific
actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we are unable to obtain adequate financing
when needed, we may have to delay, reduce the scope of or suspend one or more of our clinical studies or preclinical studies, research
and development programs or commercialization efforts or grant rights to develop and market our product candidates or diagnostic product
even if we would otherwise prefer to develop and market such product candidates or diagnostic product ourselves.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Going Concern</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have incurred recurring
losses since our inception, including a net loss of $6.6 million for the three months ended March 31, 2022. As of March 31, 2022 we had
an accumulated deficit of $21.1 million, a stockholders&#8217; deficit of $98,511 and available cash and cash equivalents of $7.2 million.
We expect to continue to incur significant operating and net losses, as well as negative cash flows from operations, for the foreseeable
future as we continue to complete all necessary product development or future commercialization efforts. We have never generated revenue
and do not expect to generate revenue from product sales unless and until we successfully complete development and obtain regulatory approval
for REVTx-99b, REVDx-501 or other product candidates, which we expect will not be for at least several years, if ever. We do not anticipate
that our current cash and cash equivalents balance will be sufficient to sustain operations within one year after the date that our unaudited
financial statements for March 31, 2022 were issued, which raises substantial doubt about our ability to continue as a going concern.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To continue as a going concern,
we will need, among other things, to raise additional capital resources. We plan to seek additional funding through public or private
equity or debt financings. We may not be able to obtain financing on acceptable terms, or at all. The terms of any financing may adversely
affect the holdings or the rights of our stockholders. If we are unable to obtain funding we could be required to delay, reduce or eliminate
research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect our business
operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited condensed consolidated
financial statements for March 31, 2022, have been prepared on the basis that we will continue as a going concern, and do not include
any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification
of liabilities that may result from the possible inability for us to continue as a going concern.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
our cash flows for the periods presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three <br/> Months <br/> Ended <br/> March 31, <br/> 2022<br/> (unaudited)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(4,830,066</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2,382,052</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(11,090,573</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Net cash used in investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(99,101</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(131,963</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Net cash provided by financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,004,865</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,523,712</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3,217,671</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net Cash Used in Operating Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
March 31, 2022, net cash used in operating activities was $4.8 million, which consisted of a net loss of $6.6 million, offset by non-cash
charges of $0.2 million comprised of stock-based compensation expense, non-cash lease expense and depreciation expense plus a net change
of $1.6 million in our net operating assets and liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 64; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
March 31, 2021, net cash used in operating activities was $2.4 million, which consisted of a net loss of $2.6 million, offset by non-cash
charges of $0.1 million comprised of stock-based compensation expense, non-cash lease expense and depreciation expense plus a net change
of $0.1 million in our net operating assets and liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2021, net cash used in operating activities was $11.1 million, which consisted of a net loss of $12.0 million, offset by non-cash
charges of $0.5 million comprised of stock-based compensation expense, non-cash lease expense and depreciation expense plus a net change
of $0.4 million in our net operating assets and liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net Cash Used in Investing Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
March 31, 2022, there was no cash used in investing activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
March 31, 2021, net cash used in investing activities consisted of $99,101 for purchases of lab equipment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December&#160;31,
2021, net cash used in investing activities consisted of $131,963 for purchases of lab equipment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net Cash Provided by Financing Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
March 31, 2022, net cash provided by financing activities was $10.7 million, from net proceeds of $4.2 million received in connection
with the Business Combination, after exercise of the Forward Share Purchase Agreement of $7.7 million, and net proceeds of $7.3 million
received from the PIPE, offset by $0.8 million in repayments of Promissory Notes Payable, including interest expense.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
March 31, 2021, net cash provided by financing activities was $8.0 million, from the sale of our common stock, Series A Preferred Stock
and Series A-1 Preferred Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2021, net cash provided by financing activities was $8.0 million, from the sale of our Common Stock, Series A Preferred Stock and
Series A-1 Preferred Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Contractual Obligations and Other Commitments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
our contractual obligations as of March&#160;31, 2022 and the effects of such obligations are expected to have on our liquidity and cash
flow in future periods:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">&#8212;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">&#8212;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into an operating
lease for laboratory space in San Diego, California. The table above includes future minimum lease payments under the non-cancelable lease
arrangement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into a Premium
Finance Agreement with a lender that directly paid the Company&#8217;s D&amp;O Insurance. The table above includes future minimum payments
under the cancelable Premium Finance Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We enter into contracts in
the normal course of business with third party service providers and vendors. These contracts generally provide for termination on notice
and, therefore, are cancellable contracts and not considered contractual obligations and commitments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Off-Balance Sheet Arrangements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March&#160;31, 2022,
we did not have any off-balance sheet arrangements as defined in Item&#160;303(a)(4)(ii) of Regulation&#160;S-K.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Quantitative and Qualitative Disclosure about
Market Risk</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are exposed to market risks
in the ordinary course of our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Interest Rate Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our cash and cash equivalents
consist primarily of highly liquid investments in money market funds and cash on hand and have an original maturity date of 90&#160;days
or less. The fair value of our cash and cash equivalents would not be significantly affected by either an increase or decrease in interest
rates due mainly to the short-term nature of these instruments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign Currency Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our expenses are generally
denominated in the currencies in which our operations are located, which is primarily in the United&#160;States and Australia. We make
payments to vendors for research and development services with payments denominated in foreign currencies including Australian Dollars
and British Pounds. We are subject to foreign currency transaction gains or losses on our payments denominated in foreign currencies.
To date, foreign currency transaction gains and losses have not been material and we have not had a formal hedging program with respect
to foreign currency; however, we may consider doing so in the future. A 10% increase or decrease in currency exchange rates would not
have a material effect on our financial results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Critical Accounting Policies and Significant
Judgements and Estimates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management&#8217;s discussion
and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance
with the U.S.&#160;generally accepted accounting principles (&#8220;GAAP&#8221;). The preparation of financial statements in accordance
with GAAP requires management to make estimates and assumptions about future events that affect the amounts of assets and liabilities
reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. These estimates and assumptions
are based on management&#8217;s best estimates and judgment. Management regularly evaluates its estimates and assumptions using industry
experience and other factors; however, actual results could differ materially from these estimates and could have an adverse effect on
our financial statements. While our significant accounting policies are more fully described in the notes to our financial statements
elsewhere in this Prospectus, we believe that the accounting policies discussed below are most critical to understanding and evaluating
our historical and future performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Research and Development Expenditures</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We record accrued expenses
for estimated preclinical and clinical study and research expenses related to the services performed but not yet invoiced pursuant to
contracts with research institutions, contract research organizations and clinical manufacturing organizations that conduct and manage
preclinical studies, and clinical studies, and research services on our behalf. Payments for these services are based on the terms of
individual agreements and payment timing may differ significantly from the period in which the services were performed. Our estimates
are based on factors such as the work completed, including the level of patient enrollment. We monitor patient enrollment levels and related
activity to the extent reasonably possible and make judgments and estimates in determining the accrued balance in each reporting period.
Our estimates of accrued expenses are based on the facts and circumstances known at the time. If we underestimate or overestimate the
level of services performed or the costs of these services, our actual expenses could differ from our estimates. As actual costs become
known, we adjust our accrued expenses. To date, we have not experienced significant changes in our estimates of clinical study accruals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 66; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Stock-based Compensation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize the compensation
expense related to stock options, third-party warrants, and RSU awards granted, based on the estimated fair value of the awards on the
date of grant. The fair value of employee stock options and third-party warrants are generally determined using the Black-Scholes option-pricing
model using various inputs, including estimates of expected volatility, term, risk-free rate, and future dividends. The grant date fair
value of the stock-based awards, which have graded vesting, is recognized using the straight-line method over the requisite service period
of each stock-based award, which is generally the vesting period of the respective stock-based awards. The Company recognizes forfeitures
as they occur.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2022, there
were 460,706 Rollover RSU awards and 354,452 stock options outstanding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Determination of the Fair Value of Common
Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Business Combination,
given the absence of a public trading market for our shares of common stock, our board of directors exercises its judgment and considers
a number of objective and subjective factors to determine the best estimate of the fair value of our shares of common stock, including
timely valuations of our shares of common stock prepared by an unrelated third-party valuation firm, important developments in our operations,
sales of common stock and convertible preferred shares, actual operating results and financial performance, the conditions in the biotechnology
industry and the economy in general, the stock price performance and volatility of comparable public companies, and the lack of liquidity
of our shares of common stock, among other factors. After the Business Combination, the fair value of each share of common stock is based
on the closing price of our shares of common stock as reported on the date of grant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Accounting Pronouncements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See Note&#160;2 to our financial
statements included elsewhere in this Prospectus for more information about recent accounting pronouncements, the timing of their adoption,
and our assessment, to the extent we have made one yet, of their potential impact on our financial condition of results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>JOBS Act Accounting Election</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an &#8220;emerging
growth company,&#8221; as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting
standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected to use this
extended transition period to enable us to comply with new or revised accounting standards that have different effective dates for public
and private companies until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably
opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements and our interim condensed financial
statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective
dates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DESCRIPTION OF THE COMPANY&#8217;S BUSINESS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Throughout this section,
unless otherwise noted, &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Revelation&#8221; and the &#8220;Company&#8221;
refer to Revelation Biosciences, Inc. and its subsidiary.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation is a clinical-stage
biopharmaceutical company founded in May&#160;2020. We are focused on the development or commercialization of innate immune system therapeutics
and diagnostics. On January 10, 2022, we consummated our previously announced Business Combination. Prior to the Business Combination,
Petra was a blank check company incorporated under the laws of Delaware for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. In connection with the
consummation of the Business Combination, Petra changed its name to Revelation Biosciences, Inc. Our Common Stock is listed on Nasdaq
under the ticker symbol &#8220;REVB&#8221; and warrants to purchase the Common Stock at an exercise price of $11.50 per share are listed
on Nasdaq under the ticker symbol &#8220;REVBW.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 67; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business Strategy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current product candidates were developed
by Revelation to potentially modulate the activity of the immune system. Our therapeutic product candidates are based on our therapeutic
platform and consist of, REVTx-99a, which was being developed for the prevention or treatment of a wide array of viral infections until
June of 2022, REVTx-99b, which is being developed for the prevention or treatment of nasal congestion due to allergies or chronic rhinosinusitis,
REVTx-200, our nonclinical stage product being developed as a potential intranasal therapy that will be administered concurrently with
a commercially available IM vaccine and REVTx-300, our non-clinical stage product being developed as a potential therapy for the treatment
of chronic organ disease including CKD and NASH. Our lead diagnostic, REVDx-501 (REVID<sup>TM </sup>Rapid Test Kit), is being developed
as a rapid point of care diagnostic product that can potentially be used to detect various respiratory viral infections. The diagnostic
is similar to a home pregnancy test with a simple to read visual readout in less than 15 minutes without the need for specialized instrumentation
or complicated sample collection.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Pipeline</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation is currently leveraging
the human body&#8217;s innate immune system response to develop therapeutics and diagnostics to prevent, treat and detect allergies or
respiratory viral infections. Revelation&#8217;s pipeline is summarized in the table below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_002.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Therapeutic Platform</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our therapeutic platform is
based on the active ingredient PHAD<sup>&#174;</sup>, a synthetic version of MPLA. Currently, as part of the platform we have focused on
the development of REVTx-99a, REVTx-99b, REVTx-200 and REVTx-300. The current differences between REVTx-99a, REVTx-99b, REVTx-200 and
REVTx-300 (and as development progresses may) include indications, dosage, timing of dosing, formulations and delivery methods of the
drug product.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVTx-99a
was being developed as a broad anti-viral nasal drop solution for the potential prevention or potential treatment of respiratory viral
infections until June of 2022.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVTx-99b
is being developed as a prevention or treatment for chronic nasal congestion and allergic rhinitis.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVTx-200
is our nonclinical stage product being developed as a potential intranasal therapy that will be administered concurrently with a commercially
available IM vaccine to potentially give a more complete and durable immunization.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">REVTx-300
is our non-clinical stage product being developed as a potential therapy for the treatment of chronic organ disease including CKD and
NASH.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 68; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The therapeutic platform focuses
on the activation of protein receptors on the surface of cells exposed to the outside environment designed to recognize pathogen molecules.
These cell surface receptors are called pathogen pattern receptors, a subset of which are the TLR. One such TLR is TLR-4 which is most
well-known for recognition of LPS. The active ingredient PHAD<sup>&#174;</sup>, mimics LPS to potentially activate TLR-4, without the adverse
symptoms and toxicity related to LPS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>REVTX-99a</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">REVTx-99a was being developed
as a broad anti-viral nasal drop solution for the potential prevention or potential treatment of respiratory viral infections until June
of 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We conducted a Phase&#160;2b
study which began enrollment in December&#160;2021 and on March 30, 2022 we announced that the primary endpoint of the Phase 2b study,
AUC of viral load measured by RT-PCR from nasopharyngeal swabs, did not meet statistical significance. We received the full data package
during the second quarter of 2022 and have determined to stop all future clinical development of REVTx-99a.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>REVTx-99b</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">REVTx-99b is being developed
as a prevention or treatment for chronic nasal congestion and allergic rhinitis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">REVTx-99b potentially acts
on three different parts of the allergic response via stimulation of the TLR4 pathway. These include (i) the possible induction of a physical
barrier to allergens, (ii) the possible reduction of IgE secretion as a result of IFN upregulation and (iii) by secretion of IP-10 which
competes for the native eotaxin receptor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were granted ethics committee
approval from Bellberry Limited Human Research Ethics Committee in Australia to conduct our Phase&#160;1b allergen challenge study in
October of 2021. The study began enrollment in December&#160;2021 and dosing commenced in January&#160;2022. Top-line data is expected
in the third quarter of 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company plans to conduct
a Phase 1/2 clinical study to evaluate the safety and efficacy of REVTx-99b paired with a nasal delivery system (e.g. the spray device)
in allergy patients during 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>REVTx-200</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">REVTx-200 is our nonclinical
stage product being developed as a potential intranasal therapy that will be administered concurrently with a commercially available IM
vaccine. We believe concurrent stimulation of the nasal mucosa with REVTx-200 upon IM vaccination may provide a more complete immunization.
REVTx-200 utilizes the same active ingredient (PHAD<sup>&#174;</sup>) used in REVTx-99b. Based on feedback from the FDA, we believe REVTx-200
will be regulated as a biologic, and not as a therapeutic, since it is concurrently administered with another vaccine. As such we believe
the approval process will require its own unique development pathway to be approved for this use.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hypothesize that optimal
protection from a vaccine requires both a systemic immune response elicited by the IM vaccine injection and a mucosal immune response
elicited by the intranasal administration of REVTx-200 developed by recruiting immune cells into the mucosal immune system. We believe
that intranasal administration of REVTx-200 will result in improved recruitment of vaccine-specific activated adaptive immune cells (e.g.
T cells and B cells) into the nasal mucosa. Biomarker data from our Phase&#160;1 therapeutic clinical study (RVL-NHV01) supports this
hypothesis. In particular, we were able to see increases in local (intranasal) IL-7 and MCP-1. IL-7 is a cytokine that induces the differentiation
of hematopoietic stem cells into T cells, B cells and NK cells. MCP-1 is a chemokine that attracts B cells and T cells to a particular
site. This data suggest, intranasal REVTx-200 will traffic antigen activated B cells and T cells to the mucosal space. While this data
is supportive of the theory, additional formulation development and preclinical testing will be necessary for the development of REVTx-200.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to establish relationships
with vaccine development companies with the intention of working with one or more of these companies to develop REVTx-200 during 2022
and 2023. Initial development will include studying REVTx-200 using commercially available IM vaccines in nonclinical models unique to
each potential partnering company during 2022 and 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>REVTx-300</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">REVTx-300 is our non-clinical
stage product being developed as a potential therapy for the treatment of chronic organ disease including CKD and NASH.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Chronic disease of an organ,
due to chronic inflammation and subsequent fibrosis, follows a pattern of perpetual and ongoing destruction of living functional cells
and subsequent replacement by the non-functional protein, collagen, resulting in fibrosis (scar tissue) (Wilson). The establishment of
fibrosis and subsequent death of the organ is driven by ongoing inflammatory processes associated with the innate immune response. Redirection
of the innate immune response with REVTx-300 from a pro-inflammatory state to an anti-inflammatory (protective) state may rebalance the
innate immune response to slow down or halt the progressive destruction and scarring of organ tissue, allowing the healing process to
take place.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan complete nonclinical
testing of REVTx-300 for the treatment of CKD during the remainder of 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>REVDx-501</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our lead diagnostic, REVDx-501
(REVID<sup>TM</sup> Rapid Test Kit) is being developed as a rapid at-home in vitro diagnostic test (or diagnostic device) that has the
potential to detect respiratory viral infections including SARS-CoV-2, Influenza A, Influenza B, parainfluenza, or respiratory syncytial
virus. REVDx-501 is intended to be a user-friendly home test kit with a simple to read visual readout that provides a result in less than
15 minutes without the need for specialized instrumentation. Preliminary evaluation of clinical samples demonstrated good correlation
between REVID and PCR for SARS-CoV-2 (100% positive agreement for replicating SARS-COV-2 virus, 86% negative agreement for no replicating
SARS-COV-2 virus). We plan to continue additional development during 2022 and once development is complete submit for regulatory clearance
to the FDA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Strategy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our goal is to become a leading
biopharmaceutical company focused on the development of immune system therapeutics and diagnostics. The key components of our strategy
are to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance
the development of our intranasal product candidate, REVTx-99b for the treatment of&#160;&#160;chronic nasal congestion and&#160;&#160;allergic
rhinitis.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance
the development of our intranasal product candidate, REVTx-200 for improving the immunity and durability of IM vaccinations.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance
the development of REVTx-300 for the treatment of chronic organ disease including CKD and NASH.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Develop
REVDx-501 for the detection of respiratory viral infections.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establish
a commercial infrastructure or commercial partner for REVDx-501.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scale-up
and optimize the manufacturing of REVDx-501.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Corporate History and Team</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation Biosciences, Inc.
was formed on May&#160;4, 2020 and is a Delaware corporation. We have assembled a management team of biopharmaceutical experts with extensive
experience in drug development, manufacturing and commercialization of pharmaceutical products along with broad experience in building
companies from inception, including La Jolla Pharmaceutical Company, Pluromed, Inc., and Horizon Pharma, Inc. We are also supported by
a group of directors and leading investors whose collective experience will assist us in realizing our corporate strategy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>BACKGROUND</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Allergic Rhinitis and Chronic Nasal Congestion
Overview</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Allergic reactions are caused
by the body&#8217;s overreaction to normally well-tolerated proteins called allergens. Allergic rhinitis symptoms are classically described
as &#8220;hay fever&#8221;, which typically presents as nasal congestion, runny nose, sneezing, itchy nose, and/or itchy watery eyes.
Environmental allergens such as pollen, grass, weeds, animal dander, and/or molds are the most common causes. These symptoms are primarily
brought on by the release of histamine and other inflammatory factors. Chronic nasal congestion is a long-lasting inflammation of the
nasal and sinus passages caused by an array of environmental and medical conditions. Allergic rhinitis is a common cause or trigger of
chronic nasal congestion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Allergic rhinitis is a prevalent
and chronic disorder. Data sources estimate between 8% and 14% of adults and children in the United States suffer from allergic rhinitis
and hay fever (CDC 2021, AAAAI 2017). Based on 2022 population projections, approximately 26.5 million people in the United States have
allergic rhinitis symptoms just based on the conservative disease estimates. Worldwide, the disease burden has been reported between 10%
to 30% of the global population (AAAAI 2022). The growing prevalence and frequency of new cases of allergic rhinitis emphasizes the need
for more treatment options particularly those that require minimal physician intervention (e.g., alternatives to allergy shots) and a
favorable safety profile.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the CDC, allergies
are currently ranked as the 6<sup>th</sup> leading chronic disease according to the Asthma and Allergy Foundation of America. Allergic
rhinitis or &#8220;hay fever&#8221; is the most common allergy diagnosis and is a common cause of nasal congestion. 19.2&#160;million
adults were diagnosed with allergic rhinitis (7.7% of the general population) in the last 12&#160;months. In the same time frame, 7.1&#160;million
children have been diagnosed with respiratory allergies, and of those, 5.2&#160;million children (7.2% of the population of children age
18 or less) were diagnosed with allergic rhinitis. Over the past 20 to 30&#160;years, allergic rhinitis has increased worldwide. Over
400&#160;million people suffer from allergic rhinitis around the world, and &#8220;direct medical costs in the United States increased
from $6.1&#160;billion in 2000 to $11.2&#160;billion in 2005, with an estimated productivity decrease of $600 per employee yearly; this
cost is greater than diabetes, coronary heart disease and asthma&#8221; combined (World Allergy Organization Review of Rhinitis). By 2024,
the allergic rhinitis market is estimated to be about $16 billion ($7 billion perennial/$9 billion seasonal) with approximately 38% of
the market being comprised of nasally delivered products (BioSpace April 2022; Persistence Market Research November 2021). Nasal congestion
is typically due to swelling in the lining of the nose from inflamed blood vessels. Nasal congestion can cause interference with hearing
and speech, and more severe congestion may impact sleep and cause snoring</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In a United&#160;States survey
conducted in 61,655 adults, 14% had been diagnosed with nasal allergies and nasal congestion was the most frequently reported symptom
with 60% reporting a &#8220;stuffed-up nose&#8221; either every&#160;day (40%) or on most&#160;days (20%) during the month when symptoms
were most prevalent (Allergies in America).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Europeans suffering from allergic
rhinitis report nasal congestion as a problematic symptom. In a European survey, 59% report nasal congestion with their allergic rhinitis
and out of 562 people in Belgium suffering from allergic rhinitis, 53% reported nasal congestion (Bauchau)(Bachert).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The apparent increase in the
frequency of allergic rhinitis worldwide emphasizes the need for more treatment options including the problematic symptoms of this disease,
such as congestion, sneezing, itchy watery eyes, and rash (Stewart).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to allergic rhinitis,
nasal congestion is a troublesome symptom of rhinosinusitis, which is inflammation of the paranasal sinuses and adjacent nasal mucosa
(Ferrand) (Pessey). Rhinosinusitis can be acute, with symptoms lasting less than a month, or chronic with symptoms lasting 12&#160;weeks
or longer (Stewart). In clinical practice, rhinosinusitis is one of the most common diagnosis affecting 1 in 6 adults in the Unites States
(Hickner). Internationally, several surveys have been conducted and the incidence of nasal congestion is common (Leggett).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nasal congestion is caused
by an array of environmental and medical conditions. Although not widely studied, the economic burden of nasal congestion incurs costs
from the diseases associated with congestion and are known to be substantial. Nasal congestion is reported as the most prevalent and bothersome
symptom of these diseases and more treatments are essential to the improving quality of life (Stewart).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Influenza Disease Overview</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Influenza, or the flu, is
caused by the influenza virus. There are four strains of influenza virus: influenza A (Alphainfluenzavirus), B (Betainfluenzavirus), C
(Gammainfluenzavirus), and D (Deltainfluenzavirus). The influenza virus is a negative-sense, segmented, single-stranded RNA virus. Through
the hemagglutinin on the surface exterior, the influenza virus binds to sialic acid molecules attached to many proteins on the cell surface.
Sialic acid is expressed ubiquitously on cell surface receptors throughout the body, which allows the virus to infect many different cell
types.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Influenza spreads through
proximal transfer of respiratory droplets via coughing, sneezing, breathing, singing, or talking. These droplets can be inhaled or land
on the mouth, nose, or eyes of a nearby person. In some cases, influenza viral particles can remain suspended in airborne droplets or
aerosols for several minutes or&#160;hours, leading to airborne transmission.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Typically, influenza infects&#160;5-15%
of the global population each year. The majority of influenza infections are mild to moderate. The symptoms associated with influenza
infection include runny nose, cough, headache, muscle aches, fever, and chills. However, approximately 5% of all severe pneumonia cases
in hospitals are due to influenza, which is also the most common cause of ARDS in adults. In those suffering from seasonal influenza,
caused by H1N1 and H3N2, mortality is concentrated in the very young and the elderly, whereas during flu pandemics, young adults are often
affected at a high rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are a number of comorbidities
associated with increased severity of influenza. The most significant comorbidity for influenza prognosis is age. Those older than 65
and those two&#160;years and younger are at greatest risk for severe influenza infection. Additional comorbidities include coronary artery
disease or cardiomyopathy, heart failure, diabetes, asthma, chronic obstructive pulmonary disease (&#8220;COPD&#8221;), cystic or pulmonary
fibrosis, obesity, smoking, chronic kidney disease, liver disease, sickle cell disease, and pregnancy. The primary cause of death due
to influenza infection is due to inflammation as part of the immune response (such as seen in macrophage activation syndrome, or cytokine
storm), which can lead to pneumonia or sepsis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The current prevalence of
influenza worldwide was at 3 to 5&#160;million cases per year, with 290,000 to 650,000 reported deaths (WHO, 2021). According to the CDC,
the burden of influenza disease in the United&#160;States can vary widely and is determined by a number of factors including the characteristics
of circulating viruses, the timing of the season, how well the vaccine is working to protect against illness, and how many people got
vaccinated. While the impact of flu varies, it places a substantial burden on the health of people in the United&#160;States each year.
CDC estimates that influenza has resulted in between 9&#160;million&#8211;45&#160;million illnesses, between 140,000&#160;&#8211;&#160;810,000
hospitalizations and between 12,000&#160;&#8211;&#160;61,000 deaths annually since 2010.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>COVID-19 Disease Overview</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">COVID-19 is caused by the
severe respiratory syndrome coronavirus 2 (&#8220;SARS-CoV-2&#8221;) virus. The SARS-CoV-2 virus is a positive sense, single stranded
RNA virus. Through the spike protein subunit on the surface exterior, the SARS-CoV-2 virus binds to the Angiotensin Converting Enzyme&#160;II
receptor (&#8220;ACEII&#8221;).&#160;Although the ACEII receptor is expressed on a wide range of tissues throughout the body, it appears
the majority of the transmission of SARS-CoV-2 occurs in the nose, through the ciliated nasal goblet cells, and the nasal epithelial cells,
where expression levels of ACEII are most prevalent (Sungnak).</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SARS-CoV-2 spreads through
proximal transfer of respiratory droplets via coughing, sneezing, breathing, singing, or talking. These droplets can be inhaled or land
on the mouth, nose, or eyes of a nearby person. In some cases, SARS-CoV-2 viral particles can remain suspended in airborne droplets or
aerosols for several minutes or&#160;hours, leading to airborne transmission.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SARS-CoV-2 produces proteins
that have a negative effect on the body&#8217;s natural IFN response. These viral associated proteins block a key enzyme in the STING
pathway (stimulator of interferon genes) that results in a lack of IFN production. This disruption in the IFN production have been shown
to lead to more severe SARS-CoV-2 infection including the need for hospitalization and mechanical ventilation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The majority of infections
with SARS-CoV-2 are mild to moderate, and in some cases are completely asymptomatic. The symptoms associated with SARS-CoV-2 infection
include shortness of breath or difficulty breathing, runny nose, dry cough, headache, diarrhea, muscle aches, fever, chills, and loss
of smell and/or taste.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In a small percentage (0.5-2%)
of cases, serious illness occurs, leading to major complications including pneumonia and or trouble breathing, organ failure in several
organs, heart problems, ARDS, blood clots, acute kidney injury, and potential further viral and bacterial infection.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are a number of comorbidities
associated with increased severity of COVID-19. The most significant comorbidity for COVID-19 prognosis is age. The greater in age, the
more at risk a person is for severe SARS-CoV-2 infection. Additional comorbidities include coronary artery disease or cardiomyopathy,
heart failure, diabetes, asthma, COPD, cystic or pulmonary fibrosis, obesity, smoking, chronic kidney disease, liver disease, sickle cell
disease, and pregnancy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of May 26, 2022 there have
been over 79&#160;million confirmed cases of COVID-19 and over 960,000 deaths in the United&#160;States according to the CDC&#160;and
there have been over 450&#160;million confirmed cases of COVID-19 and over 6&#160;million deaths worldwide according to the WHO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Chronic Organ Disease Overview</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Organ damage, due to chronic
disease, is a pervasive problem in the United States and world-wide. Organ disease (due to chronic inflammation and subsequent fibrosis,
for example) is progressive and ultimately results in loss of function of the organ. Examples of chronic organ and tissue disease include
CKD through end-stage renal disease, liver diseases such as NASH, osteoarthritis, rheumatoid arthritis, pulmonary fibrotic disease, heart
disease, pancreatitis, cancer, and irritable bowel syndrome.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, acute organ stress
may lead to reduced functionality and eventual decline, contributing to a chronic organ disease. One example of this is acute kidney toxicity
(the stress) associated with platinum-based chemotherapy which could lead to the development of chronic kidney disease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Kidney disease is a major
public health problem, affecting ~10% of populations in industrialized countries (1). AKI, which affects 13.3 million people per year,
may lead to CKD. Both AKI and CKD are increasing worldwide (2). Progression of chronic kidney damage often leads to end stage renal disease
with the need for renal replacement therapy (dialysis or transplantation), resulting in significant morbidity and mortality for affected
patients.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CKD can be initiated and propagated
in several ways. One prevalent condition is the high blood sugar levels associated with diabetes (either Type 1 or Type 2). High blood
sugar is toxic to kidney cells creating stress which imitates the inflammatory process leading to the demise of these cells with subsequent
fibrosis ultimately resulting in continuous loss of kidney function over time. High arterial blood pressure is another source of stress
that initiates the inflammatory process leading to CKD. Other risk factors include heart disease, obesity family history of CKD or older
age.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Every day more than 360 people
begin treatment for kidney failure (dialysis or transplant). According to the CDC, more than 1 in 7, that is 15% of US adults or 37 million
people are estimated to have CKD. As many as 9 om 10 adults with CKD as well as about 2 in 5 adults with severe CKD do not know they have
the disease. Kidney diseases are the leading cause of death in the United States. The CDC estimates Medicare costs in excess of $87 billion
and continues to promote reduced costs including better management of CKD.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other causes for CKD include:
Glomerulonephritis (inflammation in the glomerulus), polycystic kidney disease, autoimmune diseases (such as systemic lupus erythematosus),
vesicoureteral reflux (a condition where urine flows back up to the kidneys, pyelonephritis, interstitial nephritis (inflammation of the
tubules), kidney stones, obstruction in kidney or cancer can lead to kidney failure over a period of time, overuse of certain medications,
drug (heroin or cocaine) abuse, chemotherapy (such as cisplatin).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Current Prevention, Treatment and Detection
Options</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Treatment of Allergic Rhinitis and Chronic
Nasal Congestion</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are a number of medications
currently available for allergies, including antihistamines, decongestants, and steroidal sprays. Over the counter oral antihistamines
include Benadryl (diphenhydramine), Claritin (loratadine), Allegra (fexofenadine), and Zyrtec (cetirizine), and nasal sprays such as Nasahist
B (brompheniramine). Prescription oral antihistamines include Clarinex (desloratadine), and nasal sprays such as Astelin (azelastine nasal).
Some of the decongestants available for treatment include Sudafed (pseudophedrine), Neo-Synephrine (phenylephrine) and Afrin (oxymetazoline).
Many decongestants are recommended to be taken with antihistamines for optimal relief of allergy symptoms. Fluticasone is a steroidal
spray also recommended to be taken in conjunction with decongestants. Many of these treatments have well known side effects, including
drowsiness (&#8220;medicine-head&#8221;) or increased blood pressure, and these side effects can be more pronounced when treatments are
combined.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Prevention of Respiratory Viral Infection</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Current therapies for preventing respiratory viral
infections are limited. The main prophylaxis for preventing respiratory viral infections are vaccines. Each year, vaccines are developed
and administered to prevent influenza. The effectiveness of these vaccines can be quite variable due to the ability of the influenza virus
to mutate. According to the CDC, in some&#160;years, the influenza vaccine has been as low as 19% effective (<i>https:// www.cdc.gov/flu/vaccines-work/effectiveness-studies.htm</i>).
Several vaccines have been developed and approved for emergency use for the prevention of SARS-CoV-2. The main drawback to intramuscular
vaccines is the durability of their imparted protection and their poor ability to provide a strong mucosal immunity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Treatment of Chronic Organ Disease</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are currently no effective
therapies for treating chronic organ disease or therapies for preventing loss of function due to acute organ dysfunction, outside of steroidal
treatment or organ transplantation. There is no cure for chronic kidney disease (CKD) but treatments may help manage symptoms or stop
it from progressing. These treatments include life style changes to control health and weight, medications to control associated diseases
such as high blood pressure or high cholesterol and for later stages, filtering the blood with a machine known as dialysis. Avoiding conditions
or exposures that can harm the kidneys like certain medications or kidney infections is also beneficial.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2021, The U.S. Food
and Drug Administration (FDA) approved the use of Farxiga (Dapagliflozin) to reduce the risk of kidney function decline, kidney fail;urem
cardiovascular death and hospitalization for heart failure in adults who are at risk of disease progression. &#160;Farxiga was originally
approved in 2014 for diabetic control in adults in addition to diet and exercise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Still, at this time, there
is a significant unmet need for therapies that slow disease progression and improve outcomes of patients with chronic kidney disease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Detection Methods</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While multiple test methods
exist for the detection of respiratory viral infections, they have many limitations. These limitations include their inability to detect
multiple virus types, turn-around time, sample collection and cost. The current gold-standard is the PCR test. PCR test can detect the
genetic material of a specific organism, such as a virus, thus identifying the specific virus types. However, PCR tests are expensive,
time-consuming and can only detect virus types based on a &#8220;primer sequence&#8221; used when running the test. Because the PCR test
requires this primer sequence, its utility in detecting viral mutations may be limited. These limitations make the PCR test non-ideal
for at-home testing or as a screening tool for respiratory viral infections.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other methods for detecting
viral infection include the so-called antibody and antigen tests. While these methods can be made relatively inexpensively and in an at-home
test format, they also suffer from the same limitation as PCR tests in that they are specific for the detection of a single virus type.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 74; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This limitation is illustrated
in the following example: if you test a person infected with influenza using a SARS-CoV-2 test kit or a PCR test, the result would be
limited to solely showing the individual is not infected with SARS-CoV-2, even though they actually are infected with a respiratory viral
infection and should seek medical attention and/or self-quarantine.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REVELATION&#8217;S PROGRAMS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REVTx-99a</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">REVTx-99a was being developed
as a broad anti-viral nasal drop solution for the potential prevention or potential treatment of respiratory viral infections until June
of 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company completed a Phase&#160;1
study, (RVL-NHV01) in Australia for REVTx-99a during 2020 and received data from the study in 2021. The primary endpoint for safety was
met and all doses of REVTx-99a were well tolerated. There were no clinically significant laboratory, vital sign, ECG, or physical examination
findings. The Company completed a Phase&#160;2b viral challenge study in Europe for the prevention of influenza in March of 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 30, 2022 an independent,
unblinded subject matter expert panel reviewed the interim results. Based on analysis of the 30 patients through day 11 (day of discharge
from the clinical unit), there were no serious adverse events reported or discontinuations due to study drug, and all subjects completed
the treatment period per protocol. Efficacy data demonstrated that REVTx-99a did not meet its primary endpoint, AUC of viral load by quantitative
RT-PCR from nasopharyngeal swabs, and the preliminary results suggest the difference between REVTx-99a and placebo was not statistically
significant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June of 2022 the Company
determined to discontinued and further development of REVTx-99a.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REVTx-99b</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">REVTx-99b is a clinical stage
candidate being developed a prevention or treatment for chronic nasal congestion and allergic rhinitis. During the development of REVTx-99a
we found that there may be benefit for people that suffer from chronic nasal congestion and allergic rhinitis which lead to the early
development of REVTx-99b.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The active ingredient in REVTx-99b
is Phosphorylated hexaacyl disaccharide PHAD<sup>&#174;</sup> which is also known generically as GLA. REVTx-99b is formulated as a liquid
for intranasal administration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation was granted ethics
committee approval from Bellberry Limited Human Research Ethics Committee in Australia to conduct our Phase&#160;1b allergen challenge
study in October of 2021. The study began enrollment in December&#160;2021, dosing commenced in January&#160;2022, in June of 2022 we
announced completion of dosing and topline data is expected in the third quarter of 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company plans to conduct
a Phase 1/2 clinical study to evaluate the safety and efficacy of REVTx-99b paired with a nasal delivery system (e.g. the spray device)
in allergy patients during 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Scientific Rationale/Mechanism of Action</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The innate immune system is
our first line of defense against invading pathogens such as bacteria and viruses. The innate immune system is the more primitive part
of the human immune system and defends against infection by producing and releasing various types of cytokines. Cytokines are proteins
that direct different activities in cells to combat the invading pathogen, as well as stimulating recruitment of the so called adaptive
immune system which ultimately leads to the production of antibodies. Cytokines can be inflammatory or protective. In some cases, non-pathogenic
materials (e.g. allergens) can also illicit the innate immune response resulting in inflammatory cytokine release and an allergic response.
TLRs serve a vital role in starting up the innate immune system response by recognizing different molecular patterns associated with pathogens
such as bacteria and viruses. For example, TLRs are associated with cells (e.g., macrophage, dendritic) found in the nasal mucosal tissue
and when a respiratory pathogen, such as a virus, invades a person through the nose, TLRs recognize them as foreign and activate the innate
immune response producing cytokines.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 75; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The active ingredient in REVTx-99b
may stimulate the innate immune system via interaction with TLR4.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Figure 1. Interaction of REVTx-99b
with TLR4</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><img alt="" src="image_003.jpg"/>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The active ingredient in REVTx-99b,
PHAD<sup>&#174;</sup>, may interact with TLR4 to stimulate the TRIF pathway leading to the production of protective cytokines including
interferons. Source: Revelation Biosciences</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stimulation of the TLR4 TRIF
pathway by PHAD may lead to the production of protective (non-inflammatory cytokines that can block or reverse the allergic response.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Mechanisms of Allergic Response</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon first exposure to allergen,
an allergic response is not engaged. Re-exposure to the same allergen in allergic individuals triggers degranulation of mast cells and
basophils as a result of allergen-specific IgE cross-linking. Degranulated mast cells and basophils release inflammatory mediators (e.g.,
histamine, leukotrienes, tryptase) that elicit symptoms of allergic rhinitis (sneezing, rhinorrhea, nasal congestion, watery eyes, etc.).
These mediators upregulate molecules that mobilize basophils, eosinophils, and T lymphocytes to the sites of insult, thereby compounding
symptomology (Alvaro-Lozano 2020). Further, this process instigates the adaptive immune response, or the immune memory phenomenon, which
is formed in part by Th2 and B cells that remember the antigen upon re-exposure and can subsequently respond quickly (Bousquet 2020).
Once chronic Th2 bias has been induced, exposure to allergen results in T cell activation, enhancing local inflammation.&#160; Systemic
responses, e.g., anaphylaxis, may also occur and reactions can be elicited within minutes (early phase) or hours (late phase).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is important to mention
non-IgE-mediated mechanisms that can activate mast cells and basophils (also known as immune effector cells). IgG antibody can activate
the allergic cascade by binding to its respective receptor on mast cells, and to complement receptors on mast cells and basophils. In
addition, PAMP signaling through toll-like receptors (TLRs; a type of PRR) on mast cells and basophils can activate allergic pathways
as well.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>TLR signaling establishes three potential pharmacologic
mechanisms of action for REVTx-99b</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">TLR4 is a known PRR of the
innate immune system that initiates the signaling pathways to modulate expression of proinflammatory cytokines. TLR4 is expressed on professional
immune cells, such as those of myeloid lineage (Bellanti 2012), and on some nonhematopoietic cells such as nasal epithelial cells (McClure
2014). LPS is a known ligand and PAMP to TLR4 and the concerted mechanism is well-described.&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"></p><div>

</div><!-- Field: Page; Sequence: 76; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>1.</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>REVTx-99b
may induce a physical barrier to allergens</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">LPS has been shown to elicit
immune responses at the site of infection (e.g., nasal mucosa) that mount initial defenses that directly target the foreign pathogen/antigen.
It has been shown that LPS induction of epithelial TLR4 mobilizes exosomes from stimulated epithelia. In the anterior portion of the nose,
these exosomes release antimicrobial peptides and nitric oxide into nasal mucus that can destroy foreign invaders. As these products are
swept to the posterior region of the nose by mucociliary action, the exosomes may also transfer their protective factors to na&#239;ve
epithelia that may still be vulnerable to pathogens (Nocera 2018). In the absence of endotoxin (LPS), it is postulated that a similar
TLR4 ligand (such as REVTx-99b) can mount these same initial defenses to mediate factors that promote immune tolerance. Beyond the initial
barrier defenses from the immune system (e.g., nasal mucosa), LPS activity mediates intracellular and intercellular cascades that influence
downstream immune responses expected to upregulate anti-infection/antiantigen factors. It is proposed these activities triggered by LPS
can also be trigger by MPLA-compounds.&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2.</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>REVTx-99b
may reduce IgE secretion as a result of IFN upregulation</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stimulation of TLR4 in
response to REVTx-99b leads to generation of Type I interferons preferentially through the TRIF pathway (Figure 6). A negative reciprocal
feedback loop has been observed to exist between Type I interferon activity and Th2-biased cellular activity (Gonzalez-van Horn 2015).
This relationship is illustrated in Figure 6, which details Type I interferon production blocking activation of Th2 cellular activity
at the molecular level (suppression of GATA3 expression, preventing access to transcription mediated expression for H3K27me3 and Total
H3), which prevents generation of Th2 cytokines (IL-4, IL-5, and IL-13), reducing or eliminating secretion of IgE, therefore reducing
or preventing allergic symptoms. It has been demonstrated that Type I interferons reduce or prevent Th2-biased cellular activity, which
facilitates the allergic response. destabilizing establishment of Th2-biased cellular activity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Figure 6. Upregulation of
interferons via REVTx-99b may block the activation of mast cells, preventing the secretion of IgE.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><img alt="" src="image_004.jpg"/>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Adapted from Gonzales-van
Horn, S.R. and Farrar, J.D. (2015), Interferon at the crossroads of allergy and viral infections. Journal of Leukocyte Biology, 98: 185-194.&#8239;https://doi.org/10.1189/jlb.3RU0315-099R&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>3.</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IP-10
competes for the native eotaxin receptor</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ability of IP-10 to recruit
Th1 cells has been well documented (Sauty; Quian,; Zhigang). The ability of REVTx-99b to reduce allergic responses may be evident in the
cytokine and chemokine profile induced through treatment in RVL-NHV01. The interleukins classically associated with allergies are IL-4,
IL-5, IL-9, IL-10 and IL-13. Although IL-4 and IL-13 were not measured in this study, the absence of an increase in IL-5, IL-9, and IL-10
indicate that REVTx-99b is likely signaling through Th1 cellular activity (Th1 bias), potentially preventing the allergic inflammation
associated with an allergic response.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The receptor for IP-10, CXCR3,
is present on activated Type I Helper T cells (Loetscher). These researchers found that agonists for CXCR3, such as IP-10, acted as antagonists
of CCR3, the native receptor for eotaxin. This is evidence that IP-10 can directly compete with eotaxin for binding to its native receptor,
preventing eotaxin from recruiting eosinophils, reducing recruitment of Th2 cells, and attenuating the allergic response.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A highly robust IP-10 local
response was observed in RVL-NHV01. It is likely this local IP-10 response will effectively compete with eotaxin for the binding of CCR3,
preventing the recruitment of eosinophils and basophils. The presence of IP-10, in conjunction with the observed bias toward Th1 cell
signaling (a bias away from the allergic Type 2 helper cell population), indicates a possible anti-allergic role for REVTx-99b.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additional investigation into
the mechanism of action for REVTx-99b on allergies is warranted, however, the preliminary data point to a potential therapeutic role in
allergies and allergic rhinitis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Figure 7. CCR3, the native
receptor of Eotaxin-1, mediates asthmatic and allergic responses via a number of different effector cells.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_005.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Teixiera, A. 2018 doi.org/10.3389/fpsyt.2018.00241</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Clinical Development </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Phase&#160;1b Clinical Study</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company was granted ethics
committee approval from Bellberry Limited Human Research Ethics Committee in Australia to conduct our Phase&#160;1b allergen challenge
study in October of 2021. The study completed dosing in June 2022 and topline data is expected in the third quarter of 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Phase 1b clinical study
is a randomized, double-blind, placebo-controlled, crossover design study and will enroll up to 28 participants. The primary endpoint
is to evaluate the effects of REVTx-99b versus placebo on safety and tolerability. Key secondary endpoints include allergy symptoms and
peak nasal inspiratory flow elicited by nasal allergen challenge. The study will have two cohorts: one cohort will receive study drug
before the nasal allergen challenge (the prophylactic cohort) and the second cohort will receive study drug after the nasal allergen challenge
(the treatment cohort).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Future Clinical Development</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Phase 1/2 study is planned
for 2023. This clinical study will evaluate the safety and efficacy of REVTx-99b paired with a nasal delivery system (e.g. the spray device)
in allergy patients. The study will consist of two parts. Part A will comprise a single dose, dose escalation portion of approximately
4 cohorts of 8 subjects (4 placebo/4 receiving drug). The primary read-out from Part A will be safety and tolerability of the drug and
device combination. Part B will comprise treating allergy patients with multiple doses of REVTx-99b over a 4 week period. Part B will
comprise approximately 48 subjects (24 placebo/24 receiving REVTx-99b). The primary readout from Part B is planned to include safety and
efficacy as measured by change in total nasal symptom score.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REVTx-200</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">REVTx-200 is being developed
as a potential intranasal therapy that will be administered concurrently with a commercially available IM vaccine. We believe concurrent
stimulation of the nasal mucosa with REVTx-200 upon IM vaccination will provide a more complete immunization. REVTx-200 utilizes the same
active ingredient (PHAD<sup>&#174;</sup>) used in REVTx-99b. However, based on feedback from the FDA, we believe REVTx-200 will be regulated
as a biologic, and not as a therapeutic, since it is concurrently administered with another vaccine. As such we believe the approval process
will require its own unique development pathway to be approved for this use.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most vaccinations for respiratory
viruses (influenza, SARS-CoV-2) are being developed or have been developed for IM administration. It has been shown that IM vaccination
results in a strong systemic immune response, but a weak mucosal immune response. Contrary to this, intranasal vaccination (e.g., FluMist<sup>&#174;</sup>)
has been shown to elicit a strong mucosal response and a moderate systemic response. We hypothesize that optimal protection from a vaccine
requires both a systemic immune response elicited by the IM injection and a mucosal immune response developed by recruiting immune cells
into the mucosal immune system. We believe that intranasal administration of REVTx-200 will result in improved recruitment of vaccine-specific
activated adaptive immune cells (e.g. T and B cells) into the nasal mucosa.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Biomarker data from our Phase&#160;1
clinical study (RVL-NHV01) supports this hypothesis. In particular, there were increases in local (intranasal) IL-7 and MCP-1. IL-7 is
a cytokine that induces the differentiation of hematopoietic stem cells into T cells, B cells and NK cells. MCP-1 is a chemokine that
attracts B cells and T cells to a particular site. This data suggest, intranasal REVTx-200 will traffic antigen activated B cells and
T cells to the mucosal space. While this data is supportive of the theory, additional formulation development and preclinical testing
will be necessary for the development of REVTx-200.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will continue
to meet with vaccine development companies with the intention of working with one or more of these companies to develop REVTx-200. Revelation
plans to initiate internal initial development which will include studying REVTx-200 using established vaccine and nonclinical models
unique to each potential partnering company during 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>REVTx-300</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">REVTx-300 is our non-clinical
stage product being developed as a potential therapy for the treatment of chronic organ disease including CKD and NASH. REVTx-300 utilizes
the same active ingredient (PHAD<sup>&#174;</sup>) used in REVTx-99b and REVTx-200. REVTx-300 is formulated as a liquid for parenteral
administration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Chronic disease of an organ,
due to chronic inflammation and subsequent fibrosis, follows a pattern of perpetual and ongoing destruction of living functional cells
and subsequent replacement by the non-functional protein, collagen, resulting in fibrosis (scar tissue) (Wilson). The establishment of
fibrosis and subsequent death of the organ is driven by ongoing inflammatory processes associated with the innate immune response. We
believe redirection of the innate immune response with REVTx-300 from a pro-inflammatory state to an anti-inflammatory (protective) state
may rebalance the innate immune response to slow down or halt the progressive destruction and scarring of organ tissue, allowing the healing
process to take place.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many chronic disease states
are caused by perpetual inflammation via the activity of the innate immune system in response to a specific stressor. Examples of these
chronic disease states include the propagation of chronic kidney disease by diabetes or the propagation of NASH due to inflammation as
a result of diabetes or obesity. The innate immune system defends against stress by releasing cytokines and chemokines via stimulation
of various families of receptors such as PAMPs and DAMPs. In a healthy individual, cytokines and chemokines are proteins that direct different
cellular activities to combat and resolve the stress induced damage. Cytokine dysregulation, or an imbalance in the normal cytokine response,
may not only initiate and cause chronic inflammation, but may also contribute to existing chronic inflammation leading to organ disease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Stimulation of the TRIF pathway via TLR-4 using
REVTx-300 can lead to the production of anti-inflammatory protective cytokines resulting in a rebalancing of the innate immune response.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the remainder of 2022, we plan to complete
nonclinical testing of REVTx-300 to evaluate its utility for the treatment of CKD.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REVDx-501 (Diagnostic) Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">REVDx-501 (REVID&#8482; Rapid
Test Kit), a rapid at-home diagnostic product that is being developed to be potentially used to detect various respiratory viral infection
including SARS-CoV-2, Influenza A, Influenza B, parainfluenza, and respiratory syncytial virus. The diagnostic is similar to a home pregnancy
test with a simple to read visual readout that provides a result in less than 15 minutes without the need for specialized instrumentation
(Figure 8). Sample collection is simply a swab of the anterior nares (nostrils) making sample collection easy. If approval is obtained,
we anticipate the commercial version of the kit to be a self-contained, portable kit that can be shipped anywhere. The instructions will
direct users with a positive result to seek confirmatory testing and/or medical treatment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Figure 8. REVID&#8482; Rapid
Test Kit Example of Positive (Infected) Readout</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_006.jpg"/><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the kit could potentially
be used universally at home as a self-screening method to quarantine, one potential early use for the ongoing COVID-19 pandemic would
be to use the diagnostic as a screening tool for entry into at-risk facilities (e.g., hospitals and nursing homes). In addition, the diagnostic
can be used to increase the efficiency of PCR testing by eliminating wasted testing on subjects who are not infected with a viral infection.
Figure 9 below explains the concept of increasing the efficiency of PCR testing. The left panel shows the current state of PCR testing
with most patients (&gt;80%) being PCR negative for infection. The right panel shows the effect of the addition of the REVDx-501 screening
test to rule out virus negative patients resulting in better utilization of the PCR test.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Figure 9. REVDx-501 May Increase
the Efficiency of COVID-19 PCR Testing</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><img alt="" src="image_007.jpg"/>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Scientific Rationale</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The innate immune system is
our first line of defense against invading pathogens such as bacteria and viruses. When a respiratory pathogen, such as a virus, invades
a person through the nose, the innate immune system responds by producing and releasing various types of cytokines. Cytokines are proteins
that direct different activities in cells to combat the invading pathogen.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The diagnostic is based on
the knowledge that respiratory viral infection results in elevated nasal mucosal secretions containing viral specific cytokines (e.g.,
IP-10, IFN), which can be detected rapidly after exposure. One or more of these cytokines can be detected using a lateral flow assay format
(e.g., home pregnancy kit) from a mucosal sample collected from the anterior nares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Device Testing and Data supporting the potential
utility of REVDx-501</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has successfully
translated the ELISA format to a simple and inexpensive lateral flow assay format assay without the need of a special instrumentation.
Initial assay development focused on the measurement of two cytokines (IFN-&#945; and IL-6). Revelation has been able to achieve high
sensitivity and good correlation for both IL-6 and IFN-&#945; between the LFA assay format and the gold standard ELISA.&#160;Numerous
additional cytokines were also examined and IP-10 was chosen as the key cytokine for development of the REVDx-501 product.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clinical samples were collected
under protocol and with consent from volunteers presenting at a COVID-19 testing center. Participants included those presenting with symptoms
including fever, cough, loss of taste or loss of smell as well as asymptomatic (no symptoms) subjects. For each subject, a sample was
collected using the nasopharyngeal method and tested by PCR for COVID-19 and a second sample of the lower nose was collected using the
REVDx-501 swab and tested using the REVDx-501 test method. The results from this testing showed REVDx-501 to have excellent correlation
with PCR (Table 1) for replicating SARS-CoV-2 virus (100% positive agreement for replicating SARS-CoV-2 virus, 86% negative agreement
for no replicating SARS-CoV-2 virus).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Table 1. Correlation between
REVDx-501 and PCR for replicating SARS-CoV-2</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">PCR vs. REVDx-501 Test Kit</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">PCR <br/> POSITIVE</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">PCR <br/> NEGATIVE</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Test Kit POSITIVE</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">37</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">21</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Test Kit NEGATIVE</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">132</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">TOTAL SAMPLES</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">37</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">153</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Patients who reported symptoms
of fever, cough, loss of taste or loss of smell were tested by REVDx-501 and PCR. REVDx-501 had a 0% false negative rate for replicating
SARS-CoV-2. These results include patients who reported onset of symptoms within 24&#160;hours of the test, which may make the diagnostic
an earlier detection method than even PCR.&#160;In addition, the positive REVDx-501 results that were PCR negative for COVID-19 were likely
caused by other viral infections.</i> Source: Revelation Biosciences.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the clinical
evaluation described above, the FDA recommends a series of validation studies for IVD devices prior to submission for approval. These
studies are planned and ongoing and include limit of detection, inclusivity, cross-reactivity, flex, usability, and clinical evaluation
studies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The LOD, inclusivity, cross-reactivity,
and flex test studies are generally analytical laboratory-based (&#8220;bench&#8221;) studies to test how well the diagnostic device can
detect the chemical or pathogen the device is intended to measure, as well as under different conditions. For example, cross-reactivity
studies test how well the device works in the presence of other chemicals and/or pathogens; flex test studies consider variables such
as temperature, stability, physical abuse, etc. These studies are completed early in device development under standard quality guidelines
to ensure the device is designed properly for human use.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Usability (human factors)
studies are investigations that enable a device design team to improve the usability of their device to meet acceptable standards of risk&#160;&#8212;&#160;it
informs the team if the device kit and instructions for use are appropriate for typical users. Initially, a small formative study of about
10 people, who match some of the demographic characteristics of the intended end users, are recruited to use a prototype of the device.
These users are observed by a study team as they use the product. After the users complete the testing tasks, they provide feedback on
their experience. The findings of this formative study inform the next usability study, which is called a summative study and includes
30 to 100 users. The summative study protocol is similar to that of the formative study but may include improvements or modifications
to the device and/or instructions based on findings from the formative study. The goal of the summative study is to provide confirmation
to the device design team the product is developed effectively and safely for clinical testing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, the final study
is the clinical evaluation study, which is the largest study (at least 100 users). This study is considered the &#8220;real-world&#8221;
testing of the product. For home-use tests, users are recruited by clinical sites or other appropriate methods to test the product in
people who have the target condition, as well as a group of controls without the target condition. For example, a study for an at-home
test that is intended to detect the presence of an upper respiratory tract infection would recruit people suspected of having an upper
respiratory tract infection and a group of users who do not have an upper respiratory tract infection. These study participants will use
the test kit at home or a simulated home environment. The device test kit results are compared to a reference standard test that is regularly
used to diagnose the target condition (in this example, it would be a viral or bacterial test regularly used at a qualified laboratory).
Overall, in order to be considered for marketing approval by FDA, users should have minimal issues using the test and the device test
results should align very closely with the laboratory test.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Development of REVDx-501 will
continue during 2022 and once development is completed we plan to submit for regulatory clearance to the FDA a de novo clearance submission.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Competition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The biopharmaceutical industry
is intensely competitive and subject to rapid innovation and significant technological advancements. We believe the key competitive factors
that will affect the development and commercial success of REVTx-99b, REVTx-200, REVTx-300 and any future Program Product candidates are
efficacy, safety and tolerability profile, reliability, convenience of dosing, price, the level of generic competition and reimbursement.
We believe the key competitive factors that will affect the development and commercial success of REVDx-501 and any future product candidates
are reliability, convenience, and price. Our competitors include multinational pharmaceutical companies, specialized biotechnology companies,
universities and other research institutions. A number of biotechnology and pharmaceutical companies are pursuing the development or marketing
of pharmaceuticals that target the same diseases that we are targeting. A number of device companies are pursuing the development or marketing
of devices in the same or similar space. Smaller or earlier-stage companies may also prove to be significant competitors, particularly
through collaborative arrangements with large, established companies. Given the high incidence of respiratory viral infections, it is
likely that the number of companies seeking to develop products and therapies for the prevention or treatment of viral infection, will
increase.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If REVTx-99b is approved for
prevention or treatment for chronic nasal congestion and allergic rhinitis, we would face competition from currently approved and marketed
products, including: Benadryl (diphenhydramine), Claritin (loratadine), Allegra (fexofenadine), Zyrtec (cetirizine), Nasahist B (brompheniramine,
Clarinex (desloratadine), Astelin (azelastine nasal), Sudafed (pseudophedrine), Neo-Synephrine (phenylephrine) and Afrin (oxymetazoline)
along with generics where available and others. We would also have future competition that could arise from products currently in development.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If REVDx-501 is approved,
competition would arise from various companies and partnerships currently engaged in clinical studies with competing device concepts including:
Quest Diagnostics, Inc., Laboratory Corporation of America Holdings, and Eurofins Advantar Laboratories. As well as from currently approved
COVID-19 home test from Ellume Limited, Abbot Laboratories, and Lucira Health.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many of our competitors have
substantially greater financial, technical, human and other resources than we do and may be better equipped to develop, manufacture and
market technologically superior products. Mergers and acquisitions in the biotechnology and pharmaceutical industries may result in even
more resources being concentrated among a smaller number of competitors. In addition, many of these competitors have significantly longer
operating histories and greater experience than we have in undertaking nonclinical studies and human clinical studies of new pharmaceutical
products and in obtaining regulatory approvals of human therapeutic products. Many of our competitors have established distribution channels
for the commercialization of their products, whereas we have no such channel or capabilities. In addition, many competitors have greater
name recognition and more extensive collaborative relationships. As a result, our competitors may obtain regulatory approval of their
products more rapidly than we do or may obtain patent protection or other intellectual property rights that limit our ability to develop
or commercialize our Program Products or any future product candidates. Our competitors may also develop and succeed in obtaining approval
for drugs that are more effective, more convenient, more widely used and less costly or have a better safety profile than our products
and these competitors may also be more successful than we are in manufacturing and marketing their products. If we are unable to compete
effectively against these companies, then we may not be able to commercialize our product candidate or any future product candidates or
achieve a competitive position in the market. This would adversely affect our ability to generate revenue. Our competitors also compete
with us in recruiting and retaining qualified scientific, management and commercial personnel, establishing clinical study sites and enrolling
patients for clinical studies, as well as in acquiring technologies complementary to, or necessary for, our programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Manufacturing and Supply</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not own or operate manufacturing
facilities for the production of our Program Products or any other product candidates, nor do we have plans to develop our own manufacturing
operations in the foreseeable future. We currently rely, and expect to continue to rely, on third parties for the manufacturing of our
Program Products or any other product candidates for preclinical and clinical testing, as well as for commercial manufacturing if REVTx-99b
or any future product candidate receives marketing approval. Also, we currently rely and continue to rely on third parties for the manufacturing
and development of our diagnostic devices for clinical testing, as well as for commercial manufacturing if REVDx-501 gets marketing approval.
Also, there is only one supplier for PHAD<sup>&#174;</sup>, Avanti Polar Lipids, Inc., with whom we do not have a long-term supply agreement.
Currently we have purchased enough material for our planned clinical studies through purchase orders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>License</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not currently rely on
any third-party license for our therapeutic candidates and diagnostic devices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Global Health</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We entered into a Global Health
Agreement (&#8220;GHA&#8221;) with AXA IM Prime Impact Fund on December&#160;31, 2020. As part of the GHA for six&#160;years from December&#160;31,
2020 (the &#8220;Term&#8221;) we will (i)&#160;provide REVTx-99a/b, REVTx-200 and REVDx-501 (the &#8220;GHA Program Products&#8221;),
if approved by the FDA and/or the EMA, to non-profit organizations and public-sector purchasers (&#8220;Global Health Purchasers&#8221;)
in certain low and middle income countries (as defined by the World Bank) (&#8220;Target Countries&#8221;), to be determined by the Global
Access Committee (the &#8220;GAC&#8221;), at a price of no more than 30% above the cost of goods sold, (ii)&#160;make available up to
20% of the annual unit sales volume, (iii)&#160;allocate $50,000 per year to the GAC to work on training programs, and (iv)&#160;work
with global health authorities to have the products added to protocols and treatment guidelines.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that the GHA
Program Products are acquired directly or through an acquisition of the Company by a third party the GHA shall continue to survive for
the Term and shall be assumed by the acquirer. In the event that the Company (i)&#160;fails to use commercially reasonable efforts to
obtain regulatory approvals as agreed by the GAC, (ii)&#160;fails to cure a non-compliance within the GHA, (iii)&#160;if we transfer the
intellectual property and the successor fails to assume the GHA, or (iv)&#160;if the Company institutes any bankruptcy, reorganization,
dissolution, liquidation, or similar proceeding, the Company will grant a nonexclusive, perpetual, irrevocable, non-terminable, fully
paid up, royalty free license in the Target Countries for Global Health Purchasers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sales and Marketing</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently have no marketing,
sales or distribution capabilities. In order to commercialize any products that are approved for commercial sale, we must either develop
a sales and marketing infrastructure or collaborate with third parties that have sales and marketing experience.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may elect to establish
our own sales force to market and sell a product for which we obtain regulatory approval if we expect that the geographic market for a
product, we develop on our own is limited or that the prescriptions for the product will be written principally by a relatively small
number of physicians. If we decide to market and sell any products ourselves, we do not expect to establish direct sales capability until
shortly before the products are approved for commercial sale.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to seek third-party
support from established pharmaceutical and biotechnology companies for those products that would benefit from the promotional support
of a large sales and marketing force. In these cases, we might seek to promote our products in collaboration with marketing partners or
rely on relationships with one or more companies with large established sales forces and distribution systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
success depends in part on our ability to obtain and maintain proprietary protection for our product candidates, technology, and know-how,
to operate without infringing upon the proprietary rights of others and to prevent others from infringing upon our proprietary rights.
Our policy is to seek to protect our proprietary position by, among other methods, pursuing and obtaining patent protection in the United&#160;States
and in jurisdictions outside of the United&#160;States related to our proprietary technology, inventions, improvements, and product candidates
that are important to the development and implementation of our business. Our patent portfolio is intended to cover our product candidates
and components thereof, their methods of use and processes for their manufacture, our kit designs, our proprietary reagents and assays,
and any other inventions that are commercially important to our business. We also rely on trade secret protection of our confidential
information and know-how relating to our proprietary technology, platforms, and product candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">As
of July 8, 2022, we have two U.S.&#160;provisional patent applications filed: one for REVTx-200 and one for REVTx-300. These provisional
patent applications will be converted to utility patent applications prior to their 1 year anniversary. We have four international PCT
patent applications, two for REVTx-99, one for REVTx-200, and one for REVDx-501. In regard to our REVTx-99 program, one PCT patent application
is directed to MPLA formulations including REVTx-99 for a range of indications including allergies and inflammation and one PCT patent
application is directed to the use of REVTx-99 for the treatment of allergic rhinitis and chronic nasal congestion. In regard to our REVTx-200
program, the PCT patent application has claims directed to methods of use as an adjuvant to traditional vaccination when REVTx-200 is
contemporaneously administered in the nasal cavity. In regard to our REVDx-501 program, the PCT patent application has claims directed
to the rapid detection kit and methods for diagnosing early viral infections of the respiratory tract. The provisional application for
REVTx-200 has claims directed to methods of adjuvant to allergy immunotherapy when REVTx-200 is administered in conjunction with allergen
immunotherapy standard of care treatments. The provisional application for REVTx-300 is directed to the use of MPLA formulations for the
prevention of loss of function associated with chronic organ disease.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; "></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
expect to file a non-provisional patent application prior to the twelve-month convention date for each provisional patent application.
Our pending and future patent applications may not result in patents being issued which protect our technology or product candidates,
or which effectively prevent others from commercializing competitive technologies and product candidates. Additionally, any U.S.&#160;provisional
patent application that we file is not eligible to become an issued patent until, among other things, we file a non-provisional patent
application within 12&#160;months of filing the related provisional patent application. If we do not file a non-provisional patent application
in a timely manner, we may lose our priority date with respect to the provisional patent application, and may lose the ability to obtain
any associated patent protection on the inventions disclosed in the provisional patent application.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, issued patents
are granted a term of 20&#160;years from the earliest claimed non-provisional filing date. In certain instances, patent term can be adjusted
to recapture a portion of delay incurred by the USPTO in examining the patent application (patent term adjustment, or PTA) or extended
to account for term effectively lost as a result of the FDA regulatory review period (patent term extension, or PTE), or both. In addition,
we cannot provide any assurance that any patents will be issued from our pending or future applications or that any issued patents will
adequately protect our products or product candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that we have certain know-how and trade
secrets relating to our technology and product candidates. We rely on trade secrets to protect certain aspects of our technology related
to our current and future product candidates. However, trade secrets can be difficult to protect. We seek to protect our trade secrets,
in part, by entering into confidentiality agreements with our employees, consultants, scientific advisors, service providers, and contractors.
We also seek to preserve the integrity and confidentiality of our data and trade secrets by maintaining physical security of our premises
and physical and electronic security of our information technology systems.<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of July 8, 2022, we had
14 full-time employees, 8 of whom are engaged in research and development activities or operations and 6 of whom are engaged in general
and administrative activities or operations. None of our employees are represented by a labor union or covered by a collective bargaining
agreement. We consider our relationship with our employees to be good.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Government Regulation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The FDA and other regulatory
authorities at federal, state and local levels, as well as in foreign countries, extensively regulate, among other things, the research,
development, testing, manufacture, quality control, import, export, safety, effectiveness, labeling, packaging, storage, distribution,
recordkeeping, approval, advertising, promotion, marketing, post-approval monitoring and post-approval reporting of drugs. We, along with
our vendors, contract research organizations, or CROs, clinical investigators and contract manufacturing organizations, or CMOs will be
required to navigate the various preclinical, clinical, manufacturing and commercial approval requirements of the governing regulatory
agencies of the countries in which we wish to conduct studies or seek approval of our product candidates. The process of obtaining regulatory
approvals of drugs and ensuring subsequent compliance with appropriate federal, state, local and foreign statutes and regulations requires
the expenditure of substantial time and financial resources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the United&#160;States,
the FDA regulates drug products under the FD&amp;C Act, its implementing regulations, and other federal, state and local statutes and
regulations. Drugs are also subject to other federal, state and local statutes and regulations. If we fail to comply with applicable FDA
or other requirements at any time with respect to product development, clinical testing, approval or any other regulatory requirements
relating to product manufacture, processing, handling, storage, quality control, safety, marketing, advertising, promotion, packaging,
labeling, export, import, distribution, or sale, we may become subject to administrative or judicial sanctions or other legal consequences.
These sanctions or consequences could include, among other things, the FDA&#8217;s refusal to approve pending applications, issuance of
clinical holds for ongoing studies, suspension or revocation of approved applications, warning or untitled letters, product withdrawals
or recalls, product seizures, relabeling or repackaging, total or partial suspensions of manufacturing or distribution, injunctions, fines,
civil penalties or criminal prosecution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our product candidates must
be approved for therapeutic indications by the FDA before they may be marketed in the United&#160;States. For drug product candidates
regulated under the FD&amp;C Act, FDA must approve a NDA.&#160;The process generally involves the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">completion
of extensive preclinical studies in accordance with applicable regulations, including studies conducted in accordance with good laboratory
practice, or GLP, requirements;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">completion
of the manufacture, under current Good Manufacturing Practices (&#8220;cGMP&#8221;), conditions, of the drug substance and drug product
that the sponsor intends to use in human clinical trials along with required analytical and stability testing;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">submission
to the FDA of an investigational new drug application, or IND, which must become effective before clinical trials may begin and must
be updated annually and when certain changes are made;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approval
by an institutional review board, or IRB, or independent ethics committee at each clinical trial site before each trial may be initiated;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">performance
of adequate and well-controlled clinical trials in accordance with applicable IND regulations, good clinical practice, or GCP, requirements
and other clinical trial-related regulations to establish the safety and efficacy of the investigational product for each proposed indication;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparation
and submission to the FDA of an NDA;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
determination by the FDA within 60&#160;days of its receipt of an NDA to file the application for review;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">satisfactory
completion of one or more FDA pre-approval inspections of the manufacturing facility or facilities where the drug will be produced to
assess compliance with cGMP requirements to assure that the facilities, methods and controls are adequate to preserve the drug&#8217;s
identity, strength, quality and purity;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">satisfactory
completion of FDA audit of the clinical trial sites that generated the data in support of the NDA;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment
of user fees for FDA review of the NDA; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FDA
review and approval of the NDA, including, where applicable, consideration of the views of any FDA advisory committee, prior to any commercial
marketing or sale of the drug in the United&#160;States.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Preclinical studies and the IND process&#160;&#8212;&#160;Therapeutics</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Preclinical studies include
laboratory evaluation of product chemistry and formulation, as well as in vitro and animal studies to assess the potential for adverse
events and in some cases to establish a rationale for therapeutic use. The conduct of preclinical studies is subject to federal regulations
and requirements, including GLP regulations. An IND sponsor must submit the results of the preclinical tests, together with manufacturing
information, analytical data, any available clinical data or literature and a proposed protocol for clinical studies, among other things,
to the FDA as part of an IND.&#160;An IND is an exemption from the FD&amp;C Act that allows an unapproved product candidate to be shipped
in interstate commerce for use in an investigational clinical study and is a request for FDA authorization to administer such investigational
product to humans. Such authorization must be secured prior to interstate shipment and administration of any product candidate that is
not the subject of an approved application. Some long-term preclinical testing, such as animal tests of reproductive adverse events and
carcinogenicity, may continue after the IND is submitted. An IND automatically becomes effective 30&#160;days after receipt by the FDA,
unless before that time the FDA raises concerns or questions related to one or more proposed clinical studies and places the study on
clinical hold. In such a case, the IND sponsor and the FDA must resolve any outstanding concerns before the clinical study can begin.
As a result, submission of an IND may not necessarily result in the FDA allowing clinical studies to commence.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Clinical studies&#160;&#8212;&#160;Therapeutics</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clinical studies involve the
administration of the investigational new drug to human subjects&#160;&#8212;&#160;healthy volunteers or patients&#160;&#8212;&#160;under
the supervision of qualified investigators in accordance with GCP requirements, which include, among other things, the requirement that
all research subjects provide their informed consent in writing before their participation in any clinical study. Clinical studies are
conducted under written study protocols detailing, among other things, the objectives of the study, the parameters to be used in monitoring
safety and the effectiveness criteria to be evaluated. A protocol for each clinical study and any subsequent protocol amendments must
be submitted to the FDA as part of the IND.&#160;In addition, an IRB at each institution participating in the clinical study must review
and approve the plan for any clinical study before it commences at that institution, and the IRB must conduct continuing review and reapprove
the study at least annually. The IRB must review and approve, among other things, the study protocol and informed consent information
to be provided to study subjects. An IRB may also require the clinical study at the site to be halted, either temporarily or permanently,
for failure to comply with the IRB&#8217;s requirements, or may impose other conditions. For clinical studies involving an IND, an IRB
must operate in compliance with FDA regulations. Additionally, some studies are overseen by an independent group of qualified experts
organized by the study sponsor, known as a DSMB. This group provides authorization as to whether or not a study may move forward at designated
check points based on access that only the DSMB maintains to available data from the study.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Human clinical studies are
typically conducted in three sequential phases, which may overlap or be combined:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase&#160;1:&#160;The
investigational drug or biological product is initially introduced into healthy human subjects or patients with the target disease or
condition and tested for safety, side effects associated with increasing doses, pharmacological action, absorption, metabolism, distribution,
excretion and, if possible, to gain an early indication of its effectiveness.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase&#160;2:&#160;The
investigational drug or biological product is administered to a limited patient population to identify common adverse effects and safety
risks, to preliminarily evaluate the efficacy of the product for specific targeted diseases and to determine dosage tolerance and optimal
dosage. This phase may include administration of the investigational drug to patients with concomitant disease conditions.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase&#160;3:&#160;The
investigational drug or biological product is administered to an expanded patient population in adequate and well-controlled clinical
studies, typically at geographically dispersed clinical study sites, to generate sufficient data to statistically confirm the efficacy
and safety of the product for approval, to permit the FDA to evaluate the overall risk-benefit profile of the product and to provide
adequate information for the labeling of the product. More than one adequate and well-controlled Phase&#160;3 clinical study may be required
by the FDA for approval of an NDA.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Progress reports detailing
the results of clinical studies involving an IND must be submitted at least annually to the FDA and more frequently if serious adverse
events occur. Phase&#160;1, Phase&#160;2 and Phase&#160;3 clinical studies may not be completed successfully within any specified period,
or at all. Furthermore, the FDA or the sponsor may suspend or terminate a clinical study at any time on various grounds, including a finding
that the research subjects are being exposed to an unacceptable health risk. Similarly, an IRB can suspend or terminate approval of a
clinical study at its institution if the clinical study is not being conducted in accordance with the IRB&#8217;s requirements or if the
drug or biologic product has been associated with unexpected serious harm to patients.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Concurrent with clinical studies,
the company usually complete additional animal studies, develop additional information about chemistry and physical characteristics of
the product candidate, and finalize a process for manufacturing the drug product in commercial quantities in accordance with cGMP requirements.
The manufacturing must be capable of consistently producing quality batches of the product candidate and manufacturers must develop, among
other things, methods for testing the identity, strength, quality and purity of the final drug product. Additionally, appropriate packaging
must be selected and tested, and stability studies must be conducted to demonstrate that the product candidate does not undergo unacceptable
deterioration over its shelf life.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In some cases, the FDA may
approve an application for a product candidate but require the sponsor to conduct additional clinical studies to further assess the product
candidate&#8217;s safety and effectiveness after approval. Such post-approval studies are typically referred to as Phase&#160;4 clinical
studies. These studies are used to gain additional experience from the treatment of a larger number of patients in the intended treatment
group and to further document a clinical benefit in the case of drugs approved under accelerated approval regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Clinical studies&#160;&#8212;&#160;Device</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clinical studies are almost
always required to support pre-market approval and are sometimes required for 510(k)&#160;clearance or de novo clearance. In the United&#160;States,
for significant risk devices, these studies require submission of an application for an IDE to the FDA.&#160;The IDE application must
be supported by appropriate data, such as animal and laboratory testing results, showing it is safe to test the device in humans and that
the testing protocol is scientifically sound. The IDE must be approved in advance by the FDA for a specific number of patients at specified
study sites. During the study, the sponsor must comply with the FDA&#8217;s IDE requirements for investigator selection, study monitoring,
reporting and recordkeeping. The investigators must obtain patient informed consent, rigorously follow the investigational plan and study
protocol, control the disposition of investigational devices and comply with all reporting and recordkeeping requirements. Clinical studies
for significant risk devices may not begin until the IDE application is approved by the FDA and the appropriate IRBs at the clinical study
sites. An IRB is an appropriately constituted group that has been formally designated to review and monitor medical research involving
subjects and which has the authority to approve, require modifications in, or disapprove research to protect the rights, safety, and welfare
of human research subjects. A nonsignificant risk device does not require FDA approval of an IDE; however, the clinical study must still
be conducted in compliance with various requirements of FDA&#8217;s IDE regulations and be approved by an IRB at the clinical study sites.
The FDA or the IRB at each site at which a clinical study is being performed may withdraw approval of a clinical study at any time for
various reasons, including a belief that the risks to study subjects outweigh the benefits or a failure to comply with FDA or IRB requirements.
Even if a study is completed, the results of clinical testing may not demonstrate the safety and effectiveness of the device, may be equivocal
or may otherwise not be sufficient to obtain approval or clearance of the product.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sponsors of clinical studies
of devices are required to register with clinicaltrials.gov, a public database of clinical study information. Information related to the
device, patient population, phase of investigation, study sites and investigators and other aspects of the clinical study is made public
as part of the registration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>U.S.&#160;Marketing approval&#160;&#8212;&#160;Therapeutics</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assuming successful completion
of the required clinical testing, the results of the preclinical and clinical studies, together with detailed information relating to
the product&#8217;s pharmacology chemistry, manufacture, controls and proposed labeling, among other things, are submitted to the FDA
as part of an NDA or BLA requesting approval to market the product for one or more indications. FDA approval of the NDA or BLA is required
before marketing of the product may begin in the United&#160;States. Under federal law, the submission of most NDAs and BLAs is subject
to a substantial application user fee, and the sponsor of an approved NDA or BLA is also subject to annual product or program fees. These
fees may be increased or decreased annually.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The FDA conducts a preliminary
review of all NDAs and BLAs within the first 60&#160;days after receipt before accepting them for filing based on the agency&#8217;s threshold
determination that they are sufficiently complete to permit substantive review. The FDA may request additional information rather than
accept an NDA or BLA for filing. In this event, the application must be resubmitted with the additional information, which would also
be subject to review before the FDA accepts it for filing. Once the submission is accepted for filing, the FDA begins an in-depth substantive
review. The FDA has agreed to specified performance goals in the review of NDAs and BLAs. Most such applications for non-priority products
are reviewed within ten to twelve&#160;months after filing, and most applications for priority review products, that is, drugs and biologics
that the FDA determines represent a significant improvement over existing therapy, are reviewed in six to eight&#160;months after filing.
The review process may be extended by the FDA for three additional&#160;months to consider certain late-submitted information or clarification
regarding information already provided in the submission. The FDA may also refer applications for novel drugs or biological products or
products that present difficult questions of safety or efficacy to an advisory committee, typically a panel that includes clinicians and
other experts, for review, evaluation and a recommendation as to whether the application should be approved. The FDA is not bound by the
recommendations of an advisory committee, but it considers such recommendations carefully when making decisions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Before approving an NDA or
BLA, the FDA typically will inspect the facility or facilities where the product is manufactured. The FDA will not approve an application
unless it determines that the manufacturing processes and facilities are in compliance with cGMP requirements and adequate to assure consistent
production of the product within required specifications. In addition, before approving an NDA or BLA, the FDA will typically inspect
one or more clinical sites to assure compliance with GCP and integrity of the clinical data submitted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The testing and approval process
requires substantial time, effort and financial resources, and each may take many&#160;years to complete. Data obtained from clinical
activities are not always conclusive and may be susceptible to varying interpretations, which could delay, limit or prevent regulatory
approval. We may encounter difficulties or unanticipated costs in our efforts to develop our product candidates and secure necessary governmental
approvals, which could delay or preclude us from marketing our products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After the FDA&#8217;s evaluation
of the NDA or BLA and inspection of the manufacturing facilities, the FDA may issue an approval letter or a complete response letter.
An approval letter authorizes commercial marketing of the drug or biological product with specific prescribing information for specific
indications. A complete response letter generally outlines the deficiencies in the submission and may require substantial additional testing
or information in order for the FDA to reconsider the application. If and when those deficiencies have been addressed to the FDA&#8217;s
satisfaction in a resubmission of the NDA, the FDA will issue an approval letter. The FDA has committed to reviewing such resubmissions
in two or six&#160;months depending on the type of information included. Even with submission of this additional information, the FDA
ultimately may decide that the application does not satisfy the regulatory criteria for approval.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even if the FDA approves a
product, the agency may limit the approved indications for use for the product, require that contraindications, warnings or precautions
be included in the product labeling, require that post-approval studies be conducted to further assess a drug&#8217;s safety after approval,
require testing and surveillance programs to monitor the product after commercialization, or impose other conditions, including distribution
restrictions through a Risk Evaluation and Mitigation Strategy or other risk management mechanisms, which can materially affect the potential
market and profitability of the product. The FDA may prevent or limit further marketing of a product based on the results of post-market
studies or surveillance programs. After approval, some types of changes to the approved product, such as changes in indications, manufacturing
changes and labeling, are subject to further testing requirements and FDA review and approval.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>FDA&#8217;s Pre-market Clearance and Approval
Requirements&#160;&#8212;&#160;Device</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In vitro diagnostic tests
such as our REVDx-501 diagnostic program is regulated as medical devices. Each medical device we seek to commercially distribute in the
United&#160;States will require either a prior 510(k)&#160;clearance, de novo classification or PMA, unless it is exempt, or a pre-market
approval from the FDA.&#160;In the United&#160;States, the FD&amp;C Act, and its implementing regulations, and other federal and state
statutes and regulations govern, among other things, medical device design and development, preclinical and clinical testing, premarket
clearance or approval, registration and listing, manufacturing, labeling, storage, advertising and promotion, sales and distribution,
export and import, and post-market&#160;surveillance. Unless an exemption or FDA exercise of enforcement discretion applies, diagnostic
tests generally require marketing clearance or approval from the FDA prior to commercialization. The primary types of FDA marketing authorization
applicable to a medical device are clearance of a premarket notification, 510(k), or de novo classification, and approval of a PMA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To obtain 510(k)&#160;clearance
for a medical device, or for certain modifications to devices that have received 510(k)&#160;clearance, a manufacturer must submit a premarket
notification demonstrating that the proposed device is substantially equivalent to a previously cleared 510(k)&#160;device or to a pre-amendment&#160;device
that was in commercial distribution before May&#160;28, 1976, or a predicate device, for which the FDA has not yet called for the submission
of a PMA.&#160;In making a determination that the device is substantially equivalent to a predicate device, the FDA compares the proposed
device to the predicate device and assesses whether the subject device is comparable to the predicate device with respect to intended
use, technology, design and other features which could affect safety and effectiveness. If the FDA determines that the subject device
is substantially equivalent to the predicate device, the subject device may be cleared for marketing. The 510(k)&#160;premarket notification
pathway generally takes from three to twelve&#160;months from the date the application is completed, but can take significantly longer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The de novo classification
process, provides a pathway to classify novel medical devices for which general controls alone, or general and special controls, provide
reasonable assurance of safety and effectiveness for the intended use, but for which there is no legally marketed predicate device. A
de novo classification is a risk-based classification process through which devices are classified into class&#160;I or class&#160;II.&#160;Devices
classified in response to a de novo classification request may be marketed and used as predicates for future premarket notification 510(k)&#160;submissions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A PMA must be supported by
valid scientific evidence, which typically requires extensive data, including technical, preclinical, clinical and manufacturing data,
to demonstrate to the FDA&#8217;s satisfaction the safety and effectiveness of the device. For diagnostic tests, a PMA typically includes
data regarding analytical and clinical validation studies. As part of its review of the PMA, the FDA will conduct a pre-approval&#160;inspection
of the manufacturing facility or facilities to ensure compliance with the quality system regulation, or QSR, which requires manufacturers
to follow design, testing, control, documentation and other quality assurance procedures. The FDA&#8217;s review of an initial PMA is
required by statute to take between six to ten&#160;months, although the process typically takes longer, and may require several&#160;years
to complete. If the FDA evaluations of both the PMA and the manufacturing facilities are favorable, the FDA will either issue an approval
letter or an approvable letter, which usually contains a number of conditions that must be met in order to secure the final approval of
the PMA.&#160;If the FDA&#8217;s evaluation of the PMA or manufacturing facilities is not favorable, the FDA will deny the approval of
the PMA or issue a not approvable letter. A not approvable letter will outline the deficiencies in the application and, where practical,
will identify what is necessary to make the PMA approvable. Once granted, PMA approval may be withdrawn by the FDA if compliance with
post-approval&#160;requirements, conditions of approval or other regulatory standards is not maintained or problems are identified following
initial marketing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that REVDx-501 will
be subject to review as a de novo clearance. A de novo clearance pathway may be a lengthier and a more rigorous process than the 510(k)&#160;clearance
pathway, which may delay or terminate this program down the road, which could adversely affect our ability to grow our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Ongoing Regulation by the FDA&#160;&#8212;&#160;Device</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even after a device receives
clearance or approval and is placed on the market, numerous regulatory requirements apply. These include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishment
registration and device listing;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
QSR, which requires manufacturers, including third-party manufacturers, to follow stringent design, testing, control, documentation and
other quality assurance procedures during all aspects of the manufacturing process;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">labeling
regulations and the FDA prohibitions against the promotion of products for uncleared, unapproved or &#8220;off-label&#8221; uses, and
other requirements related to promotional activities;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">medical
device reporting regulations, which require that manufactures report to the FDA if their device may have caused or contributed to a death
or serious injury, or if their device malfunctioned and the device or a similar device marketed by the manufacturer would be likely to
cause or contribute to a death or serious injury if the malfunction were to recur;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">corrections
and removal reporting regulations, which require that manufactures report to the FDA field corrections or removals if undertaken to reduce
a risk to health posed by a device or to remedy a violation of the FD&amp;C Act that may present a risk to health; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">post
market surveillance regulations, which apply to certain Class&#160;II or&#160;III devices when necessary to protect the public health
or to provide additional safety and effectiveness data for the device.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After a device receives 510(k)&#160;clearance
or de novo classification, any modification that could significantly affect its safety or effectiveness, or that would constitute a major
change in its intended use, will require a new clearance or possibly a pre-market approval. The FDA requires each manufacturer to make
this determination initially, but the FDA can review any such decision and can disagree with a manufacturer&#8217;s determination. If
the FDA disagrees with our determination not to seek a new 510(k)&#160;clearance, the FDA may retroactively require us to seek 510(k)&#160;clearance
or possibly a pre-market approval. The FDA could also require us to cease marketing and distribution and/or recall the modified device
until 510(k)&#160;clearance or pre-market approval is obtained. Also, in these circumstances, we may be subject to significant regulatory
fines and penalties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some changes to an approved
PMA device, including changes in indications, labeling or manufacturing processes or facilities, require submission and FDA approval of
a new PMA or PMA supplement, as appropriate, before the change can be implemented. Supplements to a PMA often require the submission of
the same type of information required for an original PMA, except that the supplement is generally limited to that information needed
to support the proposed change from the device covered by the original PMA.&#160;The FDA uses the same procedures and actions in reviewing
PMA supplements as it does in reviewing original PMAs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FDA regulations require us
to register as a medical device manufacturer with the FDA.&#160;Additionally, the CDHS, requires us to register as a medical device manufacturer
within the state. Because of this, the FDA and the CDHS inspect us on a routine basis for compliance with the QSR.&#160;These regulations
require that we manufacture our products and maintain related documentation in a prescribed manner with respect to manufacturing, testing
and control activities. We have undergone and expect to continue to undergo regular QSR inspections in connection with the manufacture
of our products at our facilities. Further, the FDA requires us to comply with various FDA regulations regarding labeling. Failure by
us or by our suppliers to comply with applicable regulatory requirements can result in enforcement action by the FDA or state authorities,
which may include any of the following sanctions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warning
or untitled letters, fines, injunctions, consent decrees and civil penalties;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">customer
notifications, voluntary or mandatory recall or seizure of our products;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating
restrictions, partial suspension or total shutdown of production;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delay
in processing submissions or applications for new products or modifications to existing products</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">withdrawing
approvals that have already been granted; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">criminal
prosecution.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Medical Device Reporting
laws and regulations require us to provide information to the FDA when we receive or otherwise become aware of information that reasonably
suggests our device may have caused or contributed to a death or serious injury as well as a device malfunction that likely would cause
or contribute to death or serious injury if the malfunction were to recur. In addition, the FDA prohibits an approved device from being
marketed for off-label use. The FDA and other agencies actively enforce the laws and regulations prohibiting the promotion of off-label
uses, and a company that is found to have improperly promoted off-label uses may be subject to significant liability, including substantial
monetary penalties and criminal prosecution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Newly discovered or developed
safety or effectiveness data may require changes to a product&#8217;s labeling, including the addition of new warnings and contraindications,
and also may require the implementation of other risk management measures. Also, new government requirements, including those resulting
from new legislation, may be established, or the FDA&#8217;s policies may change, which could delay or prevent regulatory clearance or
approval of our products under development.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are also subject to other
federal, state and local laws and regulations relating to safe working conditions, laboratory and manufacturing practices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>European Union</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We anticipate that our products
will be regulated in the European Union as medical devices per the European Union Directive (93/42/EEC), also known as the Medical Device
Directive. An authorized third party, Notified Body, must approve products for CE marking. The CE Mark is contingent upon continued compliance
to the applicable regulations and the quality system requirements of the ISO 13485 standard.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Regions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most major markets have different
levels of regulatory requirements for medical devices. Modifications to the cleared or approved products may require a new regulatory
submission in all major markets. The regulatory requirements, and the review time, vary significantly from country to country. Products
can also be marketed in other countries that have minimal requirements for medical devices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other U.S.&#160;Healthcare Laws and Compliance
Requirements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the United&#160;States,
our current and future operations are subject to regulation by various federal, state and local authorities in addition to the FDA, including
but not limited to, the CMS, other divisions of the HHS (such as the Office of Inspector General, Office for Civil Rights and the Health
Resources and Service Administration), the U.S.&#160;Department of Justice, and state and local governments. For example, our clinical
research, sales, marketing and scientific/educational grant programs may have to comply with the anti-fraud and abuse provisions of the
Social Security Act, the false claims laws, the privacy and security provisions of HIPAA, and similar state laws, each as amended, as
applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The federal Anti-Kickback
Statute prohibits, among other things, any person or entity from knowingly and willfully offering, paying, soliciting or receiving any
remuneration, directly or indirectly, overtly or covertly, in cash or in kind, to induce or in return for purchasing, leasing, ordering
or arranging for the purchase, lease or order of any item or service reimbursable, in whole or in part, under Medicare, Medicaid or other
federal healthcare programs. The term remuneration has been interpreted broadly to include anything of value. The Anti-Kickback Statute
has been interpreted to apply to arrangements between therapeutic product manufacturers on one hand and prescribers, purchasers, and formulary
managers on the other.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are a number of statutory
exceptions and regulatory safe harbors protecting some common activities from prosecution. The exceptions and safe harbors are drawn narrowly
and practices that involve remuneration that may be alleged to be intended to induce prescribing, purchasing or recommending may be subject
to scrutiny if they do not qualify for an exception or safe harbor. Failure to meet all of the requirements of a particular applicable
statutory exception or regulatory safe harbor does not make the conduct per se illegal under the Anti-Kickback Statute. Instead, the legality
of the arrangement will be evaluated on a case-by-case basis based on a cumulative review of all of its facts and circumstances. Our practices
may not in all cases meet all of the criteria for protection under a statutory exception or regulatory safe harbor. The statutory exceptions
and regulatory safe harbors are also subject to change.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, the intent standard
under the Anti-Kickback Statute was amended by the Affordable Care Act, to a stricter standard such that a person or entity no longer
needs to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation. In addition, the
Affordable Care Act also codified case law that a claim including items or services resulting from a violation of the federal Anti-Kickback
Statute constitutes a false or fraudulent claim for purposes of the federal FCA (discussed below).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The federal false claims and
civil monetary penalty laws, including the FCA, which imposes significant penalties and can be enforced by private citizens through civil
qui tam actions, prohibit any person or entity from, among other things, knowingly presenting, or causing to be presented, a false or
fraudulent claim for payment to, or approval by, the federal government, including federal healthcare programs, such as Medicare and Medicaid;
knowingly making, using, or causing to be made or used a false record or statement material to a false or fraudulent claim to the federal
government; or knowingly making a false statement to improperly avoid, decrease or conceal an obligation to pay money to the federal government.
A claim includes &#8220;any request or demand&#8221; for money or property presented to the U.S.&#160;government. Although we would not
submit claims directly to payors, manufacturers can be held liable under these laws if they are deemed to &#8220;cause&#8221; the submission
of false or fraudulent claims by, for example, providing inaccurate billing or coding information to customers or promoting a product
off-label. In addition, our future activities relating to the reporting of wholesaler or estimated retail prices for our products, the
reporting of prices used to calculate Medicaid rebate information and other information affecting federal, state, and third-party reimbursement
for our products, and the sale and marketing of our products, are subject to scrutiny under this law. For example, pharmaceutical companies
have been prosecuted under the FCA in connection with their alleged off-label promotion of drugs, purportedly concealing price concessions
in the pricing information submitted to the government for government price reporting purposes, and allegedly providing free product to
customers with the expectation that the customers would bill federal health care programs for the product.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">HIPAA created additional federal
criminal statutes that prohibit, among other things, knowingly and willfully executing, or attempting to execute, a scheme to defraud
or to obtain, by means of false or fraudulent pretenses, representations or promises, any money or property owned by, or under the control
or custody of, any healthcare benefit program, including private third-party payors, willfully obstructing a criminal investigation of
a healthcare offense, and knowingly and willfully falsifying, concealing or covering up by trick, scheme or device, a material fact or
making any materially false, fictitious or fraudulent statement in connection with the delivery of or payment for healthcare benefits,
items or services. Like the Anti-Kickback Statute, the Affordable Care Act amended the intent standard for certain healthcare fraud statutes
under HIPAA such that a person or entity no longer needs to have actual knowledge of the statute or specific intent to violate it in order
to have committed a violation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also, many states have similar,
and typically more prohibitive, fraud and abuse statutes or regulations that apply to items and services reimbursed under Medicaid and
other state programs, or, in several states, apply regardless of the payor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we may be subject
to data privacy, data security and data breach notification laws, regulations, standards, and codes of conduct by both the U.S.&#160;federal
government and the states. These laws, regulations, standards, and codes of conduct may govern the collection, use, disclosure and protection
of health-related and other personal information. HIPAA, as amended by the HITECH, imposes requirements relating to the privacy, security
and transmission of individually identifiable health information. HIPAA requires covered entities to limit the use and disclosure of protected
health information to specifically authorized situations and requires covered entities to implement security measures to protect health
information that they maintain in electronic form. The federal government may impose civil, criminal, and administrative fines and penalties
and/or additional reporting or oversight obligations for a violation of HIPAA&#8217;s requirements. Among other things, HITECH makes HIPAA&#8217;s
privacy and security standards directly applicable to business associates that receive or obtain protected health information in connection
with providing a service on behalf of a covered entity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">HITECH also created four new
tiers of civil monetary penalties, amended HIPAA to make civil and criminal penalties directly applicable to business associates, and
gave state attorneys general new authority to file civil actions for damages or injunctions in federal courts to enforce HIPAA and seek
attorneys&#8217; fees and costs associated with pursuing federal civil actions. In addition to HIPAA and HITECH, many state laws govern
the privacy and security of health information in specified circumstances, many of which differ from each other in significant ways, are
often not pre-empted by federal law, and may have a more prohibitive effect than federal law, thus complicating compliance efforts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may develop products that,
once approved, may be administered by a physician. Under currently applicable U.S.&#160;law, certain products not usually self-administered
(including injectable drugs) may be eligible for coverage under Medicare through Medicare Part&#160;B.&#160;Medicare Part&#160;B is the
part of Medicare that covers outpatient services and supplies, including certain pharmaceutical products, that are medically necessary
to treat a beneficiary&#8217;s health condition. As a condition of receiving Medicare Part&#160;B reimbursement for a manufacturer&#8217;s
eligible drugs, the manufacturer is required to participate in other government healthcare programs, including the Medicaid Drug Rebate
Program and the 340B Drug Pricing Program. The Medicaid Drug Rebate Program requires pharmaceutical manufacturers to enter into and have
in effect a national rebate agreement with the Secretary of HHS as a condition for states to receive federal matching funds for the manufacturer&#8217;s
outpatient drugs furnished to Medicaid patients. Under the 340B Drug Pricing Program, the manufacturer must extend discounts to entities
that participate in the program.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, many pharmaceutical
manufacturers must calculate and report certain price reporting metrics to the government, such as average sales price and best price.
Penalties may apply in some cases when such metrics are not submitted accurately and timely.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, the Sunshine
Act within the Affordable Care Act, and its implementing regulations, require that certain manufacturers of drugs, devices, biological
and medical supplies for which payment is available under Medicare, Medicaid or the Children&#8217;s Health Insurance Program (with certain
exceptions) report annually to CMS information related to certain payments or other transfers of value made or distributed to physicians
and teaching hospitals, or to entities or individuals at the request of, or designated on behalf of, the physicians and teaching hospitals
and to report annually certain ownership and investment interests held by physicians and their immediate family members. This information
is made publicly available on a CMS website, and failure to report accurately could result in penalties. In addition, many states also
govern the reporting of payments or other transfers of value, many of which differ from each other in significant ways, are often not
pre-empted, and may have a more prohibitive effect than the Sunshine Act, thus further complicating compliance efforts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to distribute products
commercially, we must comply with state laws that require the registration of manufacturers and wholesale distributors of drug and biological
products in a state, including, in certain states, manufacturers and distributors who ship products into the state even if such manufacturers
or distributors have no place of business within the state. Some states also impose requirements on manufacturers and distributors to
establish the pedigree of product in the chain of distribution, including some states that require manufacturers and others to adopt new
technology capable of tracking and tracing product as it moves through the distribution chain. Several state and local laws have been
enacted requiring pharmaceutical and biotechnology companies to establish marketing compliance programs, file periodic reports with the
state, make periodic public disclosures on sales, marketing, pricing, clinical studies and other activities, and/or register their sales
representatives, as well as to prohibit pharmacies and other healthcare entities from providing certain physician prescribing data to
pharmaceutical and biotechnology companies for use in sales and marketing, and to prohibit certain other sales and marketing practices.
In addition, all of our activities are potentially subject to federal and state consumer protection and unfair competition laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ensuring business arrangements
with third parties comply with applicable healthcare laws and regulations is a costly endeavor. If our operations are found to be in violation
of any of the federal and state healthcare laws described above or any other current or future governmental regulations that apply to
us, we may be subject to significant penalties, including without limitation, civil, criminal and/or administrative penalties, damages,
fines, disgorgement, imprisonment, exclusion from participation in government programs, such as Medicare and Medicaid, injunctions, private
&#8220;qui tam&#8221; actions brought by individual whistleblowers in the name of the government, or refusal to allow us to enter into
government contracts, contractual damages, reputational harm, administrative burdens, diminished profits and future earnings, additional
reporting obligations and oversight if we become subject to a corporate integrity agreement or other agreement to resolve allegations
of non-compliance with these laws, and the curtailment or restructuring of our operations, any of which could adversely affect our ability
to operate our business and our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Coverage, Pricing and Reimbursement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Significant uncertainty exists
as to the coverage and reimbursement status of any product candidates for which we may obtain regulatory approval. In the United&#160;States
and in foreign markets, sales of any products for which we receive regulatory approval for commercial sale will depend, in part, on the
extent to which third-party payors provide coverage and establish adequate reimbursement levels for such products. In the United&#160;States,
third-party payors include federal and state healthcare programs, private managed care providers, private health insurers and other organizations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Adequate coverage and reimbursement
from governmental healthcare programs, such as Medicare and Medicaid in the United&#160;States, and commercial payors are critical to
new product acceptance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to commercialize
any products successfully also will depend in part on the extent to which coverage and adequate reimbursement for these products and related
treatments will be available from government health administration authorities, private health insurers and other organizations. Government
authorities and third-party payors, such as private health insurers and health maintenance organizations, decide which therapeutics they
will pay for and establish reimbursement levels. Coverage and reimbursement by a third-party payor may depend upon a number of factors,
including the third-party payor&#8217;s determination that use of a therapeutic is:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a covered benefit under its health plan;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in"></p><div>

</div><!-- Field: Page; Sequence: 94; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">safe, effective and medically necessary;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appropriate for the specific patient;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot be sure that reimbursement
will be available for any product that we commercialize and, if coverage and reimbursement are available, what the level of reimbursement
will be. Coverage may also be more limited than the purposes for which the product is approved by the FDA or comparable foreign regulatory
authorities. Reimbursement may impact the demand for, or the price of, any product for which we obtain regulatory approval.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Third-party payors are increasingly
challenging the price, examining the medical necessity, and reviewing the cost-effectiveness of medical products, therapies, and services,
in addition to questioning their safety and efficacy. Obtaining reimbursement for our products may be particularly difficult because of
the higher prices often associated with branded drugs and drugs administered under the supervision of a physician. We may need to conduct
expensive pharmacoeconomic studies in order to demonstrate the medical necessity and cost-effectiveness of our products, in addition to
the costs required to obtain FDA approvals. Our product candidates may not be considered medically necessary or cost-effective. Obtaining
coverage and reimbursement approval of a product from a government or other third-party payor is a time-consuming and costly process that
could require us to provide to each payor supporting scientific, clinical and cost-effectiveness data for the use of our product on a
payor-by-payor basis, with no assurance that coverage and adequate reimbursement will be obtained. A payor&#8217;s decision to provide
coverage for a product does not imply that an adequate reimbursement rate will be approved. Further, one payor&#8217;s determination to
provide coverage for a product does not assure that other payors will also provide coverage for the product. Adequate third-party reimbursement
may not be available to enable us to maintain price levels sufficient to realize an appropriate return on our investment in product development.
If reimbursement is not available or is available only at limited levels, we may not be able to successfully commercialize any product
candidate that we successfully develop.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Different pricing and reimbursement
schemes exist in other countries. In the European Union, governments influence the price of pharmaceutical products through their pricing
and reimbursement rules and control of national health care systems that fund a large part of the cost of those products to consumers.
Some jurisdictions operate positive and negative list systems under which products may only be marketed once a reimbursement price has
been agreed. To obtain reimbursement or pricing approval, some of these countries may require the completion of clinical studies that
compare the cost effectiveness of a particular product candidate to currently available therapies. Other member states allow companies
to fix their own prices for medicines but monitor and control company profits. The downward pressure on health care costs has become intense.
As a result, increasingly high barriers are being erected to the entry of new products. In addition, in some countries, cross-border imports
from low-priced markets exert a commercial pressure on pricing within a country.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The marketability of any product
candidates for which we receive regulatory approval for commercial sale may suffer if the government and third-party payors fail to provide
adequate coverage and reimbursement. In addition, emphasis on managed care, the increasing influence of health maintenance organizations,
and additional legislative changes in the United&#160;States has increased, and we expect will continue to increase, the pressure on healthcare
pricing. The downward pressure on the rise in healthcare costs in general, particularly prescription medicines, medical devices and surgical
procedures and other treatments, has become very intense. Coverage policies and third-party reimbursement rates may change at any time.
Even if favorable coverage and reimbursement status is attained for one or more products for which we receive regulatory approval, less
favorable coverage policies and reimbursement rates may be implemented in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Healthcare Reform</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the United&#160;States
and some foreign jurisdictions, there have been, and continue to be, several legislative and regulatory changes and proposed changes regarding
the healthcare system that could prevent or delay marketing approval of product candidates, restrict or regulate post-approval activities,
and affect the ability to profitably sell product candidates for which marketing approval is obtained. Among policy makers and payors
in the United&#160;States and elsewhere, there is significant interest in promoting changes in healthcare systems with the stated goals
of containing healthcare costs, improving quality and/or expanding access. In the United&#160;States, the pharmaceutical industry has
been a particular focus of these efforts and has been significantly affected by major legislative initiatives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For example, the Affordable
Care Act has substantially changed healthcare financing and delivery by both governmental and private insurers. The Affordable Care Act
and its implementing regulations, among other things, revised the methodology for calculating rebates for covered outpatient drugs and
certain biologics owed by manufacturers to the state and federal government under the Medicaid Drug Rebate Program, increased the minimum
Medicaid rebates owed by most manufacturers under the Medicaid Drug Rebate Program, extended the Medicaid Drug Rebate program to utilization
of prescriptions of individuals enrolled in Medicaid managed care organizations, subjected manufacturers to new annual fees and taxes
for certain branded prescription drugs, and expanded programs designed to test innovative payment models, service delivery models, or
value-based arrangements, and fund comparative effectiveness research.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of the provisions of
the Affordable Care Act have yet to be implemented, and there have been legal and political challenges to certain aspects of the Affordable
Care Act. We anticipate that the Affordable Care Act, if substantially maintained in its current form, will continue to result in additional
downward pressure on coverage and the price that we receive for any approved product, and could seriously harm our business. Any reduction
in reimbursement from Medicare and other government programs may result in a similar reduction in payments from private payors. The implementation
of cost containment measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or
commercialize our products. Such reforms could have an adverse effect on anticipated revenue from product candidates that we may successfully
develop and for which we may obtain regulatory approval and may affect our overall financial condition and ability to develop product
candidates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, further legislation
or regulation could be passed that could harm our business, financial condition and results of operations. Other legislative changes have
been proposed and adopted since the Affordable Care Act was enacted. For example, in August&#160;2011, President Obama signed into law
the Budget Control Act&#160;of&#160;2011, which, among other things, created the Joint Select Committee on Deficit Reduction to recommend
to Congress proposals in spending reductions. The Joint Select Committee on Deficit Reduction did not achieve a targeted deficit reduction
of at least $1.2&#160;trillion for fiscal&#160;years 2012 through 2021, triggering the legislation&#8217;s automatic reduction to several
government programs. This includes aggregate reductions to Medicare payments to providers of up to 2% per fiscal year, which went into
effect beginning on April&#160;1, 2013 and will stay in effect through 2027 unless additional Congressional action is taken. In January&#160;2013,
the American Taxpayer Relief Act&#160;of&#160;2012 was signed into law, which, among other things, further reduced Medicare payments to
several types of providers, including hospitals, imaging centers and cancer treatment centers, and increased the statute of limitations
period for the government to recover overpayments to providers from three to five&#160;years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, there has been
increasing legislative and enforcement interest in the United&#160;States with respect to specialty drug pricing practices. Specifically,
there have been several recent U.S.&#160;Congressional inquiries and proposed federal legislation designed to, among other things, bring
more transparency to drug pricing, reduce the cost of prescription drugs under Medicare, review the relationship between pricing and manufacturer
patient programs, and reform government program reimbursement methodologies for drugs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Individual states in the United&#160;States
have also become increasingly active in passing legislation and implementing regulations designed to control pharmaceutical product pricing,
including price or patient reimbursement constraints, discounts, restrictions on certain product access and marketing cost disclosure
and transparency measures, and, in some cases, designed to encourage importation from other countries and bulk purchasing. For example,
after some pharmacy benefit managers and insurers adopted policies stating that the amount of a copay coupon would not be applied to the
enrollee&#8217;s deductible or out-of-pocket maximum (referred to as &#8220;accumulator adjustment programs&#8221;), some states passed
legislation banning these policies. Based on a rule that will take effect in the 2020 plan year, CMS will allow accumulator adjustment
programs only when used for a branded drug that has a generic equivalent. The implementation of cost containment measures or other healthcare
reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our product candidates, if approved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future legislation or regulation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other legislative changes
have been adopted since the Affordable Care Act was enacted. For example, in August&#160;2011, President Obama signed into law the Budget
Control Act&#160;of&#160;2011, which, among other things, created the Joint Select Committee on Deficit Reduction to recommend to Congress
proposals in spending reductions. The Joint Select Committee on Deficit Reduction did not achieve a targeted deficit reduction of at least
$1.2&#160;trillion for fiscal&#160;years 2012 through 2021, triggering the legislation&#8217;s automatic reduction to several government
programs. This includes aggregate reductions to Medicare payments to providers of up to 2% per fiscal year, which went into effect beginning
on April&#160;1, 2013 and will stay in effect through 2029 unless additional Congressional action is taken. The Coronavirus Aid, Relief
and Economic Security Act, or CARES Act, which was signed into law in March&#160;2020 and was designed to provide financial support and
resources to individuals and businesses affected by the COVID-19 pandemic, suspended the 2% reductions from May&#160;1, 2020 through December&#160;31,
2020, and extended the sequester by one year, through 2030. In January&#160;2013, the American Taxpayer Relief Act&#160;of&#160;2012 was
signed into law, which, among other things, further reduced Medicare payments to several types of providers, including hospitals, imaging
centers and cancer treatment centers, and increased the statute of limitations period for the government to recover overpayments to providers
from three to five&#160;years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, there has been
increasing legislative and enforcement interest in the United&#160;States with respect to specialty drug pricing practices. Specifically,
there have been several recent U.S.&#160;Congressional inquiries and proposed federal legislation designed to, among other things, bring
more transparency to drug pricing, reduce the cost of prescription drugs under Medicare, review the relationship between pricing and manufacturer
patient programs, and reform government program reimbursement methodologies for drugs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Individual states in the United&#160;States
have also become increasingly active in passing legislation and implementing regulations designed to control pharmaceutical product pricing,
including price or patient reimbursement constraints, discounts, restrictions on certain product access and marketing cost disclosure
and transparency measures, and, in some cases, designed to encourage importation from other countries and bulk purchasing. For example,
after some pharmacy benefit managers and insurers adopted policies stating that the amount of a copay coupon would not be applied to the
enrollee&#8217;s deductible or out-of-pocket maximum (referred to as &#8220;accumulator adjustment programs&#8221;), some states passed
legislation banning these policies. Based on a rule that will take effect in the 2020 plan year, CMS will allow accumulator adjustment
programs only when used for a branded drug that has a generic equivalent. The implementation of cost containment measures or other healthcare
reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our product candidates, if approved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Additional Regulation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the foregoing,
local, state and federal laws, including such matters as safe working conditions, manufacturing practices, environmental protection, fire
hazard control and hazardous substances, including, in the United&#160;States, the Occupational Safety and Health Act, the Resource Conservancy
and Recovery Act and the Toxic Substances Control Act, affect our business. These and other laws govern our use, handling and disposal
of various biological, chemical and radioactive substances used in, and wastes generated by, our operations. If our operations result
in contamination of the environment or expose individuals to hazardous or biohazardous substances, we could be liable for damages, environmental
remediation, and/or governmental fines. We believe that we are in material compliance with applicable environmental laws and occupational
health and safety laws that continued compliance therewith will not have a material adverse effect on our business. We cannot predict,
however, how changes in these laws may affect our future operations. We may incur significant costs to comply with such laws and regulations
now or in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Government Regulation and Product Approval</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Government authorities in
the United&#160;States, at the federal, state and local level, and in other countries extensively regulate, among other things, the research,
development, testing, manufacture, including any manufacturing changes, packaging, storage, recordkeeping, labeling, advertising, promotion,
distribution, marketing, post-approval monitoring and reporting, import and export of pharmaceutical products, biological products and
medical devices, such as those we are developing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Disclosure of clinical study information</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sponsors of applicable clinical
studies of FDA regulated products, including drugs, are required to register and disclose certain clinical study information. Information
related to the product, patient population, phase of investigation, study sites and investigators, and other aspects of the clinical study
is then made public on the ClinicalTrials.gov website as part of the registration. Sponsors are also obligated to disclose the results
of their clinical studies after completion. Disclosure of the results of these studies can be delayed until the new product or new indication
being studied has been approved. Competitors may use this publicly available information to gain knowledge regarding the progress of development
programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Expedited Programs for Serious Conditions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The FDA maintains several
programs intended to facilitate and expedite development and review of new drugs and biologics to address unmet medical needs in the treatment
of serious or life-threatening diseases or conditions. These programs include Fast Track designation, Breakthrough Therapy designation,
Priority Review and Accelerated Approval. These programs can significantly reduce the time it takes for the FDA to review a BLA or NDA,
but they do not guarantee that a product will receive FDA approval. Even if a product qualifies initially, the FDA may later decide that
the product no longer meets the conditions for qualification or decide that the time period for FDA review will not be shortened. In May&#160;2018,
the Right to Try Act also established a program to increase access to unapproved, investigational treatments for patients diagnosed with
life-threatening diseases or conditions who have exhausted approved treatment options and who are unable to participate in a clinical
study.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A new drug or biologic is
eligible for Fast Track designation if it is intended to treat a serious or life-threatening disease or condition and demonstrates the
potential to address unmet medical needs for such disease or condition. Fast Track designation provides increased opportunities for sponsor
interactions with the FDA during preclinical and clinical development, in addition to the potential for rolling review once a marketing
application is filed, meaning that the agency may review portions of the marketing application before the sponsor submits the complete
application, as well as Priority Review, discussed below. In addition, a new drug or biologic may be eligible for Breakthrough Therapy
designation if it is intended to treat a serious or life-threatening disease or condition and preliminary clinical evidence indicates
that the drug may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as
substantial treatment effects observed early in clinical development. Breakthrough Therapy designation provides all the features of Fast
Track designation in addition to intensive guidance on an efficient drug development program beginning as early as Phase&#160;1, and FDA
organizational commitment to expedited development, including involvement of senior managers and experienced review staff in a cross-disciplinary
review, where appropriate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any product submitted to the
FDA for approval, including a product with Fast Track or Breakthrough Therapy designation, may also be eligible for additional FDA programs
intended to expedite the review and approval process, including Priority Review designation and accelerated approval. A product is eligible
for Priority Review if it has the potential to provide a significant improvement in safety or effectiveness in the treatment, diagnosis
or prevention of a serious disease or condition. Under priority review, FDA will review an application in six&#160;months compared to
ten&#160;months for a standard review. Products are eligible for accelerated approval if they can be shown to have an effect on a surrogate
endpoint that is reasonably likely to predict clinical benefit, or an effect on a clinical endpoint that can be measured earlier than
an effect on irreversible morbidity or mortality which is reasonably likely to predict an effect on irreversible morbidity or mortality
or other clinical benefit, taking into account the severity, rarity, or prevalence of the condition and the availability or lack of alternative
treatment. Accelerated approval is usually contingent on a sponsor&#8217;s agreement to conduct additional post-approval studies to verify
and describe the product&#8217;s clinical benefit. In addition, unless otherwise informed by the FDA, the FDA currently requires, as a
condition for accelerated approval, that all advertising and promotional materials that are intended for dissemination or publication
be submitted to FDA for review before the initial dissemination or publication.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Orphan drugs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Orphan Drug Act,
the FDA may grant orphan drug designation to drugs or biologics intended to treat a rare disease or condition, which is generally defined
as a disease or condition that affects fewer than 200,000 individuals in the United&#160;States. Orphan drug designation must be requested
before submitting an NDA or BLA.&#160;After the FDA grants orphan drug designation, the generic identity of the drug or biologic and its
potential orphan use are disclosed publicly by the FDA.&#160;Orphan drug designation is taken into consideration but generally does not
convey any advantage in, or shorten the duration of, the regulatory review and approval process. The first NDA or BLA applicant to receive
FDA approval for a particular active ingredient to treat a particular disease with FDA orphan drug designation is entitled to a seven-year
exclusive marketing period in the United&#160;States for that product, for that indication. During the seven-year exclusivity period,
the FDA may not approve any other applications to market the same drug or biologic for the same orphan indication, except in limited circumstances,
such as a showing of clinical superiority to the product with orphan drug exclusivity in that it is shown to be safer, more effective
or makes a major contribution to patient care. This is the case despite an earlier court opinion holding that the Orphan Drug Act unambiguously
required the FDA to recognize orphan exclusivity regardless of a showing of clinical superiority. Orphan drug exclusivity does not prevent
the FDA from approving a different drug or biologic for the same disease or condition, or the same drug or biologic for a different disease
or condition. Among the other benefits of orphan drug designation are tax credits for certain research and a waiver of the NDA or BLA
application user fee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Pediatric information and exclusivity</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Pediatric Research
Equity Act&#160;of&#160;2003, an NDA, BLA or supplement to an NDA or BLA must contain data from pediatric studies that are adequate to
assess the safety and effectiveness of the drug or biological product for the claimed indications in all relevant pediatric subpopulations,
and to support dosing and administration for each pediatric subpopulation for which the product is safe and effective. The FDA may, on
its own initiative or at the request of the applicant, grant deferrals for submission of some or all pediatric data until after approval
of the product for use in adults, or full or partial waivers from the pediatric data requirements. Under the FDASIA, the FDA has additional
authority to take action against manufacturers not adhering to pediatric study requirements. Unless otherwise required by regulation,
the pediatric data requirements do not apply to products with orphan drug designation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pediatric exclusivity is a
type of non-patent exclusivity in the United&#160;States and, if granted, provides for the attachment of an additional six&#160;months
of marketing protection to the term of any existing regulatory exclusivity or patent protection, including the non-patent and orphan exclusivity.
This six-month exclusivity may be granted if an application sponsor submits pediatric data that fairly respond to a written request from
the FDA for such data. The data do not need to show the product to be effective in the pediatric population studied; rather, if the clinical
study is deemed to fairly respond to the FDA&#8217;s request, the additional protection is granted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Hatch-Waxman Act</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Abbreviated new drug applications</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In seeking approval for a
drug through an NDA, applicants are required to list with the FDA each patent that claims to cover the applicant&#8217;s product. Upon
approval of a drug, each of the patents listed in the application for the drug is then published in the FDA&#8217;s Approved Drug Products
with Therapeutic Equivalence Evaluations, commonly known as the Orange Book. Drugs listed in the Orange Book can, in turn, be cited by
potential competitors in support of approval of an ANDA.&#160;Generally, an ANDA provides for marketing of a drug product that has the
same active ingredients in the same strengths and dosage form as the listed drug and has been shown through bioequivalence testing to
be therapeutically equivalent to the listed drug. Other than the requirement for bioequivalence testing, ANDA applicants are not required
to conduct or submit results of preclinical or clinical tests to prove the safety or effectiveness of their drug product. Drugs approved
in this way are commonly referred to as &#8220;generic equivalents&#8221; to the listed drug and can often be substituted by pharmacists
under prescriptions written for the original listed drug.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ANDA applicant is required
to certify to the FDA concerning any patents listed for the approved product in the FDA&#8217;s Orange Book. Specifically, the applicant
must certify that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the required patent information has not been filed;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the listed patent has expired;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in"></p><div>

</div><!-- Field: Page; Sequence: 99; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the listed patent has not expired, but will expire on a particular date and approval is sought after patent expiration; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the listed patent is invalid or will not be infringed by the new product.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A certification that the new
product will not infringe the already approved product&#8217;s listed patents or that such patents are invalid is called a Paragraph&#160;IV
certification. If the ANDA applicant does not challenge the listed patents, the ANDA will not be approved until all the listed patents
claiming the referenced product have expired.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the ANDA applicant has
provided a Paragraph&#160;IV certification to the FDA, the applicant must also send notice of the Paragraph&#160;IV certification to the
NDA and patent holders once the ANDA has been accepted for filing by the FDA.&#160;The NDA and patent holders may then initiate a patent
infringement lawsuit in response to the notice of the Paragraph&#160;IV certification. The filing of a patent infringement lawsuit within
45&#160;days after the receipt of a Paragraph&#160;IV certification automatically prevents the FDA from approving the ANDA until the earlier
of a 30-month period, expiration of the patent, settlement of the lawsuit or a decision in the infringement case that the patent involved
is deemed invalid or not infringed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ANDA also will not be
approved until any applicable non-patent exclusivity, such as exclusivity for obtaining approval of a new chemical entity, listed in the
Orange Book for the referenced product has expired. Federal law provides a period of five&#160;years following approval of a drug containing
no previously approved active ingredients during which ANDAs for generic versions of those drugs cannot be received by the FDA, except
that the application may be submitted in four&#160;years if it contains a Paragraph&#160;IV certification. If there is no listed patent
in the Orange Book, there may not be a Paragraph&#160;IV certification, and thus, no ANDA may be filed before the expiration of the exclusivity
period. Federal law provides for a period of three&#160;years of exclusivity following approval of a listed drug that contains previously
approved active ingredients but is approved in a new dosage form, route of administration or combination, or for a new use, the approval
of which was required to be supported by new clinical studies conducted by or for the sponsor, during which the FDA cannot grant effective
approval of an ANDA based on that listed drug.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The FDA must establish a priority
review track for certain generic drugs, requiring the FDA to review a drug application within eight&#160;months for a drug that has three
or fewer approved drugs listed in the Orange Book and is no longer protected by any patent or regulatory exclusivities, or is on the FDA&#8217;s
drug shortage list. The FDA must also expedite review of &#8220;competitor generic therapies&#8221; or drugs with inadequate generic competition,
including holding meetings with or providing advice to the drug sponsor prior to submission of the application.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Patent term extension</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After NDA approval, owners
of relevant drug patents may apply for up to a five year patent term extension. The allowable patent term extension is calculated as half
of the drug&#8217;s testing phase, based on the time between IND application and submission of the NDA, and all of the review phase, based
on the time between the NDA submission and approval up to a maximum of five&#160;years. The time can be shortened if the FDA determines
that the applicant did not pursue approval with due diligence. The total patent term after the extension may not exceed 14&#160;years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For patents that might expire
during the application phase, the patent owner may request an interim patent term extension. An interim patent term extension increases
the patent term by one year and may be renewed up to four times. For each interim patent term extension granted, the post-approval patent
term extension is reduced by one year. The director of the USPTO must determine that approval of the drug covered by the patent for which
a patent term extension is being sought is likely.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interim patent term extensions
are not available for a drug for which an NDA has not been submitted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Section&#160;505(b)(2)&#160;new drug applications</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most drug products obtain
FDA marketing approval pursuant to an NDA or an ANDA.&#160;A third alternative is a special type of NDA, commonly referred to as a Section&#160;505(b)(2)&#160;NDA,
which enables the applicant to rely, in part, on the FDA&#8217;s previous approval of a similar product, or published literature, in support
of its application.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 100; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#160;505(b)(2)&#160;NDAs
often provide an alternate path to FDA approval for new or improved formulations or new uses of previously approved products. Section&#160;505(b)(2)&#160;permits
the filing of an NDA where at least some of the information required for approval comes from studies not conducted by or for the applicant
and for which the applicant has not obtained a right of reference. If the Section&#160;505(b)(2)&#160;applicant can establish that reliance
on the FDA&#8217;s previous approval is scientifically appropriate, it may eliminate the need to conduct certain preclinical or clinical
studies of the new product. The FDA may also require companies to perform additional studies or measurements to support the change from
the approved product. The FDA may then approve the new product for all or some of the label indications for which the referenced product
has been approved, as well as for any new indication sought by the Section&#160;505(b)(2)&#160;applicant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that the Section&#160;505(b)(2)&#160;applicant
is relying on studies conducted for an already approved product, the applicant is required to certify to the FDA concerning any patents
listed for the approved product in the Orange Book to the same extent that an ANDA applicant would. As a result, approval of a Section&#160;505(b)(2)&#160;NDA
can be stalled until all the listed patents claiming the referenced product have expired, until any non-patent exclusivity, such as exclusivity
for obtaining approval of a new chemical entity, listed in the Orange Book for the referenced product has expired, and, in the case of
a Paragraph&#160;IV certification and subsequent patent infringement suit, until the earlier of a 30-month period, settlement of the lawsuit
or a decision in the infringement case that the patent involved is deemed invalid or not infringed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Post-Approval Requirements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any products manufactured
or distributed by us pursuant to FDA approvals are subject to pervasive and continuing regulation by the FDA, including, among other things,
requirements relating to record-keeping, reporting of adverse experiences, periodic reporting, product sampling and distribution, and
advertising and promotion of the product. After approval, most changes to the approved product, such as adding new indications or other
labeling claims, are subject to prior FDA review and approval. There also are continuing user fee requirements, under which FDA assesses
an annual program fee for each product identified in an approved BLA or NDA.&#160;Biologic manufacturers and their subcontractors are
required to register their establishments with the FDA and certain state agencies and are subject to periodic unannounced inspections
by the FDA and certain state agencies for compliance with cGMP, which impose certain procedural and documentation requirements upon us
and our third-party manufacturers. Changes to the manufacturing process are strictly regulated, and, depending on the significance of
the change, may require prior FDA approval before being implemented. FDA regulations also require investigation and correction of any
deviations from cGMP and impose reporting requirements upon us and any third-party manufacturers that we may decide to use. Accordingly,
manufacturers must continue to expend time, money and effort in the area of production and quality control to maintain compliance with
cGMP and other aspects of regulatory compliance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The FDA may withdraw approval
if compliance with regulatory requirements and standards is not maintained or if problems occur after the product reaches the market.
Later discovery of previously unknown problems with a product, including adverse events of unanticipated severity or frequency, or with
manufacturing processes, or failure to comply with regulatory requirements, may result in revisions to the approved labeling to add new
safety information; imposition of post-market studies or clinical studies to assess new safety risks; or imposition of distribution restrictions
or other restrictions under a Risk Evaluation and Mitigation Strategy program. Other potential consequences include, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrictions on the marketing or manufacturing of a product, complete withdrawal of the product from the market or product recalls;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fines, warning letters or holds on post-approval clinical studies;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">refusal of the FDA to approve pending applications or supplements to approved applications, or suspension or revocation of existing product approvals;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in"></p><div>

</div><!-- Field: Page; Sequence: 101; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">product seizure or detention, or refusal of the FDA to permit the import or export of products; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">injunctions or the imposition of civil or criminal penalties.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The FDA closely regulates
the marketing, labeling, advertising and promotion of biologic regulations prohibiting the promotion of off-label uses. Failure to comply
with these requirements can result in, among other things, adverse publicity, warning letters, corrective advertising and potential civil
and criminal penalties. Physicians may prescribe legally available products for uses that are not described in the product&#8217;s labeling
and that differ from those tested by us and approved by the FDA.&#160;Such off-label uses are common across medical specialties. Physicians
may believe that such off-label uses are the best treatment for many patients in varied circumstances. The FDA does not regulate the behavior
of physicians in their choice of treatments. The FDA does, however, restrict manufacturer&#8217;s communications on the subject of off-label
use of their products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Biosimilars and Reference Product Exclusivity</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Patient Protection and
Affordable Care Act, as amended by the Affordable Care Act, signed into law in 2010, includes a subtitle called the BPCIA, which created
an abbreviated approval pathway for biological products that are biosimilar to or interchangeable with an FDA-approved reference biological
product. To date, a number of biosimilars have been licensed under the BPCIA, and numerous biosimilars have been approved in Europe. The
FDA has issued several guidance documents outlining an approach to review and approval of biosimilars.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Biosimilarity, which requires
that there be no clinically meaningful differences between the biological product and the reference product in terms of safety, purity,
and potency, can be shown through analytical studies, animal studies, and a clinical study or studies. Interchangeability requires that
a product is biosimilar to the reference product and the product must demonstrate that it can be expected to produce the same clinical
results as the reference product in any given patient and, for products that are administered multiple times to an individual, the biologic
and the reference biologic may be alternated or switched after one has been previously administered without increasing safety risks or
risks of diminished efficacy relative to exclusive use of the reference biologic. Complexities associated with the larger, and often more
complex, structures of biological products, as well as the processes by which such products are manufactured, pose significant hurdles
to implementation of the abbreviated approval pathway that are still being worked out by the FDA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the BPCIA, an application
for a biosimilar product may not be submitted to the FDA until four&#160;years following the date that the reference product was first
licensed by the FDA.&#160;In addition, the approval of a biosimilar product may not be made effective by the FDA until 12&#160;years from
the date on which the reference product was first licensed. During this 12-year period of exclusivity, another company may still market
a competing version of the reference product if the FDA approves a full BLA for the competing product containing that applicant&#8217;s
own preclinical data and data from adequate and well-controlled clinical studies to demonstrate the safety, purity and potency of its
product. The BPCIA also created certain exclusivity periods for biosimilars approved as interchangeable products. At this juncture, it
is unclear whether products deemed &#8220;interchangeable&#8221; by the FDA will, in fact, be readily substituted by pharmacies, which
are governed by state pharmacy law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The BPCIA is complex and continues
to be interpreted and implemented by the FDA.&#160;In addition, recent government proposals have sought to reduce the 12-year reference
product exclusivity period. Other aspects of the BPCIA, some of which may impact the BPCIA exclusivity provisions, have also been the
subject of recent litigation. As a result, the ultimate impact, implementation, and impact of the BPCIA is subject to significant uncertainty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase">&#160;</span></p><div>

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</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE
GOVERNANCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Executive Officers and Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
information regarding our executive officers and directors, including their ages as of July 8, 2022:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 30%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="width: 58%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BOARD OF DIRECTORS</b></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">George Tidmarsh, M.D., Ph.D.</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and Director</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">James Rolke</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chief Executive Officer</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jennifer Carver, BSN, MBA</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jess Roper</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Curt LaBelle, MD</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXECUTIVE OFFICERS</b></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">James Rolke</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chief Executive Officer</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chester S.&#160;Zygmont,&#160;III</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Our Director and Executive Officers</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>George Tidmarsh, M.D.,
Ph.D.&#160;&#8212;&#160;Chairman. </i></b>Dr.&#160;Tidmarsh has been Chairman of the Company since its inception in May&#160;2020. Dr.&#160;Tidmarsh
received his M.D. and Ph.D. from Stanford University, where he also completed his fellowship training in Pediatric Oncology and Neonatology
and is currently Adjunct Faculty of Pediatrics and Neonatology since 2018. He served as clinical faculty at Stanford for a number of&#160;years
after his fellowship prior to devoting his full time to clinical research and development in order to bring new treatments through the
FDA approval process. Since 2018 Dr.&#160;Tidmarsh has served as a director and chairman of audit committee of Lucile Packard Foundation
for Children&#8217;s Health. Since the Company&#8217;s inception in 2020 he has also served as chairman at Revelation Biosciences Inc.
Prior to joining Revelation, Dr.&#160;Tidmarsh was President, Chief Executive Officer, Secretary and a Director of La Jolla Pharmaceutical
Company (&#8220;La Jolla&#8221;) from January&#160;2012 until November&#160;2019. While at La Jolla, Dr.&#160;Tidmarsh helped discover
the use of angiotensin&#160;II for the treatment of shock and led all aspects of development including approval by the FDA and the EMA
for the treatment of patients suffering from distributive shock. He also led the development of artesunate for the treatment of severe
malaria, which was approved by the FDA.&#160;Dr.&#160;Tidmarsh has over 30&#160;years of experience in biotechnology, including the successful
clinical development of seven FDA-approved drugs. He previously served as the Chief Executive Officer of Horizon Pharma, Inc., a company
he founded in 2005, where he continued as CEO until 2008 and Director until 2010. While at Horizon, he invented and led all aspects of
development of Duexis, which was approved by the FDA for the treatment of rheumatoid arthritis. He also founded Threshold Pharmaceuticals,
Inc. and held senior positions at Coulter Pharmaceutical, Inc. (acquired by GlaxoSmithKline) and SEQUUS Pharmaceuticals, Inc. (acquired
by Johnson&#160;&amp; Johnson). While at Coulter and SEQUUS, Dr.&#160;Tidmarsh led the clinical development of BEXXAR and Doxil, respectively,
two FDA-approved anti-cancer agents. We believe that Dr.&#160;Tidmarsh is qualified to serve as a director based on his extensive management
experience in the biotechnology industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>James Rolke&#160;&#8212;&#160;Director
and Chief Executive Officer. </i></b>Mr.&#160;Rolke cofounded and has been the Chief Executive Officer and a director of Revelation since
its inception in May&#160;2020. Mr.&#160;Rolke has 29&#160;years of experience in the biotechnology industry, spanning all areas and phases
of drug development. Prior to joining the Company, beginning in 2012, Mr.&#160;Rolke was employed at La Jolla in various leadership roles
overseeing Research and Development and serving as Chief Scientific Officer from 2017 to 2020. While at La Jolla, Mr.&#160;Rolke oversaw
the development of multiple technologies including six INDs and two marketing approvals: Giapreza for the treatment of distributive shock
(US FDA and EMEA) and artesunate for the treatment of severe malaria. Prior to La Jolla, from July&#160;2009 to January&#160;2012 Mr.&#160;Rolke
was Chief Technology Officer at Pluromed, Inc. (acquired by Sanofi) and played a key role in the approvals of two medical devices via
the 510(k)&#160;and PMA approval pathways. Prior to Pluromed, Mr.&#160;Rolke held several key positions at biotechnology companies, including
Director of Operations at Prospect Therapeutics, Inc., Associate Director of Pharmaceutical Development at Mersana Therapeutics, Inc.,
Manager of Process Development at GlycoGenesys, Inc., Principal Scientist at Surgical Sealants, Inc., Scientist at GelTex, Inc., and Associate
Scientist at Alpha-Beta Technology, Inc. Mr.&#160;Rolke received his B.S. in chemistry from Keene State College. We believe that Mr.&#160;Rolke
is qualified to serve as a director based on his role as our Chief Executive Officer and his extensive management experience in the biotechnology
industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Jennifer Carver, BSN,
MBA&#160;&#8212;&#160;Director. </i></b>Ms. Carver has been a director of the Company since May&#160;2020. Ms. Carver brings over 20&#160;years
of industry experience with a focus on small biotech companies and their evolution from early development through commercialization. From
2020 to 2021, Ms. Carver has served as Chief Operating Officer at Kartos Therapeutics (Kartos). Prior to Kartos from 2014, Ms. Carver
was employed at La Jolla Pharmaceutical Company in various leadership roles providing leadership through the clinical development, approval
and launch of Giapreza and serving as Chief Operating Officer from 2017 to 2019. Prior to La Jolla, Ms. Carver held positions at Spectrum
Pharmaceuticals and Allos Therapeutics, leading teams through the development and approval of Belionostat and Folotyn respectively. Her
experience in the healthcare industry spans multiple therapeutic areas including oncology, inflammatory disease, shock, iron overload,
and anti-infectives. Ms. Carver has played a critical role in negotiating key alliances, evaluation of financing opportunities, and overseeing
rapid organizational growth. Ms. Carver earned her B.S.N. and M.B.A. from University of Colorado. We believe that Ms. Carver&#8217;s extensive
experience working in the biotechnology industry makes her well-qualified to serve as a director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Jess Roper&#160;&#8212;&#160;Director.
</i></b>Mr.&#160;Roper has been a director since October&#160;2020. Mr.&#160;Roper has considerable financial and audit experience in
the sectors of medical device, life sciences, technology, manufacturing, and financial institutions. He currently serves as a Board Member
and Audit Chair for Biolase, a publicly traded company that is the global leader in the manufacturing of dental laser systems. Mr.&#160;Roper
previously served as Senior Vice President and Chief Financial Officer of Dexcom, retiring in 2017 following a fulfilling and rewarding
career. During his 12-year tenure, Dexcom transitioned from a pre-revenue privately held medical device company to a multi-national publicly
traded entity. Mr.&#160;Roper previously held financial management positions with two other publicly traded companies and one venture
funded company. He has played key roles in two initial public offerings, acquisitions/divestitures, and numerous equity and debt financings.
Earlier in his career, Mr.&#160;Roper was an auditor with PricewaterhouseCoopers, and a bank and information systems examiner with the
Office of the Comptroller of the Currency. He earned a Master of Science in Corporate Accountancy and a Bachelor of Science in Finance.
Mr.&#160;Roper is a certified public accountant in the state of California. We believe that Mr.&#160;Roper is qualified to serve as a
director based on his extensive financial and audit experience.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Curt LaBelle, MD&#160;&#8212;&#160;Director.
</i></b>Dr.&#160;LaBelle has been a director since January&#160;2021. Dr.&#160;LaBelle has been investing in and working with life science
companies for over 20&#160;years. Since 2015, he has been President of the Global Health Investment Fund (&#8220;GHIF&#8221;). GHIF is
a pioneering impact fund with a proven record of generating attractive financial returns and tangible impact. The fund works to facilitate
access to therapeutics and diagnostics among low-income populations. Dr.&#160;LaBelle also works with the AXA Prime Impact Fund and serves
as a Board member for Alydia Health, Atomo Diagnostics, Atticus Medical, Eyenovia, and Z Optics. He holds MD and MBA degrees from Columbia
University. Dr.&#160;LaBelle is the designee of the AXA Prime Impact Fund, the holder of the outstanding shares of our Series&#160;A Preferred
Stock. We believe that Dr.&#160;LaBelle&#8217;s significant experience as an investor in life science companies makes him well-qualified
to serve as a director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Chester S.&#160;Zygmont,&#160;III&#160;&#8212;&#160;Chief
Financial Officer. </i></b>Mr.&#160;Zygmont has been the Company&#8217;s Chief Financial Officer since inception. Mr.&#160;Zygmont brings
over 17&#160;years of experience in finance to the company with a wide range of industry applications. In 2016, Mr.&#160;Zygmont Co-Founded
Jivanas, a social enterprise that owns and operates a factory in Nepal, that is focused on creating jobs for people at risk for human
trafficking. Jivanas has operations in Nepal, Hong&#160;Kong, and the USA.&#160;During 2013, Mr.&#160;Zygmont Co-Founded oOxesis Biotechnology,
LLC, a biologics lab that worked on developing therapies for unmet needs. From June&#160;2012 to January&#160;2016, Mr.&#160;Zygmont was
the Senior Director of Finance, at La Jolla Pharmaceutical Company. During Mr.&#160;Zygmont&#8217;s tenure at La Jolla, he brought the
company to its Nasdaq listing. Prior to La Jolla, Mr.&#160;Zygmont served as Managing Director at Z3 Capital, LLC from March&#160;2009
to June&#160;2012. Z3 Capital, LLC, a privately held investment firm, focused on investment acquisition and venture funding for multiple
startup companies in real estate, medical device and biotechnology. Mr.&#160;Zygmont also served as Vice President at Symmetry Advisors,
Inc. a private equity leveraged buyout firm. While at Symmetry, he managed all finance and accounting for its SPAC, was a key player on
a $600&#160;million buyout of a portfolio company, and subsequently led the restructuring of its manufacturing division. Mr.&#160;Zygmont
earned his M.S. in Finance from Baruch College, Zicklin School of Business and his B.A. from Eastern University.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Number and Terms of Office of Officers and
Directors</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Board is divided into
three classes, designated Class&#160;A, Class&#160;B and Class&#160;C, with only one class of directors being elected in each year and
each class serving a three-year term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our officers are appointed
by the Board and serve until such person&#8217;s successor is appointed or until such person&#8217;s earlier resignation, death or removal.
Our Board is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws provide that our
officers may consist of a Chief Executive Officer, President, Secretary, Treasurer, Chief Financial Officer, Vice Presidents and such
other offices as may be determined by the Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Family Relationships</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no family relationships
among our directors or executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Involvement in Certain Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of our directors, executive
officers, promoters or control persons has been involved in any events requiring disclosure under Item&#160;401(f)&#160;of Regulation&#160;S-K.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Board Composition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Classified Board of Directors</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with our amended
and restated certificate of incorporation, our board of directors is divided into three classes with staggered three-year terms. At each
annual general meeting of stockholders, the successors to the directors whose terms then expire will be elected to serve from the time
of election and qualification until the third annual meeting following their election. Our directors are divided among the three classes
as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that any additional
directorships resulting from an increase in the number of directors will be distributed among the three classes so that, as nearly as
possible, each class will consist of one-third of the directors. The division of our board of directors into three classes with staggered
three-year terms may delay or prevent a change of our management or a change in control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Leadership Structure of the Board</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bylaws and corporate governance
guidelines provide our board of directors with flexibility to combine or separate the positions of Chairman of the board of directors
and Chief Executive Officer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
concluded that our current leadership structure is appropriate at this time. However, our board of directors will continue to periodically
review our leadership structure and may make such changes in the future as it deems appropriate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Role of Board in Risk Oversight Process</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Risk assessment and oversight
are an integral part of our governance and management processes. Our board of directors encourages management to promote a culture that
incorporates risk management into our corporate strategy and&#160;day-to-day business operations. Management discusses strategic and operational
risks at regular management meetings, and conducts specific strategic planning and review sessions during the year that include a focused
discussion and analysis of the risks facing us. Throughout the year, senior management reviews these risks with the board of directors
at regular board meetings as part of management presentations that focus on particular business functions, operations or strategies, and
presents the steps taken by management to mitigate or eliminate such risks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors does
not have a standing risk management committee, but rather administers this oversight function directly through our board of directors
as a whole, as well as through various standing committees of our board of directors that address risks inherent in their respective areas
of oversight. While our board of directors is responsible for monitoring and assessing strategic risk exposure, our audit committee is
responsible for overseeing our major financial risk exposures and the steps our management has taken to monitor and control these exposures.
The audit committee also approves or disapproves any related person transactions. Our nominating and corporate governance committee monitors
the effectiveness of our corporate governance guidelines. Our compensation committee assesses and monitors whether any of our compensation
policies and programs has the potential to encourage excessive risk-taking.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Attendance of Directors at Board Meetings and
Annual Meeting of Stockholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2021, the Board of
Directors met 11 times. During 2021, the Audit Committee met one time, the Nominating and Corporate Governance Committee met one time
and the Compensation Committee met one time. Each director who was on the Board during this timeframe attended at least 91% of the aggregate
number of meetings held during his or her term of service. The Company has not yet held an Annual Meeting of Stockholders. The Company
does not have a policy requiring its directors to attend the Annual Meeting of Stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Board Committees</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
established an audit committee, a compensation committee and a nominating and corporate governance committee. Our board of directors may
establish other committees to facilitate the management of our business. The composition and functions of each committee are described
below. Members serve on these committees until their resignation or until otherwise determined by our board of directors. Each committee
has adopted a written charter that satisfies the applicable rules and regulations of the SEC rules and regulations and the Nasdaq Listing
Rules, which are posted on our website. The reference to our website address does not constitute incorporation by reference of the information
contained at or available through our website.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Audit Committee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation has a separately-designated&#160;standing
Audit Committee established in accordance with Section&#160;3(a)(58)(A) of the Exchange&#160;Act and Nasdaq listing rules. In addition,
the board of directors adopted a written charter for the Audit Committee. The Audit Committee&#8217;s duties, will include, but are not
limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The composition of the Audit
Committee consist of Mr.&#160;Roper, Dr.&#160;Tidmarsh and Ms. Carver, with Mr.&#160;Roper as Chair. Mr. Roper qualifies as an audit committee
financial expert, as defined by the SEC rules. In addition, Revelation certified to Nasdaq that the Audit Committee has, and will continue
to have, at least one member who has past employment experience in finance or accounting, requisite professional certification in accounting,
or other comparable experience or background that results in the individual&#8217;s financial sophistication, including being or having
been a chief executive officer, chief financial officer or other senior officer with financial oversight responsibilities. It has been
determined that each of each of Mr.&#160;Roper, Dr.&#160;Tidmarsh and Ms. Carver satisfy such requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Nominating and Governance Committee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation&#8217;s Nominating
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under the Nasdaq Listing Rules. The Nominating and Governance&#160;Committee adopted a written charter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Specific responsibilities
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compensation Committee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation has a Compensation
Committee established in accordance with the Nasdaq Listing Rules. The Compensation Committee is comprised of Drs. Tidmarsh and LaBelle
and Mr.&#160;Roper, each of whom has been determined to be independent under the Nasdaq Listing Rules and is a &#8220;non-employee director&#8221;
as defined in Rule&#160;16b-3 promulgated under the Exchange&#160;Act. The chair of Revelation&#8217;s compensation committee is Dr.&#160;LaBelle.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Compensation Committee
oversees Revelation&#8217;s policies relating to compensation and benefits of its officers and employees. The Compensation Committee reviews
and approves or recommends corporate goals and objectives relevant to compensation of its executive officers (other than the Chief Executive
Officer), evaluates the performance of these officers in light of those goals and objectives and approves the compensation of these officers
based on such evaluations. The Compensation Committee also reviews and approves or makes recommendations to the board of directors regarding
the issuance of stock options and other awards under Revelation&#8217;s stock plans to its executive officers (other than the Chief Executive
Officer). The Compensation Committee reviews the performance of the Chief Executive Officer and makes recommendations to the board of
directors with respect to his compensation, and the board of directors retains the authority to make compensation decisions relative to
the Chief Executive Officer. The Compensation Committee reviews and evaluates, on an annual basis, the compensation committee charter
and the compensation committee&#8217;s performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compensation Committee Interlocks and Insider
Participation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No member of the Compensation
Committee has ever been an officer or employee of Revelation. None of Revelation&#8217;s executive officers serve, or have served during
the last fiscal year, as a member of the compensation committee or other board committee performing equivalent functions of any other
entity that has one or more executive officers serving as one of Revelation&#8217;s directors or on the Compensation Committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Code of Conduct and Ethics</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Revelation Board adopted
a Code of Ethics that applies to all its employees including its principal executive and financial officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXECUTIVE OFFICER AND DIRECTOR COMPENSATION
OF REVELATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Executive Compensation Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company&#8217;s
executive officers receives a base salary to compensate them for services rendered to the Company. The base salary is intended to provide
a fixed component of compensation reflecting the executive&#8217;s skill set, experience, position and responsibilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective as of July&#160;27,
2021, the Company entered into separate Executive Employment Agreements with Messrs. Rolke and Zygmont for their service as Chief Executive
Officer and Chief Financial Officer, respectively (collectively, the &#8220;Executive Employment Agreements&#8221;). The Executive Employment
Agreements provide for a term of three&#160;years, unless terminated earlier in accordance with their terms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Executive Employment Agreements
provide for an annual base salary of $400,000 for Mr.&#160;Rolke and $320,000 for Mr.&#160;Zygmont. Messrs. Rolke and Zygmont are also
eligible to receive an annual performance bonus targeted at 40% for Mr.&#160;Rolke and 35% for Mr.&#160;Zygmont of their respective base
salaries or as otherwise determined in the sole discretion of the board (each, an &#8220;Annual Bonus&#8221;), as well as equity incentive
grants as determined by the Board in its sole discretion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Executive
Employment Agreements, if his employment is terminated as a result of a &#8220;Covered Termination Event&#8221; that is not in connection
with a change in control of the Company, then each of Messrs. Rolke and Zygmont will be entitled to receive a lump sum payment equal to
twelve&#160;months of severance payments at his then current base salary, plus a pro-rata portion of his Annual Bonus for the fiscal year
in which his termination occurs based on actual achievement of the applicable bonus objectives and/or conditions for such year, plus continuation
of medical benefits. If Mr.&#160;Rolke&#8217;s or Mr.&#160;Zygmont&#8217;s employment is terminated as a result of a &#8220;Covered Termination
Event&#8221; in connection with a change in control of the Company, then each of Messrs. Rolke and Zygmont will be entitled to receive
a lump sum payment equal to one times the sum of his then current base salary, plus his target bonus in effect for the year in which his
termination of employment occurs, plus a pro-rata portion of his Annual Bonus for the fiscal year in which his termination occurs based
on actual achievement of the applicable bonus objectives and/or conditions for such year, continuation of medical benefits and acceleration
of vesting of all outstanding and unvested equity-based awards. &#8220;Covered Termination Event&#8221; means (i)&#160;a dismissal or
discharge other than for Cause and other than by reason of death or disability, or (ii)&#160;a voluntary termination for Good Reason.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Historically, our executive
compensation program has reflected our growth and development-oriented&#160;corporate culture. To date, the compensation of our Chief
Executive Officer and President and our other executive officers identified in the 2021 and 2020 Summary Compensation Table below, who
we refer to as the named executive officers, has consisted of a combination of base salary, bonuses and long-term&#160;incentive compensation
in the form of restricted common stock awards and incentive stock options. Our named executive officers who are full-time&#160;employees,
like all other full-time&#160;employees, are eligible to participate in our retirement and health and welfare benefit plans. As we transition
from a private company to a publicly traded company, we will evaluate our compensation values and philosophy and compensation plans and
arrangements as circumstances merit. At a minimum, we expect to review executive compensation annually with input from a compensation
consultant. As part of this review process, we expect the board of directors and the compensation committee to apply our values and philosophy,
while considering the compensation levels needed to ensure our executive compensation program remains competitive with our peers. In&#160;connection
with our executive compensation program, we will also review whether we are meeting our retention objectives and the potential cost of
replacing a key employee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Summary Compensation Table</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table shows
the total compensation awarded to, earned by, or paid to during the&#160;years ended December&#160;31, 2021 and 2020 to our executive
officers who earned more than $100,000 during each of the fiscal&#160;years ended December&#160;31, 2021 and 202 and were serving as named
executive officers as of such date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our named executive officers
for 2021 and 2020 who appear in the Summary Compensation Table are:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chester S.&#160;Zygmont,&#160;III, our Chief Financial Officer.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth,
for the&#160;years ended December&#160;31, 2021 and 2020, all compensation paid, distributed or earned for services, including salary
and bonus amounts, rendered in all capacities by the Company&#8217;s named executive officers. The information contained below represents
compensation earned by the Company&#8217;s officers for their work related to the Company:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 109; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Outstanding Equity Awards</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table provides
information regarding the 2020 Equity Incentive Plan awards for each named executive officer outstanding as of December&#160;31, 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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underlying<br/>
unexercised<br/>
options<br/>
(#)</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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exercise<br/>
price<br/>
($)</b></span></td>
    <td>&#160;</td>
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expiration<br/>
date</b></span></td>
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unexercised<br/>
in-the-money<br/>
options at<br/>
December&#160;31,<br/>
2020<br/>
($)</b></span></td>
    <td>&#160;</td>
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shares or<br/>
units of<br/>
shares that<br/>
have not<br/>
vested<br/>
(#)</b></span></td>
    <td>&#160;</td>
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payout value of<br/>
share awards<br/>
that have not<br/>
vested<br/>
($)</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#8212;</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#8212;</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 20pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>CEO</i></span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/31/2020</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,568</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,996</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chester S.&#160;Zygmont,&#160;III</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2/23/2021</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,588</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36,379</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 20pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>CFO</i></span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/31/2020</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,853</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,995</span></td>
    <td>&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The RSU awards vest 25% on the one-year anniversary of the grant date, and thereafter quarterly over a three-year period, subject to continued service through each such vesting date.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The RSU awards vest quarterly over four&#160;years, subject to continued service through each such vesting date.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DIRECTOR COMPENSATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The general policy of the
Board is that compensation for independent directors should be a fair mix between cash and equity-based compensation. Additionally, the
Company reimburses directors for reasonable expenses incurred during the course of their performance. There are no long-term incentive
or medical reimbursement plans. The Company does not pay directors who are part of management for Board service in addition to their regular
employee compensation. The Board determines the amount of director compensation. The Board may delegate such authority to the compensation
committee. The following table provides a summary of compensation paid to directors during the fiscal year ended December&#160;31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Director Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the total cash and equity compensation paid to our non-employee directors for service on our board of directors during 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td>&#160;</td>
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paid in cash<br/>
($)</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock-based<br/>
awards<br/>
($)<sup>(1)</sup></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total<br/>
($)</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,996</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74,996</span></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jennifer Carver, BSN, MBA</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,996</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74,996</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jess Roper</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,996</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74,996</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Curt LaBelle, M.D.</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,996</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74,996</span></td>
    <td>&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each director was granted 21,422 RSU awards that will vest quarterly over one year, subject to continued service through each such vesting date.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DESCRIPTION OF SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Authorized and Outstanding Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter authorizes the
issuance of an aggregate of 105,000,000 shares of capital stock, consisting of 100,000,000&#160;Shares of Common Stock, $0.001 par value
per share and 5,000,000 shares of preferred stock, $0.001&#160;par value per share. The outstanding Shares of Common Stock are duly authorized,
validly issued, fully paid and non-assessable. Our purpose is to engage in any lawful act or activity for which corporations may be organized
under the DGCL.&#160;Unless our board of directors determines otherwise, we will issue all shares of our capital stock in uncertificated
form.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this Prospectus,
there were 15,082,771 Shares of Common Stock outstanding. We have issued 13,626,095 warrants, of which 3,114,777 were warrants issued
in private placement transactions and 10,511,597 Public Warrants. The 3,114,777 issued private warrants consist of 165,976 Rollover Warrants,
2,586,667 Common Warrants and 362,134 Placement Agent Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Common Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Voting Rights</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each holder of the shares
of Common Stock is entitled to one vote for each share of Common Stock held of record by such holder on all matters on which stockholders
generally are entitled to vote, as provide by the Charter. The holders of the shares of Common Stock do not have cumulative voting rights
in the election of directors. Generally, all matters to be voted on by the holders of Common Stock must be approved by a majority (or,
in the case of election of directors, by a plurality) of the votes entitled to be cast present in person or represented by proxy, unless
otherwise specified by law, the Charter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Dividend Rights</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to preferences that
may be applicable to any outstanding preferred stock, the holders of shares of Common Stock are entitled to receive ratably such dividends,
if any, as may be declared from time to time by the Revelation Board out of funds legally available therefor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Rights upon Liquidation, Dissolution and Winding-Up</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of any voluntary
or involuntary liquidation, dissolution or winding up of Revelation&#8217;s affairs, the holders of the shares of Common Stock are entitled
to share ratably in all assets remaining after payment of Revelation&#8217;s debts and other liabilities, subject to prior distribution
rights of preferred stock or any class or series of stock having a preference over the shares of Common Stock, then outstanding, if any.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Preemptive or Other Rights</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of shares of Common
Stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable
to the shares of Common Stock. The rights, preferences and privileges of holders of shares of Common Stock will be subject to those of
the holders of any shares of the preferred stock Revelation may issue in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Preferred Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter authorizes the
Revelation Board to establish one or more series of preferred stock. Unless required by law or by any stock exchange, and subject to the
terms of the Charter, the authorized shares of preferred stock will be available for issuance without further action by holders of Common
Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Revelation Board is able
to determine, with respect to any series of preferred stock, designations, powers, preferences and relative, participating, optional or
other rights, if any, and the qualifications, limitations or restrictions thereof, if any.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation could issue a series
of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition attempt or other transaction
that some, or a majority, of the holders of Common Stock might believe to be in their best interests or in which the holders of Common
Stock might receive a premium over the market price of the shares of Common Stock. Additionally, the issuance of preferred stock may adversely
affect the rights of holders of Common Stock by restricting dividends on the common stock, diluting the voting power of the common stock
or subordinating the rights of the common stock to distributions upon a liquidation, dissolution or winding up or other event. As a result
of these or other factors, the issuance of preferred stock could have an adverse impact on the market price of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Warrants</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Rollover Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 31, 2021, Old Revelation
issued warrants to purchase shares of its common stock to a placement agent in connection with a prior private placement of its securities.
As a result of the merger, these warrants represent the right to purchase an aggregate of 165,976 shares of common stock at an exercise
price of $2.68 and expire on January 31, 2026.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Common Warrants and Placement Agent Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 23, 2022, the Company
entered into a securities purchase agreement pursuant to which it issued 2,586,667 unregistered warrants to purchase common stock (&#8220;Common
Warrant&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Common Warrant has an
exercise price of $3.29 per share of common stock, is exercisable at any time after the sixth month anniversary of the date of issuance,
will expire five years from the date of issuance and is subject to customary adjustments. The Common Warrants may not be exercised if
the aggregate number of shares of the Company&#8217;s common stock beneficially owned by the holder (together with its affiliates) would
exceed 4.99% of the Company&#8217;s outstanding common stock immediately after exercise. However, the holder may increase (upon 61 days&#8217;
prior notice from the holder to the Company) or decrease such percentage, provided that in no event such percentage exceeds 9.99%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Roth Capital Partners, LLC
(the &#8220;Placement Agent&#8217;) was engaged by the Company to act as its exclusive placement agent for the private placement. The
Company agreed to issue to the Placement Agent warrants to purchase up to 362,134 shares of common stock (the &#8220;Placement Agent Warrants&#8221;).
The Placement Agent Warrants have substantially the same terms as the Common Warrants.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Public Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are currently outstanding
an aggregate of 10,511,597&#160;Public Warrants, which entitle the holder to acquire shares of Common Stock. Each whole Public Warrant
will entitle the registered holder to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment as discussed
below, beginning 30&#160;days after the closing of the Business Combination, provided that Revelation has an effective registration statement
under the Securities Act covering the shares of Common Stock issuable upon exercise of the warrants and a current prospectus relating
to them is available (or it permits holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant
agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state
of residence of the holder. The Public Warrants will expire on January&#160;9, 2027, at 5:00&#160;p.m., New&#160;York City time, or earlier
upon redemption or liquidation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not be obligated to
deliver any shares of Common Stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such warrant exercise
unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying the warrants is then effective
and a prospectus relating thereto is current, subject to Revelation satisfying its obligations described below with respect to registration.
No warrant will be exercisable and we will not be obligated to issue shares of Common Stock upon exercise of a warrant unless the shares
of Common Stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of
the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences
are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant
may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration
statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase
price for the unit solely for the shares of Common Stock underlying such unit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a registration statement
covering the shares of Common Stock issuable upon exercise of the warrants is not effective by the ninetieth (90<sup>th</sup>) business&#160;day
after the Closing, warrant holders may, until such time as there is an effective registration statement and during any period when we
will have failed to maintain an effective registration statement, exercise warrants on a &#8220;cashless basis&#8221; in accordance with
Section&#160;3(a)(9)&#160;of the Securities Act or another exemption. Notwithstanding the above, if the shares of Common Stock are at
the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a &#8220;covered
security&#8221; under Section&#160;18(b)(1)&#160;of the Securities Act, we may, at our option, require holders of public warrants who
exercise their warrants to do so on a &#8220;cashless basis&#8221; in accordance with Section&#160;3(a)(9)&#160;of the Securities Act
and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do
not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption
is not available.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Redemption of Warrants</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once the warrants become exercisable,
Revelation may call the warrants for redemption for cash:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in whole and not in part;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at a price of $0.01 per warrant;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon not less than 30&#160;days&#8217; prior written notice of redemption (the &#8220;30-day&#160;redemption period&#8221;) to each warrant holder; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, the closing price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like and for certain issuances of shares of Common Stock and equity-linked&#160;securities for capital raising purposes in connection with the closing of our initial business combination as described elsewhere in this prospectus) for any 20&#160;trading&#160;days within a 30-trading&#160;day period ending three&#160;business days before we send to the notice of redemption to the warrant holders.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If and when the warrants become
redeemable by Revelation for cash, Revelation may exercise its redemption right even if it is unable to register or qualify the underlying
securities for sale under all applicable state securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have established the last
of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium
to the warrant exercise price. If the foregoing conditions are satisfied and Revelation issues a notice of redemption of the warrants,
each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of
the shares of Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock capitalizations, reorganizations,
recapitalizations and the like and for certain issuances of shares of Common Stock and equity-linked&#160;securities for capital raising
purposes in connection with the closing of our initial business combination as described elsewhere in this prospectus) as well as the
$11.50 warrant exercise price after the redemption notice is issued.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If Revelation calls the warrants
for redemption, our management will have the option to require any holder that wishes to exercise his, her or its warrant to do so on
a &#8220;cashless basis.&#8221; In determining whether to require all holders to exercise their warrants on a &#8220;cashless basis,&#8221;
our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect
on our stockholders of issuing the maximum number of shares of Common Stock issuable upon the exercise of our warrants. If our management
takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of
shares of Common Stock equal to the quotient obtained by dividing (x)&#160;the product of the number of shares of Common Stock underlying
the warrants, multiplied by the excess of the &#8220;fair market value&#8221; (defined below) of our shares of Common Stock over the exercise
price of the warrants by (y)&#160;the fair market value. The &#8220;fair market value&#8221; will mean the average closing price of the
shares of Common Stock for the 10&#160;trading days ending on the third&#160;trading day prior to the date on which the notice of redemption
is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information
necessary to calculate the number of shares of Common Stock to be received upon exercise of the warrants, including the &#8220;fair market
value&#8221; in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen
the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the
exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take
advantage of this option, the holders of the Private Warrants and their permitted transferees would still be entitled to exercise their
Private Warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required
to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A holder of a warrant may
notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant,
to the extent that after giving effect to such exercise, such person (together with such person&#8217;s affiliates), to the warrant agent&#8217;s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Shares of Common Stock outstanding
immediately after giving effect to such exercise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the number of outstanding
shares of Common Stock is increased by a share capitalization payable in shares of Common Stock, or by a split-up&#160;of common stock
or other similar event, then, on the effective date of such share capitalization, split-up&#160;or similar event, the number of shares
of Common Stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding Shares of Common
Stock. A rights offering to holders of common stock entitling holders to purchase shares of Common Stock at a price less than the fair
market value will be deemed a share capitalization of a number of shares of Common Stock equal to the product of (i)&#160;the number of
shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering
that are convertible into or exercisable for shares of Common Stock) multiplied by (ii)&#160;one (1)&#160;minus the quotient of (x)&#160;the
price per shares of Common Stock paid in such rights offering and divided by (y)&#160;the fair market value. For these purposes (i)&#160;if
the rights offering is for securities convertible into or exercisable for shares of Common Stock, in determining the price payable for
shares of Common Stock, there will be taken into account any consideration received for such rights, as well as any additional amount
payable upon exercise or conversion and (ii)&#160;fair market value means the volume weighted average price of shares of Common Stock
as reported during the ten (10)&#160;trading day period ending on the&#160;trading day prior to the first date on which the shares of
Common Stock trades on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, if Revelation,
at any time while the Warrants are outstanding and unexpired, pays a dividend or makes a distribution in cash, securities or other assets
to the holders of common stock on account of such Shares of Common Stock (or other shares of capital stock into which the warrants are
convertible), other than (a)&#160;as described above, (b)&#160;certain ordinary cash dividends, (c)&#160;to satisfy the redemption rights
of the holders of Common Stock in connection with the Closing, (d)&#160;to satisfy the redemption rights of the holders of common stock
in connection with a stockholder vote to amend the Current Charter to modify the substance or timing of the obligation to redeem 100%
of Common Stock if it does not complete its initial business combination within 12&#160;months from the closing of its IPO or to provide
for redemption in connection with a business combination, or (e)&#160;in connection with the redemption of Petra&#8217;s public shares
upon its failure to complete its initial business combination, then the warrant exercise price will be decreased, effective immediately
after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each
share of common stock in respect of such event.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the number of outstanding
Shares of Common Stock is decreased by a consolidation, combination, reverse share split or reclassification of Shares of Common Stock
or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar
event, the number of Shares of Common Stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding
Shares of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever the number of Shares
of Common Stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted
by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x)&#160;the numerator of which will be the
number of Shares of Common Stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y)&#160;the
denominator of which will be the number of Shares of Common Stock so purchasable immediately thereafter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In case of any reclassification
or reorganization of the outstanding Shares of Common Stock (other than those described above or that solely affects the par value of
such Shares of Common Stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation
or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding
Shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of
us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the
Shares of Common Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind
and amount of shares of new common stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received
if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders
of Shares of Common Stock in such a transaction is payable in the form of Shares of Common Stock in the successor entity that is listed
for trading on a national securities exchange or is quoted in an established over-the-counter&#160;market, or is to be so listed for trading
or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty&#160;days
following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based
on the Black-Scholes&#160;Warrant Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction
is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants
pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrants have been issued
in registered form under a warrant agreement between Continental Stock Transfer&#160;&amp; Trust Company, as warrant agent, and us. The
warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, and that all other modifications or amendments will require the vote or written consent of the holders of at
least 50% of the then outstanding Public Warrants, and, solely with respect to any amendment to the terms of the Private Warrants, a majority
of the then outstanding Private Warrants. You should review a copy of the warrant agreement, which is filed as an exhibit to the registration
statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to the warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrants may be exercised
upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form
on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of Warrants being exercised.
The warrant holders do not have the rights or privileges of holders of Common Stock and any voting rights until they exercise their warrants
and receive Shares of Common Stock. After the issuance of Shares of Common Stock upon exercise of the warrants, each holder will be entitled
to one vote for each share held of record on all matters to be voted on by stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No fractional shares will
be issued upon exercise of the Warrants. If, upon exercise of the Warrants, a holder would be entitled to receive a fractional interest
in a share, we will, upon exercise, round down to the nearest whole number the number of Shares of Common Stock to be issued to the warrant
holder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Description of Securities in this Offering</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are offering&#160;&#160;&#160;&#160;&#160;&#160;shares
of our common stock and warrants to purchase up to&#160;&#160;&#160;&#160;&#160;&#160;shares of common stock. We are also offering&#160;&#160;&#160;&#160;&#160;&#160;pre-funded
warrants to those purchasers whose purchase of shares of common stock in this offering would result in the purchaser, together with its
affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding
shares of common stock following the consummation of this offering in lieu of the shares of common stocks that would result in such excess
ownership. Each pre-funded warrant will be exercisable for one share of common stock. No warrant for fractional shares of common stock
will be issued, rather warrants will be issued only for whole shares of common stock. We are also registering the shares of common stock
issuable from time to time upon exercise of the pre-funded warrants and warrants offered hereby.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Common Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Voting Rights</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each holder of the shares
of Common Stock is entitled to one vote for each share of Common Stock held of record by such holder on all matters on which stockholders
generally are entitled to vote, as provide by the Charter. The holders of the shares of Common Stock do not have cumulative voting rights
in the election of directors. Generally, all matters to be voted on by the holders of Common Stock must be approved by a majority (or,
in the case of election of directors, by a plurality) of the votes entitled to be cast present in person or represented by proxy, unless
otherwise specified by law, the Charter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Dividend Rights</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to preferences that
may be applicable to any outstanding preferred stock, the holders of shares of Common Stock are entitled to receive ratably such dividends,
if any, as may be declared from time to time by the Revelation Board out of funds legally available therefor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Rights upon Liquidation, Dissolution and Winding-Up</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of any voluntary
or involuntary liquidation, dissolution or winding up of Revelation&#8217;s affairs, the holders of the shares of Common Stock are entitled
to share ratably in all assets remaining after payment of Revelation&#8217;s debts and other liabilities, subject to prior distribution
rights of preferred stock or any class or series of stock having a preference over the shares of Common Stock, then outstanding, if any.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Preemptive or Other Rights</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of shares of Common
Stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable
to the shares of Common Stock. The rights, preferences and privileges of holders of shares of Common Stock will be subject to those of
the holders of any shares of the preferred stock Revelation may issue in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary of certain terms and
provisions of the warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions
of the warrant, the form of which will be filed as an exhibit to the registration statement of which this prospectus forms a part. Prospective
investors should carefully review the terms and provisions of the form of warrant for a complete description of the terms and conditions
of the warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Duration and Exercise Price</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each warrant offered hereby will have an exercise
price equal to $&#160;&#160;&#160;&#160; . The warrants will be immediately exercisable and may be exercised until the fifth anniversary
of the issuance date. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate adjustment
in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock and the exercise price. The
warrants will be issued separately from the common stock or pre-funded warrants, respectively, and may be transferred separately immediately
thereafter. Warrants will be issued in certificated form only.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Exercisability</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The warrants will be exercisable, at the option
of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for the number
of shares of our common stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder (together
with its affiliates) may not exercise any portion of such holder&#8217;s warrants to the extent that the holder would own more than 4.99%
of the outstanding common stock immediately after exercise, except that upon at least 61&#160;days&#8217; prior notice from the holder
to us, the holder may increase the amount of ownership of outstanding stock after exercising the holder&#8217;s warrants up to 9.99% of
the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such&#160;percentage ownership
is determined in accordance with the terms of the warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cashless Exercise</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, at the time a holder exercises its warrants,
a registration statement registering the issuance or resale of the shares of common stock underlying the warrants under the Securities
Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated
to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise
(either in whole or in part) the net number of shares of common stock determined according to a formula set forth in the warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fundamental Transactions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of any fundamental transaction, as
described in the warrants and generally including any merger with or into another entity, sale of all or substantially all of our assets,
tender offer or exchange offer, or reclassification of our common stock, then upon any subsequent exercise of a warrant, the holder will
have the right to receive as alternative consideration, for each share of our common stock that would have been issuable upon such exercise
immediately prior to the occurrence of such fundamental transaction, the number of shares of common stock of the successor or acquiring
corporation or of our company, if it is the surviving corporation, and any additional consideration receivable upon or as a result of
such transaction by a holder of the number of shares of our common stock for which the warrant is exercisable immediately prior to such
event. Notwithstanding the foregoing, in the event of a fundamental transaction, the holders of the warrants have the right to require
us or a successor entity to redeem the warrants for cash in the amount of the Black-Scholes Value (as defined in each warrant) of the
unexercised portion of the warrants concurrently with or within 30&#160;days following the consummation of a fundamental transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, in the event of a fundamental transaction
which is not in our control, including a fundamental transaction not approved by our board of directors, the holders of the warrants will
only be entitled to receive from us or our successor entity, as of the date of consummation of such fundamental transaction the same type
or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of the warrant that is being
offered and paid to the holders of our common stock in connection with the fundamental transaction, whether that consideration is in the
form of cash, stock or any combination of cash and stock, or whether the holders of our common stock are given the choice to receive alternative
forms of consideration in connection with the fundamental transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Transferability</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to applicable laws, a warrant may be transferred
at the option of the holder upon surrender of the warrant to us together with the appropriate instruments of transfer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fractional Shares</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No fractional shares of common stock will be issued
upon the exercise of the warrants. Rather, the number of shares of common stock to be issued will, at our election, either be rounded
up to the nearest whole number or we will pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the exercise price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trading Market</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no established trading market for the
warrants, and we do not expect an active trading market to develop. We do not intend to apply to list the warrants on any securities exchange
or other trading market. Without a trading market, the liquidity of the warrants will be extremely limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Right as a Stockholder</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise provided in the warrants or
by virtue of the holder&#8217;s ownership of shares of our common stock, such holder of warrants does not have the rights or privileges
of a holder of our common stock, including any voting rights, until such holder exercises such holder&#8217;s warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Waivers and Amendments</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No term of the warrants may
be amended or waived without the written consent of the holders of the warrants purchased in this offering.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Pre-funded Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summary of certain terms and provisions
of the pre-funded warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions
of the pre-funded warrant, the form of which will be filed as an exhibit to the registration statement of which this prospectus forms
a part. Prospective investors should carefully review the terms and provisions of the form of pre-funded warrant for a complete description
of the terms and conditions of the pre-funded warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Duration and Exercise Price</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each pre-funded warrant offered hereby will have
an initial exercise price per share of common stock equal to $0.0001. The pre-funded warrants will be immediately exercisable and will
expire when exercised in full. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate
adjustment in the event of share dividends, share splits, reorganizations or similar events affecting our shares of common stock and the
exercise price. Subject to the rules and regulations of the applicable trading market, we may at any time during the term of the pre-funded
warrant, subject to the prior written consent of the holders, reduce the then current exercise price to any amount and for any period
of time deemed appropriate by our board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Exercisability</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The pre-funded warrants will be exercisable, at
the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for
the number of shares of common stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder
(together with its affiliates) may not exercise any portion of the pre-funded warrant to the extent that the holder would own more than
4.99% of the outstanding shares of common stock immediately after exercise, except that upon at least 61&#160;days&#8217; prior notice
from the holder to us, the holder may increase the amount of beneficial ownership of outstanding shares after exercising the holder&#8217;s
pre-funded warrants up to 9.99% of the number of our shares of common stock outstanding immediately after giving effect to the exercise,
as such&#160;percentage ownership is determined in accordance with the terms of the pre-funded warrants. Purchasers of pre-funded warrants
in this offering may also elect prior to the issuance of the pre-funded warrants to have the initial exercise limitation set at 9.99%
of our outstanding shares of common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cashless Exercise</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In lieu of making the cash payment otherwise contemplated
to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise
(either in whole or in part) the net number of shares of common stock determined according to a formula set forth in the pre-funded warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fractional Shares</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No fractional shares of common stock will be issued
upon the exercise of the pre-funded warrants. Rather, at the Company&#8217;s election, the number of shares of common stock to be issued
will be rounded up to the nearest whole number or the Company will pay a cash adjustment in an amount equal to such fraction multiplied
by the exercise price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Transferability</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to applicable laws, a pre-funded warrant
may be transferred at the option of the holder upon surrender of the pre-funded warrants to us together with the appropriate instruments
of transfer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trading Market</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no trading market available for the pre-funded
warrants on any securities exchange or nationally recognized trading system, and we do not expect a trading market to develop. We do not
intend to list the pre-funded warrants on any securities exchange or nationally recognized trading market. Without a trading market, the
liquidity of the pre-funded warrants will be extremely limited. The shares of common stock issuable upon exercise of the pre-funded warrants
are currently traded on the Nasdaq.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Right as a Shareholder</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise provided in the pre-funded
warrants or by virtue of such holder&#8217;s ownership of shares of common stock, the holders of the pre-funded warrants do not have the
rights or privileges of holders of our shares of common stock, including any voting rights, until they exercise their pre-funded warrants.
The pre-funded warrants will provide that holders have the right to participate in distributions or dividends paid on our shares of common
stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fundamental Transaction</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of a fundamental transaction, as
described in the pre-funded warrants and generally including any reorganization, recapitalization or reclassification of our shares of
common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger
with or into another person, the acquisition of more than 50% of our outstanding shares of common stock, or any person or group becoming
the beneficial owner of 50% of the voting power represented by our outstanding shares of common stock, the holders of the pre-funded warrants
will be entitled to receive upon exercise of the pre-funded warrants the kind and amount of securities, cash or other property that the
holders would have received had they exercised the pre-funded warrants immediately prior to such fundamental transaction on a net exercise
basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Transfer Agent and Warrant Agent</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer agent and warrant
agent will be Continental Stock Transfer&#160;&amp; Trust Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Anti-Takeover Effects of the Charter and Bylaws
and Certain Provisions of Delaware Law</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter and the DGCL contain
provisions that are summarized in the following paragraphs and that are intended to enhance the likelihood of continuity and stability
in the composition of our board of directors. These provisions are intended to avoid costly takeover battles, reduce our vulnerability
to a hostile or abusive change of control and enhance the ability of our board of directors to maximize stockholder value in connection
with any unsolicited offer to acquire us. However, these provisions may have an anti-takeover&#160;effect and may delay, deter or prevent
a merger or acquisition of Revelation by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider
in its best interest, including those attempts that might result in a premium over the prevailing market price for the Shares of Common
Stock held by stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized but Unissued Capital Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Delaware law does not require
stockholder approval for any issuance of shares that are authorized and available for issuance. However, the listing requirements of Nasdaq,
which would apply so long as the shares of Common Stock remain listed on Nasdaq, require stockholder approval of certain issuances equal
to or exceeding 20% of the then outstanding voting power or the then outstanding number of Shares of Common Stock. These additional shares
may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions.
Additionally, the number of authorized shares of any series of common stock or preferred stock may be increased or decreased (but not
below the number of shares thereof outstanding) by the affirmative vote of the holders of a majority in voting power, irrespective of
the provisions of Section&#160;242(b)(2)&#160;of the DGCL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Revelation Board may generally
issue shares of one or more series of preferred stock on terms designed to discourage, delay or prevent a change of control of Revelation
or the removal of our management. Moreover, our authorized but unissued shares of preferred stock will be available for future issuances
in one or more series without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings
to raise additional capital, to facilitate acquisitions and employee benefit plans.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One of the effects of the
existence of authorized and unissued and unreserved Shares of Common Stock or preferred stock may be to enable Revelation&#8217;s board
of directors to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt
to obtain control of Revelation by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of
our management and possibly deprive our stockholders of opportunities to sell their Shares of Common Stock at prices higher than prevailing
market prices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Vacancies and Newly Created Directorships</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter provides that,
subject to the rights granted to one or more series of preferred stock then outstanding, any newly-created&#160;directorship on the board
of directors that results from an increase in the number of directors and any vacancies on our board of directors will be filled solely
only by the affirmative vote of a majority of the remaining directors, even if less than a quorum, by a sole remaining director or by
the stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Special Stockholder Meetings</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter provides that
special meetings of our stockholders may be called at any time only by the board of directors acting pursuant to a resolution approved
by the affirmative vote of a majority of the directors then in office, subject to the rights of holders of any series of preferred stock
then outstanding</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Stockholder Action by Written Consent</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Section&#160;228
of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without
prior notice, and without a vote if a consent or consents in writing, setting forth the action so taken, is or are signed by the holders
of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting
at which all shares of our stock entitled to vote thereon were present and voted, the certificate of incorporation provides otherwise.
In accordance with Section 228, the Charter prohibits action by written consent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Section&#160;203 of the DGCL</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation is subject to the
provisions of Section&#160;203 of the DGCL, which we refer to as &#8220;Section&#160;203&#8221; regulating corporate takeovers. In general,
Section&#160;203 prohibits a publicly held Delaware corporation from engaging, under certain circumstances, in a business combination
with an interested stockholder for a period of three&#160;years following the date the person became an interested stockholder unless:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior to the date of the transaction, Revelation&#8217;s board of directors approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, (1)&#160;shares owned by persons who are directors and also officers and (2)&#160;shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at or subsequent to the date of the transaction, the business combination is approved by Revelation&#8217;s board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds&#160;of the outstanding voting stock that is not owned by the interested stockholder.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, a business combination
includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An interested
stockholder is a person who, together with affiliates and associates, owns or, within three&#160;years prior to the determination of interested
stockholder status, did own 15% or more of a corporation&#8217;s outstanding voting stock. The Petra Board expects the existence of this
provision to have an anti-takeover&#160;effect with respect to transactions Revelation&#8217;s board of directors does not approve in
advance. The Petra Board also anticipates that Section&#160;203 may discourage attempts that might result in a premium over the market
price for the Shares of Common Stock held by stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of Delaware
law and the provisions of the Charter and Revelation&#8217;s Bylaws could have the effect of discouraging others from attempting hostile
takeovers and as a consequence, they might also inhibit temporary fluctuations in the market price of Common Stock that often result from
actual or rumored hostile takeover attempts. These provisions might also have the effect of preventing changes in Revelation&#8217;s management.
It is also possible that these provisions could make it more difficult to accomplish transactions that stockholders might otherwise deem
to be in their best interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dissenters&#8217; Rights of Appraisal and Payment</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the DGCL, with certain
exceptions, our stockholders will have appraisal rights in connection with a merger or consolidation in which we are a constituent entity.
Pursuant to the DGCL, stockholders who properly demand and perfect appraisal rights in connection with such merger or consolidation will
have the right to receive payment of the fair value of their shares as determined by the Court of Chancery of the State of Delaware, plus
interest, if any, on the amount determined to be the fair value, from the effective time of the merger or consolidation through the date
of payment of the judgment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stockholders&#8217; Derivative Actions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the DGCL, any of our
stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the
stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder&#8217;s
stock thereafter devolved by operation of law. To bring such an action, the stockholder must otherwise comply with Delaware law regarding
derivative actions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Exclusive forum for certain lawsuits</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Charter requires, unless
we consent in writing to the selection of an alternative forum, that (i)&#160;any derivative action or proceeding brought on our behalf,
(ii)&#160;any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee to us or our stockholders,
(iii)&#160;any action asserting a claim against us, our directors, officers or employees arising pursuant to any provision of the DGCL
or our Charter or bylaws, or (iv)&#160;any action asserting a claim against us, our directors, officers or employees governed by the internal
affairs doctrine may be brought only in the Court of Chancery in the State of Delaware, except any claim (A)&#160;as to which the Court
of Chancery of the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery
(and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten&#160;days following such
determination), (B)&#160;which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery or (C)&#160;for
which the Court of Chancery does not have subject matter jurisdiction, as to which the Court of Chancery and the federal district court
for the District of Delaware shall have concurrent jurisdiction. If an action is brought outside of Delaware, the stockholder bringing
the suit will be deemed to have consented to service of process on such stockholder&#8217;s counsel. Although we believe this provision
benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, a court
may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect of discouraging
lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our compliance with federal securities
laws and the rules and regulations thereunder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
our Charter provides that the exclusive forum provision will not apply to suits brought to enforce a duty or liability created by the
Exchange&#160;Act or any other claim for which the federal courts have exclusive jurisdiction. Section&#160;27 of the Exchange&#160;Act
creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange&#160;Act or the
rules and regulations thereunder. Additionally, unless we consent in writing to the selection of an alternative forum, the federal courts
shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act against
us or any of our directors, officers, other employees or agents. Any person or entity purchasing or otherwise acquiring any interest in
our securities shall be deemed to have notice of and consented to these provisions. We note, however, that there is uncertainty as to
whether a court would enforce this provision and that investors cannot waive compliance with the federal securities laws and the rules
and regulations thereunder. Section&#160;22 of the Securities Act creates concurrent jurisdiction for state and federal courts over all
suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 121; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Limitations on Liability and Indemnification
of Officers and Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The DGCL authorizes corporations
to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of
directors&#8217; fiduciary duties, subject to certain exceptions. The Charter includes a provision that eliminates the personal liability
of directors for monetary damages to the corporation or its stockholders for any breach of fiduciary duty as a director, except to the
extent such exemption from liability or limitation thereof is not permitted under the DGCL.&#160;The effect of these provisions is to
eliminate the rights of us and our stockholders, through stockholders&#8217; derivative suits on our behalf, to recover monetary damages
from a director for breach of fiduciary duty as a director, including breaches resulting from grossly negligent behavior. However, exculpation
does not apply to any director if the director has breached such director&#8217;s duty of loyalty, acted in bad faith, knowingly or intentionally
violated the law, authorized illegal dividends, redemptions or repurchases or derived an improper benefit from his or her actions as a
director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The limitation of liability
provision in the Charter may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These
provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such
an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the
extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is currently no pending
material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Listing</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Common Stock, Public Warrants
and Units of Revelation are listed on the Nasdaq Capital Market under the symbol &#8220;REVB,&#8221; &#8220;REVBW,&#8221; and &#8220;REVBU&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>SECURITIES
ACT RESTRICTIONS ON RESALE OF COMMON STOCK</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rule&#160;144</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Rule&#160;144
under the Securities Act (&#8220;Rule&#160;144&#8221;), a person who has beneficially owned restricted Shares of Common Stock or Warrants
of Revelation for at least six&#160;months would be entitled to sell their securities provided that (i)&#160;such person is not deemed
to have been an affiliate of Revelation at the time of, or at any time during the three&#160;months preceding, a sale and (ii)&#160;Revelation
is subject to the Exchange&#160;Act periodic reporting requirements for at least three&#160;months before the sale and has filed all required
reports under Section&#160;13 or 15(d)&#160;of the Exchange&#160;Act during the 12&#160;months (or such shorter period as it was required
to file reports) preceding the sale.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Persons who have beneficially
owned restricted Shares of Common Stock or Warrants of Revelation for at least six&#160;months but who are affiliates of Revelation at
the time of, or at any time during the three&#160;months preceding, a sale would be subject to additional restrictions, by which such
person would be entitled to sell within any three-month&#160;period only a number of securities that does not exceed the greater of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1%
of the total number of shares of Common Stock then outstanding; or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
average weekly reported trading volume of Common Stock during the four calendar&#160;weeks preceding the filing of a notice on Form&#160;144
with respect to the sale.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales by affiliates of Revelation
under Rule&#160;144 are also limited by manner of sale provisions and notice requirements and by the availability of current public information
about Revelation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Restrictions on the Use of Rule&#160;144 by
Shell Companies or Former Shell Companies</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Rule&#160;144 is not available
for the resale of securities initially issued by shell companies (other than business-combination&#160;related shell companies) or issuers
that have been at any time previously a shell company. However, Rule&#160;144 also includes an important exception to this prohibition
if the following conditions are met:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
issuer of the securities that was formerly a shell company has ceased to be a shell company;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
issuer of the securities is subject to the reporting requirements of Section&#160;13 or 15(d)&#160;of the Exchange&#160;Act;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
issuer of the securities has filed all Exchange&#160;Act reports and material required to be filed, as applicable, during the preceding
12&#160;months (or such shorter period that the issuer was required to file such reports and materials) other than Form&#160;8-K&#160;reports;
and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
least one year has elapsed from the time that the issuer filed current Form&#160;10-type&#160;information with the SEC reflecting its
status as an entity that is not a shell company.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result, the Sponsor will
be able to sell its founder shares and Private Warrants, as applicable, pursuant to Rule&#160;144 without registration one year after
Petra has completed its initial business combination, subject to the terms of the Sponsor Support Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the Closing, Revelation
will no longer be a shell company, and so, once the conditions listed above are satisfied, Rule&#160;144 will become available for the
resale of the above-noted&#160;restricted securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="D_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN
BENEFICIAL OWNERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table also sets
forth information known to us regarding the beneficial ownership of our Common Stock as of July 8, 2022:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
person who is, or is expected to be, the beneficial owner of more than 5% of the outstanding shares of our Common Stock;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
of our current officers and directors; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
current executive officers and directors of the Company, as a group.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial ownership is determined
according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses
sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable
within 60 days. Shares of Common Stock issuable pursuant to options or warrants are deemed to be outstanding for purposes of computing
the beneficial ownership percentage of the person or group holding such options or warrants but are not deemed to be outstanding for purposes
of computing the beneficial ownership percentage of any other person.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The beneficial ownership of
our Common Stock is based on 15,082,771 shares of Common Stock issued and outstanding as of July 8, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 123; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
we believe that all persons named in the table have sole voting and investment power with respect to all shares of Common Stock owned
by them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Name</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Number of Shares <br/>
Beneficially Owned</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Beneficial <br/>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monashee Solitario Fund LP<sup>(10)</sup></span></td><td>&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
than one percent.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0%">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise indicated, the business address of each of the individuals is c/o Revelation Biosciences, Inc., 4660 La Jolla Village Dr., Suite 100, San Diego, CA&#160;92122.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0%; font-size: 10pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0%">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0%">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0%">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0%">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0%; font-size: 10pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0%">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0%">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0%">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 124; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PLAN OF DISTRIBUTION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to a placement agency
agreement, dated as of , 2022, we have engaged Roth Capital Partners, LLC, or the Placement Agent, to act as our exclusive placement agent
to solicit offers to purchase the securities offered by this prospectus on a reasonable best efforts basis. The Placement Agent is not
purchasing or selling any securities, nor is it required to arrange for the purchase and sale of any specific number or dollar amount
of securities, other than to use its &#8220;reasonable best efforts&#8221; to arrange for the sale of the securities by us. Therefore,
we may not sell the entire amount of securities being offered, or any at all. The Placement Agent may engage one or more subagents or
selected dealers in connection with this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will enter into a securities
purchase agreement directly with the institutional investors, at the investor&#8217;s option, who purchase our securities in this offering.
Investors who do not enter into a securities purchase agreement shall rely solely on this prospectus in connection with the purchase of
our securities in this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The placement agency agreement
provides that the Placement Agent&#8217;s obligations are subject to conditions contained in the placement agency agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will deliver the securities
being issued to the investors upon receipt of investor funds for the purchase of the securities offered pursuant to this prospectus. We
expect to deliver the securities being offered pursuant to this prospectus on or about &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;, 2022. There is no minimum number of securities or amount of proceeds that is a condition to closing of this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Placement Agent Fees, Commissions and Expenses</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the closing of this offering,
we will pay the Placement Agent a cash transaction fee equal to 7.0% of the aggregate gross proceeds to us from the sale of the securities
in the offering. In addition, we will reimburse the Placement Agent for its 	out-of-pocket expenses incurred in connection with this
offering, including the fees and expenses of the counsel for the Placement Agent, up to $125,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table shows
the public offering price, Placement Agent fees and proceeds, before expenses, to us, assuming the purchase of all the securities we are
offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Per Share and <br/>
related <br/>
Warrant</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Per Pre-Funded <br/>
Warrant and related <br/>
Warrant</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">Public Offering Price</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Placement Agent fees</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Proceeds to us before expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that the total expenses of the offering, including registration,
filing and listing fees, printing fees and legal and accounting expenses, but excluding Placement Agent fees, will be approximately $&#160;&#160;&#160;&#160;,
all of which are payable by us. This figure includes the Placement Agent&#8217;s accountable expenses, including, but not limited to,
legal fees for Placement Agent&#8217;s legal counsel, that we have agreed to pay at the closing of the offering up to an aggregate expense
reimbursement of $125,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Placement Agent&#8217;s Warrants</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to issue to
the Placement Agent or its designees warrants to purchase&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
shares of our common stock (the &#8220;Placement Agent&#8217;s Warrants&#8221;), which represents 7.0% of the number of shares of common
stock, pre-funded warrants and New Common Stock Warrants being sold in this offering. The Placement Agent&#8217;s Warrants will have a
term of five years from the commencement of sales pursuant to this offering and an exercise price per share equal to $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
per share, which represents 100% of the public offering price for the shares of common stock and warrants sold in this offering and shall
be in the form of the warrant issued to the investors in this offering, except as required by FINRA. Pursuant to FINRA Rule 5110(e), the
Placement Agent&#8217;s Warrants and any shares of common stock issued upon exercise of the Placement Agent&#8217;s Warrants shall not
be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction
that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following
the date of commencement of sales of this offering, except the transfer of any security: (i) by operation of law or by reason of reorganization
of the issuer; (ii) to any FINRA member firm participating in the offering and the officers, partners, registered persons or affiliates
thereof, if all securities so transferred remain subject to the lock-up restriction set forth above for the remainder of the time period;
(iii) if the aggregate amount of our securities held by the Placement Agent or related persons does not exceed 1% of the securities being
offered; (iv) that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating
member manages or otherwise directs investments by the fund and the participating members in the aggregate do not own more than 10% of
the equity in the fund; (v) the exercise or conversion of any security, if all securities remain subject to the lock-up restriction set
forth above for the remainder of the time period; (vi) if we meet the registration requirements of Forms S-3, F-3 or F-10; or (vii) back
to us in a transaction exempt from registration with the SEC. The Placement Agent&#8217;s Warrants and the shares of common stock underlying
the Placement Agent&#8217;s Warrants are registered on the registration statement of which this prospectus forms a part.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Tail</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have also agreed to pay
the Placement Agent a tail fee equal to the cash and warrant compensation in this&#160;offering, if any investor, who was introduced to
the Company by the Placement Agent or who the Placement Agent conducted discussions with on behalf of the Company during the term of its
engagement, provides us with capital in any offering of the Company&#8217;s securities during the six month period following expiration
or termination of our engagement of the Placement Agent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other Relationships</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the private
placement in January 2022, we paid the Placement Agent a commission of approximately $465,600 and issued to the Placement Agent placement
agent warrants to purchase an aggregate of 362,134 shares of common stock. Pursuant to FINRA Rule 5110, the placement agent warrants will
be deemed placement agent compensation attributable to this offering. The Placement Agent may, from time to time, engage in transactions
with or perform services for us in the ordinary course of its business and may continue to receive compensation from us for such services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Determination of Offering Price&#160;and&#160;Warrant Exercise Price</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The actual public offering
price of the securities we are offering, and the exercise price of the warrants and pre-funded warrants that we are offering, were negotiated
between us, the Placement Agent&#160;and the investors in the offering&#160;based on the trading of our common stock prior to the offering,
among other things. Other factors considered in determining the public offering price of the securities we are offering, as well as the
exercise price of the warrants and pre-funded warrants that we are offering include our history and prospects, the stage of development
of our business, our business plans for the future and the extent to which they have been implemented, an assessment of our management,
the general conditions of the securities markets at the time of the offering and such other factors as were deemed relevant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Lock-up Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and each of our officers
and directors have agreed with the Placement Agent to be subject to&#160;a&#160;lock-up period of 90&#160;days following the date of this
prospectus. This means that, during the applicable lock-up period, we may not offer for sale, contract to sell, or sell any shares of
our common stock or any securities convertible into, or exercisable or exchangeable for, shares of our common stock subject to certain
customary exception such as issuing stock options to directors, officers, employees and consultants under our existing plans. The Placement
Agent may, in its sole discretion and without notice, waive the terms of any of these lock-up agreements. In addition, we have agreed
to not issue any shares of common stock or securities exercisable or convertible into shares of common stock for a period of ninety (90)
days following the closing date of this offering, subject to certain exceptions, and to not issue any securities that are subject to a
price reset based on trading prices of our common stock or upon a specified or contingent event in the future, or enter into an agreement
to issue securities at a future determined price, for nine months after the closing date of the offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Transfer Agent and Registrar and Warrant Agent</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer agent and warrant
agent will be Continental Stock Transfer&#160;&amp; Trust Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Listing</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Common Stock, Public Warrants
and Units&#160;are currently listed on the Nasdaq Capital Market under the symbols &#8220;REVB,&#8221; &#8220;REVBW&#8221; and &#8220;REVBU&#8221;
respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Indemnification</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to indemnify
the Placement Agent against certain liabilities, including certain liabilities arising under the Securities Act, or to contribute to payments
that the Placement Agent may be required to make for these liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulation&#160;M</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Placement Agent may be
deemed to be an underwriter within the meaning of Section&#160;2(a)(11) of the Securities Act and any fees received by it and any profit
realized on the sale of the securities by it while acting as principal might be deemed to be underwriting discounts or commissions under
the Securities Act. The Placement Agent will be required to comply with the requirements of the Securities Act and the Exchange Act of
1934, as amended (the &#8220;Exchange Act&#8221;), including, without limitation, Rule&#160;10b-5 and Regulation&#160;M under the Exchange
Act. These rules and regulations may limit the timing of purchases and sales of our securities by the Placement Agent. Under these rules
and regulations, the Placement Agent may not (i)&#160;engage in any stabilization activity in connection with our securities; and (ii)&#160;bid
for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under
the Exchange Act, until they have completed their participation in the distribution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Electronic Distribution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A prospectus in electronic
format may be made available on a website maintained by the Placement Agent. In connection with the offering, the Placement Agent or selected
dealers may distribute prospectuses electronically. No forms of electronic prospectus other than prospectuses that are printable as Adobe&#174;
PDF will be used in connection with this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than the prospectus
in electronic format, the information on the Placement Agent&#8217;s website and any information contained in any other website maintained
by the Placement Agent is not part of the prospectus or the registration statement of which this prospectus forms a part, has not been
approved and/or endorsed by us or the Placement Agent in its capacity as placement agent and should not be relied upon by investors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS,
AND DIRECTOR INDEPENDENCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Petra</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January&#160;21, 2020,
Petra issued an aggregate of 3,593,750&#160;shares of its common stock (&#8220;<b>Founder Shares</b>&#8221;) for an aggregate purchase
price of $25,000, or approximately $0.007 per share, to Petra Investment Holdings, LLC (the &#8220;<b>Sponsor</b>&#8221;). On August&#160;24,
2020, pursuant to an amendment to the terms of Petra&#8217;s offering, the Sponsor agreed to cancel 1,437,500 Founder Shares, resulting
in an aggregate amount of 2,156,250 Founder Shares outstanding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Between May&#160;2020 and
September&#160;2020, our sponsor agreed to transfer 10,000 Founder Shares to each of our then director nominees, Messrs. Dobkin, Hayes,
Nicholson, Dennis and Angelides. Mr.&#160;William Carson subsequently replaced Mr.&#160;Angelides as a director, although Mr.&#160;Carson
has not yet been transferred any Founder Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Between May&#160;2020 and
September&#160;2020, our Sponsor transferred 10,000 Founder Shares to each of our then director nominees, Messrs. Dobkin, Hayes, Nicholson,
Dennis and Angelides. Mr.&#160;William Carson subsequently replaced Mr.&#160;Angelides as a director, although Mr.&#160;Carson has not
yet been transferred any Founder Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October&#160;7, 2020, the
Sponsor agreed to cancel an additional 143,750 Founder Shares, resulting in an aggregate amount of 1,962,500 Founder Shares outstanding
and held by the Sponsor and 50,000 shares outstanding and held by our directors and Mr.&#160;Angelides.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Simultaneously with the consummation
of the IPO, Petra completed the private sale of an aggregate of 3,150,000 private warrants (the &#8220;<b>Private Warrants</b>&#8221;)
to the Sponsor at a purchase price of $1.00 per Private Warrant, generating gross proceeds to Petra of $3,150,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At inception, our Sponsor,
Petra Investment Holdings LLC, loaned us an aggregate of $140,000 on a non-interest bearing basis for payment of expenses related to the
IPO pursuant to a promissory note issued to Sponsor by us, which allows us to borrow up to an aggregate principal amount of $150,000.
The note was repaid on October 16, 2020, including prior advances of $10,000 converted into the note, less $25,000 applied to the purchase
of Founder Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October&#160;16, 2020,
Petra consummated the sale of an additional 278,151&#160;Units&#160;(the &#8220;<b>Over-Allotment Option Units</b>&#8221;) at $10.00 per
Unit, generating gross proceeds of $2,781,510. Simultaneously with the closing of the sale of additional units, Petra consummated the
sale of an additional 83,446 Private Warrants at a price of $1.00&#160;per Private Warrant, generating total proceeds of $83,446. Following
the closing of the over-allotment option and sale of additional Private Warrants, an aggregate amount of $73,509,325 was placed in Petra&#8217;s
Trust Account established in connection with the IPO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Founder Shares
held by the Sponsor (prior to the exercise of the over-allotment) included an aggregate of up to 262,500 Founder Shares subject to forfeiture
by the Sponsor to the extent that the underwriters&#8217; over-allotment option was not exercised in full. Since the underwriters exercised
the over-allotment option in part, 192,962 Founder Shares were subject to forfeiture and were cancelled by the Sponsor on December&#160;30,
2020, resulting in 1,769,538 Founder Shares held by the Sponsor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The IPO prospectus and original
charter provided that Petra initially had until October&#160;13, 2021 to complete its initial business combination. At a special meeting
of Petra&#8217;s stockholders held on October&#160;9, 2021 (the &#8220;<b>October&#160;2021 Special Meeting</b>&#8221;), Petra&#8217;s
stockholders approved a proposal to amend Petra&#8217;s second amended and restated certificate of incorporation, to extend the date by
which Petra has to consummate a business combination from October&#160;13, 2021 to November&#160;13, 2021, plus an option for Petra to
further extend such date to December&#160;13, 2021 (which option was exercised), plus an option for Petra to further extend such date
to January&#160;13, 2022 (which option was exercised) (all three such extensions, the &#8220;Extensions&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Petra&#8217;s stockholders
elected to redeem an aggregate of 2,544,127 shares in connection with the October&#160;2021 Special Meeting. As of October&#160;12, 2021,
following such redemptions and the deposit of the initial Contribution described below, the amount of funds remaining in the Trust Account
is approximately $48&#160;million. Accordingly, following such redemptions, Petra had 6,553,562&#160;Shares of Common Stock issued and
outstanding (1,819,538 of which are founder shares not eligible for redemption) and the pro rata portion of the funds available is approximately
$10.20 per public share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the October&#160;2021
Special Meeting, Petra issued to Pine Valley Investments, LLC (&#8220;<b>Pine Valley</b>&#8221;), an affiliate of Petra&#8217;s sponsor,
that certain promissory note dated September&#160;17, 2021 (the &#8220;<b>Pine Valley Note</b>&#8221;), pursuant to which, Pine Valley
agreed to advance certain contributions of cash into the Trust Account, for each share of common stock issued in the IPO that was not
redeemed in connection with the stockholder vote at the October&#160;2021 Special Meeting to approve the Extensions (the &#8220;Extension
Loan&#8221;). On October&#160;12, 2021, the first such contribution in the amount of $160,957 was deposited into the Trust Account. As
of the date of this proxy statement, in connection with the Extensions, a total of $482,871 has been deposited into the Trust Account.
Petra now has until January&#160;13, 2022 to consummate a business combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October&#160;12, 2021 Petra
and Pine Valley, collectively agreed that it was in the best interest of both Petra and Pine Valley to replace Pine Valley as the lender
to Petra in connection with the Extension Loan. Accordingly, on October&#160;13, 2021, Petra and Pine Valley entered into that certain
note cancellation agreement, dated as of October&#160;13, 2021 (the &#8220;<b>Note&#160;Cancellation Agreement</b>&#8221;), pursuant to
which the Pine Valley Note was terminated and cancelled effective as of October&#160;13, 2021, and, Petra issued promissory notes (the
&#8220;<b>Replacement Notes</b>&#8221;) to each of T3 Investments, LLC, Miro Kesic and Jared Solomon (collectively, the &#8220;<b>New
Lenders</b>&#8221;), pursuant to which the New Lenders agreed to make certain advances to Petra in an aggregate amount of up to $750,000
(the &#8220;<b>New Loan Amounts</b>&#8221;) for purposes of the Extension Loan. The Replacement Notes will bear interest at the rate of
2% per month on the outstanding New Loan Amounts and such amounts will be repayable by Petra to the New Lenders upon consummation of an
initial business combination. Any outstanding New Loan Amounts under the Replacement Notes will be forgiven if Petra is unable to consummate
an initial business combination except to the extent of any funds held outside of the Trust Account established by Petra in connection
with the IPO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Lenders have agreed
that with respect to each Extension that is approved, they or their affiliates will contribute to the Company as a loan (each loan being
referred to herein as a &#8220;<b>Contribution</b>&#8221;) $0.027 for each share of common stock issued in our IPO (the &#8220;public
shares&#8221;) that is not redeemed in connection with the stockholder vote to approve such Extension. Accordingly, if the Company takes
the additional extensions, the New Lenders would make aggregate Contributions of approximately $750,000 (assuming no public shares were
redeemed). Each Contribution will be deposited in the Trust Account within two&#160;business&#160;days prior to the beginning of the additional
extension period (or portion thereof), other than the first Contribution which was made on October&#160;12, 2021. Accordingly, if the
Company takes the full time through the Extended Termination Date to complete an initial business combination, the redemption price per
share at the meeting for such business combination or the Company&#8217;s subsequent liquidation will be approximately $10.20 per share
(without taking into account any interest). The New Lenders will not make any Contribution unless the related Extension is approved and
the Extension is completed. The Contribution(s)&#160;will bear interest at the rate of 2.0% per month on the outstanding loan amount and
will be repayable by the Company to the New Lenders upon consummation of an initial business combination. The loans will be forgiven if
the Company is unable to consummate an initial business combination except to the extent of any funds held outside of the Trust Account.
The Company will have the sole discretion whether to continue extending for the additional periods until the Extended Termination Date
and if the Company determines not to continue extending for the additional periods, its obligation to make additional Contributions will
terminate. If this occurs, or if the Company&#8217;s board of directors otherwise determines that the Company will not be able to consummate
an initial business combination by the Extended Termination Date and does not wish to seek an additional extension, the Company would
wind up the Company&#8217;s affairs and redeem 100% of the outstanding public shares. The purpose of each Extension is to allow Petra
more time to complete its proposed business combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">David Dobkin, one of our directors,
is a principal of LifeSci Capital, which (i)&#160;was one of the representatives of the underwriters in the IPO, (ii)&#160;is entitled
to certain fees upon the completion of the Business Combination under the terms of the BCMA, and (iii)&#160;is the exclusive financial
and mergers and acquisitions advisor to Petra in the Business Combination, under the terms of the LifeSci Engagement Letter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, LifeSci Venture
Partners&#160;II, LP (&#8220;LVP&#8221;), an affiliate of LifeSci Capital, together with other affiliates of LifeSci Capital, collectively
own approximately 11.2% of Revelation&#8217;s total outstanding shares of capital stock prior to the Business Combination, which were
purchased in Revelation&#8217;s Series&#160;Seed financing and Series&#160;A-1 financing. On May&#160;11, 2020, LifeSci Venture Master
SPV, LLC (&#8220;LVPLLC&#8221;) purchased 500,000 shares of Revelation&#8217;s Series&#160;Seed Preferred Stock (the &#8220;Series&#160;Seed
Preferred Stock&#8221;), at a per share price of $1.00 per share, for an aggregate investment of $500,000, representing a $2&#160;million
pre-money valuation. On August&#160;27, 2020, pursuant to a statutory conversion of Revelation into a Delaware corporation, all of LVPLLC&#8217;s
shares of Series&#160;Seed Preferred Stock were exchanged for 250,000 shares of Revelation&#8217;s Class&#160;A common stock (the &#8220;Class&#160;A
Common Stock&#8221;). On December&#160;23, 2020, LVPLLC transferred all of its shares of Class&#160;A Common Stock, to affiliates of LifeSci
Capital. On December&#160;24, 2020 (i)&#160;LVP purchased 78,616 shares of Class&#160;A Common Stock at a price of $6.36 per share, for
an aggregate investment of $499,997.76, and (ii)&#160;another affiliate of LifeSci Capital purchased 31,446 shares of Class&#160;A Common
Stock at a price of $6.36 per share, for an aggregate investment of $199,996.56. On December&#160;30, 2020, pursuant to an amendment of
Revelation&#8217;s certificate of incorporation, all shares of Class&#160;A Common Stock, were converted on a one-for-one basis into shares
of Revelation&#8217;s common stock. On January&#160;31, 2021, affiliates of LifeSci Capital purchased an aggregate of 47,170 shares of
Revelation&#8217;s Series&#160;A-1 preferred stock at a price of $6.36&#160;per share, for an aggregate investment of $300,001.20. The
December&#160;2020 and January&#160;2021 financings were done roughly contemporaneously and at a pre-money valuation of $11.6&#160;million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than the repayment of
the $150,000<b>&#160;</b>loan to the Sponsor, the loans evidenced by the Replacement Notes and the compensation payable to LifeSci described
above, no compensation or fees of any kind, including finder&#8217;s, consulting fees and other similar fees, will be paid to the Sponsor,
initial stockholders, members of our management team or their respective affiliates, for services rendered prior to or in connection with
the consummation of the Merger. However, such individuals will receive reimbursement for any out-of-pocket&#160;expenses incurred by them
in connection with activities on our behalf, such as identifying potential target businesses, performing business due diligence on suitable
target businesses and business combinations as well as traveling to and from the offices, plants or similar locations of prospective target
businesses to examine their operations. There is no limit on the amount of out-of-pocket&#160;expenses reimbursable by us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Backstop Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December&#160;21, 2021,
Petra entered into certain backstop agreements (the &#8220;Backstop Agreements&#8221;) with AXA Prime Impact Master Fund (&#8220;AXA&#8221;)
(through a backstop agreement with Old Revelation, LifeSci Venture Partners (&#8220;LifeSci&#8221;) and other Petra and Old Revelation
institutional, and individual investors, including Dr.&#160;Tidmarsh, chairman of the Company (such additional institutional and individual
investors, together with LifeSci and Old Revelation collectively, the &#8220;Backstop Subscribers&#8221;). Pursuant to the Backstop Agreements,
the Backstop Subscribers agreed to subscribe for and purchase, in the aggregate, up to $4.5&#160;million of shares of Petra&#8217;s common
stock, par value $0.001 per share (the &#8220;Petra Common Stock&#8221;), in the event that more than $31.5&#160;million of shares of
Petra Common Stock are submitted for redemption in connection with Petra&#8217;s proposed business combination with Old Revelation (the
&#8220;Business Combination&#8221;). On January&#160;6, 2022, pursuant to the Backstop Agreements, the Backstop Subscribers purchased
an aggregate of 432,072 shares of Petra Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Old Revelation obtained the
financing for its Backstop Agreement through a convertible note financing in an amount of up to $2.5&#160;million from an&#160;AXA (the
&#8220;Convertible Note&#8221;), the proceeds of which may be used by Old Revelation solely to purchase shares of Petra Common Stock from
redeeming Petra stockholders who redeem shares of Petra Common Stock in connection with the Business Combination. On January 6, 2022,
Old Revelation purchased 245,019 shares of Petra Common Stock with the proceeds from the Convertible Note. Repayment of the Convertible
Note is in process in accordance with the exchange terms of the Convertible Note, by which the shares of Petra&#8217;s Common Stock purchased
by Old Revelation are transferred to AXA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Forward Share Purchase Agreement</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December&#160;21, 2021,
Petra also entered into a forward share purchase agreement (the &#8220;Purchase Agreement&#8221;) with Meteora Capital Partners and its
affiliates (collectively, &#8220;Meteora&#8221;)&#160;pursuant to which Meteora has committed, subject to certain customary closing conditions,
to purchase additional shares of Petra Common Stock in open market transactions or from redeeming stockholders so that Meteora holds at
least 750,000 shares of Petra common stock as of the closing of the Business Combination, and to not redeem any of such 750,000 shares
of Petra Common Stock, in connection with the business combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Purchase Agreement provides
that Meteora may elect to sell and transfer to Petra, and that Petra will purchase from Meteora, on the one month anniversary of the closing
of the Business Combination up to 750,000 shares of Petra Common Stock (the &#8220;Petra Share Repurchase&#8221;) held by Meteora at the
time of closing of the Business Combination (the &#8220;Meteora Shares&#8221;). The price at which Meteora has the right to sell the Meteora
Shares to the Petra is $10.2031 per share. Meteora will notify the Petra in writing not less than five&#160;business days prior to the
closing date of the Petra Share Repurchase (the &#8220;Closing Date&#8221;), specifying the number of Meteora Shares that Petra will be
required to purchase.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Purchase Agreement,
Meteora is also permitted at its election to sell any or all of the Meteora Shares in the open market commencing after the closing of
the Business Combination, so long as the sale price exceeds $10.2031 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to an escrow agreement
dated December&#160;21, 2021 (the &#8220;Escrow Agreement&#8221;), by and among Petra, Continental Stock Transfer and Trust Co. (&#8220;Continental&#8221;)
and Meteora, to secure its purchase obligation to Meteora, at the closing of the Business Combination, Petra will place into escrow with
Continental an aggregate amount of $7,652,325. If and when Meteora sells the Meteora Shares to any third party, an amount equal to Petra&#8217;s
purchase price obligation for that portion of such Meteora Shares, which Meteora sells in the open market, will be released from escrow
to Petra.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Related Party Policy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Code of Ethics requires
us to avoid, wherever possible, all related party transactions that could result in actual or potential conflicts of interests, except
under guidelines approved by the board of directors (or the audit committee). Related-party&#160;transactions are defined as transactions
in which (1)&#160;the aggregate amount involved will or may be expected to exceed $120,000 in any calendar year, (2)&#160;we or any of
our subsidiaries is a participant, and (3)&#160;any (a)&#160;executive officer, director or nominee for election as a director, (b)&#160;greater
than 5% beneficial owner of our Shares of Common Stock, or (c)&#160;immediate family member, of the persons referred to in clauses (a)&#160;and
(b), has or will have a direct or indirect material interest (other than solely as a result of being a director or a less than 10% beneficial
owner of another entity). A conflict of interest situation can arise when a person takes actions or has interests that may make it difficult
to perform his or her work objectively and effectively. Conflicts of interest may also arise if a person, or a member of his or her family,
receives improper personal benefits as a result of his or her position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our audit committee, pursuant
to its written charter, will be responsible for reviewing and approving related-party&#160;transactions to the extent we enter into such
transactions. The audit committee will consider all relevant factors when determining whether to approve a related party transaction,
including whether the related party transaction is on terms no less favorable to us than terms generally available from an unaffiliated
third-party under the same or similar circumstances and the extent of the related party&#8217;s interest in the transaction. No director
may participate in the approval of any transaction in which he is a related party, but that director is required to provide the audit
committee with all material information concerning the transaction. We also require each of our directors and executive officers to complete
a directors&#8217; and officers&#8217; questionnaire that elicits information about related party transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These procedures are intended
to determine whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the
part of a director, employee or officer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To further minimize conflicts
of interest, we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our sponsor,
officers or directors including (i)&#160;an entity that is either a portfolio company of, or has otherwise received a material financial
investment from, any private equity fund or investment company (or an affiliate thereof) that is affiliated with any of the foregoing,
(ii)&#160;an entity in which any of the foregoing or their affiliates are currently passive investors, (iii)&#160;an entity in which any
of the foregoing or their affiliates are currently officers or directors, or (iv)&#160;an entity in which any of the foregoing or their
affiliates are currently invested through an investment vehicle controlled by them, unless we have obtained an opinion from an independent
investment banking firm, or another independent entity that commonly renders valuation opinions, and the approval of a majority of our
disinterested independent directors that the business combination is fair to us and to our unaffiliated stockholders from a financial
point of view.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Revelation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation has adopted a code
of ethics and it relies on its board to review related party transactions on an ongoing basis to prevent conflicts of interest. Revelation&#8217;s
Board reviews a transaction in light of the affiliations of the director, officer or employee and the affiliations of such person&#8217;s
immediate family. Transactions are presented to Revelation&#8217;s Board for approval before they are entered into or, if this is not
possible, for ratification after the transaction has occurred. If Revelation&#8217;s Board finds that a conflict of interest exists, then
it will determine the appropriate remedial action, if any. Revelation&#8217;s Board approves or ratifies a transaction if it determines
that the transaction is consistent with the best interests of Revelation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Director Independence</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors currently
consists of five members. Our board of directors has determined that all of our directors, other than Mr.&#160;Rolke, qualify as &#8220;independent&#8221;
directors in accordance with the rules of the SEC and the Nasdaq, Marketplace Rules, or the Nasdaq Listing Rules, which the Company has
adopted as its independence standards. Mr.&#160;Rolke is not considered independent because he is an executive officer of the Company.
Under the</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nasdaq Listing Rules, the
definition of independence includes a series of objective tests, such as that the director is not, and has not been for at least three&#160;years,
one of our employees and that neither the director nor any of his or her family members has engaged in various types of business dealings
with us. In addition, as required by the Nasdaq Listing Rules, our board of directors has made a subjective determination as to each independent
director that no relationships exist that, in the opinion of our board of directors, would interfere with the exercise of independent
judgment in carrying out the responsibilities of a director. In making these determinations, our board of directors reviewed and discussed
information provided by the directors and us with regard to each director&#8217;s relationships as they may relate to us and our management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>INTERESTS
OF NAMED EXPERTS AND COUNSEL</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No expert or counsel named
in this Prospectus as having prepared or certified any part of this Prospectus or having given an opinion upon the validity of the securities
being registered or upon other legal matters in connection with the registration or offering of the Shares of Common Stock was employed
on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the
registrant or any of its parents or subsidiaries. Nor was any such person connected with the registrant or any of its parents or subsidiaries
as a promoter, managing or principal underwriter, voting trustee, director, officer, or employee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The financial statements of Revelation
Biosciences, Inc. for the year ended December 31, 2021 included in this Prospectus and Registration Statement have been so included in
reliance on the report of Baker Tilley US, LLP, an independent registered public accounting firm, given on the authority of said firm
as experts in auditing and accounting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the issuance
of the Shares of Common Stock hereby will be passed upon for us by J.P.&#160;Galda&#160;&amp;&#160;Co., 40 East Montgomery Avenue, LTW
220 Ardmore, PA&#160;19003.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>DISCLOSURE
OF COMMISSION POSITION OF INDEMNIFICATION FOR<br/>
SECURITIES ACT LIABILITIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Delaware law allows a corporation
to indemnify its directors, officers, employees and agents against all reasonable expenses (including attorneys&#8217; fees and amounts
paid in settlement) and, provided that such individual, or indemnitee, acted in good faith and for a purpose which he or she reasonably
believed to be in, or not opposed to, the best interests of the corporation and, in the case of a criminal proceeding, had reasonable
grounds to believe his or her conduct was lawful. Delaware law authorizes a corporation to indemnify its directors, officers, employees
and agents against all reasonable expenses including amounts paid in settlement and attorneys&#8217; fees in connection with a lawsuit
by or in the right of the corporation to procure a judgment in its favor if such person acted in good faith and in a manner reasonably
believed to be in or not opposed to the best interest of the corporation, except that no indemnification may be paid as to any claim,
issue or matter as to which such person has been adjudged liable to the corporation unless it is determined by the court making such adjudication
of liability that, despite such finding, such person is fairly and reasonably entitled for such expenses deemed proper.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Delaware law also provides
for discretionary indemnification made by the corporation only as authorized in the specific case upon a determination that indemnification
of the director, officer, employee or agent is proper in the circumstances. The determination must be made either:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the stockholders;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the board of directors by majority vote of a quorum consisting of directors who were not parties to the actions, suit or proceeding;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 132; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
a majority vote of a quorum consisting of directors who were not parties to the actions, suit or proceeding so orders, by independent
legal counsel in a written opinion; or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
a quorum consisting of directors who were not parties to the actions, suit or proceeding cannot be obtained, by independent legal counsel
in a written opinion.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The articles of incorporation,
the bylaws or an agreement made by the corporation may provide that the expenses of officers and directors incurred in defending a civil
or criminal action, suit or proceeding must be paid by the corporation as they are incurred and in advance of the final disposition of
the actions, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is
ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by the corporation. The provisions
do not affect any right to advancement of expenses to which corporate personnel other than directors or officers may be entitled under
any contract or otherwise by law. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to Delaware
law does not exclude any other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles
of incorporation or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, for either an action in his official
capacity or an action in another capacity while holding office, except that indemnification, unless ordered by a court or for the advancement
of expenses, may not be made to or on behalf of any director or officer if his acts or omissions involved intentional misconduct, fraud
or a knowing violation of the law and was material to the cause of action. In addition, indemnification continues for a person who has
ceased to be a director, officer, employee or agent and inures to the benefit of the heirs, executors and administrators of such a person.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act, as amended, may be permitted to directors, officers or persons controlling the Registrant
pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 133; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>WHERE
YOU CAN FIND MORE INFORMATION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the Securities
and Exchange Commission, or the SEC, a registration statement on Form&#160;S-1,&#160;including exhibits and schedules, under the Securities
Act, with respect to the Shares of Common Stock being offered by this prospectus. This prospectus, which constitutes part of the registration
statement, does not contain all of the information in the registration statement and its exhibits. For further information with respect
to us and the common stock offered by this prospectus, we refer you to the registration statement and its exhibits. Statements contained
in this prospectus as to the contents of any contract or any other document referred to are not necessarily complete, and in each instance,
we refer you to the copy of the contract or other document filed as an exhibit to the registration statement. Each of these statements
is qualified in all respects by this reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may read our SEC filings,
including this registration statement, over the Internet at the SEC&#8217;s website at <i>www.sec.gov</i>. Upon the completion of this
offering, we will be subject to the information reporting requirements of the Exchange&#160;Act and we will file reports, proxy statements
and other information with the SEC.&#160;These reports, proxy statements and other information will be available for review at the SEC&#8217;s
website referred to above. We also maintain a website at <i>www.ternspharma.com</i>, at which, following the completion of this offering,
you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished
to, the SEC.&#160;Information contained on or accessible through our website is not a part of this prospectus or the registration statement
of which it forms a part, and the inclusion of our website address in this prospectus is an inactive textual reference only.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEX TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 89%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#F_001">Report of Independent Registered Public Accounting Firm</a></span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#F_002">Balance Sheets</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#F_003">Statements of Operations</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#F_004">Statements of Changes in Stockholders&#8217; Equity (Deficit)</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#F_005">Statements of Cash Flows</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#F_006">Notes to the Financial Statements</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7&#160;&#8211;&#160;F-20</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#F_007">Condensed Consolidated Balance Sheets (unaudited)</a> </span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-21</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#F_008">Condensed Consolidated Statements of Operations (unaudited)</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-22</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#F_010">Condensed Consolidated Statements of Changes in Stockholders&#8217; Equity (Deficit) (unaudited)</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-23</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#F_011">Condensed Consolidated Statements of Cash Flows (unaudited)</a>
    </span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-24</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#F_012">Notes to the Condensed Consolidated Financial Statements (unaudited)</a> </span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-25&#160;&#8211;&#160;F-38</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="F_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Board of Directors and Stockholders of
Revelation Biosciences, Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Opinion on the Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying balance sheet
of Revelation Biosciences, Inc. (the Company) as of December&#160;31, 2021 and 2020, the related statements of operations, changes in
stockholders&#8217; equity (deficit), and cash flows for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December
31, 2020, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Company as of December&#160;31, 2021 and 2020, and the results
of its operations and its cash flows for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31,
2020, in conformity with accounting principles generally accepted in the United States of America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Going Concern Uncertainty</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has
incurred recurring operating losses and has no revenue sources. These conditions raise substantial doubt about the Company&#8217;s ability
to continue as a going concern. Management&#8217;s plans in regard to these matters are also described in Note 1. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility
of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our audit.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ BAKER TILLY US, LLP</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&#8217;s auditor
since 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">San Diego, California</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">April 15, 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 136; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC.</b></p><div>

</div><div><a id="F_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Balance Sheets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,<span style="text-decoration:underline"><br/> </span>2020</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Pro-Forma<br/> December&#160;31,<br/> 2021<br/> (unaudited)<br/> (See Note 2)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Assets</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">Current assets:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-2">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total assets</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Liabilities and stockholders&#8217; equity (deficit)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Current liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd">596,261</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accrued payroll and related expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd">756,729</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd">266,852</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Lease liability</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">16,752</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 30pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">2,141,682</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">2,141,682</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">1,208,776</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Commitments and contingencies (Note&#160;4)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Stockholders&#8217; equity (deficit):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Additional paid-in capital</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 30pt">Total stockholders&#8217; equity (deficit)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total liabilities and stockholders&#8217; equity (deficit)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd">2,042,212</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>See accompanying notes to the financial statements.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC.</b></p><div>

</div><div><a id="F_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Statements of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Period from<span style="text-decoration:underline"><br/> </span>May&#160;4,<span style="text-decoration:underline"><br/> </span>2020<span style="text-decoration:underline"><br/> </span>(inception) to<span style="text-decoration:underline"><br/> </span>December&#160;31,<span style="text-decoration:underline"><br/> </span>2020</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Operating expenses:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 20pt">Research and development</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ResearchAndDevelopmentExpense" scale="0" unitRef="usd">6,914,756</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">General and administrative</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">5,035,729</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total operating expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" unitRef="usd">11,950,485</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Loss from operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">11,950,485</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Other income (expense):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">36,352</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total other income (expense), net</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">11,986,837</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">2,530,462</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c11" decimals="2" format="ixt:num-dot-decimal" name="revb:NetLossPerShareAttributableToCommonStockholdersBasicAndDilutedinDollarsPerShare" scale="0" sign="-" unitRef="usdPershares">5.19</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>See accompanying notes to the financial statements.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC.</b></p><div>

</div><div><a id="F_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Statements of Changes in Stockholders&#8217;
Equity (Deficit)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Subscription receivables</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-47">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-48">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-64">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-69">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-72">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-74">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-75">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Stock-based compensation expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c33" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" scale="0" unitRef="usd">470,878</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" scale="0" unitRef="usd">470,878</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; padding-bottom: 4pt">Balance as of December 31, 2021</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>See accompanying notes to the financial statements.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC.</b></p><div>

</div><div><a id="F_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Statements of Cash Flows</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year&#160;Ended<br/> December&#160;31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Cash flows from operating activities:</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 20pt">Net loss</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Stock-based compensation expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpense" scale="0" unitRef="usd">470,878</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidExpense" scale="0" unitRef="usd">509,342</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accrued payroll and related expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities" scale="0" unitRef="usd">489,877</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" unitRef="usd">695,917</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Operating lease liability</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd">50,592</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Net cash used in operating activities.</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">11,090,573</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">1,420,454</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash flows from investing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Purchase of property and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd">131,963</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">131,963</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash flows from financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Proceeds from issuance of Common Stock, net of issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="revb:ProceedsFromIssuanceOfCommonStockNetOfIssuanceCosts" scale="0" unitRef="usd">599,996</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Proceeds from issuance of Series&#160;A Preferred Stock, net of issuance costs</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" scale="0" unitRef="usd">403,733</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Proceeds from issuance of Series&#160;A-1 Preferred Stock, net of issuance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="revb:ProceedsFromIssuanceOfSeriesA1PreferredStockNetOfIssuanceCosts" scale="0" unitRef="usd">3,904,872</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Net cash provided by financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd">8,004,865</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd">5,912,854</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>See accompanying notes to the financial statements.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC.</b></p><div>

</div><div><a id="F_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to the Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c11" continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_1" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>1. Organization and Basis of Presentation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_2" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation Biosciences, Inc.
(the &#8220;Company&#8221; or &#8220;Revelation&#8221;) was formed as a Delaware limited liability company on May&#160;4, 2020 under the
name Revelation Therapeutics, LLC.&#160;On August&#160;27, 2020, the Company filed a statutory conversion with the Delaware Secretary
of State which converted the Company from a limited liability company to a corporation and changed the Company&#8217;s name to Revelation
Biosciences, Inc. The Company&#8217;s principal offices are in San Diego, California. The Company is a clinical-stage biopharmaceutical
company focused on the development and commercialization of immunologic therapeutics and diagnostics.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_3" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has incurred recurring
losses since its inception, including a net loss of $<ix:nonFraction contextRef="c11" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="6" unitRef="usd">12.0</ix:nonFraction> million for the year ending December 31, 2021. As of December 31, 2021 the Company
had an accumulated deficit of $<ix:nonFraction contextRef="c1" decimals="-5" format="ixt:num-dot-decimal" name="revb:RetainedEarningAccumulatedDeficit" scale="6" unitRef="usd">14.5</ix:nonFraction> million, a stockholders&#8217; deficit of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="usd">99,470</ix:nonFraction> and available cash and cash equivalents of $<ix:nonFraction contextRef="c1" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="6" unitRef="usd">1.3</ix:nonFraction>
million. The Company expects to continue to incur significant operating and net losses, as well as negative cash flows from operations,
for the foreseeable future as it continues to complete all necessary product development or future commercialization efforts. The Company
has never generated revenue and does not expect to generate revenue from product sales unless and until it successfully completes development
and obtains regulatory approval for REVTx-99a/b, REVDx-501 or other product candidates, which the Company expects will not be for at least
several years, if ever. Additionally, taking into consideration the net proceeds of $<ix:nonFraction contextRef="c11" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferred1" scale="6" unitRef="usd">4.2</ix:nonFraction> million received in connection with a business
combination in January 2022 and the gross proceeds of $<ix:nonFraction contextRef="c11" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="6" unitRef="usd">7.8</ix:nonFraction> million received from a private placement financing subsequent to the business
combination, the Company does not anticipate that its current cash and cash equivalents balance will be sufficient to sustain operations
within one year after the date that the Company&#8217;s audited financial statements for December 31, 2021 were issued, which raises substantial
doubt about its ability to continue as a going concern.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_4" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To continue as a going concern,
the Company will need, among other things, to raise additional capital resources. The Company plans to seek additional funding through
public or private equity or debt financings. The Company may not be able to obtain financing on acceptable terms, or at all. The terms
of any financing may adversely affect the holdings or the rights of the Company&#8217;s stockholders. If the Company is unable to obtain
funding, it could be required to delay, reduce or eliminate research and development programs, product portfolio expansion or future commercialization
efforts, which could adversely affect the Company&#8217;s business operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_5" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The audited financial statements
for December 31, 2021, have been prepared on the basis that the Company will continue as a going concern, and does not include any adjustments
to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities
that may result from the possible inability for the Company to continue as a going concern.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_6" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Merger with Petra Acquisition, Inc. (Unaudited)</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_7" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 10, 2022 (the &#8220;Closing
Date&#8221;), Petra Acquisition, Inc., a Delaware corporation (&#8220;Petra&#8221;), consummated the business combination (the &#8220;Business
Combination&#8221;), pursuant to the terms of the agreement and plan of merger, dated as of August 29, 2021 (the &#8220;Business Combination
Agreement&#8221;), by and among Petra, Petra Acquisition Merger, Inc., a Delaware corporation and wholly-owned subsidiary of Petra (&#8220;Merger
Sub&#8221;), and Revelation Biosciences, Inc. (&#8220;Old Revelation&#8221;). Pursuant to the Business Combination Agreement, on the Closing
Date, (i) Merger Sub merged with and into Old Revelation (the &#8220;Merger&#8221;), with Old Revelation as the surviving company in the
Merger, and, after giving effect to such Merger, Old Revelation was renamed Revelation Biosciences Sub, Inc. and became a wholly-owned
subsidiary of Petra and (ii) Petra changed its name to &#8220;Revelation Biosciences, Inc.&#8221;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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and subject to the conditions of the Business Combination Agreement, at the effective time of the Merger (the &#8220;Effective Time&#8221;),
(i) each share of common stock and preferred stock of Old Revelation outstanding as of immediately prior to the Effective Time was exchanged
for shares of common stock, par value $<ix:nonFraction contextRef="c1" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> per share, of Revelation based on the agreed upon conversion rate of <ix:nonFraction contextRef="c11" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockSharesIssued1" scale="0" unitRef="shares">2.725</ix:nonFraction> (the &#8220;Common
Stock Exchange Ratio); (ii) each Old Revelation RSU award (as defined in the Business Combination Agreement) outstanding as of immediately
prior to the Effective Time was assumed by Revelation and was converted into that number of whole Revelation Rollover RSU awards (as defined
in the Business Combination Agreement) based on the Common Stock Exchange Ratio; and (iii) each Old Revelation Warrant (as defined in
the Business Combination Agreement) outstanding as of immediately prior to the Effective Time was assumed by Revelation and was converted
into that number of whole Revelation Rollover Warrants (as defined in the Business Combination Agreement) based on the Common Stock Exchange
Ratio, at an exercise price per share of common stock equal to (x) the exercise price per share of Old Revelation common stock of such
Old Revelation Warrant divided by (y) the Common Stock Exchange Ratio.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_9" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Closing Date, up to
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aggregate of <ix:nonFraction contextRef="c62" decimals="0" format="ixt:num-dot-decimal" name="revb:AggregateSharesOfCommonStock" scale="0" unitRef="shares">9,871,343</ix:nonFraction> shares of common stock were issued in exchange for the Old Revelation stock outstanding as of immediately prior
to the Effective Time, (ii) <ix:nonFraction contextRef="c62" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd">167,867</ix:nonFraction> shares of common stock were reserved for issuance for Revelation Rollover Warrants outstanding as
of immediately prior to the Effective Time and (iii) <ix:nonFraction contextRef="c63" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd">460,706</ix:nonFraction> shares of common stock were reserved for issuance for Revelation Rollover
Restricted Stock Unit (&#8220;RSU&#8221;) awards outstanding as of immediately prior to the Effective Time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_10" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Immediately after giving effect
to the Business Combination, there were <ix:nonFraction contextRef="c64" decimals="0" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">12,944,213</ix:nonFraction> shares of common stock outstanding, and <ix:nonFraction contextRef="c65" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd">1,294,421</ix:nonFraction> shares of common stock reserved for
future issuance under the 2021 Equity Incentive Plan. The pre-merger stockholders of Petra retained an aggregate of <ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="revb:AggregateSharesOfCommonStock" scale="0" unitRef="shares">3,072,870</ix:nonFraction> shares of
common stock of Petra, representing <ix:nonFraction contextRef="c37" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">23.7</ix:nonFraction>% ownership of the post-Merger company. Therefore, upon consummation of the Business Combination,
there was a change in control of Petra, with the former owners of Revelation effectively acquiring control of Petra.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_11" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Business Combination will
be accounted for as a reverse recapitalization, in accordance with U.S. GAAP. Under this method of accounting, although Petra will issue
shares for outstanding equity interests of Revelation in the Business Combination, Petra will be treated as the &#8220;acquired&#8221;
company for financial reporting purposes. Accordingly, the Business Combination will be treated as the equivalent of Revelation issuing
stock for the net assets of Petra, accompanied by a recapitalization. The net assets of Petra will be stated at historical cost, with
no goodwill or other intangible assets recorded. Operations prior to the Business Combination will be those of Revelation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_12" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Merger,
stockholders holding <ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">3,480,692</ix:nonFraction> shares of Petra common stock exercised their right to redeem such shares for cash at a price of approximately
$<ix:nonFraction contextRef="c11" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:StockOptionExercisePriceIncrease" scale="0" unitRef="usdPershares">10.20</ix:nonFraction> per share for payments in the aggregate of approximately $<ix:nonFraction contextRef="c11" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForRepurchaseOfCommonStock" scale="6" unitRef="usd">35.5</ix:nonFraction> million. On the Closing Date, approximately $<ix:nonFraction contextRef="c11" decimals="-5" format="ixt:num-dot-decimal" name="revb:EscrowedAmount" scale="6" unitRef="usd">7.6</ix:nonFraction> million was escrowed
pursuant to the Forward Share Purchase Agreement entered into by and between Petra and Meteora Capital Partners and its affiliates (collectively,
&#8220;Meteora&#8221;) and approximately $<ix:nonFraction contextRef="c11" decimals="-5" format="ixt:num-dot-decimal" name="revb:ReleasedAmount" scale="6" unitRef="usd">4.2</ix:nonFraction> million was released to Revelation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_13" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c11_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the consummation
of the Business Combination, Petra adopted the third amended and restated certificate of incorporation, which became effective upon filing
with the Secretary of State of the State of Delaware on January 10, 2022.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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additional funding through public or private equity or debt financings. The Company may not be able to obtain financing on acceptable
terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company&#8217;s stockholders. If the
Company is unable to obtain funding, the Company could be required to delay, reduce or eliminate research and development programs, product
portfolio expansion or future commercialization efforts, which could adversely affect its business operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of expenses. These estimates
and assumptions are based on the Company&#8217;s best estimates and judgment. The Company regularly evaluates its estimates and assumptions
using historical and industry experience and other factors; however, actual results could differ materially from these estimates and could
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The Company maintains its cash in checking and savings accounts. Income generated from cash held in savings accounts is recorded as interest
income. The carrying value of the Company&#8217;s savings accounts is included in cash and approximates the fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

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liabilities, including cash and cash equivalents, subscription receivables, prepaid expenses, accounts payable and accrued expenses approximate
their fair value due to the short-term nature of these instruments. Fair value is defined as the price that would be received to sell
an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date.
Assets and liabilities recorded at fair value in the financial statements are categorized based upon the level of judgment associated
with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs
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by accredited financial institutions and these deposits may at times be in excess of federally insured limits. The Company limits its
credit risk associated with cash and cash equivalents by placing them with financial institutions that it believes are of high quality.
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of the assets, which is <span style="-sec-ix-hidden: hidden-fact-167">five</span>&#160;years. Maintenance and repairs are charged to operating expense as incurred. When assets are sold, or
otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any gain or loss is included in
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lease liabilities represent the obligation to make lease payments arising from the lease. For operating leases with an initial term greater
than 12&#160;months, the Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value
of lease payments over the lease term at the commencement date. Operating lease right-of-use assets are comprised of the lease liability
plus any lease payments made and excludes lease incentives. Lease terms include options to renew or terminate the lease when the Company
is reasonably certain that the renewal option will be exercised or when it is reasonably certain that the termination option will not
be exercised. For an operating lease, if the interest rate used to determine the present value of future lease payments is not readily
determinable, the Company estimates the incremental borrowing rate as the discount rate for the lease. The Company&#8217;s incremental
borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar
economic environments. Lease expense for lease payments is recognized on a straight-line basis over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

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REVDx-501. Research and development costs are charged to expense as incurred. The Company records accrued expenses for estimated preclinical
and clinical study and research expenses related to the services performed but not yet invoiced pursuant to contracts with research institutions,
contract research organizations, and clinical manufacturing organizations that conduct and manage preclinical studies, clinical studies,
research services, and development services on the Company&#8217;s behalf. Payments for these services are based on the terms of individual
agreements and payment timing may differ significantly from the period in which the services were performed. Estimates are based on factors
such as the work completed, including the level of patient enrollment. The Company monitors patient enrollment levels and related activity
to the extent reasonably possible and makes judgments and estimates in determining the accrued balance in each reporting period. The Company&#8217;s
estimates of accrued expenses are based on the facts and circumstances known at the time. If the Company underestimates or overestimates
the level of services performed or the costs of these services, actual expenses could differ from estimates. As actual costs become known,
the Company adjusts accrued expenses. To date, the Company has not experienced significant changes in estimates of clinical study and
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expense related to RSU awards granted to employees, directors, officers and consultants, based on the estimated fair value of the awards
on the date of grant. The grant date fair value of the stock-based awards, which have graded vesting, is recognized using the straight-line
method over the requisite service period of each award, which is generally the vesting period of the respective awards. The Company recognizes
compensation expense related to warrants granted, based on the estimated fair value of the awards on the date of grant using a Black-Scholes
option pricing model. The Company recognizes forfeitures as they occur.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

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of objective and subjective factors to determine the best estimate of the fair value of the Company&#8217;s shares of common stock, including
timely valuations of the Company&#8217;s shares of common stock prepared by an unrelated third-party valuation firm, important developments
in the Company&#8217;s operations, sales of common stock and preferred stock, actual operating results and financial performance, the
conditions in the biotechnology industry and the economy in general, the stock price performance and volatility of comparable public companies,
and the lack of liquidity of the Company&#8217;s shares of common stock, among other factors. After the effectiveness of this registration
statement, the Company&#8217;s board of directors will determine the fair value of each share of common stock based on the closing price
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</div><div>

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</div><div>

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attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax
bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applied
to taxable income in the&#160;years in which those temporary differences are expected to be realized. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized as income or loss in the period that includes the enactment date. A valuation allowance
is established when necessary to reduce deferred tax assets to the amount expected to be realized. Interest and penalties related to unrecognized
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c11_cont_27" id="_SignificantAccountingPoliciesTextBlock-c11_cont_26"><ix:nonNumeric contextRef="c11" continuedAt="_EarningsPerSharePolicyTextBlock-c11_cont_1" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basic and Diluted Net Loss per Share</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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of potential shares of common stock. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of shares
of common stock outstanding plus potential shares of common stock. Preferred Stock and unvested RSU awards are considered potential shares
of common stock and are included in the calculation of diluted net loss per share using the treasury stock method when their effect is
dilutive. Potential shares of common stock are excluded from the calculation of diluted net loss per share when their effect is anti-dilutive.
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c11_cont_30" id="_SignificantAccountingPoliciesTextBlock-c11_cont_29"><ix:continuation continuedAt="_UnauditedProFormaFinancialInformationPolicyTextBlock-c11_cont_2" id="_UnauditedProFormaFinancialInformationPolicyTextBlock-c11_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Closing of the Business
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c11_cont_32" id="_SignificantAccountingPoliciesTextBlock-c11_cont_31"><ix:continuation id="_UnauditedProFormaFinancialInformationPolicyTextBlock-c11_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro-forma net
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the pro-forma effect as if the conversion of all outstanding shares of Series&#160;A Preferred Stock and Series&#160;A-1 Preferred Stock
into shares of common stock had occurred at the beginning of the period. The unaudited pro-forma net loss per share for the period from
May 4, 2020 (inception) to December 31, 2020 was computed using the weighted-average shares of common stock outstanding, including the
pro-forma effect as if the conversion of all outstanding shares of Series A Preferred Stock into shares of common stock had occurred at
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c11_cont_33" id="_SignificantAccountingPoliciesTextBlock-c11_cont_32"><ix:nonNumeric contextRef="c11" continuedAt="_ComprehensiveIncomePolicyPolicyTextBlock-c11_cont_1" escape="true" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Comprehensive Loss</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c11_cont_35" id="_SignificantAccountingPoliciesTextBlock-c11_cont_34"><ix:nonNumeric contextRef="c11" continuedAt="_SegmentReportingPolicyPolicyTextBlock-c11_cont_1" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Segment Reporting</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker,
or decision-making group, in deciding how to allocate resources in assessing performance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c11_cont_37" id="_SignificantAccountingPoliciesTextBlock-c11_cont_36"><ix:continuation id="_SegmentReportingPolicyPolicyTextBlock-c11_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has <ix:nonFraction contextRef="c11" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:NumberOfOperatingSegments" scale="0" unitRef="pure">one</ix:nonFraction> operating
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c11_cont_38" id="_SignificantAccountingPoliciesTextBlock-c11_cont_37"><ix:nonNumeric contextRef="c11" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c11_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Recent Accounting Pronouncements</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c11_cont_39" id="_SignificantAccountingPoliciesTextBlock-c11_cont_38"><ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c11_cont_2" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c11_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December&#160;2019, the
Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;)&#160;2019-12, <i>Simplifying
the Accounting for Income Taxes (Topic&#160;740) (&#8220;ASU&#160;2019-12&#8221;). </i>ASU&#160;2019-12 issued guidance on the accounting
for income taxes that, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intra-period
tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for
outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its
effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of
recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets
and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate
in the period that includes the effective date of the tax law. This guidance is effective for fiscal&#160;years beginning after December&#160;15,
2021, and interim periods within the fiscal&#160;years beginning after December&#160;15, 2022. Early adoption is permitted. The adoption
of this guidance is not expected to have a material impact on the Company&#8217;s financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 146; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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FASB issued ASU No.&#160;2016-02, <i>Leases Topic&#160;842 (&#8220;ASU&#160;2016-02&#8221;)</i>. The guidance in ASU&#160;2016-02 supersedes
the lease recognition requirements in ASC Topic&#160;840, Leases. ASU&#160;2016-02 requires an entity to recognize assets and liabilities
arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU&#160;2016-02
is effective for fiscal&#160;years beginning after December&#160;15, 2021 for non-public entities, with early adoption permitted. The
Company early adopted this standard on January&#160;1, 2021, and the impact of its adoption on the Company&#8217;s financial statements
was not material.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_3" id="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prepaid expenses consisted
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</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_4" id="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_3"><ix:nonNumeric contextRef="c11" escape="true" name="us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_5" id="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Property and Equipment, Net</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_6" id="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Property and equipment, net
consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_7" id="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_6"><ix:nonNumeric contextRef="c11" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_8" id="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Depreciation expense was $<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd">16,782</ix:nonFraction>
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</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_9" id="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Current Liabilities</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_10" id="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Current liabilities consisted
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</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_11" id="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_10"><ix:nonNumeric contextRef="c11" escape="true" name="us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_12" id="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accrued payroll and related
expenses consisted of accrued annual corporate bonus expense as of December 31, 2021. There was no accrued deferred compensation recorded
as of December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SupplementalBalanceSheetDisclosuresTextBlock-c11_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accrued payroll and related
expenses consisted of deferred compensation as of December&#160;31, 2020. During the fiscal year 2020 the Company entered into deferred
compensation arrangements with five employees to defer a certain portion of their base salary until such time the Company completed an
initial public offering. In connection with the Series&#160;A Preferred financing these agreements were amended to make the deferred compensation
payable upon the closing of the Series&#160;A Preferred financing which occurred on December&#160;30, 2020. The accrued compensation of
$<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CompensatedAbsencesLiability" scale="0" unitRef="usd">266,852</ix:nonFraction> as of December&#160;31, 2020 was paid on January&#160;6, 2021.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c11" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>4. Commitments and Contingencies</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Lease Commitments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February&#160;2021, the
Company entered into an agreement to lease <ix:nonFraction contextRef="c69" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LandSubjectToGroundLeases" scale="0" unitRef="sqm">2,140</ix:nonFraction> square feet of laboratory space located at <ix:nonFraction contextRef="c70" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LandSubjectToGroundLeases" scale="0" unitRef="sqm">11011</ix:nonFraction> Torreyana Road, Suite 102, San Diego,
California (the &#8220;Original Lease&#8221;). The Original Lease has a term of 13 calendar&#160;months, plus any partial month at the
beginning of the Original Lease (the &#8220;Original Lease Term&#8221;). There is no option to extend the Original Lease and the expiration
date was March&#160;31, 2022. In accordance with the Original Lease, the Company is required to maintain a security deposit of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SecurityDepositLiability" scale="0" unitRef="usd">5,564</ix:nonFraction>.
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on December 31, 2022, equal to an additional 9 calendar months with a base monthly rent equal to the 13<sup>th</sup> month of the Original
Lease (the &#8220;First Amendment&#8221;). The Company signed the First Amendment on October 14, 2021. The Company will pay $<ix:nonFraction contextRef="c72" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" scale="0" unitRef="usd">51,578</ix:nonFraction> of
rent expense over the life of the First Amendment. The Company has applied the short-term lease exception. In addition to rent, the Lease
requires the Company to pay certain taxes, insurance and operating costs relating to the leased premises. The Lease contains customary
default provisions, representations, warranties and covenants. The Lease is classified as an operating lease.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_4" id="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recorded a lease
liability and right-of-use lease assets for the Original Lease based on the present value of Original Lease payments over the expected
Original Lease Term, discounted using the Company&#8217;s incremental borrowing rate. As of December 31, 2021, the weighted-average remaining
Original Lease Term and the weighted-average discount rate for the Original Lease was less than <ix:nonNumeric contextRef="c1" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseTermOfContract">1</ix:nonNumeric> year and <ix:nonFraction contextRef="c71" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" scale="-2" unitRef="pure">7.73</ix:nonFraction>%, respectively. Rent expense
under the Original Lease was $<ix:nonFraction contextRef="c73" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseExpense" scale="0" unitRef="usd">55,246</ix:nonFraction> for the year ended December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_5" id="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Future minimum lease payments
under the operating lease as of December 31, 2021 are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_6" id="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_5"><ix:nonNumeric contextRef="c11" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_7" id="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Commitments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_8" id="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company enters into contracts
in the normal course of business with third party service providers and vendors. These contracts generally provide for termination on
notice and, therefore, are cancellable contracts and not considered contractual obligations and commitments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_9" id="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Contingencies</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c11_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, the Company
may become subject to claims and litigation arising in the ordinary course of business. The Company is not a party to any material legal
proceedings, nor is it aware of any material pending or threatened litigation.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c11" continuedAt="_PreferredStockTextBlock-c11_cont_1" escape="true" name="us-gaap:PreferredStockTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5. Preferred Stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_2" id="_PreferredStockTextBlock-c11_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August&#160;2020, the Company
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Business Combination, all outstanding shares of the Series&#160;A Preferred Stock and Series&#160;A-1 Preferred Stock were converted into
shares of common stock (see Note 10. Subsequent Events &#8211; Business Combination).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 148; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_3" id="_PreferredStockTextBlock-c11_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Series&#160;A Preferred Stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_4" id="_PreferredStockTextBlock-c11_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December&#160;31, 2020,
the Company entered into a Series&#160;A Preferred Stock Purchase Agreement (the &#8220;Series&#160;A SPA&#8221;), pursuant to which the
Company issued <ix:nonFraction contextRef="c75" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares">628,930</ix:nonFraction> shares of Series&#160;A Preferred Stock at $<ix:nonFraction contextRef="c75" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">6.36</ix:nonFraction> per share for net proceeds of $<ix:nonFraction contextRef="c76" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfConvertiblePreferredStock" scale="6" unitRef="usd">3.9</ix:nonFraction>&#160;million, of which $<ix:nonFraction contextRef="c76" decimals="-5" format="ixt:num-dot-decimal" name="revb:NetProceedsReceived" scale="6" unitRef="usd">0.4</ix:nonFraction>&#160;million
was received as of December&#160;31, 2020 and the remaining $<ix:nonFraction contextRef="c77" decimals="-5" format="ixt:num-dot-decimal" name="revb:OutstandingNetProceedsReceived" scale="6" unitRef="usd">3.5</ix:nonFraction>&#160;million was received in January&#160;2021. As of December&#160;31,
2020, the $<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesSubscribedButUnissuedValue" scale="6" unitRef="usd">3.5</ix:nonFraction>&#160;million of net proceeds for the Series&#160;A Preferred Stock was recorded as a subscription receivable on the Company&#8217;s
statement of changes in stockholders&#8217; equity (deficit). Issuance costs were $<ix:nonFraction contextRef="c78" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfStockIssuanceCosts" scale="0" unitRef="usd">96,000</ix:nonFraction> related to the sale and issuance of the Series&#160;A
Preferred Stock. The holders of the Series&#160;A Preferred Stock have various rights, preferences, and privileges as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_5" id="_PreferredStockTextBlock-c11_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Conversion Rights</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_6" id="_PreferredStockTextBlock-c11_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series&#160;A Preferred
Stock is convertible, at the option of the holder, at any time into shares of common stock. The number of shares is determined by dividing
the original issuance price by the conversion price, the shares of preferred stock convert on a one-for-one basis. Additionally, the Series&#160;A
Preferred Stock automatically converts into shares of common stock upon an underwritten public offering of the common stock on any tier
of the NASDAQ&#160;Stock Market or any tier of the New&#160;York Stock Exchange with a market price at listing equal to at least $<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="revb:MarketPrice" scale="0" unitRef="usdPershares">12.72</ix:nonFraction>
per share. No fractional shares will be issued.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_7" id="_PreferredStockTextBlock-c11_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Liquidation Preference</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_8" id="_PreferredStockTextBlock-c11_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the Series&#160;A Preferred
Stock is not redeemable, the holders of the convertible preferred shares would be entitled to available proceeds in certain change of
control events that are fully in control of the Company. In the event of any liquidation or deemed liquation event (as defined in the
Company&#8217;s amended and restated certificate of incorporation), the Series&#160;A Preferred Stock shall have a liquidation preference
equal to the original Series&#160;A purchase price plus any declared and unpaid dividends only if the shares of common stock are redeemed
for cash. In the event of a deemed liquidation event, if the assets of the Company available for distribution are insufficient to pay
the preferred stockholders in the full amount they are entitled, the preferred stockholders shall share ratably in any distribution of
the assets available for distribution in proportion to the number of shares of preferred stock that they hold. Additionally, the holders
of Series&#160;A Preferred Stock are entitled to be paid out prior to the holders of common stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_9" id="_PreferredStockTextBlock-c11_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Dividends</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_10" id="_PreferredStockTextBlock-c11_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of the Series&#160;A
Preferred Stock shall be entitled to receive non-cumulative cash dividends in preference to any dividend on the common stock and any junior
preferred stock at the rate of eight percent (<ix:nonFraction contextRef="c11" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockDividendRatePercentage" scale="-2" unitRef="pure">8</ix:nonFraction>%) per annum of the original Series&#160;A purchase price, when, and if declared by the
board of directors. No dividends have been declared through December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_11" id="_PreferredStockTextBlock-c11_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Voting Rights</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_12" id="_PreferredStockTextBlock-c11_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each holder of outstanding
shares of Series&#160;A Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of common stock
into which the shares of Series&#160;A preferred stock held by such holder are convertible as of the record date for determining stockholders
entitled to vote on such matter. Series&#160;A preferred stockholders and common stockholders vote together as a single class.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 149; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_13" id="_PreferredStockTextBlock-c11_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Protective Provisions</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_14" id="_PreferredStockTextBlock-c11_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of the Series&#160;A
Preferred Stock have certain protective provisions that limit the Company&#8217;s ability to take action without the consent of the holders
of the Series&#160;A Preferred Stock. The following is a list of events for which the Company requires written consent or the affirmative
vote of the Series&#160;A preferred stockholder:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_15" id="_PreferredStockTextBlock-c11_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">liquidate,
dissolve or wind-up the business and affairs of the Company;</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_16" id="_PreferredStockTextBlock-c11_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend,
alter or repeal any provision of the amended and restated certificate of incorporation or bylaws that affects the Series&#160;A Preferred
stockholders;</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_17" id="_PreferredStockTextBlock-c11_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">create,
authorize or issue shares of capital stock that are not junior to the Series&#160;A Preferred Stock or authorize additional shares of
Series&#160;A preferred stock or capital stock that is not junior to the Series&#160;A Preferred Stock;</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_18" id="_PreferredStockTextBlock-c11_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorize
or incur debt over $<ix:nonFraction contextRef="c11" decimals="-5" format="ixt:num-dot-decimal" name="revb:IncurDebt" scale="6" unitRef="usd">2.0</ix:nonFraction>&#160;million;</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_19" id="_PreferredStockTextBlock-c11_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px">&#160;</td> <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior to June&#160;30, 2021, authorize the issuance of common stock outstanding exceeding <ix:nonFraction contextRef="c79" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonUnitOutstanding" scale="0" unitRef="shares">4,576,572</ix:nonFraction> shares.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c11_cont_20" id="_PreferredStockTextBlock-c11_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Series&#160;A-1 Preferred Stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_PreferredStockTextBlock-c11_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January&#160;27, 2021,
the Company entered into a Series&#160;A-1 Preferred Stock Purchase Agreement (the &#8220;Series&#160;A-1 SPA&#8221;), pursuant to which
the Company issued <ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares">684,450</ix:nonFraction> shares of Series&#160;A-1 Preferred Stock at $<ix:nonFraction contextRef="c80" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">6.36</ix:nonFraction> per share for net proceeds of $<ix:nonFraction contextRef="c81" decimals="-5" format="ixt:num-dot-decimal" name="revb:NetProceedsReceived" scale="6" unitRef="usd">3.9</ix:nonFraction>&#160;million received
in January&#160;2021 and February&#160;2021. Issuance costs were $<ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfStockIssuanceCosts" scale="0" unitRef="usd">448,000</ix:nonFraction> related to the sale and issuance of the Series&#160;A-1 Preferred
Stock. The Series&#160;A-1 Preferred Stock is identical to the Series&#160;A Preferred Stock except that the Series&#160;A-1 Preferred
Stock is subordinate to the Series&#160;A Preferred Stock and senior to common stock as to dividends and liquidation preference and does
not have any protective provisions like the Series&#160;A Preferred Stock. Additionally, the Series&#160;A-1 Preferred Stock automatically
converts into shares of common stock, upon an effective registration statement under the Securities Act&#160;of&#160;1933, as amended,
together with approval by OTC Markets LLC for quotation on the OTCQX or OTCQB or the listing of the common stock on any tier of the NASDAQ
Stock Market or any tier of the New&#160;York Stock Exchange or upon the occurrence of an event specified by vote or written consent of
the Series&#160;A-1 Preferred stockholders.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c11" continuedAt="_CommonStockTextBlock-c11_cont_1" escape="true" name="revb:CommonStockTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6. Common Stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c11_cont_2" id="_CommonStockTextBlock-c11_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August&#160;2020, the Company
authorized the sale and issuance of up to <ix:nonFraction contextRef="c82" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">11,000,000</ix:nonFraction>&#160;shares of common stock, par value $<ix:nonFraction contextRef="c82" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> per share. As of December 31, 2021
and 2020, <ix:nonFraction contextRef="c37" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c37" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">2,308,877</ix:nonFraction></ix:nonFraction> and <ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">2,293,154</ix:nonFraction></ix:nonFraction>&#160;shares of common stock were issued and outstanding, respectively. The Company entered into multiple
Common Stock Purchase Agreements (the &#8220;Common SPA&#8221;) with closings on October&#160;30, 2020, November&#160;18, 2020, December&#160;24,
2020 and January&#160;4, 2021. As of December 31, 2021, the Company has raised net proceeds of $<ix:nonFraction contextRef="c32" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfStockIssuanceCosts" scale="6" unitRef="usd">6.1</ix:nonFraction>&#160;million in connection with the
sale and issuance of common stock, of which $<ix:nonFraction contextRef="c83" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfStockIssuanceCosts" scale="6" unitRef="usd">5.5</ix:nonFraction>&#160;million was received as of December&#160;31, 2020 and the remaining $<ix:nonFraction contextRef="c84" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfStockIssuanceCosts" scale="6" unitRef="usd">0.6</ix:nonFraction>&#160;million
was received in January&#160;2021. As of December&#160;31, 2020, the $<ix:nonFraction contextRef="c68" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfStockIssuanceCosts" scale="6" unitRef="usd">0.5</ix:nonFraction>&#160;million of net proceeds for common stock was recorded as
a subscription receivable on the Company&#8217;s balance sheet. Issuance costs were $<ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentOfFinancingAndStockIssuanceCosts" scale="0" unitRef="usd">37,000</ix:nonFraction> related to the sale and issuance of common
stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c11_cont_3" id="_CommonStockTextBlock-c11_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The voting, dividend and liquidation
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</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c11_cont_4" id="_CommonStockTextBlock-c11_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each share of common stock
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</div><div>

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stock reserved for issuance are summarized as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CommonStockTextBlock-c11_cont_5"><ix:nonNumeric contextRef="c11" escape="true" name="revb:CommonStockCapitalSharesReservedForFutureIssuanceTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 150; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c11" continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_1" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7. Stock-Based Compensation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_2" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>2020 Equity Incentive Plan</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_3" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company adopted the Revelation
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</div><div>

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by the board of directors. Vesting periods and other restrictions for RSU awards under the 2020 Plan are determined at the discretion
of the board of directors. Shares of RSU awards granted to employees, officers, board of directors, advisors, and consultants of the Company
typically vest over <span style="-sec-ix-hidden: hidden-fact-173">one</span> to <span style="-sec-ix-hidden: hidden-fact-174">four</span>&#160;years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_5" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Restricted Stock Units</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

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vesting monthly thereafter for grants to officers, employees and consultants. Under the milestone-based vesting conditions, the RSU awards
will automatically vest when the Company&#8217;s shares of common stock are publicly traded on any over-the-counter market or national
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_8" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recorded stock-based
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_9" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock-Based Compensation Expense</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c11_cont_10"><ix:nonNumeric contextRef="c11" escape="true" name="us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 151; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c11" continuedAt="_WarrantsTextBlock-c11_cont_1" escape="true" name="revb:WarrantsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>8. Warrants</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c11_cont_2" id="_WarrantsTextBlock-c11_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the issuance
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</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c11_cont_3" id="_WarrantsTextBlock-c11_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of the warrants
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</div><div>

</div><ix:continuation id="_WarrantsTextBlock-c11_cont_3"><ix:nonNumeric contextRef="c11" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c11" continuedAt="_IncomeTaxDisclosureTextBlock-c11_cont_1" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9. Income Taxes</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c11_cont_2" id="_IncomeTaxDisclosureTextBlock-c11_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company did not record
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c11_cont_3" id="_IncomeTaxDisclosureTextBlock-c11_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The difference between the
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c11_cont_4" id="_IncomeTaxDisclosureTextBlock-c11_cont_3"><ix:nonNumeric contextRef="c11" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c11_cont_5" id="_IncomeTaxDisclosureTextBlock-c11_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Significant components of
the Company&#8217;s deferred tax assets are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c11_cont_6" id="_IncomeTaxDisclosureTextBlock-c11_cont_5"><ix:nonNumeric contextRef="c11" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment" scale="0" unitRef="usd">255,656</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsGross" scale="0" unitRef="usd">4,132,018</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Valuation allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="0" unitRef="usd">4,132,018</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-180">&#8212;</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c11_cont_7" id="_IncomeTaxDisclosureTextBlock-c11_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&#160;31, 2021
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the uncertainty surrounding the realization of such assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c11_cont_8" id="_IncomeTaxDisclosureTextBlock-c11_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&#160;31, 2021,
the Company had federal and state net operating loss carryforwards of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLossCarryforwards" scale="0" unitRef="usd">12,468,027</ix:nonFraction> and $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="revb:FederalNetOperatingLossesCarryforward" scale="0" unitRef="usd">13,221,253</ix:nonFraction>, respectively. Federal net operating
losses carryforward indefinitely. State net operating loss carryforwards will begin to expire in 2026.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c11_cont_9" id="_IncomeTaxDisclosureTextBlock-c11_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Company had
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tax credit carryforwards will begin to expire in 2040 and the California state credits carryforward indefinitely.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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and 383 of the Internal Revenue Code (&#8220;IRC&#8221;), utilization of the Company&#8217;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&#160;382 and 383 analysis regarding the limitation of
net operating loss and research and development credit carryforwards.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c11_cont_11" id="_IncomeTaxDisclosureTextBlock-c11_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No liability is recorded on
the financial statements related to uncertain tax positions. There are no unrecognized tax benefits as of December&#160;31, 2021 and 2020.
The Company does not expect that uncertain tax benefits will materially change in the next 12&#160;months.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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is to record estimated interest and penalties related to uncertain tax benefits as income tax expense. As of December&#160;31, 2021 and
December 31, 2020 , the Company had no accrued interest or penalties recorded related to uncertain tax positions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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taxation in the U.S.&#160;and various state jurisdictions. The Company&#8217;s tax returns since inception are subject to examination
by the U.S.&#160;and various state tax authorities. The Company is not currently undergoing a tax audit in any federal or state jurisdiction.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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Coronavirus Aid, Relief and Economic Security (&#8220;CARES&#8221;) Act was enacted and signed into law and GAAP requires recognition
of the tax effects of new legislation during the reporting period that includes the enactment date. The CARES Act includes changes to
the tax provisions that benefits business entities and makes certain technical corrections to the 2017 Tax Cuts and Jobs Act. The tax
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acceleration of alternative minimum tax credit refunds, payroll tax relief, and a technical correction to allow accelerated deductions
for qualified improvement property. The CARES Act also provides other non-tax benefits to assist those impacted by the pandemic. The Company
evaluated the impact of the CARES Act and determined that there is no material impact to the income tax provision for the<ix:continuation id="_NetOperatingLossTerm-c11_cont_1"> years</ix:continuation> ended
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</div><div>

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Act (&#8220;CAA&#8221;) of 2021 was signed into law, December&#160;27, 2020, containing the most recent COVID-19 relief provisions as
well as many tax provisions including renewals of several popular tax extenders. The Company evaluated the impact of the CAA and determined
that there is no material impact to the income tax provision for the years ended December&#160;31, 2021 and 2020.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

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</div><div>

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Fund (the &#8220;Convertible Note&#8221;), the proceeds of which may be used by Old Revelation solely to purchase shares of Petra common
stock from redeeming Petra stockholders who redeem shares of Petra common stock in connection with the Business Combination. On January
6, 2022, Old Revelation purchased <ix:nonFraction contextRef="c106" decimals="0" format="ixt:num-dot-decimal" name="revb:RevelationPurchasedShares" scale="0" unitRef="shares">245,019</ix:nonFraction> shares of Petra common stock with the proceeds from the Convertible Note. Repayment of the Convertible
Note is in process in accordance with the exchange terms of the Convertible Note, by which the shares of Petra&#8217;s common stock purchased
by Old Revelation are transferred to AXA.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

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consummated the Business Combination, pursuant to the terms of the Business Combination Agreement, by and among Petra, Petra Merger Sub,
and Old Revelation. Pursuant to the Business Combination Agreement, on the Closing Date, (i) Merger Sub merged with and into Old Revelation,
with Old Revelation as the surviving company in the Merger, and, after giving effect to such Merger, Old Revelation was renamed Revelation
Biosciences Sub, Inc. and became a wholly-owned subsidiary of Petra and (ii) Petra changed its name to &#8220;Revelation Biosciences,
Inc.&#8221;.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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and subject to the conditions of the Business Combination Agreement, at the Effective Time, (i) each share of common stock and preferred
stock of Old Revelation outstanding as of immediately prior to the Effective Time was exchanged for shares of common stock, par value
$<ix:nonFraction contextRef="c37" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> per share, of Revelation based on the agreed upon the Common Stock Exchange Ratio; (ii) each Old Revelation RSU award (as defined
in the Business Combination Agreement) outstanding as of immediately prior to the Effective Time was assumed by Revelation and was converted
into that number of whole Revelation Rollover RSU awards (as defined in the Business Combination Agreement) based on the Common Stock
Exchange Ratio; and (iii) each Old Revelation Warrant (as defined in the Business Combination Agreement) outstanding as of immediately
prior to the Effective Time was assumed by Revelation and was converted into that number of whole Revelation Rollover Warrants (as defined
in the Business Combination Agreement) based on the Common Stock Exchange Ratio, at an exercise price per share of common stock equal
to (x) the exercise price per share of Old Revelation common stock of such Old Revelation Warrant divided by (y) the Common Stock Exchange
Ratio.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c11" name="us-gaap:SubsequentEventDescription"><ix:continuation continuedAt="_SubsequentEventsTextBlock-c11_cont_7" id="_SubsequentEventsTextBlock-c11_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Closing Date, up to
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stock, including conversion of all outstanding shares of the Series&#160;A Preferred Stock and Series&#160;A-1 Preferred Stock, were issued
in exchange for the Old Revelation stock outstanding as of immediately prior to the Effective Time, (ii) 167,867 shares of common stock
were reserved for issuance for Revelation Rollover Warrants outstanding as of immediately prior to the Effective Time and (iii) 460,706
shares of common stock were reserved for issuance for Revelation Rollover RSU&#8217;s outstanding as of immediately prior to the Effective
Time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c11_cont_8" id="_SubsequentEventsTextBlock-c11_cont_7"><ix:nonNumeric contextRef="c107" continuedAt="_BusinessCombinationControlObtainedDescription-c107_cont_1" name="us-gaap:BusinessCombinationControlObtainedDescription"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Immediately after giving effect
to the Business Combination, there were 12,944,213 shares of common stock outstanding, and 1,294,421 shares of common stock reserved for
future issuance under the 2021 Equity Incentive Plan. The pre-merger stockholders of Petra retained an aggregate of 3,072,870 shares of
common stock of Petra, representing 23.7% ownership of the post-Merger company. Therefore, upon consummation of the Business Combination,
there was a change in control of Petra, with the former owners of Revelation effectively acquiring control of Petra.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c11_cont_9" id="_SubsequentEventsTextBlock-c11_cont_8"><ix:continuation id="_BusinessCombinationControlObtainedDescription-c107_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, in connection
with the Business Combination, stockholders holding 3,480,692 shares of Petra common stock exercised their right to redeem such shares
for cash at a price of approximately $10.20 per share for payments in the aggregate of approximately $35.5 million. On the Closing Date,
approximately $7.6 million was escrowed pursuant to the Forward Share Purchase Agreement entered into by and between Petra and Meteora
and approximately $4.2 million was released to Revelation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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entered into certain backstop agreements (the &#8220;Backstop Agreements&#8221;) with AXA Prime Impact Master Fund (&#8220;AXA&#8221;)
(through a backstop agreement with Old Revelation, LifeSci Venture Partners (&#8220;LifeSci&#8221;) and other Petra and Old Revelation
institutional, and individual investors, including Dr. Tidmarsh, chairman of Revelation (such additional institutional and individual
investors, together with LifeSci and Old Revelation collectively, the &#8220;Backstop Subscribers&#8221;). Pursuant to the Backstop Agreements,
the Backstop Subscribers agreed to subscribe for and purchase, in the aggregate, up to $<ix:nonFraction contextRef="c108" decimals="-5" format="ixt:num-dot-decimal" name="revb:CommonStockCapitalShareReservedForFutureIssuance" scale="6" unitRef="shares">4.5</ix:nonFraction> million of shares of Petra&#8217;s common
stock, par value $<ix:nonFraction contextRef="c109" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> per share (the &#8220;Petra Common Stock&#8221;), in the event that more than $<ix:nonFraction contextRef="c110" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:CommonStockDividendsShares" scale="6" unitRef="shares">31.5</ix:nonFraction> million of shares of Petra
Common Stock are submitted for redemption in connection with Petra&#8217;s proposed business combination with Old Revelation (the &#8220;Business
Combination&#8221;). On January 6, 2022, pursuant to the Backstop Agreements, the Backstop Subscribers purchased an aggregate of <ix:nonFraction contextRef="c111" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" scale="0" unitRef="shares">432,072</ix:nonFraction>
shares of Petra Common Stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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be accounted for as a reverse recapitalization, in accordance with U.S. GAAP. Under this method of accounting, although Petra will issue
shares for outstanding equity interests of Revelation in the Business Combination, Petra will be treated as the &#8220;acquired&#8221;
company for financial reporting purposes. Accordingly, the Business Combination will be treated as the equivalent of Revelation issuing
stock for the net assets of Petra, accompanied by a recapitalization. The net assets of Petra will be stated at historical cost, with
no goodwill or other intangible assets recorded. Operations prior to the Business Combination will be those of Revelation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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Business Combination, Petra adopted the third amended and restated certificate of incorporation, which became effective upon filing with
the Secretary of State of the State of Delaware on January 10, 2022.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC.</b></p><div>

</div><div><a id="F_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Condensed Consolidated Balance Sheets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Unaudited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">ASSETS</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Current assets:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash and cash equivalents</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashEquivalentsAtCarryingValue" scale="0" unitRef="usd">7,186,261</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,274,729</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Prepaid expenses and other current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseCurrent" scale="0" unitRef="usd">684,780</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">637,342</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,912,071</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Property and equipment, net</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">115,181</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Right-of-use lease asset</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,960</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,578,197</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>See accompanying notes to the condensed consolidated
financial statements.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 155; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC.</b></p><div>

</div><div><a id="F_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Condensed Consolidated Statements of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Unaudited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<br/> March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>See accompanying notes to the condensed consolidated
financial statements.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 156; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC. </b></p><div>

</div><div><a id="F_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Condensed Consolidated Statement of Changes
in Stockholders&#8217; Equity (Deficit)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Unaudited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: -9pt; padding-left: 9pt">Balance as of December 31, 2021</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c35" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares">628,930</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd">3,903,730</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c36" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares">684,450</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c36" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd">3,578,197</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c37" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares">2,308,877</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c37" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd">2,309</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c38" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd">6,933,593</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c39" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd">14,517,299</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd">99,470</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Conversion of Series A Preferred Stock to common stock</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c51" decimals="INF" format="ixt:num-dot-decimal" name="revb:ConversionOfSeriesAPreferredStockToCommonStockShares" scale="0" sign="-" unitRef="shares">628,930</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c51" decimals="0" format="ixt:num-dot-decimal" name="revb:ConversionOfSeriesAPreferredStockToCommonStock" scale="0" sign="-" unitRef="usd">3,903,730</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-114">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-115">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-116">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:ConversionOfSeriesAPreferredStockToCommonStock" scale="0" sign="-" unitRef="usd">3,903,730</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Conversion of Series A-1 Preferred Stock to common stock</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c52" decimals="INF" format="ixt:num-dot-decimal" name="revb:ConversionOfSeriesA1PreferredStockToCommonStockShares" scale="0" sign="-" unitRef="shares">684,450</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c52" decimals="0" format="ixt:num-dot-decimal" name="revb:ConversionOfSeriesA1PreferredStockToCommonStock" scale="0" unitRef="usd">3,578,197</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:ConversionOfSeriesA1PreferredStockToCommonStock" scale="0" unitRef="usd">3,578,197</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of common stock in connection with the Business Combination, net of issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-123">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c53" decimals="0" format="ixt:num-dot-decimal" name="revb:IssuanceOfCommonStockInConnectionWithTheBusinessCombinationNetOfIssuanceCosts" scale="0" unitRef="usd">10,635</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c54" decimals="0" format="ixt:num-dot-decimal" name="revb:IssuanceOfCommonStockInConnectionWithTheBusinessCombinationNetOfIssuanceCosts" scale="0" unitRef="usd">14,335,619</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-124">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Equity Issuance for fees in connection with the Business Combination</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="vertical-align: bottom; text-align: right"><div style="-sec-ix-hidden: hidden-fact-125">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="vertical-align: bottom; text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="vertical-align: bottom; text-align: right"><div style="-sec-ix-hidden: hidden-fact-126">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="vertical-align: bottom; text-align: right"><div style="-sec-ix-hidden: hidden-fact-127">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="vertical-align: bottom; text-align: right"><div style="-sec-ix-hidden: hidden-fact-128">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from the PIPE Investment, net issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-129">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-130">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c53" decimals="0" format="ixt:num-dot-decimal" name="revb:ProceedsFromPipeInvestmentNetIssuanceCosts" scale="0" unitRef="usd">1,293</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c54" decimals="0" format="ixt:num-dot-decimal" name="revb:ProceedsFromPipeInvestmentNetIssuanceCosts" scale="0" unitRef="usd">7,260,926</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-131">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of Common Warrants in connection with the PIPE Investment - $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:IssuanceOfWarrantsInConnectionWithPipeInvestment" scale="0" unitRef="usd">3,634,262</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-135">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-137">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of Placement Agent Warrants in connection with PIPE Investment - $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:IssuanceOfPlacementAgentWarrants" scale="0" unitRef="usd">508,797</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-138">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">Rollover Warrant exercise</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-145">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c53" decimals="INF" format="ixt:num-dot-decimal" name="revb:RolloverWarrantExerciseShares" scale="0" unitRef="shares">1,891</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c53" decimals="0" format="ixt:num-dot-decimal" name="revb:RolloverWarrantExercise" scale="0" unitRef="usd">2</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c54" decimals="0" format="ixt:num-dot-decimal" name="revb:RolloverWarrantExercise" scale="0" unitRef="usd">5,072</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-146">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:RolloverWarrantExercise" scale="0" unitRef="usd">5,074</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Repurchase for the Forward Share Purchase Agreement exercise</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-147">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c53" decimals="INF" format="ixt:num-dot-decimal" name="revb:RepurchaseForForwardSharePurchaseAgreementExerciseShares" scale="0" sign="-" unitRef="shares">750,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c53" decimals="0" format="ixt:num-dot-decimal" name="revb:RepurchaseForTheForwardSharePurchaseAgreementExercise" scale="0" unitRef="usd">750</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c54" decimals="0" format="ixt:num-dot-decimal" name="revb:RepurchaseForTheForwardSharePurchaseAgreementExercise" scale="0" unitRef="usd">7,651,575</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-149">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:RepurchaseForTheForwardSharePurchaseAgreementExercise" scale="0" unitRef="usd">7,652,325</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">Pre-Funded Warrants exercise</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-150">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-151">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c53" decimals="INF" format="ixt:num-dot-decimal" name="revb:PreFundedWarrantsExerciseShares" scale="0" unitRef="shares">1,293,541</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c53" decimals="0" format="ixt:num-dot-decimal" name="revb:PreFundedWarrantsExercise" scale="0" sign="-" unitRef="usd">1,294</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c54" decimals="0" format="ixt:num-dot-decimal" name="revb:PreFundedWarrantsExercise" scale="0" unitRef="usd">1,281</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-152">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:PreFundedWarrantsExercise" scale="0" sign="-" unitRef="usd">13</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Stock-based compensation expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-153">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-154">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-155">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c54" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" scale="0" unitRef="usd">137,892</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-156">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" scale="0" unitRef="usd">137,892</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Net loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-157">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-158">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-159">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-160">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c55" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">6,616,541</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">6,616,541</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Balance as of March 31, 2022</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-161">&#8212;</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-163">&#8212;</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>See accompanying notes to the condensed consolidated
financial statements.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 157; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC. </b></p><div>

</div><div><a id="F_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Condensed Consolidated Statements of Cash Flows</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Unaudited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<br/> March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" scale="0" unitRef="usd">14,960</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" unitRef="usd">42,604</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccountsPayable" scale="0" unitRef="usd">258,515</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" unitRef="usd">1,391,282</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Operating lease liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd">16,752</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd">8,227</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Accrued interest on Promissory Notes Payable &amp; Convertible Note</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:IncreaseDecreaseInAccruedInterestNotesPayableAndConvertibleNote" scale="0" unitRef="usd">36,920</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Net cash used in operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">4,830,066</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">2,382,052</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash flows from investing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Purchase of property and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd">99,101</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">99,101</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash flows from financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from the Convertible Note</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="0" unitRef="usd">2,500,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Repayment of the Convertible Note</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfConvertibleDebt" scale="0" unitRef="usd">2,500,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from the Business Combination, net of issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:ProceedsFromBusinessCombinationFinancingActivity" scale="0" unitRef="usd">11,923,499</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from the PIPE Investment, net of issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:ProceedsFromPipeInvestmentFinancingActivity" scale="0" unitRef="usd">7,262,219</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">Rollover Warrant exercise</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromWarrantExercises" scale="0" unitRef="usd">5,074</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Repurchase for the Forward Share Purchase Agreement exercise</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:RepurchaseForTheForwardSharePurchaseAgreementExercise" scale="0" unitRef="usd">7,652,325</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Supplemental disclosure of non-cash investing and financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Current liabilities assumed in the Business Combination</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Deferred underwriting commissions assumed in the Business Combination</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:DeferredUnderwritingCommissionsAssumedInBusinessCombination" scale="0" unitRef="usd">2,911,260</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Conversion of Series A Preferred Stock to common stock</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:NoncashConversionOfPreferredToCommonStock" scale="0" unitRef="usd">3,903,730</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Conversion of Series A-1 Preferred Stock to common stock</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:ConversionOfSeriesA1PreferredStockToCommonStock" scale="0" unitRef="usd">3,578,197</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Equity Issuance for fees in connection with the Business Combination</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:NoncashEquityIssuanceForFeesUponBusinessCombination" scale="0" unitRef="usd">300</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of Common Warrants in connection with the PIPE Investment</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:NoncashIssuanceOfCommonWarrantsPipeInvestment" scale="0" unitRef="usd">3,634,262</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of Placement Agent Warrants in connection with the PIPE Investment</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:NoncashIssuanceOfPlacementAgentWarrantsWithPipeInvestment" scale="0" unitRef="usd">508,797</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Premium Financing Agreement</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:NoncashOrPartNoncashPremiumFinancingAgreement" scale="0" unitRef="usd">513,333</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Acquisition of right-of-use asset through operating lease obligation</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" scale="0" unitRef="usd">67,344</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of warrants in connection with Series A-1 Preferred Stock</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Deferred offering costs included in accounts payable and accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="revb:DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses" scale="0" unitRef="usd">155,452</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>See accompanying notes to the condensed consolidated
financial statements.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC. </b></p><div>

</div><div><a id="F_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to the Condensed Consolidated Financial
Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Unaudited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. Organization and Basis of Presentation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation Biosciences, Inc.
(collectively with its wholly-owned subsidiaries, the &#8220;Company&#8221; or &#8220;Revelation&#8221;), formerly known as Petra Acquisition,
Inc. (&#8220;Petra&#8221;), was incorporated in Delaware on November 20, 2019. The Company was formed for the purpose of entering into
a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one
or more businesses or entities. On January 10, 2022 (the &#8220;Closing Date&#8221;) the Company consummated its business combination,
with Revelation Biosciences Sub, Inc. (&#8220;Old Revelation&#8221; or &#8220;Revelation Sub&#8221;), the Company&#8217;s wholly owned subsidiary
(the &#8220;Business Combination&#8221;). Since the Business Combination, the Company is a clinical-stage biopharmaceutical company and
has been focused on the development and commercialization of immunologic therapeutics and diagnostics.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Business Combination was
accounted for as a reverse recapitalization with Revelation Sub as the accounting acquirer and Petra as the acquired company for accounting
purposes. Accordingly, all historical financial information presented in the unaudited condensed consolidated financial statements represents
the accounts of Revelation Sub as if Revelation Sub is the predecessor to the Company. The common stock and net loss per share, prior
to the Merger, have been retroactively restated as common stock and net loss per share reflecting the exchange ratio established in the
Business Combination (<ix:nonFraction contextRef="c112" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockSharesIssued1" scale="0" unitRef="shares">2.725</ix:nonFraction> shares of common stock for 1 share of Revelation Sub common stock (the &#8220;Common Stock Exchange Ratio&#8221;)).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Petra&#8217;s Common Stock,
Public Warrants and Units were historically listed on the Nasdaq Capital Market under the symbols &#8220;PAIC,&#8221; &#8220;PAICW&#8221;
and &#8220;PAICU,&#8221; respectively. On January 10, 2022, the Company&#8217;s units, common stock and warrants were listed on the Nasdaq
Capital Market under the symbols &#8220;REVBU&#8221;, &#8220;REVB&#8221; and &#8220;REVBW&#8221;, respectively, (see Note 3).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_5" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has incurred recurring
losses since its inception, including a net loss of $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAllocatedToGeneralPartners" scale="6" unitRef="usd">6.6</ix:nonFraction> million for the three months ended March 31, 2022. As of March 31, 2022, the
Company had an accumulated deficit of $<ix:nonFraction contextRef="c8" decimals="-5" format="ixt:num-dot-decimal" name="revb:RetainedEarningAccumulatedDeficit" scale="6" unitRef="usd">21.1</ix:nonFraction> million, a stockholders&#8217; deficit of $<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="usd">98,511</ix:nonFraction> and available cash and cash equivalents
of $<ix:nonFraction contextRef="c8" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="6" unitRef="usd">7.2</ix:nonFraction> million. The Company expects to continue to incur significant operating and net losses, as well as negative cash flows from operations,
for the foreseeable future as it continues to complete all necessary product development or future commercialization efforts. The Company
has never generated revenue and does not expect to generate revenue from product sales unless and until it successfully completes development
and obtains regulatory approval for REVTx-99a, REVTx-99b, REVDx-501 or other product candidates, which the Company expects will not be
for at least several years, if ever. The Company does not anticipate that its current cash and cash equivalents balance will be sufficient
to sustain operations within one year after the date that the Company&#8217;s unaudited financial statements for March 31, 2022 were issued,
which raises substantial doubt about its ability to continue as a going concern.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

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public or private equity or debt financings. The Company may not be able to obtain financing on acceptable terms, or at all. The terms
of any financing may adversely affect the holdings or the rights of the Company&#8217;s stockholders. If the Company is unable to obtain
funding, it could be required to delay, reduce or eliminate research and development programs, product portfolio expansion or future commercialization
efforts, which could adversely affect the Company&#8217;s business operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

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include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification
of liabilities that may result from the possible inability for the Company to continue as a going concern.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

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and balances have been eliminated in consolidation. Certain amounts previously reported in the financial statements have been reclassified
to conform to the current year presentation. Such reclassifications did not affect net loss, stockholders&#8217; deficit or cash flows.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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for the year ended December 31, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments,
necessary to present fairly the Company&#8217;s financial position as of March 31, 2022, and its results of operations, cash flows and
stockholders&#8217; equity (deficit) for the three months ended March 31, 2022. The financial data and the other financial information
contained in these notes to the condensed consolidated financial statements related to the three months ended March 31, 2022 are unaudited.
The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the
year ending December 31, 2022 or for any other future annual or interim period. The condensed consolidated financial statements and notes
thereto should be read in conjunction with the Company&#8217;s audited financial statements and notes thereto for the year ended December
31, 2021 included on Form 8-K/A, as filed with the SEC on April 22, 2022. The accompanying condensed consolidated balance sheet as of
March 31, 2022 has been derived from the audited balance sheet at December 31, 2021 contained in the above referenced Form 8-K/A.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of expenses.
These estimates and assumptions are based on the Company&#8217;s best estimates and judgment. The Company regularly evaluates its estimates
and assumptions using historical and industry experience and other factors; however, actual results could differ materially from these
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Company maintains its cash in checking and savings accounts. Income generated from cash held in savings accounts is recorded as interest
income. The carrying value of the Company&#8217;s savings accounts is included in cash and approximates the fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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Company&#8217;s financial assets and liabilities, including cash and cash equivalents, subscription receivables, prepaid expenses, accounts
payable and accrued expenses approximate their fair value due to the short-term nature of these instruments. Fair value is defined as
the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market
participants at the reporting date. Assets and liabilities recorded at fair value in the financial statements are categorized based upon
the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount
of subjectivity with the inputs to the valuation of these assets or liabilities as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

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These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents. Bank deposits are held
by accredited financial institutions and these deposits may at times be in excess of federally insured limits. The Company limits its
credit risk associated with cash and cash equivalents by placing them with financial institutions that it believes are of high quality.
The Company has not experienced any losses on its deposits of cash or cash equivalents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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lease liabilities represent the obligation to make lease payments arising from the lease. For operating leases with an initial term greater
than 12 months, the Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value
of lease payments over the lease term at the commencement date. Operating lease right-of-use assets are comprised of the lease liability
plus any lease payments made and excludes lease incentives. Lease terms include options to renew or terminate the lease when the Company
is reasonably certain that the renewal option will be exercised or when it is reasonably certain that the termination option will not
be exercised. For an operating lease, if the interest rate used to determine the present value of future lease payments is not readily
determinable, the Company estimates the incremental borrowing rate as the discount rate for the lease. The Company&#8217;s incremental
borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar
economic environments. Lease expense for lease payments is recognized on a straight-line basis over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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product, REVDx-501. Research and development costs are charged to expense as incurred. The Company records accrued expenses for estimated
preclinical, clinical study and research expenses related to the services performed but not yet invoiced pursuant to contracts with research
institutions, contract research organizations, and clinical manufacturing organizations that conduct and manage preclinical studies, clinical
studies, research services, and development services on the Company&#8217;s behalf. Payments for these services are based on the terms
of individual agreements and payment timing may differ significantly from the period in which the services were performed. Estimates are
based on factors such as the work completed, including the level of patient enrollment. The Company monitors patient enrollment levels
and related activity to the extent reasonably possible and makes judgments and estimates in determining the accrued balance in each reporting
period. The Company&#8217;s estimates of accrued expenses are based on the facts and circumstances known at the time. If the Company underestimates
or overestimates the level of services performed or the costs of these services, actual expenses could differ from estimates. As actual
costs become known, the Company adjusts accrued expenses. To date, the Company has not experienced significant changes in estimates of
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fair value of the stock-based awards on the date of grant. The fair value of employee stock options and third-party warrants are generally
determined using the Black-Scholes option-pricing model using various inputs, including estimates of expected volatility, term, risk-free
rate, and future dividends. The grant date fair value of the stock-based awards, which have graded vesting, is recognized using the straight-line
method over the requisite service period of each stock-based award, which is generally the vesting period of the respective stock-based
awards. The Company recognizes forfeitures as they occur.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_26" id="_SignificantAccountingPoliciesTextBlock-c0_cont_25"><ix:continuation id="_IncomeTaxPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Income taxes are accounted
for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax
bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applied
to taxable income in the years in which those temporary differences are expected to be realized. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized as income or loss in the period that includes the enactment date. A valuation allowance
is established when necessary to reduce deferred tax assets to the amount expected to be realized. Interest and penalties related to unrecognized
tax benefits are included within the provision of income tax. To date, there have been no unrecognized tax benefits balances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_27" id="_SignificantAccountingPoliciesTextBlock-c0_cont_26"><ix:nonNumeric contextRef="c0" continuedAt="_EarningsPerSharePolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basic and Diluted Net Loss per Share</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_28" id="_SignificantAccountingPoliciesTextBlock-c0_cont_27"><ix:continuation id="_EarningsPerSharePolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Basic net loss per share is
calculated by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration
of potential shares of common stock. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of shares
of common stock outstanding plus potential shares of common stock. Convertible preferred stock on an as converted basis, unvested and
unissued RSU awards, warrants and stock options outstanding are considered potential shares of common stock and are included in the calculation
of diluted net loss per share using the treasury stock method when their effect is dilutive. Potential shares of common stock are excluded
from the calculation of diluted net loss per share when their effect is anti-dilutive. As of March 31, 2022 and 2021, there were <ix:nonFraction contextRef="c0" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" unitRef="shares">14,441,532</ix:nonFraction>
and <ix:nonFraction contextRef="c13" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" unitRef="shares">4,207,776</ix:nonFraction> potential shares of common stock, respectively, (see Note 9), that were excluded from the calculation of diluted net loss
per share because their effect was anti-dilutive.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_29" id="_SignificantAccountingPoliciesTextBlock-c0_cont_28"><ix:nonNumeric contextRef="c0" continuedAt="_ComprehensiveIncomePolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Comprehensive Loss</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_30" id="_SignificantAccountingPoliciesTextBlock-c0_cont_29"><ix:continuation id="_ComprehensiveIncomePolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has no components
of comprehensive loss other than net loss. Thus, comprehensive loss is the same as net loss for the periods presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_31" id="_SignificantAccountingPoliciesTextBlock-c0_cont_30"><ix:nonNumeric contextRef="c0" continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Segment Reporting</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_32" id="_SignificantAccountingPoliciesTextBlock-c0_cont_31"><ix:continuation continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_2" id="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Operating segments are defined
as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker,
or decision-making group, in deciding how to allocate resources in assessing performance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_33" id="_SignificantAccountingPoliciesTextBlock-c0_cont_32"><ix:continuation id="_SegmentReportingPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has <ix:nonFraction contextRef="c0" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:NumberOfOperatingSegments" scale="0" unitRef="pure">one</ix:nonFraction> operating
segment. The Company&#8217;s chief operating decision maker, its Chief Executive Officer, manages the Company&#8217;s operations for the
purposes of allocating resources and evaluating financial performance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_34" id="_SignificantAccountingPoliciesTextBlock-c0_cont_33"><ix:nonNumeric contextRef="c0" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Recent Accounting Pronouncements</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c0_cont_34"><ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2019, the Financial
Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2019-12, <i>Simplifying the Accounting
for Income Taxes (Topic 740) (&#8220;ASU 2019-12&#8221;). </i>ASU 2019-12 issued guidance on the accounting for income taxes that, among
other provisions, eliminates certain exceptions to existing guidance related to the approach for intra-period tax allocation, the methodology
for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This
guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the
first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted
tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance,
an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective
date of the tax law. This guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within the fiscal
years beginning after December 15, 2022. Early adoption is permitted. The adoption of this guidance is not expected to have a material
impact on the Company&#8217;s financial statements.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:BusinessCombinationDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Business Combination </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_2" id="_BusinessCombinationDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As disclosed in Note 1, the
Company consummated the Business Combination, pursuant to the terms of the agreement and plan of merger, dated as of August 29, 2021 (the
&#8220;Business Combination Agreement&#8221;), by and among Petra, Petra Acquisition Merger, Inc., a Delaware corporation and wholly-owned
subsidiary of Petra (&#8220;Merger Sub&#8221;), and Old Revelation. Pursuant to the Business Combination Agreement, on the Closing Date,
(i) Merger Sub merged with and into Old Revelation (the &#8220;Merger&#8221;), with Old Revelation as the surviving company in the Merger,
and, after giving effect to such Merger, Old Revelation was renamed Revelation Biosciences Sub, Inc. and became a wholly-owned subsidiary
of the Company and (ii) the Company changed its name to &#8220;Revelation Biosciences, Inc.&#8221;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_3" id="_BusinessCombinationDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the terms
and subject to the conditions of the Business Combination Agreement, at the effective time of the Merger (the &#8220;Effective Time&#8221;),
(i) each share of common stock and preferred stock of Old Revelation outstanding as of immediately prior to the Effective Time was exchanged
for shares of common stock, par value $<ix:nonFraction contextRef="c113" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> per share, of Revelation based on the agreed upon Common Stock Exchange Ratio; (ii) each
Old Revelation RSU award outstanding as of immediately prior to the Effective Time was assumed by Revelation and was converted into that
number of whole rollover RSU awards based on the Common Stock Exchange Ratio (&#8220;Rollover RSU&#8221;); and (iii) each Old Revelation
warrant outstanding as of immediately prior to the Effective Time was assumed by Revelation and was converted into that number of whole
rollover warrants based on the Common Stock Exchange Ratio, at an exercise price per share of common stock equal to (x) the exercise price
per share of Old Revelation common stock of such Old Revelation warrant divided by (y) the Common Stock Exchange Ratio (&#8220;Rollover
Warrant&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_4" id="_BusinessCombinationDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Closing Date, up to
<ix:nonFraction contextRef="c113" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonUnitAuthorized" scale="0" unitRef="shares">10,500,000</ix:nonFraction> shares of common stock were to be issued constituting the merger consideration, (i) an aggregate of <ix:nonFraction contextRef="c114" decimals="INF" format="ixt:num-dot-decimal" name="revb:AggregateSharesOfCommonStock" scale="0" unitRef="shares">9,871,343</ix:nonFraction> shares of common
stock, including conversion of all outstanding shares of the Series A Preferred Stock and Series A-1 Preferred Stock of Old Revelation,
were issued in exchange for the Old Revelation stock outstanding as of immediately prior to the Effective Time, (ii) <ix:nonFraction contextRef="c8" decimals="INF" format="ixt:num-dot-decimal" name="revb:CommonStockCapitalSharesReservedForFutureIssuance1" scale="0" unitRef="shares">167,867</ix:nonFraction> shares of
common stock were reserved for issuance for Rollover Warrants outstanding as of immediately prior to the Effective Time and (iii) <ix:nonFraction contextRef="c115" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" scale="0" unitRef="shares">460,706</ix:nonFraction>
shares of common stock were reserved for issuance for Rollover RSU awards outstanding as of immediately prior to the Effective Time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_5" id="_BusinessCombinationDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Immediately after giving effect
to the Business Combination, there were <ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonUnitIssued" scale="0" unitRef="shares">12,944,213</ix:nonFraction> shares of common stock outstanding, and <ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="revb:CommonUnitOutstanding1" scale="0" unitRef="shares">1,294,421</ix:nonFraction> shares of common stock reserved for
future issuance under the 2021 Equity Incentive Plan. The pre-merger stockholders of Petra retained an aggregate of <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:AggregateSharesOfCommonStock" scale="0" unitRef="shares">3,072,870</ix:nonFraction> shares of
common stock of Petra, representing <ix:nonFraction contextRef="c58" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">23.7</ix:nonFraction>% ownership of the post-Merger company. Therefore, upon consummation of the Business Combination,
there was a change in control of Petra, with the former owners of Revelation Sub acquiring control of Petra.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_6" id="_BusinessCombinationDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Closing date,
on December 21, 2021, Petra entered into certain backstop agreements (the &#8220;Backstop Agreements&#8221;) with AXA Prime Impact Master
Fund (&#8220;AXA&#8221;) (through a backstop agreement with Old Revelation), LifeSci Venture Partners (&#8220;LifeSci&#8221;) and other
Petra and Old Revelation institutional, and individual investors, including Dr. Tidmarsh, Chairman of Old Revelation and present Chairman
of the Company (such additional institutional and individual investors, together with LifeSci and Old Revelation collectively, the &#8220;Backstop
Subscribers&#8221;). Pursuant to the Backstop Agreements, the Backstop Subscribers agreed to purchase, in the aggregate, up to $<ix:nonFraction contextRef="c110" decimals="-5" format="ixt:num-dot-decimal" name="revb:AggregatePurchasePrice" scale="6" unitRef="usd">4.5</ix:nonFraction> million
of shares of Petra&#8217;s common stock, par value $<ix:nonFraction contextRef="c109" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> per share, in the event that more than $<ix:nonFraction contextRef="c110" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" scale="6" unitRef="usd">31.5</ix:nonFraction> million was redeemed from the trust
account in connection with the Business Combination. On January 6, 2022, pursuant to the Backstop Agreements, the Backstop Subscribers
purchased an aggregate of <ix:nonFraction contextRef="c116" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" scale="0" unitRef="shares">432,072</ix:nonFraction> shares of Petra Common Stock that had been surrendered for redemption totaling $<ix:nonFraction contextRef="c116" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" scale="6" unitRef="usd">4.5</ix:nonFraction> million. Petra also
entered into a forward share purchase agreement (the &#8220;Forward Share Purchase Agreement&#8221;) with Meteora Capital Partners and
its affiliates (collectively, &#8220;Meteora&#8221;) pursuant to which Meteora committed, to purchase additional shares of the Company&#8217;s
common stock in open market transactions or from redeeming stockholders so that Meteora held at least <ix:nonFraction contextRef="c117" decimals="INF" format="ixt:num-dot-decimal" name="revb:BusinessCombinationSharesIssued" scale="0" unitRef="shares">750,000</ix:nonFraction> shares of common stock as
of the closing of the Business Combination. The Forward Share Purchase Agreement provides that Meteora may elect to sell and transfer
to the Company, on the one month anniversary of the closing of the Business Combination up to <ix:nonFraction contextRef="c118" decimals="INF" format="ixt:num-dot-decimal" name="revb:BusinessCombinationSharesIssued" scale="0" unitRef="shares">750,000</ix:nonFraction> shares of common stock held by Meteora
at the time of closing of the Business Combination at a price of $<ix:nonFraction contextRef="c118" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockConvertibleConversionPriceIncrease" scale="0" unitRef="usdPershares">10.2031</ix:nonFraction> per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_7" id="_BusinessCombinationDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, in connection
with the Business Combination, stockholders holding <ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">3,480,692</ix:nonFraction> shares of Petra common stock exercised their right to redeem such shares
for cash at a price of approximately $<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:StockOptionExercisePriceIncrease" scale="0" unitRef="usdPershares">10.20</ix:nonFraction> per share for payments in the aggregate of approximately $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForRepurchaseOfCommonStock" scale="6" unitRef="usd">35.5</ix:nonFraction> million. On the Closing Date,
approximately $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="revb:EscrowedAmount" scale="6" unitRef="usd">7.7</ix:nonFraction> million was escrowed pursuant to the Forward Share Purchase Agreement entered into by and between Petra and Meteora
and approximately $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="revb:ReleasedAmount" scale="6" unitRef="usd">4.2</ix:nonFraction> million was released to Revelation. On February 4, 2022, Meteora exercised the Forward Share Purchase Agreement
entered into by and between the Company. <ix:nonFraction contextRef="c119" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedDuringPeriodShares" scale="0" unitRef="shares">750,000</ix:nonFraction> shares were repurchased by the Company and approximately $<ix:nonFraction contextRef="c119" decimals="-5" format="ixt:num-dot-decimal" name="revb:SharesAmountRepurchasedEscrowedAndReturned" scale="6" unitRef="usd">7.7</ix:nonFraction> million that was escrowed
was paid to Meteora.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_8" id="_BusinessCombinationDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Closing Date of the
Business Combination, Petra adopted the third amended and restated certificate of incorporation, which became effective upon filing with
the Secretary of State of the State of Delaware on the Closing Date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_9" id="_BusinessCombinationDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subsequent to the Closing
Date on February 10, 2022 and February 22, 2022 the Company paid $<ix:nonFraction contextRef="c120" decimals="0" format="ixt:num-dot-decimal" name="revb:RepaymentsOfNotesPayableIncludingInterestExpenses" scale="0" unitRef="usd">105,490</ix:nonFraction> and $<ix:nonFraction contextRef="c121" decimals="0" format="ixt:num-dot-decimal" name="revb:RepaymentsOfNotesPayableIncludingInterestExpenses" scale="0" unitRef="usd">691,392</ix:nonFraction>, respectively, to the three holders of promissory
notes made to Petra in connection with the Business Combination (&#8220;Promissory Notes Payable&#8221;). The Promissory Notes Payable
had a total principal of $<ix:nonFraction contextRef="c122" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentAnnualPrincipalPayment" scale="0" unitRef="usd">750,000</ix:nonFraction>, and had accrued interest of $<ix:nonFraction contextRef="c123" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentIncreaseAccruedInterest" scale="0" unitRef="usd">46,882</ix:nonFraction> at the time of repayment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_BusinessCombinationDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Business Combination has
been accounted for as a reverse recapitalization, in accordance with U.S. GAAP. Under this method of accounting, although Petra issued
shares for outstanding equity interests of Old Revelation in the Business Combination, Petra was treated as the &#8220;acquired&#8221;
company for financial reporting purposes. Accordingly, the Business Combination was treated as the equivalent of Old Revelation issuing
stock for the net assets of Petra, accompanied by a recapitalization. The net assets of Petra have been stated at historical cost, with
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_2" id="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Prepaid Expenses and Other Current Assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_3" id="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prepaid expenses and other current assets consisted
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</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_4" id="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_5" id="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Property and Equipment, Net</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_6" id="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Property and equipment, net consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_7" id="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_8" id="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Depreciation expense was $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd">6,262</ix:nonFraction>
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</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_9" id="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Accrued Expenses</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_10" id="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Accrued expenses consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2021, Revelation
Sub entered into an agreement to lease <ix:nonFraction contextRef="c69" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:LandSubjectToGroundLeases" scale="0" unitRef="sqft">2,140</ix:nonFraction> square feet of laboratory space located at <ix:nonFraction contextRef="c70" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LandSubjectToGroundLeases" scale="0" unitRef="sqm">11011</ix:nonFraction> Torreyana Road, Suite 102, San Diego, California
(the &#8220;Original Lease&#8221;). The Original Lease had a term of 13 calendar months, plus any partial month at the beginning of the
Original Lease (the &#8220;Original Lease Term&#8221;). There was no option to extend the Original Lease and the expiration date was March
31, 2022. In accordance with the Original Lease, Revelation Sub is required to maintain a security deposit of $<ix:nonFraction contextRef="c69" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SecurityDepositLiability" scale="0" unitRef="usd">5,564</ix:nonFraction>. Revelation Sub will
pay $<ix:nonFraction contextRef="c69" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" scale="0" unitRef="usd">70,313</ix:nonFraction> of rent expense over the life of the Lease. In October 2021, Revelation Sub amended the Original Lease to expire on December
31, 2022, equal to an additional nine calendar months with a base monthly rent equal to the 13<sup>th</sup> month of the Original Lease
(the &#8220;First Amendment&#8221;). Revelation Sub signed the First Amendment on October 14, 2021. In connection the Business Combination,
the First Amendment was assumed by the Company. The Company will pay $<ix:nonFraction contextRef="c124" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" scale="0" unitRef="usd">51,578</ix:nonFraction> of rent expense over the life of the First Amendment. The
Company has applied the short-term lease exception as the First Amendment is less than twelve months. In addition to rent, the Lease requires
the Company to pay certain taxes, insurance and operating costs relating to the leased premises. The Lease contains customary default
provisions, representations, warranties and covenants. The Lease is classified as an operating lease.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revelation Sub recorded a
lease liability and right-of-use lease assets for the Original Lease based on the present value of Original Lease payments over the expected
Original Lease Term, discounted using Revelation Sub&#8217;s incremental borrowing rate. As of March 31, 2022, the weighted-average discount
rate for the Original Lease was <ix:nonFraction contextRef="c125" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" scale="-2" unitRef="pure">7.73</ix:nonFraction>% and the remaining Original Lease Term expired. Rent expense under the Original Lease was $<ix:nonFraction contextRef="c126" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseExpense" scale="0" unitRef="usd">15,067</ix:nonFraction>
for the three months ended March 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Future minimum lease payments
under the First Amendment of the operating lease as of March 31, 2022 is $<ix:nonFraction contextRef="c127" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" scale="0" unitRef="usd">51,578</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 165; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_6" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Convertible Note Financing</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_7" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 4, 2022, Revelation
Sub entered into a convertible note financing in an amount of up to $<ix:nonFraction contextRef="c128" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="6" unitRef="usd">2.5</ix:nonFraction> million with a fixed <ix:nonFraction contextRef="c129" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% annual interest rate from AXA IM Prime
Impact Fund (the &#8220;Convertible Note&#8221;), the proceeds of which may be used by Revelation Sub to purchase shares of Petra common
stock from redeeming Petra stockholders who redeem shares of Petra common stock in connection with the Business Combination. On January
6, 2022, Old Revelation purchased <ix:nonFraction contextRef="c130" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" scale="0" unitRef="shares">245,019</ix:nonFraction> shares of Petra common stock with the proceeds from the Convertible Note. Repayment of the Convertible
Note was made on January 4, 2022 in accordance with the exchange terms of the Convertible Note by which <ix:nonFraction contextRef="c131" decimals="INF" format="ixt:num-dot-decimal" name="revb:CommonStockTransferred" scale="0" unitRef="shares">245,019</ix:nonFraction> shares of Petra&#8217;s
common stock that had been purchased by Revelation Sub were transferred to AXA.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_8" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Total interest incurred under
the Convertible Note was $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:InterestIncurred" scale="0" unitRef="usd">14,383</ix:nonFraction> during the three months ended March 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_9" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Premium Finance Agreement</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_10" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to obtain a public
company directors and officers insurance policy (&#8220;D&amp;O Insurance&#8221;), the Company entered into an agreement with a premium
financing lender, where by the lender paid the D&amp;O Insurance premium for the company (&#8220;Premium Finance Agreement&#8221;). If
the Company were to not pay the lender monthly installment payments, the lender would cancel the D&amp;O Insurance and the remaining D&amp;O
Insurance premium would be returned to the lender. In addition, if the Company were to cancel the D&amp;O Insurance, the remaining D&amp;O
Insurance premium would be returned to the lender.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_11" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Premium Finance Agreement
is for $<ix:nonFraction contextRef="c132" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="0" unitRef="usd">825,000</ix:nonFraction> and accrues interest at a fixed rate of <ix:nonFraction contextRef="c132" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" unitRef="pure">3.57</ix:nonFraction>% per annum payable monthly for a total of $<ix:nonFraction contextRef="c133" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentPeriodicPaymentInterest" scale="0" unitRef="usd">9,856</ix:nonFraction> over the term of the Premium
Finance Agreement. Monthly payments of $<ix:nonFraction contextRef="c133" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" unitRef="usd">74,428</ix:nonFraction>, are to be paid in nine monthly installments, which commenced on February 10, 2022 with
a maturity date of <ix:nonNumeric contextRef="c133" format="ixt:date-monthname-day-year-en" name="us-gaap:DebtInstrumentMaturityDate">October 10, 2022</ix:nonNumeric>. Upon entering into the Premium Finance Agreement, an upfront payment of $<ix:nonFraction contextRef="c132" decimals="0" format="ixt:num-dot-decimal" name="revb:UpfrontPaymentDue" scale="0" unitRef="usd">165,000</ix:nonFraction> was due and paid
on February 14, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_12" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Total expense incurred under
the Finance Agreement for upfront, monthly and interest payments was $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:ExpenseIncurredForUpfrontMonthlyAndInterestPayments" scale="0" unitRef="usd">208,440</ix:nonFraction> during the three months ended March 31, 2022. Total cash
paid under these the Finance Agreement for upfront, monthly and interest payments was $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="revb:CashPaidForUpfrontMonthlyAndInterestPaymentsUnderFinanceAgreement" scale="0" unitRef="usd">313,857</ix:nonFraction> during the three months ended March 31,
2022. Future possible obligations under the Premium Finance Agreement could be a total of $<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear" scale="0" unitRef="usd">520,999</ix:nonFraction> in aggregate during the remainder of
fiscal year 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_13" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Commitments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_14" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company enters into contracts
in the normal course of business with third party service providers and vendors. These contracts generally provide for termination on
notice and, therefore, are cancellable contracts and not considered contractual obligations and commitments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_15" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Contingencies</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_16" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, the Company
may become subject to claims and litigation arising in the ordinary course of business. The Company is not a party to any material legal
proceedings, nor is it aware of any material pending or threatened litigation other than described below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_17" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Legal Proceedings</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 18, 2022, LifeSci
Capital LLC filed an action against the Company in the U.S. District Court for the Southern District of New York seeking damages in the
amount of approximately $<ix:nonFraction contextRef="c134" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseInvestmentAdvisoryFees" scale="6" unitRef="usd">2.7</ix:nonFraction> million in cash and $<ix:nonFraction contextRef="c134" decimals="-5" format="ixt:num-dot-decimal" name="revb:NoninterestExpenseInvestmentAdvisoryFeesInFormOfEquity" scale="6" unitRef="usd">2.6</ix:nonFraction> million in equity for unpaid banking and advisory fees. These fees arise under contracts
which were entered into prior to the Business Combination and the Company is disputing the amount owed under those contracts and has asserted
affirmative defenses including the defense that the amount of the fees sought exceeded the $<ix:nonFraction contextRef="c134" decimals="-5" format="ixt:num-dot-decimal" name="revb:TransactionExpenses" scale="6" unitRef="usd">8.5</ix:nonFraction> million cap on transaction expenses in
the Business Combination Agreement. This action remains pending as of the date of this Report. $<ix:nonFraction contextRef="c134" decimals="-5" format="ixt:num-dot-decimal" name="revb:DeferredUnderwritingFees" scale="6" unitRef="usd">1.5</ix:nonFraction> million of the claim relates to deferred
underwriting fees from the Petra initial public offering, which are recorded as a current liability in the financial statements under
deferred underwriting commissions. No other liabilities are reflected in the financial statements as the amount of any additional liability
can not be determined at this time.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_1" escape="true" name="revb:PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6. PIPE Investment</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_2" id="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 23, 2022, the Company
entered into a securities purchase agreement with an institutional investor (&#8220;the Purchaser&#8221;) pursuant to which the Purchaser
agreed to purchase, and the Company agreed to issue and sell to the Purchaser in a private placement, <ix:nonFraction contextRef="c135" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares">1,293,126</ix:nonFraction> shares of common stock
at a gross purchase price of $<ix:nonFraction contextRef="c135" decimals="2" format="ixt:num-dot-decimal" name="revb:GrossPurchasePrice" scale="0" unitRef="usdPershares">3.00</ix:nonFraction> per share (the &#8220;Shares&#8221;) (the &#8220;PIPE Investment&#8221;), <ix:nonFraction contextRef="c136" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares">1,293,541</ix:nonFraction> unregistered pre-funded
warrants to purchase common stock (the &#8220;Pre-Funded Warrants&#8221;) and <ix:nonFraction contextRef="c137" decimals="0" format="ixt:num-dot-decimal" name="revb:UnregisteredWarrants" scale="0" unitRef="shares">2,586,667</ix:nonFraction> unregistered warrants to purchase common stock
(the &#8220;Common Warrants&#8221;). The closing was consummated on January 25, 2022. The net proceeds to the Company was $<ix:nonFraction contextRef="c135" decimals="-5" format="ixt:num-dot-decimal" name="revb:ProceedsFromPipeInvestmentNetIssuanceCosts" scale="6" unitRef="usd">7.3</ix:nonFraction> million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_3" id="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Pre-Funded Warrant was
funded to the amount of $<ix:nonFraction contextRef="c138" decimals="2" format="ixt:num-dot-decimal" name="revb:WarrantPricePerShare" scale="0" unitRef="usdPershares">3.00</ix:nonFraction>, with $<ix:nonFraction contextRef="c138" decimals="5" format="ixt:num-dot-decimal" name="us-gaap:WarrantExercisePriceIncrease" scale="0" unitRef="usdPershares">0.00001</ix:nonFraction> per share of common stock payable upon exercise, was immediately exercisable, could have
been exercised at any time until exercised in full and is subject to customary adjustments. The Pre-Funded Warrants may not be exercised
if the aggregate number of shares of the Company&#8217;s common stock beneficially owned by the holder (together with its affiliates)
would exceed <ix:nonFraction contextRef="c138" decimals="4" format="ixt:num-dot-decimal" name="revb:OutstandingCommonStockPercentage" scale="-2" unitRef="pure">9.99</ix:nonFraction>% of the Company&#8217;s outstanding common stock immediately after exercise. On February 22, 2022, the Company received
a notice of cash exercise for the total outstanding Pre-Funded Warrants issued in connection with the PIPE Investment for <ix:nonFraction contextRef="c139" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares">1,293,541</ix:nonFraction> shares
of common stock at purchase price of $<ix:nonFraction contextRef="c139" decimals="INF" format="ixt:num-dot-decimal" name="revb:PricePerShare1" scale="0" unitRef="usdPershares">12.94</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_4" id="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><ix:nonNumeric contextRef="c0" name="us-gaap:ClassOfWarrantOrRightReasonForIssuingToNonemployees">Each Common Warrant has an
exercise price of $3.29 per share of common stock, is exercisable at any time after the sixth month anniversary of the date of issuance,
will expire five and one-half years from the date of issuance and is subject to customary adjustments.</ix:nonNumeric> The Common Warrants may not be
exercised if the aggregate number of shares of the Company&#8217;s common stock beneficially owned by the holder (together with its affiliates)
would exceed <ix:nonFraction contextRef="c140" decimals="4" format="ixt:num-dot-decimal" name="revb:OutstandingCommonStockPercentage" scale="-2" unitRef="pure">4.99</ix:nonFraction>% of the Company&#8217;s outstanding common stock immediately after exercise. However, the holder may increase (upon
61 days&#8217; prior notice from the holder to the Company) or decrease such percentages, provided that in no event such percentage exceeds
<ix:nonFraction contextRef="c141" decimals="4" format="ixt:num-dot-decimal" name="revb:ExceedsPercentage" scale="-2" unitRef="pure">9.99</ix:nonFraction>%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_5" id="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also on January 23, 2022 and
in connection with the private placement, the Company entered into a registration rights agreement (the &#8220;Registration Rights Agreement&#8221;)
with the Purchaser, pursuant to which the Company agreed to use its best efforts to file a registration statement on Form S-1 (the &#8220;Registration
Statement&#8221;) to register for resale the Shares and any shares of the Company&#8217;s common stock issuable upon exercise of the Pre-Funded
Warrants and Common Stock Warrants by January 31, 2022, but in no event later than February 4, 2022. The company filed the Registration
Statement on January 28, 2022 and it became effective on February 7, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_6" id="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Roth Capital Partners, LLC
(the &#8220;Placement Agent&#8221;) was engaged by the Company to act as its exclusive placement agent for the private placement. The
Company agreed to pay the Placement Agent a cash fee equal to <ix:nonFraction contextRef="c142" decimals="3" format="ixt:num-dot-decimal" name="revb:CashFeePercentage" scale="-2" unitRef="pure">6.0</ix:nonFraction>% of the gross proceeds received by the Company in the private placement,
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common stock issuable upon the exercise of any of the Pre-Funded Warrants and Common Warrants) (the &#8220;Placement Agent Warrants&#8221;).
The Placement Agent Warrants have substantially the same terms as the Common Warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation id="_PIPEInvestmentOrSecuritiesPurchaseAgreementTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Using the Black-Scholes option
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at $<ix:nonFraction contextRef="c145" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AdditionalCollateralAggregateFairValue" scale="6" unitRef="usd">0.5</ix:nonFraction> million. Both were included in the issuance costs of the private placement (see Note 11).</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_PreferredStockTextBlock-c0_cont_1" escape="true" name="us-gaap:PreferredStockTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7. Preferred Stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c0_cont_2" id="_PreferredStockTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Merger, in August
2020, Revelation Sub authorized the sale and issuance of up to <ix:nonFraction contextRef="c146" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares">2,000,000</ix:nonFraction> shares of preferred stock, par value $<ix:nonFraction contextRef="c74" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> per share. At the
Closing Date of the Business Combination, all outstanding shares of the Series A Preferred Stock and Series A-1 Preferred Stock were converted
into <ix:nonFraction contextRef="c147" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertiblePreferredStockSharesIssuedUponConversion" scale="0" unitRef="shares">1,713,965</ix:nonFraction> and <ix:nonFraction contextRef="c148" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertiblePreferredStockSharesIssuedUponConversion" scale="0" unitRef="shares">1,865,238</ix:nonFraction>, respectively, of shares of common stock at an exchange ratio of <ix:nonFraction contextRef="c149" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockSharesIssued1" scale="0" unitRef="shares">2.725</ix:nonFraction> (see Note 3).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 167; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c0_cont_3" id="_PreferredStockTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The third amended and restated
certificate of incorporation of the Company authorizes up to <ix:nonFraction contextRef="c150" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares">5,000,000</ix:nonFraction> shares of preferred stock, $<ix:nonFraction contextRef="c8" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> par value per share, which may
be issued as designated by the Board of Directors without stockholder approval. As of March 31, 2022 and as of the date of this Report,
there was no preferred stock designated nor any such shares issued and outstanding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c0_cont_4" id="_PreferredStockTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Series A Preferred Stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c0_cont_5" id="_PreferredStockTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Merger, in December
2020, Revelation Sub sold and issued <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares">628,930</ix:nonFraction> shares of Series A Preferred Stock at $<ix:nonFraction contextRef="c5" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">6.36</ix:nonFraction> per share for net proceeds of $<ix:nonFraction contextRef="c78" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfConvertiblePreferredStock" scale="6" unitRef="usd">3.9</ix:nonFraction> million. All
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</div><div>

</div><ix:continuation continuedAt="_PreferredStockTextBlock-c0_cont_6" id="_PreferredStockTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Series A-1 Preferred Stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_PreferredStockTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Merger, in January
2021, Revelation Sub sold and issued <ix:nonFraction contextRef="c151" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares">684,450</ix:nonFraction> shares of Series A-1 Preferred Stock at $<ix:nonFraction contextRef="c151" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">6.36</ix:nonFraction> per share for net proceeds of $<ix:nonFraction contextRef="c152" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfConvertiblePreferredStock" scale="6" unitRef="usd">3.9</ix:nonFraction> million.
All shares of the Series A-1 Preferred Stock were exchanged on the Closing Date for common stock in connection with the Business Combination.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_UnitsTextBlock-c0_cont_1" escape="true" name="revb:UnitsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>8. Units</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_UnitsTextBlock-c0_cont_2" id="_UnitsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Company&#8217;s
IPO, in October of 2020, the Company issued unit&#8217;s that consists of one share of common stock and one warrant with an exercise price of
$<ix:nonFraction contextRef="c153" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares">11.50</ix:nonFraction> (the &#8220;Public Warrants&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_UnitsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2022 there
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of common stock and Public Warrant from the unit&#8217;s in its calculation of common stock and Public Warrants outstanding, respectively.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CommonStockTextBlock-c0_cont_1" escape="true" name="revb:CommonStockTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9. Common Stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_2" id="_CommonStockTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Business Combination,
in December 2020, Revelation Sub authorized the sale and issuance of up to <ix:nonFraction contextRef="c154" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">29,977,303</ix:nonFraction> shares of common stock, par value $<ix:nonFraction contextRef="c154" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> per share.
During 2020 Revelation Sub entered into multiple common stock purchase agreements that resulted in the issuance of <ix:nonFraction contextRef="c155" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" scale="0" unitRef="shares">6,292,140</ix:nonFraction> shares and
raised net proceeds of $<ix:nonFraction contextRef="c68" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="6" unitRef="usd">6.1</ix:nonFraction> million. Issuance costs were $<ix:nonFraction contextRef="c156" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfStockIssuanceCosts" scale="0" unitRef="usd">37,000</ix:nonFraction> related to the sale and issuance of common stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_3" id="_CommonStockTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Business Combination Transaction</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_4" id="_CommonStockTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Closing Date, the Company
authorized the sale and issuance of up to <ix:nonFraction contextRef="c113" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">100,000,000</ix:nonFraction> shares of common stock, $<ix:nonFraction contextRef="c113" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> par value per share. Additionally, an aggregate of
<ix:nonFraction contextRef="c114" decimals="INF" format="ixt:num-dot-decimal" name="revb:AggregateSharesOfCommonStock" scale="0" unitRef="shares">9,871,343</ix:nonFraction> shares of common stock, were issued in exchange for the Revelation Sub stock, outstanding as of immediately prior to the Effective
Time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_5" id="_CommonStockTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Immediately after giving effect
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</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_6" id="_CommonStockTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Closing Date, the Company
received net proceeds from the Business Combination of $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromPreviousAcquisition" scale="6" unitRef="usd">11.9</ix:nonFraction> million, of which $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="revb:EscrowedAmount" scale="6" unitRef="usd">7.7</ix:nonFraction> million was escrowed pursuant to a Forward Share Purchase
Agreement entered into by Petra and $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="revb:ReleasedAmount" scale="6" unitRef="usd">4.2</ix:nonFraction> million was released to Revelation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_7" id="_CommonStockTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Subsequent to Business Combination</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_8" id="_CommonStockTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 23, 2022, the Company
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</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_9" id="_CommonStockTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 31, 2022, the Company
issued <ix:nonFraction contextRef="c159" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">300,000</ix:nonFraction> shares of common stock as collateral to Loeb &amp; Loeb, LLP as part of a payment deferral of legal fees in connection
with the Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_10" id="_CommonStockTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 4, 2022, the Company
cancelled <ix:nonFraction contextRef="c160" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedDuringPeriodShares" scale="0" unitRef="shares">750,000</ix:nonFraction> shares in connection with the exercise of the Forward Share Purchase Agreement and approximately $<ix:nonFraction contextRef="c160" decimals="-5" format="ixt:num-dot-decimal" name="revb:SharesAmountRepurchasedEscrowedAndReturned" scale="6" unitRef="usd">7.7</ix:nonFraction> million that was
in escrow was paid to Meteora.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 168; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_11" id="_CommonStockTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 22, 2022, the
Company issued <ix:nonFraction contextRef="c161" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">1,293,541</ix:nonFraction> shares of common stock in connection with the notice of cash exercise for the Pre-Funded Warrants issued in connection
with the PIPE Investment with a total purchase price of $<ix:nonFraction contextRef="c139" decimals="2" format="ixt:num-dot-decimal" name="revb:PurchasePrice" scale="0" unitRef="usdPershares">12.94</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_12" id="_CommonStockTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 2, 2022, the Company
issued <ix:nonFraction contextRef="c162" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares">1,891</ix:nonFraction> shares of common stock in connection with a notice of cash exercise for the Company&#8217;s Rollover Warrants with a total
purchase price of $<ix:nonFraction contextRef="c162" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd">5,073</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommonStockTextBlock-c0_cont_13" id="_CommonStockTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2022 and 2021,
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been declared or paid.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_1" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10. Stock-Based Compensation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_2" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>2020 Equity Incentive Plan and 2021 Equity
Incentive Plan</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_3" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Merger, Revelation
Sub adopted the Revelation Biosciences, Inc. 2020 Equity Incentive Plan (the &#8220;2020 Plan&#8221;) on October 1, 2020 for the issuance
of stock stock-based awards. There was a total of <ix:nonFraction contextRef="c89" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" scale="0" unitRef="shares">885,693</ix:nonFraction> shares available for stock-based awards under the 2020 Plan of which <ix:nonFraction contextRef="c183" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" scale="0" unitRef="shares">460,706</ix:nonFraction>
shares had been used for RSU grants. On the Closing Date of the Business Combination, the outstanding RSU grants from the 2020 Plan where
exchanged for Rollover RSU&#8217;s and the 2020 Plan was cancelled and there are no additional shares available for grant under the 2020 Plan.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_4" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In January 2022, in connection
with the Business Combination, the Board of Directors adopted the 2021 Equity Incentive Plan (the &#8220;2021 Plan&#8221;) and reserved
<ix:nonFraction contextRef="c184" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" scale="0" unitRef="shares">1,294,421</ix:nonFraction> authorized shares of common stock the Company could issue. As of March 31, 2022, there were <ix:nonFraction contextRef="c185" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" scale="0" unitRef="shares">939,969</ix:nonFraction> shares available for future
grant under the 2021 Plan.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_5" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the 2021 Plan, stock
options and stock appreciation rights are granted at exercise prices determined by the Board of Directors which cannot be less than <ix:nonFraction contextRef="c186" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" scale="-2" unitRef="pure">100</ix:nonFraction>%
of the estimated fair market value of the common stock on the grant date. Incentive stock options granted to any stockholders holding
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_6" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2021 Plan is administered
by the Board of Directors. Vesting periods and other restrictions for grants under the 2021 Plan are determined at the discretion of the
Board of Directors. Grants to employees, officers, directors, advisors, and consultants of the Company typically vest over <ix:nonNumeric contextRef="c189" continuedAt="_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1-c189_cont_1" format="ixt-sec:durwordsen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">one</ix:nonNumeric> to <ix:nonNumeric contextRef="c190" format="ixt-sec:durwordsen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">four<ix:continuation id="_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1-c189_cont_1">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_7" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Restricted Stock Units</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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not record any incremental stock-based compensation expense since the fair value of the modified awards immediately after the modification
was not greater than the fair value of the original awards immediately before the modification.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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vest quarterly over one year for grants to the Board of Directors and quarterly over four years or <ix:nonFraction contextRef="c192" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" scale="-2" unitRef="pure">25</ix:nonFraction>% on the <ix:nonFraction contextRef="c8" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares">one</ix:nonFraction> year anniversary and
the remainder vesting monthly thereafter for grants to officers, employees and consultants.</ix:nonNumeric> Under the milestone-based vesting conditions,
the RSU awards will automatically vest when the Company&#8217;s shares of common stock are publicly traded on any over-the-counter market
or national stock exchange. On January 10, 2022, the milestone-based vesting condition was achieved with the consummation of the Business
Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_12" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock Options</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_13" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has granted stock
options with time-based vesting conditions. <ix:nonNumeric contextRef="c196" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">Under time-based vesting conditions, the stock options vest <ix:nonFraction contextRef="c197" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" scale="-2" unitRef="pure">25</ix:nonFraction>% on the one year anniversary
and the remainder vesting quarterly thereafter for grants to employees.</ix:nonNumeric> As of March 31, 2021, there were no vested shares of stock option
grants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_14" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_15" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recorded stock-based
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of unrecognized stock-based compensation expense related to unvested stock options. The unrecognized stock-based compensation expense
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_16" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of the stock
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_17" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_16"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_18" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Expected volatility is based
on the historical volatility of shares of the Company&#8217;s common stock. In determining the expected term of stock options, the Company
uses the &#8220;simplified&#8221; method. Under this method, the expected term is presumed to be the midpoint between the average vesting
date and the end of the contractual term. The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with
the expected term of the stock options in effect at the time of the grants. The dividend yield assumption is based on the expectation
of no future dividend payments by the Company. In addition to assumptions used in the Black-Scholes model, the Company reduces stock-based
compensation expense based on actual forfeitures in the period that each forfeiture occurs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_19" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The weighted-average remaining
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2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_20" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock-Based Compensation Expense</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_21"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_WarrantsTextBlock-c0_cont_1" escape="true" name="revb:WarrantsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>11. Warrants</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_2" id="_WarrantsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Public Warrants</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_3" id="_WarrantsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Company&#8217;s
IPO, the Company issued <ix:nonFraction contextRef="c202" decimals="0" format="ixt:num-dot-decimal" name="revb:ClassOfWarrantOrRightIssued" scale="0" unitRef="shares">7,278,151</ix:nonFraction> Public Warrants to purchase a share of common stock at an exercise price of $<ix:nonFraction contextRef="c202" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares">11.50</ix:nonFraction> per share and expire
on <ix:nonNumeric contextRef="c202" format="ixt:date-monthname-day-year-en" name="us-gaap:WarrantsAndRightsOutstandingMaturityDate">January 10, 2027</ix:nonNumeric>. The Public Warrants trade on the Nasdaq Capital Market under the ticker symbol REVBW.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_4" id="_WarrantsTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No Public Warrants will be
exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock issuable
upon exercise of the Public Warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing,
if a registration statement covering the shares of common stock issuable upon exercise of the Public Warrants is not effective within
a specified period following the consummation of a Business Combination, Public Warrant holders may, until such time as there is an effective
registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise
Public Warrants on a cashless basis pursuant to the exemption provided by Section 3(a) (9) of the Securities Act, provided that such exemption
is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their Public Warrants on
a cashless basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_5" id="_WarrantsTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may redeem the
Public Warrants at a price of $<ix:nonFraction contextRef="c203" decimals="2" format="ixt:num-dot-decimal" name="revb:PurchasePrice" scale="0" unitRef="usdPershares">0.01</ix:nonFraction> per Public Warrant upon not less than 30 days&#8217; prior written notice of redemption if, and only
if, the reported last sale price of the Company&#8217;s common stock equals or exceeds $<ix:nonFraction contextRef="c204" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">18.00</ix:nonFraction> per share for any 20 trading days within
a 30-trading day period ending on the third business day prior to the notice of redemption to the Public Warrant holders; and if, and
only if, there is a current registration statement in effect with respect to the shares of common stock underlying the Public Warrants.
If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise
the Public Warrants to do so on a &#8220;cashless basis,&#8221; as described in the warrant agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_6" id="_WarrantsTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Private Warrants</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_7" id="_WarrantsTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Company&#8217;s
IPO, the Company issued <ix:nonFraction contextRef="c205" decimals="0" format="ixt:num-dot-decimal" name="revb:ClassOfWarrantOrRightIssued" scale="0" unitRef="shares">3,233,446</ix:nonFraction> Private Warrants to purchase a share of common stock at an exercise price of $<ix:nonFraction contextRef="c205" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares">11.50</ix:nonFraction> per share and expire
on <ix:nonNumeric contextRef="c205" format="ixt:date-monthname-day-year-en" name="us-gaap:WarrantsAndRightsOutstandingMaturityDate">January 10, 2027</ix:nonNumeric>. Additionally, the Private Warrants are exercisable on a cashless basis at the holder&#8217;s option, and non-redeemable
so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than
the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such
holders on the same basis as the Public Warrants. Historically, there were certain features in the Private Warrants that created a warrant
liability. At the Closing of the Business Combination, the features that created the warrant liability were removed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_8" id="_WarrantsTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Rollover Warrants</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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with the issuance of the Series A-1 Preferred Stock through a private placement, Revelation Sub issued warrants to the placement agent
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Series A-1 Preferred Stock in the aggregate at $<ix:nonFraction contextRef="c207" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfWarrants" scale="0" unitRef="usd">326,675</ix:nonFraction> and included in the issuance costs of the Series A-1 Preferred Stock. The warrants
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</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_10" id="_WarrantsTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Closing Date of the
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</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_11" id="_WarrantsTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 2, 2022, the Company
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_13" id="_WarrantsTextBlock-c0_cont_12"><ix:nonNumeric contextRef="c208" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_14" id="_WarrantsTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Common Warrants</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_15" id="_WarrantsTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the PIPE
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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_18" id="_WarrantsTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Pre-Funded Warrants</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_19" id="_WarrantsTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the PIPE
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</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_20" id="_WarrantsTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 22, 2022, the
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</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_21" id="_WarrantsTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Placement Agent Warrants</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_WarrantsTextBlock-c0_cont_23" id="_WarrantsTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of the warrants
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</div><div>

</div><ix:continuation id="_WarrantsTextBlock-c0_cont_23"><ix:nonNumeric contextRef="c214" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the three months ended
March 31, 2022 and 2021, the Company did not recognize a provision for income taxes due to having recorded a full valuation allowance
against its deferred tax assets. As of March 31, 2022 and December 31, 2021, the Company established a full valuation allowance against
its deferred tax assets due to the uncertainty surrounding the realization of such assets. As of March 31, 2022 and December 31, 2021,
the Company had no unrecognized tax benefits. The Company does not anticipate there will be a significant change in unrecognized tax benefits
within the next 12 months.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SubsequentEventsTextBlock-c0_cont_1" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>13. Subsequent Events</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_SubsequentEventsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparing these condensed
consolidated financial statements, the Company has evaluated and determined there are no events and transactions for potential recognition
or disclosure through May 13, 2022, the date the financial statements were available to be issued.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 172; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_001.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REVELATION BIOSCIENCES, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Shares of Common Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Warrants to Purchase up to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Shares of Common Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pre-Funded Warrants to Purchase up to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Shares of Common Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Placement Agent Warrants to Purchase up to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares
of Common Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PROSPECTUS&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Roth Capital Partners</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>July , 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 173 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART&#160;II.&#160;INFORMATION NOT REQUIRED
IN PROSPECTUS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item&#160;13. Other Expenses of Issuance and
Distribution.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The estimated expenses of
the offering (assuming all shares are sold), all of which are to be paid by the Registrant, are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="width: 8%">&#160;</td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing Expenses</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td>&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item&#160;14. Indemnification of Directors
and Officers.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As permitted by Section&#160;102
of the Delaware General Corporation Law, we have adopted provisions in our Charter and amended and restated bylaws that limit or eliminate
the personal liability of our directors for a breach of their fiduciary duty of care as a director. The duty of care generally requires
that, when acting on behalf of the corporation, directors exercise an informed b<span style="font-family: Times New Roman, Times, Serif">usiness
judgment based on all material information reasonably available to them. Consequently, a director will not be personally liable to us
or our stockholders for monetary damages for breach of fiduciary duty as a director, except for liability for:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any transaction from which
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">These
limitations of liability do not affect the availability of equitable remedies such as injunctive relief or rescission. Our amended and
restated c</span>ertificate of incorporation also authorizes us to indemnify our officers, directors and other agents to the fullest
extent permitted under Delaware law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 174; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As permitted by Section&#160;145
of the Delaware General Corporation Law, our amended and restated bylaws provide that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may indemnify our directors, officers and employees to the fullest extent permitted by the Delaware General Corporation Law, subject to limited exceptions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Charter and our amended
and restated bylaws provide for the indemnification provisions described above and elsewhere herein. We have entered or will enter into,
and intend to continue to enter into, separate indemnification agreements with our directors and officers that may be broader than the
specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements generally require
us, among other things, to indemnify our officers and directors against certain liabilities that may arise by reason of their status or
service as directors or officers, other than liabilities arising from willful misconduct. These indemnification agreements also generally
require us to advance any expenses incurred by the directors or officers as a result of any proceeding against them as to which they could
be indemnified. These indemnification provisions and the indemnification agreements may be sufficiently broad to permit indemnification
of our officers and directors for liabilities, including reimbursement of expenses incurred, arising under the Securities Act&#160;of&#160;1933,
as amended, or the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have purchased and currently
intend to maintain insurance on behalf of each and every person who is or was a director or officer of the company against any loss arising
from any claim asserted against him or her and incurred by him or her in any such capacity, subject to certain exclusions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item&#160;15. Recent Sales of Unregistered
Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 25, 2022, the Company
issued 1,293,126 shares of common stock at a gross purchase price of $3.00 per share, 1,293,541 unregistered pre-funded warrants to purchase
common stock (the &#8220;Pre-Funded Warrants&#8221;) and 2,586,667 unregistered warrants to purchase common stock (the &#8220;Common Warrants&#8221;
and together with the Pre-Funded Warrants, collectively, the &#8220;Warrants&#8221;) pursuant to a Securities Purchase Agreement dated
January&#160;23, 2022 with an institutional investor (&#8220;Purchaser&#8221;). The gross proceeds to the Company, before deducting placement
agent fees and other offering expenses, were approximately $7.76&#160;million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Pre-Funded Warrant has
been funded to the amount of $3.00, with $0.00001 per share of common stock payable upon exercise, is immediately exercisable, may be
exercised at any time until exercised in full and is subject to customary adjustments. Each Common Warrant has an exercise price of $3.29
per share of common stock, is exercisable at any time after the sixth month anniversary of the date of issuance, will expire five and
one-half&#160;years from the date of issuance and is subject to customary adjustments. The Pre-Funded Warrants may not be exercised if
the aggregate number of shares of the Company&#8217;s common stock beneficially owned by the holder (together with its affiliates) would
exceed 9.99% of the Company&#8217;s outstanding common stock immediately after exercise. The Common Warrants may not be exercised if the
aggregate number of shares of the Company&#8217;s common stock beneficially owned by the holder (together with its affiliates) would exceed
4.99% of the Company&#8217;s outstanding common stock immediately after exercise. However, in each case, the holder may increase (upon
61&#160;days&#8217; prior notice from the holder to the Company) or decrease such percentages, provided that in no event such percentage
exceeds 9.99%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Roth Capital Partners, LLC
(the &#8220;Placement Agent&#8217;) was engaged by the Company to act as its exclusive placement agent for the offering of the above described
securities (the &#8220;Offering&#8221;). The Company agreed to pay the Placement Agent a cash fee equal to 6.0% of the gross proceeds
received by the Company in the Offering, totaling approximately $465,600. In addition, the Company agreed to issue to the Placement Agent
warrants to purchase up to 362,134 shares of common stock (representing 7.0% of the aggregate number of shares of common stock sold in
the Offering (including shares of common stock issuable upon the exercise of any of the Warrants)) (the &#8220;Placement Agent Warrants&#8221;).
The Placement Agent Warrants have substantially the same terms as the Common Warrants.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 175; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sales of these securities
were deemed to be exempt from registration under the Securities Act in reliance upon Section&#160;4(a)(2)&#160;of the Securities Act and/or
Regulation&#160;D promulgated thereunder. The purchasers of the securities acquired the securities for investment purposes only and not
with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the stock certificates
issued in these transactions. The registrant believes that all recipients of securities in these transactions were accredited investors,
sophisticated investors, or had adequate access, through their relationships with the registrant, to information about the registrant.
The sales of these securities were made without any general solicitation or advertising.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16. <span style="text-decoration:underline">Exhibits</span>.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents are
filed as part of this Registration Statement:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="margin: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Exhibit</b></span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 90%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1810560/000121390021064987/fs42021a3_petraacq.htm">Agreement and Plan of Merger, dated as of August&#160;29, 2021 by and among Petra Acquisition, Inc., Petra Acquisition Merger Inc., and Revelation Biosciences, Inc.</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1810560/000121390021064987/fs42021a3_petraacq.htm">Third Amended and Restated Certificate of Incorporation</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390021063766/fs42021a2ex3-4_petraacq.htm">Second Amended and Restated Bylaws.</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020022817/fs12020a2ex4-1_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Unit Certificate</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020019100/fs12020ex4-2_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Common Stock Certificate</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020022817/fs12020a2ex4-3_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Warrant Certificate</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390021063766/fs42021a2ex4-4_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Common Stock Certificate of the Combined Entity</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5<sup>(2)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020031128/ea128173ex4-1_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Agreement, dated October&#160;7, 2020, between Continental Stock Transfer&#160;&amp; Trust Company and the Company</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6<sup>(5)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390022003972/ea154396ex4-1_revelation.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Unregistered Pre-Funded Common Stock Purchase Warrant dated January 25, 2022</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7<sup>(5)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390022003972/ea154396ex4-2_revelation.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Unregistered Common Stock Purchase Warrant dated January 25, 2022</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8<sup>(5)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390022003972/ea154396ex4-3_revelation.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Unregistered Placement Agent Warrant dated January 25, 2022</span></a></td></tr>

<tr style="vertical-align: top; ">
    <td style="width: 9%"><span style="font-size: 10pt">4.9*</span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="text-align: justify; width: 90%"><a href="ea162613ex4-9_revelation.htm">Form of C<span style="font-size: 10pt">ommon Stock Purchase Agreem<span style="font-family: Times New Roman, Times, Serif">ent</span></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10*</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="ea162613ex4-10_revelation.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Pre-Funded Common
    Stock Purchase Warrant</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11*</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="ea162613ex4-11_revelation.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Placement Agent
    Common Stock Purchase Warrant</span></a></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1**</span></td>
    <td style="white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of
    J.P. Galda &amp; Co. as to the validity of the shares of Common Stock of Revelation Biosciences, Inc.</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1<sup>(1)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020023736/fs12020a3ex10-1_petraacq.htm">Form of Letter Agreement from each of the Registrant&#8217;s sponsor, initial stockholder, officers and directors.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2<sup>(2)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020031128/ea128173ex10-3_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement, dated October&#160;7, 2020, between the Company and Investors.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3<sup>(2)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020031128/ea128173ex10-4_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Agreement, dated October&#160;7, 2020, between the Company and Petra Investment Holdings LLC</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4<sup>(2)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020031128/ea128173ex10-5_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Combination Marketing Agreement, dated October&#160;7, 2020, by and among the Company, LifeSci Capital LLC, Ladenburg Thalmann&#160;&amp; Co. Inc., Northland Securities, Inc., and Ingalls&#160;&amp; Snyder LLC</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5<sup>(2)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020031128/ea128173ex10-2_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Escrow Agreement, dated October&#160;7, 2020, by and among the Company, Continental Stock Transfer&#160;&amp; Trust Company and the Company&#8217;s Initial Stockholders.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6<sup>(1)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020019100/fs12020ex10-3_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7&#8224;<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1810560/000121390021064987/fs42021a3_petraacq.htm">Revelation Biosciences, Inc. 2021 Equity Incentive Plan.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390021056625/fs42021a1ex10-9_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global Health Agreement by and between Revelation and AXA IM Prime Impact Fund dated December&#160;31, 2020</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390021048712/fs42021ex10-11_petraacq.htm">Executive Employment Agreement between Revelation Biosciences, Inc. and James Rolke, effective July&#160;27, 2021</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390021048712/fs42021ex10-12_petraacq.htm">Executive Employment Agreement between Revelation Biosciences, Inc. and Chester S. Zygmont,&#160;III, effective July&#160;27, 2021</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11<sup>(3)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390021048712/fs42021ex10-13_petraacq.htm">Revelation Common Stock Warrant Issued to National Securities Corporation</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12<sup>(5)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390022003972/ea154396ex10-1_revelation.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Purchase Agreement dated January 23, 2022 by and between the Company and Armistice Capital Master Fund Ltd.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13<sup>(5)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390022003972/ea154396ex10-2_revelation.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement dated January 23, 2022 by and between the Company and Armistice Capital Master Fund Ltd.</span></a></td></tr>

<tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="width: 9%"><span style="font-size: 10pt">10.14*</span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="text-align: justify; width: 90%"><a href="ea162613ex10-14_revelation.htm"><span style="font-size: 10pt">Form of Securities Purchase Agreement</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.15*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="ea162613ex10-15_revelation.htm"><span style="font-size: 10pt">Form of Lock-Up Agreement</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">10.16*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="ea162613ex10-16_revelation.htm"><span style="font-size: 10pt">Form of Placement Agency Agreement</span></a></td></tr>
  </table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14<sup>(1)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020019100/fs12020ex14_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1<sup>(4)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390022002152/ea154019ex21-1_revelation.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of Subsidiaries.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="ea162613ex23-1_revelation.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Baker Tilly US, LLP, independent registered public accounting firm of Revelation Biosciences, Inc.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2**</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of J.P. Galda &amp; Co. (included as part of the opinion filed as Exhibit 5.1 hereto and incorporated herein by reference).</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#P_001">Power of Attorney (contained on signature page to the registration statement).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1<sup>(1)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020019100/fs12020ex99-1_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Committee Charter</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2<sup>(1)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020019100/fs12020ex99-2_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation Committee Charter</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3<sup>(1)</sup></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1810560/000121390020019100/fs12020ex99-3_petraacq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nominating Committee Charter</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="ea162613ex-fee_revelation.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration fee table</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Instance Document&#160;&#8211;&#160;the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Scema Document</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The annexes, schedules, and
certain exhibits to the Agreement and Plan of Merger have been omitted pursuant to Item&#160;601(b)(2)&#160;of Regulation&#160;S-K.&#160;Revelation
hereby agrees to furnish supplementally a copy of any omitted annex, schedule or exhibit to the SEC upon request.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously filed as an exhibit to Petra Acquisition Inc.&#8217;s Registration Statement on Form&#160;S-1, as amended (File No.&#160;333-240175).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously filed as an exhibit to Petra Acquisition Inc.&#8217;s Current Report on Form&#160;8-K filed on October&#160;13, 2020.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously filed as an exhibit to Petra Acquisition Inc.&#8217;s Current Report on Form S-4 filed, as amended (File No. 333- 259638).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously filed as an exhibit to Revelation Biosciences, Inc.&#8217;s Current Report on Form 8-K filed on January 14, 2022.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item&#160;17. Undertakings.</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p><div>

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or other than prospectuses filed in reliance on Rule&#160;430A (&#167;&#167;230.430A of this chapter), shall be deemed to be part of and
included in the Registration Statement as of the date it is first used after effectiveness. Provided however, that no statement made in
a registration statement or prospectus that is part of the Registration Statement or made in a document incorporated or deemed incorporated
by reference into the registration statement or prospectus that is part of the Registration Statement will, as to a purchaser with a time
of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus
that was part of the Registration Statement or made in any such document immediately prior to such date of first use.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Registrant undertakes that in a
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sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications,
the Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><b>&#160;</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><b>&#160;</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act&#160;of&#160;1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of San Diego, California, on July 13, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="width: 4%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="P_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>POWER OF ATTORNEY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each person whose signature
appears below hereby constitutes and appoints Chester S.&#160;Zygmont,&#160;III. and Joseph P.&#160;Galda, and each of them, as his true
and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him and in his name, place and stead,
in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary
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{"company-data": {"conformed-name": "REVELATION BIOSCIENCES, INC.", "cik": "0001810560", "assigned-sic": "2834", "irs-number": "843898466", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-266108", "film-number": "221080033"}, "business-address": {"street1": "4660 LAJOLLA VILLAGE DRIVE", "street2": "SUITE 100", "city": "SAN DIEGO", "state": "CA", "zip": "92122", "phone": "650-800-3717"}, "mail-address": {"street1": "4660 LAJOLLA VILLAGE DRIVE", "street2": "SUITE 100", "city": "SAN DIEGO", "state": "CA", "zip": "92122"}, "former-company": {"former-conformed-name": "Petra Acquisition Inc.", "date-changed": "20200423"}}
As filed with the U.S. Securities and Exchange
Commission on July 13, 2022.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
S-1
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
REVELATION BIOSCIENCES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(Jurisdiction of incorporation or organization)
2834
84-3898466
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
4660 La Jolla Village Drive, Suite 100, San
Diego, CA 92122
(
Address, including zip code, and telephone number, including area code, of Registrant's
principal executive offices)
650-800-3717
(
Registrant's telephone number, including
area code)
James Rolke
Chief Executive Officer
Revelation Biosciences, Inc.
4660 La Jolla Village Drive, Suite 100
San Diego, California 92122
650-800-3717
(Name, address and phone number of agent for
service)
Copies of Communications to:
J.P. Galda, Esq.
Robert F. Charron, Esq.
J.P. Galda & Co.
Ellenoff Grossman & Schole LLP
40 East Montgomery Avenue LTW 220
1345 Avenue of the Americas
Ardmore, Pennsylvania 19003
New York, New York 10105
(215) 815-1534
(212) 370-1300
Approximate date of commencement of proposed
sale to the public:
As soon as practicable after the effective date of this Registration Statement.
If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the
following box. ☒
If this form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering. ☐
If this form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. ☐
If this form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company,"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
☐
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION
STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH
SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES
ACT OF 1933 OR UNTIL THIS REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION
8(a), MAY DETERMINE.
The information in this
preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with
the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Subject to Completion,
Dated July        , 2022
PRELIMINARY PROSPECTUS
REVELATION BIOSCIENCES, INC.
Shares of Common Stock
Warrants to Purchase up to                 Shares of Common
Stock
Pre-Funded Warrants to Purchase up to               Shares
of Common Stock
Placement Agent Warrants to Purchase up to               Shares
of Common Stock
This is a best efforts
public offering of                shares of our common stock
and warrants to purchase up to shares of our common stock (which we refer to as "New Common Stock Warrants") at a combined
public offering price of $ per share of common stock and accompanying New Common Stock Warrant. Each New Common Stock Warrant is immediately
exercisable for one share of common stock at an exercise price of $ share and will expire five years from the date of issuance.
We are also offering
to those purchasers, if any, whose purchase of common stock in this offering would otherwise result in any such purchaser, together with
its affiliates, beneficially owning more than 4.99% (or, at the election of such purchaser, 9.99%) of our outstanding common stock immediately
following the consummation of this offering, the opportunity to purchase pre-funded warrants in lieu of shares of our common stock that
would otherwise result in such purchaser's beneficial ownership exceeding 4.99% (or, at the election of such purchaser, 9.99%) of
our outstanding common stock. The purchase price for each pre-funded warrant will equal the per share public offering price for the common
stock in this offering less the $0.0001 per share exercise price of each such pre-funded warrant. Each pre-funded warrant will be exercisable
upon issuance and will not expire prior to exercise.
Our common stock is
quoted for trading on the Nasdaq Capital Market under the symbol "REVB". On July __, 2022, the last reported sales price
for our common stock was $ per share. The actual public offering price per share and accompanying New Common Stock Warrant will be determined
between us, the Placement Agent and the investors in the offering, and may be at a discount to the current market price of our common
stock. Therefore, the assumed public offering price used throughout this prospectus may not be indicative of the final offering price.
We do not intend to apply for listing of the New Common Stock Warrants or pre-funded warrants on any national securities exchange or
trading system.
An investment
in our common stock and warrants involves a high degree of risk. Before buying any securities you should carefully read the
discussion of the material risks of investing in our common stock and warrants in "Risk Factors" beginning on page 7 of
this prospectus.
We have engaged Roth
Capital Partners, LLC as our exclusive placement agent ("Roth" or the "Placement Agent") to use its reasonable
best efforts to solicit offers to purchase our securities in this offering. The Placement Agent has no obligation to purchase any of the
securities from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities. Because there is
no minimum offering amount required as a condition to closing in this offering the actual public amount, placement agent's fee,
and proceeds to us, if any, are not presently determinable and may be substantially less than the total maximum offering amounts set forth
above and throughout this prospectus. We have agreed to pay the Placement Agent the placement agent fees set forth in the table below
and to provide certain other compensation to the Placement Agent. See "Plan of Distribution" beginning on page 116 of
this prospectus for more information regarding these arrangements.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION
("SEC") NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS
IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Per Share and
related New
Common Stock
Warrant (2)
Per Pre-Funded
Warrant and related
New Common Stock
Warrant (2)
Total
Public offering price
$
$
$
Placement Agent fees (1)
$
$
$
Proceeds to use before offering expenses (3)
$
$
$
(1)
Does
    not reflect additional compensation to the Placement Agent in the form of warrants to purchase up to        
     shares of common stock at an exercise price equal to 100% of the public offering price. We have also agreed to reimburse the
    Placement Agent for certain expenses. See "Plan of Distribution" on page 116 of this prospectus for a description
    of these arrangements.
(2)
The
    public offering price and Placement Agent fee corresponds to (x)(i) a public offering price per share of $        
     and (ii) a public offering price per New Common Stock Warrant of $          ,
    and (y)(i) a public offering price per pre-funded warrant of $        and (ii) a public offering
    price per New Common Stock Warrant of $         .
(3)
We
    estimate the total expenses of this offering will be approximately $          .
We expect to deliver our shares, New Common Stock Warrants and pre-funded
warrants, if any, to purchasers in the offering on or about , 2022.
Roth Capital Partners
Dated:
,
2022
TABLE OF CONTENTS
Page
MARKET AND INDUSTRY DATA
ii
TRADEMARKS
ii
INTRODUCTORY NOTE
ii
FREQUENTLY USED TERMS
iii
ABOUT THIS PROSPECTUS
vi
PROSPECTUS SUMMARY
1
SUMMARY OF THE OFFERING
4
RISK FACTORS
7
FORWARD-LOOKING STATEMENTS
46
USE OF PROCEEDS
46
MARKET INFORMATION FOR SECURITIES AND DIVIDEND POLICY
47
CAPITALIZATION
47
DILUTION
48
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
49
DESCRIPTION OF THE COMPANY'S BUSINESS
58
DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
94
EXECUTIVE OFFICER AND DIRECTOR COMPENSATION OF REVELATION
99
OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END
101
DIRECTOR COMPENSATION
101
DESCRIPTION OF SECURITIES
102
SECURITIES ACT RESTRICTIONS ON RESALE OF COMMON STOCK
113
SECURITY OWNERSHIP OF MANAGEMENT AND
    CERTAIN BENEFICIAL OWNERS
114
PLAN OF DISTRIBUTION
116
CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS, AND DIRECTOR INDEPENDENCE
118
INTERESTS OF NAMED EXPERTS AND COUNSEL
123
DISCLOSURE OF COMMISSION POSITION OF INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
123
WHERE YOU CAN FIND MORE INFORMATION
125
INDEX TO FINANCIAL STATEMENTS
F-1
i
MARKET AND INDUSTRY DATA
We are responsible for the disclosure contained
in this prospectus. However, certain information contained in this document relates to or is based on studies, publications, surveys and
other data obtained from third-party sources, and Revelation's own internal estimates and research. While we believe these third-party
sources to be reliable as of the date of this prospectus, we have not independently verified the market and industry data contained in
this prospectus or the underlying assumptions relied on therein. Finally, while we believe our own internal research is reliable, such
research has not been verified by any independent source. The market and industry data used in this prospectus involve a number of assumptions
and limitations, and any estimates underlying such market information and other factors, including those described in the section titled
"Risk Factors," could cause actual results to differ materially from those expressed in the third-party estimates and in our
estimates.
TRADEMARKS
This document contains references to trademarks,
trade names and service marks belonging to other entities. Solely for convenience, trademarks, trade names and service marks referred
to in this prospectus may appear without the
®
or
TM
symbols, but such references are not intended to indicate,
in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and
trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship
with, or endorsement or sponsorship of us by, any other companies.
INTRODUCTORY NOTE
On January 10, 2022, Petra Acquisition, Inc.,
a Delaware corporation and our predecessor company ("Petra"), consummated the business combination (the "Business Combination"),
pursuant to the terms of the agreement and plan of merger, dated as of August 29, 2021 (the "Business Combination Agreement"),
by and among Petra, Petra Acquisition Merger, Inc., a Delaware corporation and wholly-owned subsidiary of Petra ("Merger Sub"),
and Revelation Biosciences, Inc. ("Old Revelation"). Pursuant to the Business Combination Agreement, on the Closing Date,
(i) Merger Sub merged with and into Old Revelation (the "Merger"), with Old Revelation as the surviving company in the
Merger, and, after giving effect to such Merger, Old Revelation was renamed Revelation Biosciences Sub, Inc. and became a wholly-owned
subsidiary of Petra ("Revelation Sub") and (ii) Petra changed its name to "Revelation Biosciences, Inc."
("Revelation" or the "Company" f/k/a Petra Acquisition, Inc.).
Except where the context requires otherwise, references
herein to "Revelation" refers to Revelation Sub.
ii
FREQUENTLY USED TERMS
Unless otherwise stated or unless the context
otherwise requires, the terms "
we
," "
us
," "
our
," and "
Revelation
"
refer to Revelation Biosciences, Inc., and its subsidiary.
In this document:
"
ACEII
" means Angiotensin Converting
Enzyme II receptor.
"
AKI
" means acute kidney injury.
"
ANDA
" means abbreviated new
drug application.
"
API
" means Active Pharmaceutical
Ingredient.
"
ARDS
" means acute respiratory
distress syndrome.
"
AUC
" means area under the
curve.
"
BLA
" refers to the Biologics
License Application.
"
BPCIA
" means the Biologics
Price Competition and Innovation Act of 2009.
"
Business Combination
" means
the business combination pursuant to the Business Combination Agreement.
"
Business Combination Agreement
"
means the Agreement and Plan of Merger, dated as of August 29, 2021, by and among Petra, Merger Sub and Old Revelation.
"
CCPA
" means California Consumer
Privacy Act.
"
CDC
" means Centers for Disease
Control and Prevention.
"
CDHS
" means California Department
of Health Services.
"
CE
" means Conformitè
Europëenne.
"
Charter
" means Revelation's
current third amended and restated certificate of incorporation as filed with the Secretary of State of the State of Delaware on January 10,
2022.
"
CKD
" means
chronic kidney disease.
"
CMS
" means Centers for Medicare
& Medicaid Services.
"
Common Stock
" means common
stock of Revelation, $0.001 par value.
"Common Warrants"
means the
common stock purchase warrants issued to a selling stockholder with an exercise price of $3.29 per share.
"
cGCP
" or "
GCP
"
means the current Good Clinical Practices.
"
cGLP
" or "
GLP
"
means the current Good Laboratory Practices.
"
cGMP
" or "
GMP
"
means the current Good Manufacturing Practices.
"
CMO
" means contract manufacturing
organization.
"
Code
" means the Internal Revenue
Code of 1986, as amended.
"
COPD
" means chronic obstructive
pulmonary disease.
"
CRO
" means contract research
organization.
iii
"
DGCL
" means the Delaware General
Corporation Law.
"
DSMB
" means data safety monitoring
board.
"
EEA
" means the European Economic
Area.
"
ELISA
" means enzyme-linked
immunosorbent assay.
"
EMA
" means the European Medicines
Agency.
"
EU
" means the European Union.
"
Exchange Act
" means the
Securities Exchange Act of 1934, as amended.
"
FCA
" means the False Claims
Act.
"
FDA
" means the U.S. Food
and Drug Administration.
"
FDASIA
" means Food and Drug
Administration Safety and Innovation Act.
"
FD&C Act
" means Federal
Food, Drug, and Cosmetic Act.
"
FINRA
" means Financial Industry
Regulatory Authority.
"
GAAP
" refers to the generally
accepted accounting principles.
"
GDPR
" means the General Data
Protection Regulation ((EU) 2016/679).
"
GLA
" means glucopyranosyl
lipid A.
"
HHS
" means the U.S. Department
of Health and Human Services.
"
HIPAA
" means the Health Insurance
Portability and Accountability Act of 1996.
"
IDE
" means Investigational
Device Exemption.
"
IFN
" means interferon.
"
IM
" means intramuscular.
"
IND
" means Investigational
New Drug Application.
"
IPO
" means our initial public
offering, which was consummated on October 13, 2020.
"
IRB
" means institutional review
board.
"
IVD
" means in vitro diagnostic.
"
JOBS Act
" means the Jumpstart
Our Business Startup Act of 2012, as amended.
"
LOD
" means limit of detection.
"
LPS
" means a major component
of gram-negative bacterial cell membrane, lipopolysaccharide.
"
MMID
" means mild to moderate
influenza disease.
"
MPLA
" means monophosphoryl
lipid A.
iv
"
Nasdaq
" means The Nasdaq Stock
Market, LLC.
"
Nasdaq Capital Market
" means
The Nasdaq Stock Market, LLC's Nasdaq Capital Market listing tier.
"
NASH
"
means non-alcoholic steatohepatitis.
"
NDA
" means New Drug Application.
"
PAMP
" means pathogen-associated
molecular patterns.
"
Petra
" means Petra Acquisition,
Inc., our predecessor, prior to the Business Combination.
"
PCR
" means polymerase chain
reaction.
"
PCT
" means
"
PHAD
®
" means
phosphorylated hexaacyl disaccharide.
"
PMA
" means Premarket Approval
Application.
"
Private Warrants
" means the
warrants sold by Petra in its IPO.
"
Program Products
" refers to
Revelation's product candidates (REVTx-99b, REVTx-200 and REVTx-300) and Revelation's diagnostic device program (REVDx-501).
"
Public Warrants
" means the
warrants underlying the Units sold in the IPO.
"
QSR
" means Quality System
Regulation.
"
DAM
P" means damage associated
molecular pattern receptors.
"
REVDx-501
" means Revelation's
lead diagnostic device program.
"
REVTx-99a
" means Revelation's
therapeutic product candidate that was being developed for the prevention and treatment of respiratory viral infections.
"
REVTx-99b
" means Revelation's
therapeutic product candidate being developed as a prevention or treatment for chronic nasal congestion and allergic rhinitis.
"
REVTx-200
" means Revelation's
intranasal adjunct vaccine product candidate.
"
REVTx-300
" means Revelation's
therapeutic product candidate being developed as a treatment for chronic organ disease including CKD and NASH.
"
RSU
" means restricted stock
unit.
"
SARS-CoV-2
" means severe respiratory
syndrome coronavirus 2.
"
SEC
" means the United States
Securities and Exchange Commission.
"
Securities Act
" means the
Securities Act of 1933, as amended.
"
Sunshine Act
" means the Physician
Payment Sunshine Act.
"
TEAEs
" means treatment emergent
adverse events.
"
TLR
" means Toll-like receptors.
"
TLR-4
" means Toll-like receptor
4.
"
Units
" means units of Petra
issued in our IPO consisting of one share of Common Stock and one Public Warrant.
"
USPTO
" means U.S. Patent
and Trademark Office.
v
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement
that we have filed with the SEC pursuant to which the selling stockholders named herein may, from time to time, offer and sell or otherwise
dispose of the shares of our common stock covered by this prospectus. You should not assume that the information contained in this prospectus
is accurate on any date subsequent to the date set forth on the front cover of this prospectus, even though this prospectus is delivered
or Shares of Common Stock are sold or otherwise disposed of on a later date. It is important for you to read and consider all information
contained in this prospectus in making your investment decision. You should also read and consider the information in the documents to
which we have referred you under "Where You Can Find Additional Information."
We have not authorized anyone to give any information
or to make any representation to you other than those contained in this prospectus. You must not rely upon any information or representation
not contained in this prospectus. This prospectus does not constitute an offer to sell or the solicitation of an offer to buy any of our
Shares of Common Stock other than the shares of our common stock covered hereby, nor does this prospectus constitute an offer to sell
or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation
in such jurisdiction. Persons who come into possession of this prospectus in jurisdictions outside the United States are required
to inform themselves about, and to observe, any restrictions as to the offering and the distribution of this prospectus applicable to
those jurisdictions.
vi
PROSPECTUS
SUMMARY
This summary description about us and our business
highlights selected information contained elsewhere in this prospectus. To understand this offering fully, you should read carefully the
entire prospectus, including "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements."
Unless the context indicates or suggests otherwise, references to "we," "our," "us," the "Company,"
or the "Registrant" refer to Revelation Biosciences, Inc., a Delaware corporation, and its subsidiary.
Our Business
Revelation is a clinical-stage biopharmaceutical
company founded in May 2020. We are focused on the development or commercialization of innate immune system therapeutics and diagnostics.
Our current product candidates were developed by Revelation to potentially prevent, treat and detect allergies or viral infections. Our
therapeutic product candidates are based on our therapeutic platform and consist of, REVTx-99a, which was being developed for the prevention
or treatment of a wide array of viral infections until June of 2022, REVTx-99b, which is being developed for the prevention or treatment
of nasal congestion due to allergies or chronic rhinosinusitis, REVTx-200 our nonclinical stage product being developed as a potential
intranasal therapy that will be administered concurrently with a commercially available IM vaccine and REVTx-300 our non-clinical stage
product being developed as a potential therapy for the treatment of chronic organ disease including CKD and NASH. Our lead diagnostic,
REVDx-501 (REVID
TM
Rapid Test Kit), is being developed as a rapid point of care diagnostic product that can potentially be
used to detect various respiratory viral infections. The diagnostic is similar to a home pregnancy test with a simple to read visual readout
in less than 15 minutes without the need for specialized instrumentation or complicated sample collection.
The Therapeutic Platform
Our therapeutic platform is based on the active
ingredient PHAD
®
, a synthetic version of MPLA. Currently, as part of the platform we have focused on the development of
REVTx-99a, REVTx-99b, REVTx-200 and REVTx-300. The current differences between REVTx-99a, REVTx-99b and REVTx-200 (and as development
progresses may) include indications, dosage, timing of dosing, formulations and delivery methods of the drug product.
●
REVTx-99a
was being developed as a broad anti-viral nasal drop solution for the potential prevention or potential treatment of respiratory viral
infections until June of 2022.
●
REVTx-99b
is being developed as a prevention or treatment for chronic nasal congestion and allergic rhinitis.
●
REVTx-200
is our nonclinical stage product being developed as a potential intranasal therapy that will be administered concurrently with a commercially
available IM vaccine.
●
REVTx-300
is our non-clinical stage product being developed as a potential therapy for the treatment of chronic organ disease including CKD and
NASH.
The therapeutic platform focuses on the activation
of protein receptors on the surface of cells exposed to the outside environment designed to recognize pathogen molecules. These cell surface
receptors are called pathogen pattern receptors, a subset of which are the TLR. One such TLR is TLR-4 which is most well-known for recognition
of LPS. The active ingredient PHAD
®
, mimics LPS to potentially activate TLR-4, without the adverse symptoms and toxicity
related to LPS.
REVTX-99a
REVTx-99a was being developed as a broad anti-viral
nasal drop solution for the potential prevention or potential treatment of respiratory viral infections until June of 2022.
We conducted a Phase 2b study which began
enrollment in December 2021 and on March 30, 2022 we announced that the primary endpoint of the Phase 2b study, AUC of viral load
measured by RT-PCR from nasopharyngeal swabs, did not meet statistical significance. We received the full data package during the second
quarter of 2022 and have determined to stop all future clinical development of REVTx-99a.
REVTx-99b
REVTx-99b is being developed as a prevention or
treatment for chronic nasal congestion and allergic rhinitis. During the development of REVTx-99a we found that there may be benefit for
people that suffer from chronic nasal congestion and allergic rhinitis which lead to the early development of REVTx-99b. There are three
possible mechanisms of action via the TLR4 pathway for REVTx-99b. They are (i) by the possible induction of a physical barrier to allergens,
(ii) by the possible reduction of IgE secretion as a result of IFN upregulation and (iii) possible because IP-10 competes for the native
eotaxin receptor.
We were granted ethics committee approval from
Bellberry Limited Human Research Ethics Committee in Australia to conduct our Phase 1b allergen challenge study in October of 2021.
The study began enrollment in December 2021, dosing commenced in January 2022 and on June 13, 2022 we announced completion of
dosing. Top-line data is expected in the third quarter of 2022. The Company plans to conduct a Phase 1/2 clinical study to evaluate the
safety and efficacy of REVTx-99b paired with a nasal delivery system (e.g. the spray device) in allergy patients during 2023.
1
REVTx-200
REVTx-200 is our nonclinical stage product being
developed as a potential intranasal therapy that will be administered concurrently with a commercially available IM vaccine. We believe
concurrent stimulation of the nasal mucosa with REVTx-200 upon IM vaccination may provide a more complete immunization. REVTx-200 utilizes
the same active ingredient (PHAD
®
) used in REVTx-99a/b. However, based on feedback from the FDA, we believe REVTx-200 will
be regulated as a biologic, and not as a therapeutic, since it is concurrently administered with another vaccine. As such we believe the
approval process will require its own unique development pathway to be approved for this use.
We hypothesize that optimal protection from a
vaccine requires both a systemic immune response elicited by the IM vaccine injection and a mucosal immune response elicited by the intranasal
administration of REVTx-200 developed by recruiting immune cells into the mucosal immune system. We believe that intranasal administration
of REVTx-200 will result in improved recruitment of vaccine-specific activated adaptive immune cells (e.g. T cells and B cells) into the
nasal mucosa. Biomarker data from our Phase 1 therapeutic clinical study (RVL-NHV01) supports this hypothesis. In particular, we
were able to see increases in local (intranasal) IL-7 and MCP-1. IL-7 is a cytokine that induces the differentiation of hematopoietic
stem cells into T cells, B cells and NK cells. MCP-1 is a chemokine that attracts B cells and T cells to a particular site. This data
suggest, intranasal REVTx-200 will traffic antigen activated B cells and T cells to the mucosal space. While this data is supportive of
the theory, additional formulation development and preclinical testing will be necessary for the development of REVTx-200. We plan to
establish relationships with vaccine development companies with the intention of working with one or more of these companies to develop
REVTx-200 during 2022. Initial development will include studying REVTx-200 using commercially available IM vaccines in nonclinical models
unique to each potential partnering company during 2022.
REVTx-300
REVTx-300 is our non-clinical stage product being
developed as a potential therapy for the treatment of chronic organ disease including chronic kidney disease (CKD) and non-alcoholic steatohepatitis
(NASH).
Chronic disease of an organ, due to chronic inflammation
and subsequent fibrosis, follows a pattern of perpetual and ongoing destruction of living functional cells and subsequent replacement
by the non-functional protein, collagen, resulting in fibrosis (scar tissue) (Wilson). The establishment of fibrosis and subsequent death
of the organ is driven by ongoing inflammatory processes associated with the innate immune response. Redirection of the innate immune
response with REVTx-300 from a pro-inflammatory state to an anti-inflammatory (protective) state may rebalance the innate immune response
to slow down or halt the progressive destruction and scarring of organ tissue, allowing the healing process to take place.
We plan complete nonclinical testing of REVTx-300
for the treatment of CKD during the remainder of 2022.
REVDx-501
Our lead diagnostic, REVDx-501 (REVID
TM
Rapid Test Kit) is being developed as a rapid point of care in vitro diagnostic test (or diagnostic device) that has the potential to
detect respiratory viral infections including SARS-CoV-2, Influenza A, Influenza B, parainfluenza, or respiratory syncytial virus. REVDx-501
is intended to be a user-friendly home test kit with a simple to read visual readout that provides a result in less than 15 minutes without
the need for specialized instrumentation. Preliminary evaluation of clinical samples demonstrated good correlation between REVID and PCR
for SARS-CoV-2 (100% positive agreement for replicating SARS-COV-2 virus, 86% negative agreement for no replicating SARS-COV-2 virus).
We plan to continue additional development during 2022 and once development is complete submit for regulatory clearance to the FDA.
The mailing address of Revelation is 4660 La Jolla
Village Dr., Suite 100, San Diego CA 92122, and its telephone number is (650) 800-3717.
2
Emerging Growth Company
Revelation is an "emerging growth company,"
as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act, and it may take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including, but
not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act,
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the
requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments
not previously approved.
Further, Section 102(b)(1) of the JOBS
Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies
(that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that
a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth
companies, but any such election to opt out is irrevocable. Revelation has elected not to opt out of such extended transition period,
which means that when a standard is issued or revised and it has different application dates for public or private companies, Revelation,
as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of our financial statements with certain other public companies difficult or impossible because of the potential
differences in accounting standards used.
Revelation will remain an emerging growth company
until the earlier of: (i) the last day of the fiscal year (a) following the fifth anniversary of the closing of the IPO,
(b) in which Revelation has total annual gross revenue of at least $1.07 billion, or (c) in which Revelation is deemed
to be a large accelerated filer, which means the market value of our common equity that is held by non-affiliates exceeds $700 million
as of the last business day of our most recently completed second fiscal quarter; and (ii) the date on which Petra has issued
more than $1.00 billion in non-convertible debt securities during the prior three-year period. References herein to "emerging
growth company" have the meaning associated with it in the JOBS Act.
Smaller Reporting Company
Additionally, Revelation is a "smaller reporting
company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain
reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. Revelation
will remain a smaller reporting company until the last day of the fiscal year in which (i) the market value of Revelation Common
Stock held by non-affiliates exceeds $250 million as of the prior June 30, or (ii) Revelation's annual revenues
exceeded $100 million during such completed fiscal year and the market value of Common Stock held by non-affiliates exceeds
$700 million as of the prior June 30.
3
SUMMARY OF THE OFFERING
Shares of Common Stock Offered by Us
Shares of Common Stock.
New Common Stock Warrants Offered by US
Warrants to purchase up to        shares of our common stock, which will be exercisable during the period commencing on the date of their issuance and ending five years from such date at an exercise price of $     per share of common stock.
Pre-funded Warrants Offered by Us
We are also offering to certain purchasers whose purchase of our common stock in this offering would otherwise result in the purchaser, together with its affiliates, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding shares of common stock immediately following the consummation of this offering, the opportunity to purchase pre-funded warrants in lieu of common stock that would otherwise result in any such purchaser's beneficial ownership exceeding 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding shares of common stock. Each pre-funded warrant will be exercisable for one share of common stock. The purchase price of each pre-funded warrant and the accompanying New Common Stock Warrant will equal the price at which the common stock and the accompanying New Common Stock Warrant are being sold to the public in this offering, minus $0.0001, and the exercise price of each pre-funded warrant will be $0.0001 per share. The pre-funded warrants will be exercisable immediately and may be exercised at any time until exercised in full. For each pre-funded warrant we sell, the number of shares of common stock we are offering will be decreased on a one-for-one basis. Because we will issue one New Common Stock Warrant for each share of common stock and for each pre-funded warrant to purchase one share of common stock sold in this offering, the number of New Common Stock Warrants sold in this offering will not change as a result of a change in the mix of the shares of our common stock and pre-funded warrants sold.
Shares of Common Stock outstanding before the offering
15,082,771 Shares of Common Stock as of the date hereof (not including shares issuable upon exercisable warrants).
Offering Price
$     per share of Common Stock and accompanying New Common Stock Warrant, or pre-funded warrants and accompanying New Common Stock Warrants, as applicable.
Common Stock outstanding after this offering
Shares (assuming we sell only shares of common stock and no pre-funded warrants, and none of the New Common Stock Warrants issued in this offering are exercised).
Use of proceeds
We estimate that we will receive net proceeds from this offering of approximately $               based upon an offering price of $      per share of Common Stock and accompanying New Common Stock Warrant, or pre-funded warrant and accompanying New Common Stock Warrant, as applicable, after deducting Placement Agent fees and estimated offering expenses payable by us. We currently intend to use the net proceeds we receive from this offering to further the development of REVTx-99b including the manufacturing of clinical supply of our drug product, (ii) to conduct, a Phase 1/2 clinical study of REVTx-99b for the treatment of allergic rhinitis, (iii) continue to develop other products and therapies, and (iv) fund working capital and general corporate purposes using any remaining amounts. Because this is a best efforts offering with no minimum amount as a condition to closing, we may not sell all or any of the securities offered hereby. As a result, we may receive significantly less in net proceeds than we currently estimate. See "Use of Proceeds" on page 46.
NASDAQ Trading Symbols
Common Stock — REVB
Public Warrants — REVBW
Units — REVBU
4
Risk Factors Summary
In evaluating the information in this prospectus,
you should carefully read this prospectus, including the annexes, and especially consider the factors discussed in the section titled
"
Risk Factors.
"
Some of the risks related to Revelation's
business and industry are summarized below.
Risks Related to this Offering
●
We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.
●
You will experience immediate and substantial dilution in the net tangible book value of the shares you purchase in this offering and may experience additional dilution in the future.
●
There is no public market for the warrants or pre-funded warrants being offered by us in this offering.
●
The warrants and pre-funded warrants are speculative
    in nature.
●
Holders of the warrants offered hereby will have
    no rights as common stockholders with respect to the shares our common stock underlying the warrants until such holders exercise their
    warrants and acquire our common stock, except as otherwise provided in the warrants.
●
This is a best efforts offering, no minimum amount
    of securities is required to be sold, and we may not raise the amount of capital we believe is required for our business plans, including
    our near-term business plans.
Risks Related to Our Business
●
We have a limited operating history and no products approved for commercial sale. We have incurred net losses since our inception, we anticipate that we will continue to incur significant losses for the foreseeable future, and even if we were to generate revenue, we may never achieve or maintain profitability.
Risks Related to the Product Development, Regulatory Approval,
Manufacturing and Commercialization of Our Program Products and Product Candidates
●
If preclinical studies or clinical studies for our Program Products are unsuccessful or delayed, we will be unable to meet our future development goals.
●
The results of prior preclinical or clinical studies are not necessarily predictive of our future results.
●
The Clinical Studies of our Program Products' have been and are planned to be conducted outside the United States, and the FDA or comparable foreign regulatory authorities may not accept data from such studies.
●
Our Program Products and the administration of our Program Products may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial profile of an approved label or result in significant negative consequences following marketing approval, if any.
●
Our business depends on the success of our Program Products, including obtaining regulatory approval to market our product candidates in the United States and/or other major foreign markets such as the European Union.
●
Even if we obtain regulatory approval for a product candidate, our products and business will remain subject to ongoing regulatory obligations and review.
●
Legislative or regulatory healthcare reforms in the United States or other countries may make it more difficult and costly for us to obtain regulatory clearance or approval of our Program Products and to produce, market and distribute our Program Products after clearance or approval is obtained.
●
We face intense competition in an environment of rapid technological change and the possibility that our competitors may develop products and drug delivery systems that are similar, more advanced or more effective than ours, which may adversely affect our financial condition and our ability to successfully market or commercialize our Program Products.
5
Risks Related to COVID-19
●
There is a significant uncertainty around the effects of COVID-19 on development of our Program Products.
Risks Related to our Reliance on Third Parties
●
We rely on third parties to conduct certain elements of our preclinical and clinical studies and perform other tasks for us. If these third parties do not successfully carry out their contractual duties, meet expected deadlines or comply with regulatory requirements, we may not be able to obtain regulatory approval for or commercialize our Program Products.
●
We rely on third parties to manufacture the raw materials, including the active pharmaceutical ingredients that we use to create our therapeutic product candidate, and to manufacture the diagnostic devices, including the antibodies used for testing.
Risks Related to Our Intellectual Property
●
If we are unable to obtain and maintain effective patent rights for our product candidates or any future product candidates, we may not be able to compete effectively in our markets. If we are unable to protect the confidentiality of our trade secrets or know-how, such proprietary information may be used by others to compete against us.
●
We may not be able to protect our intellectual property rights throughout the world.
●
We may not have sufficient patent lifespan to effectively protect our products and business.
●
If we are unable to maintain effective proprietary rights for our Program Products or any future product candidates, we may not be able to compete effectively in our markets.
Risks Related to Our Business Operations
●
Our future success depends in part on our ability to retain our senior management team, directors and other key employees and to attract, retain and motivate other qualified personnel.
Risks Related to Commercialization of Our Program Products
and Product Candidates
●
As we evolve from a company that is primarily involved in clinical development to a company that is also involved in commercialization, we may encounter difficulties in expanding our operations successfully.
●
We may seek to establish commercial collaborations for our Program Products and future product candidates, and, if we are not able to establish them on commercially reasonable terms, we may have to alter our development plans.
●
We currently have no Program Products approved for marketing. We do not have a marketing and sales organization. If we are unable to establish sales and marketing capabilities or enter into agreements with third parties to market and sell our Program Products, we may be unable to generate any product revenue.
●
It may be difficult for us to profitably sell our Program Products, if and when approved, if coverage and reimbursement for these Program Products are limited by government authorities and/or third-party payor policies.
●
We face the risk of product liability claims and may not be able to obtain insurance.
●
Our insurance policies are expensive and protect us only from some business risks, which will leave us exposed to significant uninsured liabilities.
General Risk Factors
We are subject to several other risks of which
other public companies are subject, including without limitation, the volatility of our Common Stock price; our ability to comply with
corporate governance laws and financial reporting standards; and our ability to maintain an effective system of internal controls.
6
RISK FACTORS
The following risk factors are not exhaustive
and investors are encouraged to perform their own investigation with respect to the business, prospects, financial condition and operating
results of Revelation and our business, prospects, financial condition and operating results. You should carefully consider the following
risk factors in addition to the other information included in this proxy statement/prospectus, including matters addressed in the section
titled "Cautionary Note Regarding Forward-Looking Statements." We may face additional risks and uncertainties that are
not presently known to us, or that we currently deem immaterial, which may also impair our business, prospects, financial condition or
operating results. The following discussion should be read in conjunction with our financial statements and notes to the financial statements
included herein.
Unless the context otherwise requires, references
herein to "Program Products" refers to Revelation's REVTx-99a, REVTx-99b, REVTx-200, REVTx-300 and REVDx-501 programs.
7
Risks Related to this Offering
We have broad discretion in the use of the
net proceeds from this offering and may not use them effectively.
Our management will have broad discretion in the
application of the net proceeds, including for any of the purposes described in the section of this prospectus entitled "Use of
Proceeds". You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not
have the opportunity, as part of your investment decision, to assess whether the net proceeds are being used appropriately. The failure
by our management to apply these funds effectively could result in financial losses that could have a material adverse effect on our business,
cause the price of our securities to decline and delay the development of our product candidates. Pending the application of these funds,
we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.
You will experience immediate and substantial
dilution in the net tangible book value of the shares you purchase in this offering and may experience additional dilution in the future.
The combined public offering price per share of
common stock and related warrant, and the combined public offering price of each pre-funded warrant and related warrant, will be substantially
higher than the pro forma as adjusted net tangible book value per share of our common stock after giving effect to this offering. Assuming
the sale of      shares of our common stock and warrants to purchase up to      shares
of common stock at an assumed combined public offering price of $      per share and related warrant,
the closing sale price per share of our common stock on the Nasdaq on      , 2022, assuming no sale
of any pre-funded warrants in this offering, no exercise of the warrants being offered in this offering and after deducting the placement
agent fees and commissions and estimated offering expenses payable by us, you will incur immediate dilution of approximately $      per
share. As a result of the dilution to investors purchasing securities in this offering, investors may receive significantly less than
the purchase price paid in this offering, if anything, in the event of the liquidation of our company. See the section entitled "Dilution"
below for a more detailed discussion of the dilution you will incur if you participate in this offering. To the extent shares are issued
under outstanding options and warrants at exercise prices lower than the public offering price of our common stock in this offering, you
will incur further dilution.
8
There is no public market for the warrants
or pre-funded warrants being offered by us in this offering.
There is no established public trading market
for the warrants or the pre-funded warrants, and we do not expect a market to develop. In addition, we do not intend to apply to list
the warrants or pre-funded warrants on any national securities exchange or other nationally recognized trading system. Without an active
market, the liquidity of the warrants and pre-funded warrants will be limited.
The warrants and pre-funded warrants are
speculative in nature.
The warrants and pre-funded
warrants offered hereby do not confer any rights of share of common stock ownership on their holders, such as voting rights or the right
to receive dividends, but rather merely represent the right to acquire shares of common stock at a fixed price. Specifically, commencing
on the date of issuance, holders of the common warrants may acquire the shares of common stock issuable upon exercise of such warrants
at an exercise price of $&numsp;&numsp;&numsp;&numsp;&numsp;&numsp; per share of common stock, and holders of
the pre-funded warrants may acquire the shares of common stock issuable upon exercise of such warrants at an exercise price of $0.0001
per share of common stock. Moreover, following this offering, the market value of the warrants and pre-funded warrants is uncertain and
there can be no assurance that the market value of the warrants or pre-funded warrants will equal or exceed their respective public offering
prices. There can be no assurance that the market price of the shares of common stock will ever equal or exceed the exercise price of
the warrants or pre-funded warrants, and consequently, whether it will ever be profitable for holders of warrants to exercise the warrants
or for holders of the pre-funded warrants to exercise the pre-funded warrants.
Holders of the warrants offered hereby will
have no rights as common stockholders with respect to the shares our common stock underlying the warrants until such holders exercise
their warrants and acquire our common stock, except as otherwise provided in the warrants.
Until holders of the warrants and the pre-funded
warrants acquire shares of our common stock upon exercise thereof, such holders will have no rights with respect to the shares of our
common stock underlying such warrants, except to the extent that holders of such warrants will have certain rights to participate in distributions
or dividends paid on our common stock as set forth in the warrants. Upon exercise of the common warrants and the pre-funded warrants,
the holders will be entitled to exercise the rights of a common stockholder only as to matters for which the record date occurs after
the exercise date.
This is a best efforts offering, no minimum
amount of securities is required to be sold, and we may not raise the amount of capital we believe is required for our business plans,
including our near-term business plans.
The placement agent has agreed to use its reasonable
best efforts to solicit offers to purchase the securities in this offering. The placement agent has no obligation to buy any of the securities
from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities. There is no required minimum
number of securities that must be sold as a condition to completion of this offering. Because there is no minimum offering amount required
as a condition to the closing of this offering, the actual offering amount, placement agent fees and proceeds to us are not presently
determinable and may be substantially less than the maximum amounts set forth above. We may sell fewer than all of the securities offered
hereby, which may significantly reduce the amount of proceeds received by us, and investors in this offering will not receive a refund
in the event that we do not sell an amount of securities sufficient to support our continued operations, including our near-term continued
operations. Thus, we may not raise the amount of capital we believe is required for our operations in the short-term and may need to raise
additional funds, which may not be available or available on terms acceptable to us.
9
Risks Related to Our Business
We have a limited operating history and
no products approved for commercial sale. We have incurred net losses since our inception, we anticipate that we will continue to incur
significant losses for the foreseeable future, and even if we were to generate revenue, we may never achieve or maintain profitability.
We are a clinical stage biopharmaceutical company
with a limited operating history may make it difficult to evaluate the success of our business to date and to assess our future viability.
We commenced our operations in May 2020, and, to date, our operations have been limited to organizing and staffing our Company, business
planning, raising capital, conducting research and development activities, including early clinical study, and providing general and administrative
support for these operations. Investment in biopharmaceutical product development and diagnostic device is highly speculative because
it entails substantial upfront capital expenditures and significant risk that any potential product candidate and/or diagnostic device
will fail to demonstrate adequate effect and/or an acceptable safety profile, gain regulatory approval or become commercially viable.
We currently have no products approved for commercial sale, we have not generated any revenue from product sales to date and we continue
to incur significant research and development and other expenses related to our ongoing operations. We have limited experience as a Company
conducting clinical studies and no experience as a Company commercializing any products.
We are not profitable and have incurred net losses
since our inception. As of March 31, 2022, we had an accumulated deficit of $21.1 million. Consequently, predictions about our
future success or viability may not be as accurate as they would be if we had a longer operating history or a history of successfully
developing and commercializing pharmaceutical products. We have spent, and expect to continue to spend, significant resources to fund
research and development of, conduct clinical studies, and seek regulatory approvals for, our Program Products, and any future product
candidates. We expect to incur substantial and increasing operating losses over the next several years as our research, development,
preclinical testing and clinical study activities increase. As a result, our accumulated deficit will also increase significantly. We
may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect our business.
The size of our future net losses will depend, in part, on the rate of future growth of our expenses and our ability to generate revenue.
Our prior losses and expected future losses have, had and will continue to have a material adverse effect on our stockholders' equity
and working capital.
In our own required quarterly assessments, we may continue to conclude
that there is substantial doubt about our ability to continue as a going concern, and future reports from our independent registered public
accounting firm may also contain statements expressing substantial doubt about our ability to continue as a going concern. If we seek
additional financing to fund our business activities in the future and there remains substantial doubt about going concern, investors
or other financing sources may be unwilling to provide additional funding on commercially reasonable terms or at all.
The net losses we incur may fluctuate significantly
from quarter-to-quarter such that a period-to-period comparison of our results of operations may not be a good indication of our future
performance.
We have no products approved for marketing in
any jurisdiction, our Program Products are in early stages of development. We have never generated any revenue from product sales. Our
ability to generate revenue and achieve profitability depends on our ability, alone or with strategic collaboration partners, to successfully
complete the development of and obtain the regulatory and marketing approvals necessary to commercialize one or more of our Program Products.
We do not anticipate generating revenue from product sales in the next couple of years. Even if we eventually generate product revenue,
we may never be profitable and, if we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly
or annual basis
We may not be able to raise additional funding
on acceptable terms, or at all. Failure to obtain funding on acceptable terms and on a timely basis may require us to curtail, delay or
discontinue our product development efforts or other operations. Raising additional funding may cause dilution to our stockholders.
Developing our Program Products is expensive,
and we expect our research and development expenses to increase substantially in connection with our ongoing activities, particularly
as we advance our Program Products through clinical studies, manufacturing and regulatory approval. We expect to finance future cash needs
through public or private equity or debt offerings or product collaborations. We do not have any committed external source of funds. We
cannot guarantee that future financing will be available in sufficient amounts or on terms acceptable to us, if at all, and the terms
of any financing may adversely affect the interests or rights of our stockholders. Even if we believe that we have sufficient funds for
our current or future operating plans, we may seek additional capital if market conditions are favorable or if we have specific strategic
considerations. The issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may affect
the value of your investment.
10
To the extent that we raise additional capital
through the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms of such securities may
include liquidation or other preferences that adversely affect your rights as a stockholder. Debt financing, if available, may involve
covenants restricting our operations or our ability to incur additional debt.
If we do not raise additional capital, we may
not be able to expand our operations or otherwise capitalize on our business opportunities, our business and financial condition will
be negatively impacted, and we may need to:
●
significantly delay, scale back or discontinue research and discovery efforts and the development or commercialization of our Product Programs and future program candidates or cease operations altogether;
●
seek strategic alliances for research and development programs when we otherwise would not, or at an earlier stage than we would otherwise desire or on terms less favorable than might otherwise be available; or
●
relinquish, or license on unfavorable terms, our rights to technologies or any product candidates that we otherwise would seek to develop or commercialize ourselves.
Risks Related to the Product Development, Regulatory
Approval, Manufacturing and Commercialization of Our Program Products and Product Candidates
If preclinical studies or clinical studies
for our Program Products are unsuccessful or delayed, we will be unable to meet our future development goals.
Conducting clinical studies for any product candidates
for approval in the United States requires filing an IND and reaching agreement with the FDA on clinical protocols, finding appropriate
clinical sites and clinical investigators, securing approvals for such studies from the IRB at each such site, manufacturing clinical
quantities of product candidates and supplying drug product or devices to clinical sites. Currently, we do not have an active IND with
the FDA in the United States for our Program Products. If our IND is not approved by the FDA, our clinical development timeline may
be negatively impacted, and any future clinical programs may be delayed or terminated.
Even if the clinical studies are approved by FDA
or other regulatory agencies, clinical study is expensive and can take many years to complete, and its outcome is inherently uncertain.
A failure of one or more of our clinical studies can occur at any time during the clinical study process. We do not know whether future
clinical studies, if any, will begin on time, need to be redesigned, enroll an adequate number of patients on time or be completed on
schedule, if at all. Clinical studies can be delayed, suspended or terminated for a variety of reasons, including failure to (i) generate
sufficient positive preclinical and clinical data; (ii) recruit CROs, clinical investigators and patients in a timely manner; (iii) manufacture
sufficient quantities at the required quality of Program Products for use in clinical studies; (iv) raise sufficient capital to fund
a study; (v) comply with all applicable regulatory requirements, whether in the United States or elsewhere, and (vi) obtain
successful regulatory approval from regulatory authorities like the FDA.
If we experience delays in completing any clinical
study of our Program Products or successfully obtaining regulatory approval, the commercial prospects of our Program Products may be harmed,
and our ability to generate product revenues from any of these product candidates will be delayed. In addition, any delays in completing
our clinical studies will increase our costs, slow down the development and approval process of our Program Products, and jeopardize our
ability to commence product sales and generate revenues. Any of these occurrences may significantly harm our business and financial condition.
In addition, many of the factors that cause, or lead to, a delay in the commencement or completion of clinical studies may also ultimately
lead to the denial of regulatory approval of our product candidates.
11
Clinical drug development involves a lengthy
and expensive process with uncertain timelines and uncertain outcomes, and the results of prior preclinical or clinical studies are not
necessarily predictive of our future results. Our clinical studies may fail to adequately demonstrate the safety and efficacy of our Program
Products or any future product candidates.
To date, the primary focus of our product development
has been on the development of REVTx-99a/b, our therapeutic products and REVDx-501, our diagnostic device. Currently, REVTx-99b is our
only product candidate under clinical development. We have completed a Phase 1 clinical study in Australia and collected data to
support continued development. We have completed a Phase 2b viral challenge clinical study for the prevention of influenza infection
which did not meet statistical significance. We have completed a Phase 1b allergen challenge study to support the treatment of chronic
nasal congestion program.
Even though our Phase 1 clinical study results
are positive, our Phase 1 clinical study involved a small patient population of healthy volunteers, and because of the small sample
size in such study, the results of this clinical study may be subject to substantial variability and may not be indicative of either future
interim results or final results in patients for our indication. Results from preclinical studies or early-stage clinical studies are
not necessarily predictive of future clinical study results, and interim results of a clinical study are not necessarily indicative of
final results. As well, later stage clinical studies may fail to show the desired safety and efficacy in clinical development despite
positive results in preclinical and early clinical studies. This failure would cause us to abandon further development of our most advanced
product candidate.
There is a high failure rate for product candidates
proceeding through clinical studies. Failure can occur at any time during the clinical study process. Many companies in the pharmaceutical
industry have suffered significant setbacks in late-stage clinical studies even after achieving promising results in preclinical testing
and earlier-stage clinical studies. Data obtained from preclinical and clinical activities are subject to varying interpretations, which
may delay, limit or prevent regulatory approval. In addition, we may experience regulatory delays or rejections as a result of many factors,
including changes in regulatory policy during the development period of our Program Products. Success in preclinical testing and early
clinical studies does not ensure that later clinical studies will generate the same results or otherwise provide adequate data to demonstrate
the efficacy and safety of a product candidate. Frequently, product candidates that have shown promising results in early clinical studies
have subsequently suffered significant setbacks in later clinical studies. If we are unable to successfully demonstrate the safety and
efficacy of our Program Products or other future product candidates and receive the necessary regulatory approvals, our business will
be materially harmed.
The Clinical Studies of our Program Products'
have been and are planned to be conducted outside the United States, and the FDA or comparable foreign regulatory authorities may
not accept data from such studies.
We currently have not conducted any clinical studies
in the United States to date. We have conducted and we plan to conduct additional clinical studies outside the United States,
including Europe, Australia, or other foreign jurisdictions. The acceptance of clinical study data by the FDA from clinical studies conducted
outside the United States may be subject to certain conditions. In cases where data from clinical studies conducted outside the United States
are intended to serve as the sole bases for regulatory approval in the United States, the FDA will generally not approve the application
on the basis of foreign data alone unless (i) the data are applicable to the United States population and United States
medical practices, (ii) the studies were performed by clinical investigators of recognized competence and (iii) the data may
be considered valid without the need for an on-site inspection by the FDA or, if the FDA considers such an inspection to be necessary,
the FDA is able to validate the data through an on-site inspection or other appropriate means. Additionally, the FDA's clinical
study requirements, including sufficient size of patient populations and statistical powering, must be met. Many foreign regulatory bodies
have similar approval requirements. In addition, such foreign studies would be subject to the applicable local laws of the foreign jurisdictions
where the studies are conducted. There can be no assurance that the FDA or any comparable foreign regulatory authority will accept data
from studies conducted outside of the United States or the applicable jurisdiction. If the FDA or any comparable foreign regulatory
authority does not accept such data, it would result in the need for additional studies, which would be costly and time-consuming and
delay aspects of our business plan, and may result in our Program Products' not receiving regulatory approval or clearance for commercialization
in the applicable jurisdiction.
12
As an organization, we have never conducted
pivotal clinical studies, and we may be unable to do so for any Program Products we may develop.
We will need to successfully complete pivotal
clinical studies in order to obtain the approval of the FDA, the EMA or other regulatory agencies to market any of our Program Products.
Carrying out later-stage clinical studies and the submission to the FDA of a successful NDA, BLA, 510(k) Clearance, De Novo Clearance
or PMA is a complicated process. As an organization, we have not previously conducted any later stage or pivotal clinical studies and
have limited experience in preparing, submitting and prosecuting regulatory filings. We may be unable to conduct clinical studies at preferred
sites, enlist clinical investigators, enroll sufficient numbers of participants or begin or successfully complete clinical studies in
a timely fashion, if at all. In addition, the design of a clinical study can determine whether its results will support approval of a
product, and flaws in the design of a clinical study may not become apparent until the clinical study is well advanced. Because we have
limited experience as a company designing clinical studies, we may be unable to successfully and efficiently execute and complete necessary
clinical studies in a way that leads to successful regulatory submission and approval. We may require more time and incur greater costs
than our competitors and may not succeed in obtaining regulatory approvals of product candidates that we develop. Failure to commence
or complete, or delays in, our planned clinical studies, could prevent us from or delay us in commercializing our Program Products. We
rely on third parties to conduct certain elements of our preclinical and clinical studies and perform other tasks for us. If these third
parties do not successfully carry out their contractual duties, meet expected deadlines or comply with regulatory requirements, we may
not be able to obtain regulatory approval for or commercialize our Program Products.
We may find it difficult to enroll patients
in our clinical studies, which could delay or prevent us from proceeding with clinical studies.
Identifying and qualifying patients to participate
in clinical studies of our product candidates is critical to our success. The timing of our clinical studies depends in part on the speed
at which we can recruit patients to participate in testing our Program Products, and we may experience delays in our clinical studies
if we encounter difficulties in enrollment. Patient enrollment and retention in clinical studies depends on many factors, including the
size of the patient population, number and location of the clinical sites, significant adverse events or other side effects observed,
if any, the nature of the study protocol, our ability to recruit clinical study investigators with the appropriate competencies and experience,
the existing body of safety and efficacy data with respect to the study drug, the number and nature of competing treatments and ongoing
clinical studies of competing drugs for the same indication, the proximity of patients to clinical sites, clinicians' and patients'
perceptions as to the potential advantages of the Program Products being studied in relation to other available therapies, including any
drugs that may be approved for the indications we are investigating, the eligibility criteria for the study, our ability to obtain and
maintain patient consents and the risk that patients enrolled in clinical studies will drop out of the studies before completion.
In addition, our competitors, some of whom have
significantly greater resources than we do, are conducting clinical studies for the same indications and seek to enroll patients in their
studies that may otherwise be eligible for our clinical studies or studies, which could lead to slow recruitment and delays in our clinical
programs. Further, since the number of qualified clinical investigators is limited, we expect to conduct some of our clinical studies
at the same clinical study sites that some of our competitors use, which could further reduce the number of patients who are available
for our clinical studies in these sites.
Our inability to enroll sufficient number of patients
for our clinical studies would result in significant delays or may require us to abandon one or more clinical studies altogether. If we
are unable to enroll sufficient number of patients that will complete clinical testing, we will be unable to seek or gain marketing approval
for our Program Products and any future product candidates and our business will be harmed. Even if we are able to enroll a sufficient
number of patients in our clinical studies or studies, delays in patient enrollment may result in increased costs or may affect the timing
or outcome of our clinical studies, which could prevent completion of these studies and adversely affect our ability to advance the development
of our Program Products and any future product candidates.
13
Our Program Products and the administration
of our Program Products may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval,
limit the commercial profile of an approved label or result in significant negative consequences following marketing approval, if any.
The severity and frequency of undesirable side
effects caused by our Program Products, could cause us or regulatory authorities to interrupt, delay or halt clinical studies and could
result in a more restrictive label, delay or denial of regulatory approval by the FDA or other regulatory agencies. Results of our studies
could reveal a high and unacceptable severity and prevalence of these or other side effects. In such an event, our clinical studies could
be suspended or terminated, and the FDA or other regulatory agencies could order us to cease further development of or deny or withdraw
approval of our product candidates for any or all targeted indications. Moreover, during the conduct of clinical studies, patients report
changes in their health, including illnesses, injuries and discomforts, to their study doctor. Often, it is not possible to determine
whether or not the product candidate being studied caused these conditions.
Drug-related, drug product-related, formulation-related
and administration-related side effects could affect patient recruitment, the ability of enrolled patients to complete the clinical study
or result in potential product liability claims, which could exceed the insurance coverage. Additionally, if one or more of our Program
Products receives marketing approval, and we or others later identify undesirable side effects caused by such products, a number of potentially
significant negative consequences could result.
If we or others identify undesirable or unacceptable
side effects caused by our Program Products or any future product candidates or products:
●
we may be required to modify, suspend or terminate our clinical studies;
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we may be required to modify or include additional dosage and administration instructions, warnings and precautions, contraindications, boxed warnings, limitations, restrictions or other statements in the product label for our approved products, or issue field alerts to physicians and pharmacies;
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we may be required to conduct costly additional clinical studies;
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we may be subject to limitations on how we may promote our approved products;
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sales of our approved products may decrease significantly;
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regulatory authorities may require us to take our approved products off the market;
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we may be subject to regulatory investigations, government enforcement actions, litigation or product liability claims; and
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our products may become less competitive, or our reputation may suffer.
Interim, topline and preliminary data from
our clinical studies that we announce or publish from time to time may change as more patient data become available and are subject to
audit and verification procedures that could result in material changes in the final data.
From time to time, we may publicly disclose preliminary
or topline data from our clinical studies, which are based on a preliminary analysis of then-available data, and the results and related
findings and conclusions are subject to change following a more comprehensive review of the data related to the particular study or studies.
We also make assumptions, estimations, calculations and conclusions as part of our analyses of data, and we may not have received or had
the opportunity to fully and carefully evaluate all data. As a result, the topline results that we report may differ from future results
of the same studies, or different conclusions or considerations may qualify such results, once additional data have been received and
fully evaluated. Topline data also remain subject to audit and verification procedures that may result in the final data being materially
different from the preliminary data we previously published. As a result, topline data should be viewed with caution until the final data
are available. From time to time, we may also disclose interim data from our clinical studies. In addition, we may report interim analyses
of only certain endpoints rather than all endpoints. Interim data from clinical studies that we may complete are subject to the risk that
one or more of the clinical outcomes may materially change as patient enrollment continues and more patient data become available.
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In addition, adverse changes between interim data
and final data could significantly harm our business and prospects. Additional disclosure of interim data by us or by our competitors
in the future could also result in volatility in the price of our Common Stock after this offering. Further, others, including regulatory
agencies, may not accept or agree with our assumptions, estimates, calculations, conclusions or analyses or may interpret or weigh the
importance of data differently, which could impact the value of the particular program, the approvability or commercialization of the
particular product candidate or product and our Company in general. In addition, the information we choose to publicly disclose regarding
a particular study or clinical study is based on what is typically extensive information, and you or others may not agree with what we
determine is the material or otherwise, appropriate information to include in our disclosure, and any information we determine not to
disclose may ultimately be deemed significant with respect to future decisions, conclusions, views, activities or otherwise regarding
a particular drug, drug candidate or our business. If the topline data that we report differ from actual results, or if others, including
regulatory authorities, disagree with the conclusions reached, our ability to obtain approval for, and commercialize, our Program Products
or any future product candidates may be harmed, which could harm our business, financial condition, results of operations and prospects.
Even if we complete the necessary clinical
studies, we cannot predict when, or if, we will obtain regulatory approval to commercialize any of our Program Products, and the approval
may be for a more narrow indication than we seek or be subject to other limitations or restrictions that limit its commercial profile.
Our Program Products have not received regulatory
approval. We do not expect our Program Products or any future product candidate to be commercially available for years, if at all.
Our Program Products are, and any future product candidate will be subject to strict regulation by regulatory authorities in the United States
and in other countries. We cannot commercialize a product candidate or diagnostic device until the appropriate regulatory authorities
have reviewed and approved such product candidate or diagnostic device. Even if our current or future Program Products meet safety and
efficacy endpoints in pivotal clinical studies, the regulatory authorities may not complete their review processes in a timely manner,
or we may not be able to obtain regulatory approval. Additional delays may result if an FDA Advisory Committee or other regulatory authority
recommends non-approval or restrictions on approval. This may include approval of a product candidate for more limited indications than
requested or they may impose significant limitations in the form of warnings. In addition, we may experience delays or rejections based
upon additional government regulation from future legislation or administrative action, or changes in regulatory authority policy during
the period of product development, clinical studies and the review process.
Our business depends on the success of our
Program Products, including obtaining regulatory approval to market our product candidates in the United States and/or other major
foreign markets such as the EU.
We have invested, and will continue to invest,
a significant portion of our time and financial resources in the clinical development of REVTx-99a until June of 2022, REVTx-99b, REVTx-200,
REVTx-300 and REVDx-501. If we cannot successfully develop, obtain regulatory approval for, and commercialize our Program Products, we
may not be able to continue our operations. The future regulatory approval and commercial success of our Program Products are subject
to a number of risks, including the following:
●
we may not have sufficient financial and other resources to complete the necessary clinical studies for our Program Products, including, but not limited to, the clinical studies needed to obtain regulatory approval for commercialization;
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we may not be able to obtain regulatory authorization to proceed with various clinical studies in the United States, and even if we are able to proceed with clinical studies, the regulatory authorities may limit, delay, or put our clinical studies on hold;
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we may not be able to obtain adequate evidence from our clinical studies for our Program Products;
●
the results of our clinical studies may not meet the level of statistical or clinical significance required by the FDA or comparable foreign regulatory authorities for marketing approval;
●
we cannot be certain of the number of types of clinical studies and non-clinical studies that the regulatory agencies will require in order to approve our Program Products;
●
the data from clinical studies conducted outside of the United States may not be accepted by the FDA or other regulatory authorities;
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patients in our clinical studies may suffer serious adverse events for reasons that may or may not be related to REVTx-99b, which could delay or prevent further clinical development;
●
the regulatory agencies may find deficiencies without manufacturing processes or facilities;
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the CROs, that we retain to conduct our clinical studies may take actions outside of our control that materially adversely impact our clinical studies;
●
the regulatory agencies may not approve the formulation, labeling or specifications of REVTx-99b or REVDx-501 or other future product candidates, including REVTx-200 and REVTx-300;
●
the regulatory agencies may change their approval policies or adopt new regulations;
●
if approved, our Program Products will likely compete with products that may reach approval for the same indication or use prior to our Program Products, products that are currently approved and the products that are currently marketed products; and
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we may not be able to obtain, maintain or enforce our patents and other intellectual property rights.
Of the large number of drugs and devices in development
in the pharmaceutical industry, only a small percentage results in the submission of a marketing authorization to the FDA or comparable
foreign regulatory authorities and even fewer are approved for commercialization. Furthermore, even if we do receive regulatory approval
to market our Program Products, any such approval may be subject to limitations on the indicated uses or patient populations for which
we may market the products. Accordingly, even if we are able to obtain the requisite financing to continue to fund our development programs,
we may be unable to successfully develop or commercialize our Program Products. If we or any of our future development collaborators are
unable to develop, or obtain regulatory approval for, or, if approved, successfully commercialize our Program Products, we may not be
able to generate sufficient revenue to continue our business.
Even if we obtain regulatory approval for
a product candidate, our products and business will remain subject to ongoing regulatory obligations and review.
Even if our Program Products are approved, they
will be subject to ongoing regulatory requirements for manufacturing, labeling, packaging, storage, advertising, distribution, promotion,
sampling, record-keeping, conduct of post-marketing studies and submission of safety, efficacy and other post-market information, including
both federal and state requirements in the United States and comparable requirements outside of the United States. Accordingly,
we and others with whom we work must continue to expend time, money and effort in all areas of regulatory compliance, including manufacturing,
production and quality control. If a regulatory agency discovers previously unknown problems with a product, such as adverse events of
unanticipated severity or frequency, quality of product or disagrees with the promotion, marketing or labeling of a product, such regulatory
agency may impose restrictions on that product or us, including requiring recall or withdrawal of the product from the market.
In addition, manufacturers of drug products and
their facilities are subject to continual review and periodic inspections by the FDA and other regulatory authorities for compliance with
cGMP, regulations and standards. If we or a regulatory agency discover previously unknown problems with a product, such as adverse events
of unanticipated severity or frequency, or problems with the facility where the product is manufactured, a regulatory agency may impose
restrictions on that product, the manufacturing facility or us, including requiring recall or withdrawal of the product from the market
or suspension of manufacturing. If we, our product candidates or the manufacturing facilities for our product candidates fail to comply
with applicable regulatory requirements, or undesirable side effects caused by such products are identified, a regulatory agency may:
●
issue safety alerts, Dear Healthcare Provider letters, press releases or other communications containing warnings about such product;
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mandate modification to promotional materials or require us to provide corrective information to healthcare practitioners;
●
require that we conduct post-marketing studies;
●
require us to enter into a consent decree, which can include imposition of various fines, reimbursements for inspection costs, required due dates for specific action and penalties for noncompliance;
●
seek an injunction or impose civil or criminal penalties or monetary fines;
●
suspend marketing of, withdraw regulatory approval of or recall such product;
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suspend any ongoing clinical studies;
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refuse to approve pending applications or supplements to applications filed by us;
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suspend or impose restrictions on operations, including costly new manufacturing requirements; or
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seize or detain products, refuse to import or export products or require us to initiate a product recall.
The occurrence of any event or penalty described
above may inhibit our ability to commercialize our products and generate product revenue.
If one or more of our Program Products is
approved for marketing in the United States or other countries, we may be subject, directly or indirectly, to United States
or other countries equivalent federal and state healthcare fraud and abuse laws, false claims laws, physician payment transparency laws
and health information privacy and security laws. If we are unable to comply, or have not fully complied, with such laws, we could face
substantial penalties.
Even if we obtain FDA or other comparable regulatory
agencies approval for any of our Program Products and begin commercializing those products in the United States or other countries,
our operations may be directly or indirectly through our relationships with physicians, patients, third-party payors and customers, subject
to broadly applicable fraud and abuse and other healthcare laws and regulations that may constrain our business or financial arrangements
and relationships through which we research, market, sell and distribute our Program Products. In addition, we may be subject to patient
privacy regulation by both the federal government and the states in which we conduct our business. The laws that may affect our ability
to operate include, among others, the United States Anti-Kickback Statute, the False Claims Act, the United States Health Insurance
Portability and Accountability Act of 1996, and the Sunshine Act and analogous state laws. Ensuring that our internal operations
and business arrangements with third parties comply with all applicable healthcare laws and regulations will likely be costly.
Legislative or regulatory healthcare reforms
in the United States or other countries may make it more difficult and costly for us to obtain regulatory clearance or approval of
our Program Products and to produce, market and distribute our Program Products after clearance or approval is obtained.
From time to time, legislation is drafted and
introduced in Congress that could significantly change the statutory provisions governing the regulatory clearance or approval, manufacture
and marketing of regulated products or the reimbursement thereof. In addition, FDA or other comparable regulatory agencies regulations
and guidance are often revised or reinterpreted by the FDA or other comparable regulatory agencies in ways that may significantly affect
our business and our products. Any new regulations or revisions or reinterpretations of existing regulations may impose additional costs
or lengthen review times of our Program Products. We cannot determine what effect changes in regulations, statutes, legal interpretation
or policies, when and if promulgated, enacted or adopted may have on our business in the future.
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We face intense competition in an environment
of rapid technological change and the possibility that our competitors may develop products and drug delivery systems that are similar,
more advanced or more effective than ours, which may adversely affect our financial condition and our ability to successfully market or
commercialize our Program Products.
The pharmaceutical industry in which we operate
is intensely competitive and subject to rapid and significant technological change. We are currently aware of various existing therapies
in the market and in development that may in the future compete with our Program Products.
Even if approved, we will compete with currently
approved therapies and therapies further along in development. Our competitors both in the United States and abroad include large,
well-established pharmaceutical and generic companies with significantly greater name recognition and an established market share. Our
competitors may be able to charge lower prices than we can, which may adversely affect our market acceptance. Many of these competitors
have greater resources than we do, including financial, product development, marketing, personnel and other resources.
If our competitors market products that are more
effective, safer or cheaper than our products or that reach the market sooner than our products, we may not achieve commercial success.
In addition, the biopharmaceutical industry is characterized by rapid technological change. Because our research approach integrates many
technologies, it may be difficult for us to stay abreast of the rapid changes in other technologies. If we fail to stay at the forefront
of technological change, we may be unable to compete effectively. Technological advances or products developed by our competitors may
render our technologies, products or product candidates obsolete, less competitive or not economical. Many of our competitors have substantially
greater financial, technical, human and other resources than we do and may be better equipped to develop, manufacture and market technologically
superior products. In addition, many of these competitors have significantly longer operating histories and greater experience than we
have in undertaking nonclinical studies and human clinical studies of new pharmaceutical products and in obtaining regulatory approvals
of human therapeutic products. Many of our competitors have established distribution channels for the commercialization of their products,
whereas we have no such channel or capabilities. In addition, many competitors have greater name recognition and more extensive collaborative
relationships.
As a result, our competitors may obtain regulatory
approval of their products more rapidly than we do or may obtain patent protection or other intellectual property rights that limit our
ability to develop or commercialize our product candidate or any future product candidates. Our competitors may also develop and succeed
in obtaining approval for drugs that are more effective, more convenient, more widely used and less costly or have a better safety profile
than our products and these competitors may also be more successful than we are in manufacturing and marketing their products. If we are
unable to compete effectively against these companies, then we may not be able to commercialize our product candidate or any future product
candidates or achieve a competitive position in the market. This would adversely affect our ability to generate revenue. Our competitors
also compete with us in recruiting and retaining qualified scientific, management and commercial personnel, establishing clinical study
sites and enrolling patients for clinical studies, as well as in acquiring technologies complementary to, or necessary for, our programs.
Our inability to compete effectively in any of these aspects of our business could harm our business, financial condition, results of
operations and prospects.
Risks Related to COVID-19
There is a significant uncertainty around
the effects of COVID-19 on development of our Program Products.
As a result of the COVID-19 pandemic, we continue
to experience additional disruptions that could severely impact our clinical studies for all our Program Products, including:
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delays or difficulties in enrolling patients in a clinical study, including rapidly evolving treatment paradigms, and patients that may not be able to comply with clinical study protocols if quarantines impede patient movement or interrupt healthcare services;
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delays or difficulties in clinical site initiation, including difficulties in recruiting clinical site investigators, and clinical site staff, due to competition with other pharmaceutical companies starting their clinical studies that have been delayed or paused due to the COVID-19 pandemic for limited resources such as clinical sites, site investigators, clinical site staff, as well as various other resources would or the overwork of existing investigators and staff;
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diversion or prioritization of healthcare resources away from the conduct of clinical studies and towards the COVID-19 pandemic, including the diversion of hospitals serving as our clinical study sites and hospital staff supporting the conduct of our clinical studies;
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interruptions or delay in obtaining supplies for clinical studies as well as clinical drug manufacturing due to supply chain disruption caused by COVID-19;
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interruptions or delays in preclinical studies and clinical study drug manufacturing due to restricted or limited operations at research and development laboratory facilities or clinical manufacturing organizations;
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interruption of key clinical study activities, such as clinical study site monitoring, due to limitation of available personnel as well as limitations on travel imposed or recommended by federal, state or provincial governments, employers and others;
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limitations in employee resources that would otherwise be focused on the conduct of our clinical studies, including because of sickness of employees or their families or the desire of employees to avoid contact with large groups of people;
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delays in receiving approval from local regulatory authorities to initiate our planned clinical studies;
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delays in clinical sites receiving the supplies and materials needed to conduct our clinical studies;
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interruption in global shipping that may affect the transport of clinical study materials, such as investigational drug product;
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changes in local regulations as part of a response to the COVID-19 outbreak that may require us to change the ways in which our clinical studies are conducted, which may result in unexpected costs, or to discontinue the clinical studies altogether;
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delays in necessary interactions with local regulators, ethics committees and other important agencies and contractors due to limitations in employee resources or forced furlough of government employees; and
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the refusal of the FDA to accept data from clinical studies in these affected geographies.
The delays to the clinical study would result
in a delay in the expected timeline for data readouts and thus the timeline of regulatory filings will be negatively impacted, which would
adversely affect and delay our ability to obtain regulatory approvals for our product candidates, increase our operating expenses, and
have a material adverse effect on our financial condition.
Risks Related to our Reliance on Third Parties
We rely on third parties to conduct certain
elements of our preclinical and clinical studies and perform other tasks for us. If these third parties do not successfully carry out
their contractual duties, meet expected deadlines or comply with regulatory requirements, we may not be able to obtain regulatory approval
for or commercialize our Program Products.
We currently rely on, and expect to continue to
rely on, third parties, such as CROs, clinical data management organizations, medical institutions, consultants and clinical investigators,
to conduct our clinical studies and certain aspects of our research and preclinical testing. Any of these third parties may terminate
their engagements with us at any time. If we need to enter into alternative arrangements, it will delay our product development activities
and such alternative arrangements may not be available on terms acceptable to us.
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Our reliance on these third parties for research
and development activities will reduce our control over these activities but will not relieve us of our responsibilities. For example,
we will remain responsible for ensuring that each of our clinical studies are conducted in accordance with the general investigational
plan and protocols for the study. Moreover, the FDA and other regulatory agencies requires us to comply with standards, commonly referred
to as current Good Clinical Practices or equivalent, for conducting, recording and reporting the results of clinical studies to assure
that data and reported results are credible and accurate and that the rights, integrity and confidentiality of study participants are
protected. We also are required to register ongoing clinical studies and post the results of completed clinical.
We rely on third parties to manufacture
the raw materials, including the active pharmaceutical ingredients that we use to create our therapeutic product candidate, and to manufacture
the diagnostic devices, including the antibodies used for testing. Our business could be harmed if existing and prospective third parties
fail to provide us with sufficient quantities of these materials and products or fail to do so at acceptable quality levels or prices.
We rely on third party suppliers for certain raw
materials necessary to manufacture our product candidates for our preclinical studies and clinical studies and to manufacture our diagnostic
tests for our clinical studies. Some of these raw materials and test components are difficult to source. Because there are a limited number
of suppliers for these raw materials and components, we may need to engage alternate suppliers to prevent a possible disruption of the
manufacture of the materials necessary to produce our Program Products for our clinical studies, and if approved, ultimately for commercial
sale. In particular, there is only one supplier for PHAD
®
, Avanti Polar Lipids, Inc. Although we have secured enough material
through a purchase order for our planned clinical trials, we do not have a long-term supply agreement with Avanti Polar Lipids, Inc. We
do not have any control over the availability of raw materials and components. If we or our manufacturers are unable to purchase these
raw materials or components on acceptable terms, at sufficient quality levels, or in adequate quantities, if at all, the development and
commercialization of our product candidates or any future product candidates, would be delayed or there would be a shortage in supply,
which would impair our ability to meet our development objectives for our Program Products or generate revenues from the sale of any approved
products.
Until such time, if ever, as we establish a manufacturing
facility that has been properly validated to comply with FDA or other comparable regulatory agencies cGMP requirements, we will not be
able to independently manufacture Program Products for our planned preclinical and clinical programs. We currently rely on a third-party
manufacturer for the production of our clinical study materials. And to date, REVTx-99a/b, REVTx-200 and REVTx-300 have been manufactured
by a single third-party manufacturer. This manufacturer may not be able to scale production to the larger quantities required for large
clinical studies and to commercialize REVTx-99b, REVTx-200 and REVTx-300, if approved. REVDx-501 has also been manufactured and developed
by a single third-party manufacturer. This manufacturer may not be able to scale production to the larger quantities required for a clinical
study and to commercialize, if approved. Also, the third-party manufacturers may not be able to produce Program Products that meet the
quality requirements. In the event that this third-party manufacturer does not successfully carry out its contractual duties, meet expected
deadlines or manufacture our products in accordance with regulatory requirements or if there are disagreements between us and this third-party
manufacturer, we will not be able to complete, or may be delayed in completing, the clinical studies required. In such instances, we may
need to locate an appropriate replacement third-party relationship, which may not be readily available or on acceptable terms, which would
cause additional delay or increased expense and would thereby have a material adverse effect on our business, financial condition, results
of operations and prospects.
We do not have a long-term supply agreement with
any third-party manufacturer. Reliance on third-party manufacturers entails risks to which we would not be subject if we manufacture product
candidates or products ourselves. For example, if we do not maintain our key manufacturing relationships, we may fail to find replacement
manufacturers or develop our own manufacturing capabilities in a timely manner or at all, which could delay or impair our ability to obtain
regulatory approval for our products and substantially increase our costs or deplete profit margins, if any. If we do find replacement
manufacturers, we may not be able to enter into agreements with them on terms and conditions favorable to us, and there could be a substantial
delay before new facilities could be qualified and registered with the FDA and other comparable foreign regulatory authorities. Even if
we are able to establish agreements with third-party manufacturers, reliance on third-party manufacturers entails additional risks, including:
●
the possible failure of the third party to manufacture product candidates according to our schedule, or at all, including if our third-party contractors give greater priority to the supply of other products over our product candidates or otherwise do not satisfactorily perform according to the terms of the agreements between us and them;
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the possible breach of the manufacturing agreement by the third party because of factors beyond our control (including a failure to manufacture product candidates in accordance with our product specifications);
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the possible mislabeling of clinical supplies, potentially resulting in the wrong dose amounts being supplied or active drug or placebo not being properly identified;
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the possibility of clinical supplies not being delivered to clinical sites on time, leading to clinical study interruptions, or of drug supplies not being distributed to commercial vendors in a timely manner, resulting in lost sales;
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the possible misappropriation of our proprietary information, including our trade secrets and know-how;
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the possible termination or nonrenewal of the agreement by the third party at a time that is costly or inconvenient for us; and
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reliance on the third party for regulatory compliance, quality assurance and safety and pharmacovigilance reporting.
Certain raw materials necessary for the manufacture
of REVTx-99b, REVTx-200 and REVTx-300 under our current manufacturing process, such as our API, are available only from a single supplier.
Any significant delay in the acquisition or decrease in the availability of these raw materials from our supplier could considerably delay
the manufacture of REVTx-99b, REVTx-200 and REVTx-300, which could adversely impact the timing of any planned studies or the regulatory
approvals of REVTx-99b, REVTx-200 and REVTx-300. The FDA and other comparable foreign regulatory authorities require manufacturers to
register manufacturing facilities. The FDA and other comparable foreign regulatory authorities also inspect these facilities to confirm
compliance with cGMP.
Contract manufacturers may face manufacturing
or quality control problems causing drug substance, drug product, diagnostic test kit production and shipment delays or a situation where
the contractor may not be able to maintain compliance with the applicable cGMP requirements. We may have little to no control regarding
the occurrence of third-party manufacturer incidents. Any failure to comply with cGMP requirements or other FDA or comparable foreign
regulatory requirements could adversely affect our clinical research activities and our ability to develop our Program Products or any
future product candidates and market our Program Products following approval.
If our Program Products or any future product
candidates are approved by the FDA or other comparable foreign regulatory authorities for commercial sale, we may need to manufacture
such product candidate in larger quantities. We intend to use third-party manufacturers for commercial quantities of our Program Products
to the extent we advance this product candidate and other product candidates. Our manufacturers may not be able to successfully increase
the manufacturing capacity for any of our product candidates in a timely or efficient manner, or at all. If we are unable to successfully
increase the manufacturing capacity for a product candidate, the regulatory approval or commercial launch of that product candidate may
be delayed or there may be a shortage in the supply of the product candidate.
In addition, the operations of our third-party
manufacturers may be subject to earthquakes, power shortages, telecommunications failures, failures or breaches of information technology
systems, water shortages, floods, hurricanes, typhoons, fires, extreme weather conditions, medical epidemics, and other natural or man-made
disasters or business interruptions. Damage or extended periods of interruption to our facilities due to fire, natural disaster, power
loss, communications failure, unauthorized entry or other events could cause us to cease or delay development of some or all of our product
candidates. Our ability to obtain clinical supplies of our product candidates could be disrupted if the operations of these suppliers
are affected by a man-made or natural disaster or other business interruption.
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Our current and anticipated future dependence
upon others for the manufacture of our product candidates may adversely affect our future profit margins and our ability to develop our
product candidates and commercialize any products that receive regulatory approval on a timely basis.
In some cases, the technical skills or technology
required to manufacture our product candidates may be unique or proprietary to the original manufacturer, we may have difficulty transferring
such skills or technology to another third party and a feasible alternative many not exist. These factors would increase our reliance
on such manufacturer or require us to obtain a license from such manufacturer in order to have another third party manufacture our product
candidates. If we are required to change manufacturers for any reason, we will be required to verify that the new manufacturer maintains
facilities and procedures that comply with quality standards and with all applicable regulations and guidelines. The delays associated
with the verification of a new manufacturer, if we are able to identify an alternative source, could negatively affect our ability to
develop product candidates in a timely manner or within budget.
We may not be able to obtain and maintain
the third-party relationships that are necessary to develop, commercialize and manufacture some or all of our product candidates.
We expect to depend on collaborators, partners,
licensees, clinical investigators, CROs, manufacturers and other third parties to support our discovery efforts, to formulate product
candidates, to conduct clinical studies for some or all of our Program Products, to manufacture clinical and commercial scale quantities
of our drug substance, drug product, diagnostic test and to market, sell and distribute any products we successfully develop. Any problems
we experience with any of these third parties could delay the development, commercialization and manufacturing of our product candidates,
which could harm our results of operations.
We cannot guarantee that we will be able to successfully
negotiate agreements for, or maintain relationships with, collaborators, partners, licensees, clinical investigators, CROs, manufacturers
and other third parties on favorable terms, if at all. If we are unable to obtain or maintain these agreements, we may not be able to
clinically develop, formulate, manufacture, obtain regulatory approvals for or commercialize our Program Products and any future product
candidates, which will in turn adversely affect our business.
We expect to expend substantial management time
and effort to enter into relationships with third parties and, if we successfully enter into such relationships, to manage these relationships.
In addition, substantial amounts will be paid to third parties in these relationships. However, we cannot control the amount or timing
of resources our future contract partners will devote to our research and development programs, product candidates or potential product
candidates, and we cannot guarantee that these parties will fulfill their obligations to us under these arrangements in a timely fashion,
if at all. In addition, while we manage the relationships with third parties, we cannot control all of the operations of, and any outsourcing
used by such third parties. We rely on third parties' knowledge regarding specific local laws and regulatory requirements in foreign
jurisdictions, where applicable.
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We depend on our information technology
systems and those of our third-party collaborators, service providers, contractors or consultants. Our internal computer systems, or those
of our third-party collaborators, service providers, contractors or consultants, may fail or suffer security breaches, disruptions, or
incidents, which could result in a material disruption of our development programs or loss of data or compromise the privacy, security,
integrity or confidentiality of sensitive information related to our business and have a material adverse effect on our reputation, business,
financial condition or results of operations.
In the ordinary course of our business, we collect,
store and transmit large amounts of confidential information, including intellectual property, proprietary business information and personal
information. Our internal technology systems and infrastructure, and those of our current or future third-party collaborators, service
providers, contractors and consultants are vulnerable to damage from computer viruses, unauthorized access or use resulting from malware,
natural disasters, terrorism, war and telecommunication and electrical failures, denial-of-service attacks, cyber-attacks or cyber-intrusions
over the Internet, hacking, phishing and other social engineering attacks, persons inside our organizations (including employees or contractors),
loss or theft, or persons with access to systems inside our organization. Attacks on information technology systems are increasing in
their frequency, levels of persistence, sophistication and intensity, and they are being conducted by increasingly sophisticated and organized
foreign governments, groups and individuals with a wide range of motives and expertise. In addition to extracting or accessing sensitive
information, such attacks could include the deployment of harmful malware, ransomware, denial-of-service attacks, social engineering and
other means to affect service reliability and threaten the security, confidentiality, integrity and availability of information. The prevalent
use of mobile devices that access sensitive information also increases the risk of data security incidents which could lead to the loss
of confidential information or other intellectual property. While to our knowledge we have not experienced any material system failure,
accident or security breach to date, if such an event were to occur and cause interruptions in our operations or the operations of third-party
collaborators, service providers, contractors and consultants, it could result in a material disruption of our development programs and
significant reputational, financial, legal, regulatory, business or operational harm. The costs to us to mitigate, investigate and respond
to potential security incidents, breaches, disruptions, network security problems, bugs, viruses, worms, malicious software programs and
security vulnerabilities could be significant, and while we have implemented security measures to protect our data security and information
technology systems, our efforts to address these problems may not be successful, and these problems could result in unexpected interruptions,
delays, cessation of service and other harm to our business and our competitive position.
For example, the loss of clinical
study data from completed, ongoing or planned clinical studies for our product candidates could result in delays in our regulatory approval
efforts and significantly increase our costs to recover or reproduce the data. To the extent that any real or perceived security breach
affects our systems (or those of our third-party collaborators, service providers, contractors or consultants), or results in the loss
of or accidental, unlawful or unauthorized access to, use of, release of, or other processing of personally identifiable information or
damage to our data or applications or other data or applications relating to our technology or product candidates, or inappropriate disclosure
of confidential or proprietary information, we could incur liabilities and the further development of our product candidates could be
delayed. Such a breach may require notification to governmental agencies, the media or individuals pursuant to various foreign, domestic
(federal and state) privacy and security laws, if applicable, including HIPAA, as amended by HITECH, and its implementing rules and regulations,
as well as regulations promulgated by the Federal Trade Commission and state breach notification laws. In addition, our liability insurance
may not be sufficient in type or amount to cover us against claims related to security breaches, cyberattacks and other related incidents.
Any failure or perceived failure
by us or any third-party collaborators, service providers, contractors or consultants to comply with our privacy, confidentiality, data
security or similar obligations, or any data security incidents or other security breaches that result in the accidental, unlawful or
unauthorized access to, use of, release of, processing of, or transfer of sensitive information, including personally identifiable information,
may result in negative publicity, harm to our reputation, governmental investigations, enforcement actions, regulatory fines, litigation
or public statements against us, could cause third parties to lose trust in us or could result in claims by third parties, including those
that assert that we have breached our privacy, confidentiality, data security or similar obligations, any of which could have a material
adverse effect on our reputation, business, financial condition or results of operations. To the extent we maintain individually identifiable
health information, we could be subject to fines and penalties (including civil and criminal) under HIPAA for any failure by us or our
business associates to comply with HIPAA's requirements. Moreover, data security incidents and other security breaches can be difficult
to detect, and any delay in identifying them may lead to increased harm. While we have implemented data security measures intended to
protect our information, data, information technology systems, applications and infrastructure, there can be no assurance that such measures
will successfully prevent service interruptions or data security incidents.
Risks Related to Our Intellectual Property
If we are unable to obtain and maintain
effective patent rights for our product candidates or any future product candidates, we may not be able to compete effectively in our
markets. If we are unable to protect the confidentiality of our trade secrets or know-how, such proprietary information may be used by
others to compete against us.
Our success will depend in
significant part on our and our future licensors', licensees' or collaborators' ability to establish and maintain adequate
protection of our owned and licensed intellectual property covering the product candidates we plan to develop, and the ability to develop
these product candidates and commercialize the products resulting therefrom, without infringing the intellectual property rights of others.
Our Program Products have been developed in-house and are not subject to any third-party license. In addition to taking other steps to
protect our intellectual property, we file patent applications to protect inventions we have developed, seeking to protect compositions,
methods of use, manufacturing methods, and other aspects of our technology. There can be no assurance that any of these patent applications
will issue as patents or, for those applications that do mature into patents, that the claims of these patents will exclude others from
making, using or selling our product candidates or products that compete with or are similar to our product candidates.
23
With respect to patent rights,
we cannot be certain whether any of the technology described in our patent applications for any of our product candidates will remain
relevant to our future commercial products, whether any of our patent applications will issue as patents, whether any patents that may
be issued to us will effectively protect our commercial processes and product candidates, or whether any patents that may be issued to
us will effectively prevent others from competing with our products.
In countries where we have
not sought and do not seek patent protection, third parties may be able to manufacture and sell our product candidates without our permission,
and we may not be able to stop them from doing so.
Publications of discoveries
in the scientific literature often lag behind the actual discoveries, and patent applications in the United States and other jurisdictions
are typically not published until 18 months after filing or in some cases not at all, until they are issued as a patent. Therefore,
we cannot be certain that we or future licensors, licensees or collaborators were the first to make the inventions claimed in our owned
or licensed patents or pending patent applications, or that we or future licensors, licensees or collaborators were the first to file
for patent protection of such inventions.
Any changes we make to our
Program Products or any future product candidates to cause them to have what we view as more advantageous properties may fall outside
the coverage of our existing patent applications, and we may need to file new patent applications and/or seek other forms of protection
for any such altered product candidates. The patent landscape surrounding the technology underlying our product candidates is crowded,
and there can be no assurance that we will be able to secure patent protection that would adequately cover such altered Program Products
or any future product candidates.
The patent prosecution process
is expensive and time-consuming, and we and our future licensors, licensees or collaborators may not be able to prepare, file and prosecute
all necessary or desirable patent applications at a reasonable cost or in a timely manner. It is also possible that we or our future licensors,
licensees or collaborators will fail to identify patentable aspects of inventions made in the course of development and commercialization
activities before it is too late to obtain patent protection for them. Moreover, in some circumstances, we may not have the right to control
the preparation, filing and prosecution of patent applications, or to maintain or enforce the patents, covering technology that we license
from or license to third parties and may be reliant on our current or future licensors, licensees or collaborators to perform these activities,
which means that these patent applications may not be prosecuted, and these patents may not be enforced or maintained, in a manner consistent
with the best interests of our business. If our future licensors, licensees or collaborators fail to establish, maintain, protect or enforce
such patents and other intellectual property rights, such rights may be reduced or eliminated. If our future licensors, licensees or collaborators
are not fully cooperative or disagree with us as to the prosecution, maintenance or enforcement of any patent rights, such patent rights
could be compromised.
Similar to the patent rights
of other biotechnology companies, the scope, validity and enforceability of our owned and licensed patent rights generally are highly
uncertain and involve complex legal and factual questions. The issuance of a patent is not conclusive as to its inventorship, scope, validity
or enforceability, and our patents may be challenged in the courts or patent offices in the United States and abroad. In recent years,
these areas have been the subject of much litigation in the industry. As a result, the issuance, scope, validity, enforceability and commercial
value of our and our current or future licensors', licensees' or collaborators' patent rights are highly uncertain.
Our and our future licensors', licensees' or collaborators' future patent applications may not result in patents being
issued that protect our technology or product candidates, or that effectively prevent others from commercializing competitive technologies
and products. The patent examination process may require us or our future licensors, licensees or collaborators to narrow the scope of
the claims of our patent applications, which would limit the scope of patent protection that is obtained, if any. Our and our future licensors',
licensees' or collaborators' patent applications cannot be enforced against third parties practicing the technology that is
currently claimed in such applications unless and until a patent issues from such applications, and then only to the extent the claims
that issue are broad enough to cover the technology being practiced by those third parties.
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We may not be able to protect our intellectual
property rights throughout the world.
Filing, prosecuting, enforcing
and defending patents on product candidates in all countries throughout the world would be prohibitively expensive, and we may not protect
our intellectual property in some countries outside the United States to the same extent as in the United States. In addition,
the laws of some foreign countries do not protect intellectual property rights to the same extent as federal and certain state laws in
the United States.
Consequently, we may not be
able to prevent third parties from practicing our inventions in all countries outside the United States, or from selling or importing
products made using our inventions in and into the United States or other jurisdictions. Competitors may use technologies in jurisdictions
where we have not obtained patent protection to develop their own products and, further, may export otherwise infringing products to territories
where we do not have patent protection, or where we do have patent protection, but enforcement is not as strong as that in the United States.
These products may compete with our Program Products or any future product candidates and our patents or other intellectual property rights
may not effectively prevent them from competing.
Many companies have encountered
significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries,
particularly certain developing countries, do not favor the enforcement of patents and other intellectual property protection, particularly
those relating to biopharmaceuticals. This could make it difficult for us to stop the infringement of our patents or the marketing of
competing products in violation of our proprietary rights. Proceedings to enforce our patent rights in foreign jurisdictions could result
in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being revoked,
invalidated or interpreted narrowly, and could provoke third parties to assert claims against us or our collaborator. We may not prevail
in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not adequately compensate us for the harm to
our business.
Different countries impose
different requirements for patentability and certain countries have heightened requirements for patentability, requiring more disclosure
in the patent application or disfavoring the issuance of broad claims. In addition, certain countries have compulsory licensing laws under
which a patent owner may be compelled to grant licenses to third parties. In such countries, we may have limited remedies if patents are
infringed or if we are compelled to grant a license to a third party, which could materially diminish the value of those patents. This
could limit our potential revenue opportunities. In addition, many countries limit the enforceability of patents against government agencies
or government contractors. In these countries, the patent owner may have limited remedies, which could materially diminish the value of
such patent. Accordingly, our efforts to enforce intellectual property rights around the world may be inadequate to obtain a significant
commercial advantage from the intellectual property that we own or license.
We may not have sufficient patent lifespan
to effectively protect our products and business.
All of our patents are in
early stages. Patents have a limited lifespan. In the United States, the natural expiration of a patent is generally 20 years
after its priority date. Given the amount of time required for the development, testing and regulatory review of new product candidates,
patents protecting such candidates might expire before or shortly after the resulting products are commercialized. As a result, our owned
and future in-licensed patents may not provide us with sufficient rights to exclude others from commercializing products similar or identical
to ours. We expect to seek extensions of patent terms for our issued patents, where available. This includes in the United States
under the Hatch-Waxman Act, which permits a patent term extension of up to five years beyond the original expiration date of the
patent as compensation for regulatory delays. However, such a patent term extension cannot lengthen the remaining term of a patent beyond
a total of 14 years from the product's approval date. Only one patent applicable to an approved drug is eligible for the extension
and the application for the extension must be submitted prior to the expiration of the patent. During the period of patent term extension,
the claims of a patent are not enforceable for their full scope but are instead limited to the scope of the approved product. In addition,
the applicable authorities, including the FDA in the United States, and any comparable foreign regulatory authorities, may not agree
with our assessment of whether such extensions are available, and may refuse to grant extensions to our patents, or may grant more limited
extensions than we request. In addition, we may not be granted an extension because of, for example, failing to apply within applicable
deadlines, failing to apply prior to the expiration of relevant patents or otherwise failing to satisfy applicable requirements. If this
occurs, any period during which we have the right to exclusively market our product will be shorter than we would otherwise have expected,
and our competitors may obtain approval of and launch products earlier than might otherwise have been the case.
25
If we are unable to maintain effective proprietary
rights for our Program Products or any future product candidates, we may not be able to compete effectively in our markets.
In addition to the protection
afforded by any patents that may be granted, we rely on trade secret protection and confidentiality agreements to protect proprietary
know-how that is not patentable or that we elect not to patent, processes for which patents are difficult to enforce and any other elements
of our product candidate discovery and development processes that involve proprietary know-how, information or technology that is not
covered by patents. However, trade secrets can be difficult to protect. We protect our proprietary technology and processes, in part,
by entering into confidentiality agreements with our employees, consultants, scientific advisors and contractors. We also seek to preserve
the integrity and confidentiality of our data, trade secrets and intellectual property by maintaining the physical security of our premises
and physical and electronic security of our information technology systems. While we have confidence in these individuals, organizations
and systems, agreements or security measures may be breached, and we may not have adequate remedies for any breach. In addition, our trade
secrets and intellectual property may otherwise become known or be independently discovered by competitors.
Additionally, our reliance
on third parties, including CROs and outside consultants, requires us to share our trade secrets and intellectual property, which increases
the possibility that a competitor will discover them or that our trade secrets and intellectual property will be misappropriated or publicly
disclosed. The steps that we have already taken to protect our intellectual property may not be sufficient or effective, and our confidentiality,
non-disclosure, or invention assignment agreements with employees, consultants, partners, or other parties may be breached and may otherwise
not be effective in establishing our rights in intellectual property and in controlling access to our proprietary information. Even if
we do detect violations, we may need to engage in litigation to enforce our rights, and such litigation, even if successful, may not restore
our proprietary rights or adequately compensate us for the damage to our rights or our business.
We may be involved in lawsuits to protect
or enforce our intellectual property, which could be expensive, time-consuming and unsuccessful.
Third parties may infringe
our patents or misappropriate or otherwise violate our intellectual property rights. In the future, we may initiate legal proceedings
to enforce or defend our intellectual property rights, to protect our trade secrets or to determine the validity or scope of intellectual
property rights we own or control. Also, third parties may initiate legal proceedings against us to challenge the validity or scope of
intellectual property rights we own, control or license. For example, generic or biosimilar drug manufacturers or other competitors or
third parties may challenge the scope, validity or enforceability of our patents, requiring us to engage in complex, lengthy and costly
litigation or other proceedings. These proceedings can be expensive and time-consuming and many of our adversaries in these proceedings
may have the ability to dedicate substantially greater resources to prosecuting these legal actions than we can. Accordingly, despite
our efforts, we may not be able to prevent third parties from infringing upon or misappropriating intellectual property rights we own,
control or license, particularly in countries where the laws may not protect those rights as fully as in the United States. Litigation
could result in substantial costs and diversion of management resources, which could harm our business and financial results. In addition,
if we initiated legal proceedings against a third party to enforce a patent covering a product candidate, the defendant could assert that
such patent is invalid or unenforceable, or does not cover their product candidate. Grounds for a validity challenge could be an alleged
failure to meet any of several statutory requirements, including lack of novelty, obviousness or non-enablement. Grounds for an unenforceability
assertion could be an allegation that someone connected with prosecution of the patent withheld relevant information from the USPTO, or
made a misleading statement, during prosecution. In an infringement or declaratory judgment proceeding, a court may decide that a patent
owned by or licensed to us is invalid or unenforceable or may refuse to stop the other party from using the subject matter alleged to
be infringing on the grounds that our patents do not cover that subject matter. An adverse result in any litigation proceeding could put
one or more of our patents at risk of being invalidated, narrowed, held unenforceable or interpreted in such a manner that would allow
third parties to enter the market with competing products.
26
Third-party pre-issuance submission
of prior art to the USPTO, or opposition, derivation, revocation, reexamination, inter parties review, post-grant review or interference
proceedings, or other patent office proceedings or litigation in the United States or other jurisdictions provoked by third parties
or brought by us, may be necessary to determine the inventorship, priority, patentability or validity of inventions with respect to our
patents or patent applications. An unfavorable outcome could leave our technology or product candidates without patent protection, could
allow third parties to commercialize our technology or product candidates and compete directly with us, or without payment to us. In addition,
if the breadth or strength of protection provided by our patents and patent applications is threatened, it could dissuade companies from
collaborating with us to license, develop or commercialize current or future product candidates. Even if we successfully defend such litigation
or proceeding, we may incur substantial costs and our defense may distract our management and other employees.
Furthermore, because of the
substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential
information could be compromised by disclosure during this type of litigation. In addition, many foreign jurisdictions have rules of discovery
that are different than those in the United States and that may make defending or enforcing our patents extremely difficult. There
could also be public announcements of the results of hearings, motions or other interim proceedings or developments. If securities analysts
or investors perceive these results to be negative, it could have a material adverse effect on the price of shares of our Common Stock.
We may infringe the intellectual property
rights of others, which could increase our costs and delay or prevent our development efforts.
Our commercial success depends
upon our ability to develop, manufacture, market and sell our Program Products and any future product candidates that we may develop and
use our proprietary technologies without infringing, misappropriating or otherwise violating the intellectual property and proprietary
rights of third parties. The biotechnology and pharmaceutical industries are characterized by extensive litigation regarding patents and
other intellectual property rights. Third parties may initiate legal proceedings against us alleging that we infringe their intellectual
property rights, or we may initiate legal proceedings against third parties to challenge the validity or scope of intellectual property
rights controlled by third parties, including in oppositions, interferences, revocations, reexaminations, inter parties review, post-grant
review or derivation proceedings before the USPTO or its counterparts in other jurisdictions. These proceedings can be expensive and time-consuming
and many of our adversaries in these proceedings may have the ability to dedicate substantially greater resources to prosecuting these
legal actions than we can.
We could be found liable for
monetary damages, including treble damages and attorneys' fees, if we are found to have willfully infringed a patent of a third
party. A finding of infringement could prevent us from commercializing our Program Products or any future product candidates or force
us to cease some of our business operations, which could materially harm our business.
We may not be aware of all
third-party intellectual property rights potentially relating to our Program Products or any future product candidates. As to pending
third-party applications, we cannot predict with any certainty which claims will issue, if any, or the scope of any claims that may issue.
Even if we believe third-party intellectual property claims are without merit, there is no assurance that a court would find in our favor
on questions of infringement, validity, enforceability or priority. A court of competent jurisdiction could hold that these third-party
patents are valid, enforceable and infringed, which could materially and adversely affect our ability to commercialize any product candidates
we may develop and any other product candidates covered by the asserted third-party patents. In order to successfully challenge the validity
of any such U.S. patent in federal court, we would need to overcome a presumption of validity. As this burden is a high one requiring
us to present clear and convincing evidence as to the invalidity of any such U.S. patent claim, there is no assurance that a court
of competent jurisdiction would invalidate the claims of any such U.S. patent. If any third-party patents were successfully asserted
against us or our commercialization partners and we were unable to successfully challenge the scope, validity or enforceability of any
such asserted patents, then we and our commercialization partners may be prevented from commercializing our product candidates, or may
be required to pay significant damages, including treble damages and attorneys' fees if we are found to willfully infringe the asserted
patents, or obtain a license to such patents, which may not be available on commercially reasonable terms, or at all. Even if we were
able to obtain a license, it could be non-exclusive, thereby giving our competitors and other third parties' access to the same
technologies licensed to us, and it could require us to make substantial licensing and royalty payments. Any of the foregoing would have
a material adverse effect on our business, financial condition and operating results.
27
Although we have reviewed
certain third-party patents and patent filings that we believe may be relevant to our therapeutic candidates or products, we have not
conducted a freedom-to-operate search or analysis for any of our therapeutic candidates or products, and we may not be aware of patents
or pending or future patent applications that, if issued, would block us from commercializing our therapeutic candidates or products.
Thus, we cannot guarantee that our therapeutic candidates or products, or our commercialization thereof, do not and will not infringe
any third party's intellectual property.
Changes in United States and international
patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.
As is the case with other
biotechnology companies, our success is heavily dependent on IP, particularly patents. Obtaining and enforcing patents in the biotechnology
industry involve both technological and legal complexity, and therefore obtaining and enforcing biotechnology patents is costly, time-consuming
and inherently uncertain. Recent U.S. Supreme Court rulings have narrowed the scope of patent protection available in certain circumstances
and weakened the rights of patent owners in certain situations, which may diminish our ability to obtain and enforce patents for our inventions.
Depending on decisions by the U.S. Congress, the federal courts, and the USPTO, the laws and regulations governing patents could
change in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents and patents that we
might obtain in the future. Furthermore, depending on the Supreme Court's review of the Patient Protection and Affordable Care Act,
as amended by the Health Care and Education Reconciliation Act of 2010 (the "Affordable Care Act"), or legislation
to repeal or amend the Affordable Care Act, the twelve years of regulatory exclusivity currently provided to certain biologic products
in the United States may be reduced or eliminated. Any such reduction or elimination could impair the length of exclusivity against
similar products.
Our inability to protect our trade secrets
would harm our business and competitive position.
In addition to seeking patents
for some of our technology and product candidates, we also rely substantially on trade secrets, including unpatented know-how, technology
and other proprietary materials and information, to maintain our competitive position. We protect these trade secrets, in part, by entering
into non-disclosure and confidentiality agreements with parties who have access to them, such as our employees, corporate collaborators,
outside scientific collaborators, contract manufacturers, consultants, advisors and other third parties. However, these steps may be inadequate,
we may fail to enter into agreements with all such parties or any of these parties may breach the agreements and disclose our trade secrets
and there may be no adequate remedy available for such breach of an agreement. We cannot assure you that our trade secrets will not be
disclosed or that we can meaningfully protect our trade secrets. Enforcing a claim that a party illegally disclosed or misappropriated
a trade secret is difficult, expensive and time-consuming, and the outcome is unpredictable. In addition, some courts both within and
outside the United States may be less willing, or unwilling, to protect trade secrets. If a competitor lawfully obtained or independently
developed any technology or information that we protect as trade secret, we would have no right to prevent such competitor from using
that technology or information to compete with us, which could harm our competitive position.
Intellectual property rights do not necessarily
address all potential threats.
The degree of future protection
afforded by our intellectual property rights is uncertain because intellectual property rights have limitations and may not adequately
protect our business or permit us to maintain our competitive advantage. For example:
●
others may be able to make products that are similar to our Program Products and any future product candidates we may develop but that are not covered by the claims of the patents that we may own or license in the future;
●
we, or our future collaborators, might not have been the first to make the inventions covered by the issued patents and pending patent applications that we may own or license in the future;
●
we, or our future collaborators, might not have been the first to file patent applications covering certain of our or their inventions;
28
●
others may independently develop similar or alternative technologies or duplicate any of our technologies without infringing our owned or licensed intellectual property rights;
●
it is possible that our pending patent applications or those that we may file in the future will not result in issued patents;
●
patents that we may own or license in the future may be held invalid or unenforceable, including as a result of legal challenges by our competitors;
●
our competitors might conduct research and development activities in countries where we do not have patent rights and then use the resulting information to develop competitive products for sale in major commercial markets in which we do not have sufficient patent rights to stop such sales;
●
we may not develop additional proprietary technologies that are patentable;
●
third-party patents may be asserted against our product candidates and technologies in a manner that threatens or harms our business; and
●
we may choose not to file a patent application in order to maintain certain trade secrets or know-how, and a third party may subsequently file a patent covering such trade secrets or know-how.
Should any of these events
occur, they could have a material adverse effect on our business, financial condition, results of operations and prospects.
If our trademarks and trade names are not
maintained and adequately protected, we may not be able to build name recognition in our markets of interest, and our business may be
adversely affected.
Failure to obtain trademark
registrations in the future could limit our ability to protect and enforce our trademarks and impede our marketing efforts in the countries
in which we intend to operate. We may not be able to protect our rights to trademarks and trade names which we may need to build name
recognition with potential partners or customers in our markets of interest. As a means to enforce any future trademark rights and prevent
infringement, we may be required to file trademark claims against third parties or initiate trademark opposition proceedings. This can
be time-consuming and expensive and may strain the financial resources of a company of our size, and we may not ultimately be successful
in enforcing our trademark rights. In addition, our registered or unregistered trademarks or trade names may be challenged, infringed,
circumvented, declared generic or determined to be infringing on other marks.
Future trademark applications
in the United States and in other foreign jurisdictions where we may file may not be allowed or may subsequently be opposed. Even
if these applications result in registration of trademarks, third parties may challenge our use or registration of these trademarks in
the future. Over the long term, if we are unable to establish name recognition based on our trademarks and trade names, then we may not
be able to compete effectively, and our business may be adversely affected.
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Risks Related to Our Business Operations
Our future success depends in part on our
ability to retain our senior management team, directors and other key employees and to attract, retain and motivate other qualified personnel.
We may not be able to attract
or retain qualified directors, personnel and consultants due to the intense competition for such individuals among in the biotechnology
and pharmaceutical industries. If we are not able to attract and retain necessary personnel and consultants to accomplish our business
objectives, we may experience constraints that will significantly impede the achievement of our development objectives, our ability to
raise additional capital and our ability to implement our business strategy.
Our industry has experienced
a high rate of turnover of management personnel in recent years. We are highly dependent on the development, regulatory, commercialization
and business development expertise of the members of our executive team, as well as other key employees and consultants. If we lose one
or more of our executive officers or other key employees or consultants, our ability to implement our business strategy successfully could
be seriously harmed. Any of our executive officers or other key employees or consultants may terminate their employment or consultancy
arrangements with us at any time and replacing such individuals may be difficult and time-consuming because of the limited number of individuals
in our industry with the necessary breadth of skills and experience. Competition to hire and retain employees and consultants from this
limited pool is intense, and we may be unable to hire, train, retain or motivate such individuals. Additionally, we do not currently maintain
"key person" life insurance on the lives of our executives or any of our employees. This lack of insurance means that we may
not receive adequate compensation for the loss of the services of these individuals. If we are unable to continue to attract and retain
high-quality personnel, the rate and success with which we can discover and develop product candidates and our business will be limited.
We will need to expand our organization,
and we may experience difficulties in managing this growth, which could disrupt our operations.
We are in the early stages
of building the full management team and employee base that we anticipate we will need to complete the development of our Program Products
and other future product candidates. As of July 8, 2022, we had 14 employees.
As we advance our preclinical
and clinical development programs for our product candidates, seek regulatory approval in the United States and elsewhere and increase
the number of ongoing product development programs, we anticipate that we will need to increase our product development, scientific and
administrative headcount. We will also need to establish commercial capabilities in order to commercialize any product candidates that
may be approved. Such an evolution may impact our strategic focus and our deployment and allocation of resources. Our management, personnel
and systems may experience difficulty in adjusting to our growth and strategic focus.
Our ability to manage our
operations and growth effectively depends upon the continual improvement of our procedures, reporting systems and operational, financial
and management controls. We may not be able to implement administrative and operational improvements in an efficient or timely manner
and may discover deficiencies in existing systems and controls. If we do not meet these challenges, we may be unable to execute our business
strategies and may be forced to expend more resources than anticipated addressing these issues.
We may acquire additional
technology and complementary businesses in the future. Acquisitions involve many risks, any of which could materially harm our business,
including the diversion of management's attention from core business concerns, failure to effectively exploit acquired technologies,
failure to successfully integrate the acquired business or realize expected synergies or the loss of key employees from either our business
or the acquired businesses.
In addition, in order to continue
to meet our obligations as a public company and to support our anticipated long-term growth, we will need to increase our general and
administrative capabilities. Our management, personnel and systems may not be adequate to support this future growth.
If we are unable to successfully
manage our growth and the increased complexity of our operations, our business, financial position, results of operations and prospects
may be materially and adversely affected.
30
We may not be successful in our efforts
to identify, discover or license additional product candidates.
Although a substantial amount
of our effort will focus on the continued clinical testing, potential approval and commercialization of our lead Program Products, the
success of our business also depends upon our ability to identify, discover or license additional product candidates. Our research programs
or licensing efforts may fail to yield additional product candidates for clinical development for a number of reasons, including (i) lack
of financial or personnel resources to acquire or discover additional product candidates; (ii) product candidates may not succeed
in preclinical or clinical testing; (iii) product candidates may be shown to have harmful side effects or may have other characteristics
that may make the products unmarketable or unlikely to receive marketing approval; (iv) competitors may develop alternatives that
render our product candidates obsolete or less attractive; (v) the market for a product candidate may change during our development
program so that such product may become unprofitable to continue to develop; (vi) product candidates may not be capable of being
produced in commercial quantities at an acceptable cost, or at all; and (vii) product candidates may not be accepted as safe and
effective by patients, the medical community, or third-party payors.
We may be forced to abandon
our development efforts for a program or programs that are unsuccessful, or we may not be able to identify, license, or discover additional
product candidates, which would have a material adverse effect on our business and could potentially cause us to cease operations. Further,
research programs to identify new product candidates require substantial technical, financial and human resources. We may focus our efforts
and resources on potential programs or product candidates that ultimately prove to be unsuccessful.
If we fail to comply with environmental,
health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse
effect on the success of our business.
Our research, development
and manufacturing activities and our third-party manufacturers' and suppliers' activities involve the controlled storage,
use and disposal of hazardous materials, including the components of our product candidates and other hazardous compounds. We and our
manufacturers and suppliers are subject to laws and regulations governing the use, manufacture, storage, handling and disposal of these
hazardous materials. In some cases, these hazardous materials and various wastes resulting from their use are stored at our and our manufacturers'
facilities pending their use and disposal. We cannot eliminate the risk of contamination, which could cause an interruption of our commercialization
efforts, research and development efforts and business operations, environmental damage resulting in costly clean-up and liabilities under
applicable laws and regulations governing the use, storage, handling and disposal of these materials and specified waste products. Although
we believe that the safety procedures utilized by our third-party manufacturers for handling and disposing of these materials generally
comply with the standards prescribed by these laws and regulations, we cannot guarantee that this is the case or eliminate the risk of
accidental contamination or injury from these materials. In such an event, we may be held liable for any resulting damages, such liability
could exceed our resources, and state or federal or other applicable authorities may curtail our use of certain materials and/or interrupt
our business operations. Furthermore, environmental laws and regulations are complex, change frequently and have tended to become more
stringent. We cannot predict the impact of such changes and cannot be certain of our future compliance. We do not currently carry biological
or hazardous waste insurance coverage.
Healthcare reform in the United States
may negatively impact our ability to profitably sell our product candidates, if approved, and to recoup the upfront investment needed
to obtain regulatory approval of our product candidates.
Third-party payors, whether
domestic or foreign, or governmental or commercial, are continually developing and advancing new methods of controlling healthcare costs.
The United States and many foreign jurisdictions have enacted or proposed legislative and regulatory changes affecting the healthcare
system that could prevent or delay marketing approval of our product candidates, restrict or regulate post-approval activities and affect
our ability to profitably sell any product for which we obtain marketing approval.
Affordable Care Act for example,
contains provisions that have significantly changed the way health care is financed by both governmental and private insurers. We expect
that current laws, as well as other healthcare reform measures that may be adopted in the future, may result in more rigorous coverage
criteria and in additional downward pressure on the price that we, or any strategic collaborators, may receive for any approved products.
31
Since its enactment, there have
been numerous judicial, administrative, executive, and legislative challenges to certain aspects of the Affordable Care
Act, and we expect there will be additional challenges and amendments to the Affordable Care Act in the future. By
way of example, on January 28, 2021, President Biden issued the "Executive Order on Strengthening Medicaid and the Affordable
Care Act," which, among other things revoked certain executive orders of the previous administration that had eliminated cost sharing
subsidies and various other provisions of the Affordable Care Act, stating that it is the current administration's policy "to
protect and strengthen Medicaid and the ACA and to make high-quality healthcare accessible and affordable for every American," and
directing heads of relevant executive departments and agencies immediately to review agency actions to determine whether any such actions
are inconsistent with this policy. And, on June 24, 2021, the U.S. Supreme Court dismissed a challenge to the Affordable Care
Act in a decision that leaves the law intact. We cannot predict what effect further changes to the Affordable Care
Act would have on our business.
It is also possible that additional
governmental action is taken in response to the COVID-19 pandemic. Individual states in the United States have also become increasingly
active in implementing regulations designed to control pharmaceutical product pricing, including price or patient reimbursement constraints,
discounts, restrictions on certain product access and marketing cost disclosure and transparency measures, and, in some cases, designed
to encourage importation from other countries and bulk purchasing.
At the same time, there has
been increasing legislative and enforcement interest in the United States with respect to specialty drug pricing practices. Specifically,
there have been several recent U.S. congressional inquiries and proposed bills designed to, among other things, bring more transparency
to drug pricing, reduce the cost of prescription drugs under Medicare, review the relationship between pricing and manufacturer patient
programs and reform government program reimbursement methodologies for drugs.
There have been, and likely
will continue to be, legislative and regulatory proposals at the foreign, federal and state levels directed at broadening the availability
of healthcare and containing or lowering the cost of healthcare. The implementation of cost containment measures or other healthcare reforms
may prevent us from being able to generate product revenue, attain profitability, or commercialize our products. Such reforms could have
an adverse effect on anticipated revenue from product candidates that we may successfully develop and for which we may obtain regulatory
approval and may affect our overall financial condition, including our ability to recoup the upfront investment needed to obtain regulatory
approval for our product candidates.
Risks Related to Commercialization of Our Program
Products and Product Candidates
As we evolve from a company that is primarily
involved in clinical development to a company that is also involved in commercialization, we may encounter difficulties in expanding our
operations successfully.
As we advance our Program
Products through clinical studies, we will need to expand our development, regulatory, manufacturing, and marketing and sales capabilities
and may need to further contract with third parties to provide these capabilities, such as collaborators, distributors, marketers and
additional suppliers. We currently have no experience as a Company in or infrastructure for sales, marketing and distribution, and our
operations are currently limited to clinical development activities and as our operations expand, we likely will need to manage additional
relationships with such third parties.
If our Program Products or
any future product candidate is approved, we intend either to establish a sales organization with technical expertise and supporting distribution
capabilities to commercialize our Program Products or any future product candidate or to outsource such functions to one or more third
parties. Either of these options would be expensive and time-consuming. Some or all of these costs may be incurred in advance of any approval
of our Program Products or any future product candidate. In addition, we may not be able to hire a sales force that is sufficient in size
or has adequate expertise in the medical markets that we intend to target. Any failure or delay in the development of our internal sales,
marketing and distribution capabilities would adversely affect the commercialization of our Program Products and other future product
candidates.
32
Maintaining third-party relationships
for these purposes will impose significant added responsibilities on members of our management and other personnel. We must be able to
effectively manage our development efforts, recruit and train sales and marketing personnel, effectively manage our participation in the
clinical studies in which our product candidates are involved and improve our managerial, development, operational and finance systems,
all of which may impose a strain on our administrative and operational infrastructure.
If we enter into arrangements
with third parties to perform sales, marketing or distribution services, any product revenues that we receive, or the profitability of
these product revenues to us, are likely to be lower than if we were to market and sell any products that we develop without the involvement
of these third parties. In addition, we may not be successful in entering into arrangements with third parties to sell and market our
products or in doing so on terms that are favorable to us. We likely will have little control over such third parties, and any of them
may fail to devote the necessary resources and attention to sell and market our products effectively. If we do not establish sales and
marketing capabilities successfully, either on our own or in collaboration with third parties, we will not be successful in commercializing
our products.
We may seek to establish commercial collaborations
for our Program Products and future product candidates, and, if we are not able to establish them on commercially reasonable terms, we
may have to alter our development plans.
Our drug development programs,
and the potential commercialization of our product candidates will require substantial additional cash to fund expenses. We may decide
to collaborate with other pharmaceutical and biotechnology companies for the development and potential commercialization of our product
candidates.
We face significant competition
in seeking appropriate collaborators. Whether we reach a definitive agreement for a collaboration will depend, among other things, upon
our assessment of the collaborator's resources and expertise, the terms and conditions of the proposed collaboration and the proposed
collaborator's evaluation of a number of factors. Those factors may include the design or results of clinical studies, the likelihood
of approval by the FDA or comparable foreign regulatory authorities, the potential market for the subject product candidate, the costs
and complexities of manufacturing and delivering such product candidate to patients, the potential of competing products and the existence
of uncertainty with respect to our ownership of technology, which can exist if there is a challenge to such ownership without regard to
the merits of the challenge and industry and market conditions generally. The collaborators may also consider alternative product candidates
or technologies for similar indications that may be available to collaborate on and whether such a collaboration could be more attractive
than the one with us for our product candidate.
Collaborations are complex
and time-consuming to negotiate and document. In addition, there have been a significant number of business combinations among large pharmaceutical
companies that have resulted in a reduced number of potential future collaborators.
We may not be able to negotiate
collaborations on a timely basis, on acceptable terms, or at all. If we are unable to do so, we may have to curtail the development of
the product candidate for which we are seeking to collaborate, reduce or delay its development program or one or more of our other development
programs, delay its potential commercialization or reduce the scope of any sales or marketing activities or increase our expenditures
and undertake development or commercialization activities at our own expense. If we elect to increase our expenditures to fund development
or commercialization activities on our own, we may need to obtain additional capital, which may not be available to us on acceptable terms,
or at all. If we do not have sufficient funds, we may not be able to further develop our product candidates or bring them to market and
generate product revenue.
33
We currently have no Program Products approved
for marketing. We do not have a marketing and sales organization. If we are unable to establish sales and marketing capabilities or enter
into agreements with third parties to market and sell our Program Products, we may be unable to generate any product revenue.
We have no experience selling
and marketing our Program Products, and we currently have no marketing or sales organization. To successfully commercialize any product
candidates that may result from our development programs, we will need to develop these capabilities, either on our own or with others.
If our product candidates receive regulatory approval, we intend to establish a sales and marketing organization independently or by utilizing
experienced third parties with technical expertise and supporting distribution capabilities to commercialize our Program Products in major
markets, all of which will be expensive, difficult and time consuming. Any failure or delay in the development of our internal sales,
marketing and distribution capabilities would adversely impact our ability to commercialize our Program Products.
Our efforts to educate the
medical community, including physicians, hospital pharmacists and third-party payors on the benefits of our Program Products may require
significant resources and may never be successful. If any of our Program Products are approved but fail to achieve market acceptance among
physicians, patients or third-party payors, we will not be able to generate significant revenues from such product, which could have a
material adverse effect on our business, financial condition, results of operations and prospects.
It may be difficult for us to profitably
sell our Program Products, if and when approved, if coverage and reimbursement for these Program Products are limited by government authorities
and/or third-party payor policies.
In addition to any healthcare
reform measures which may affect reimbursement, market acceptance and sales of our Program Products, if approved, will depend on, in part,
the extent to which the procedures utilizing our Program Products, performed by health care providers, will be covered by third party
payors, such as government health care programs, commercial insurance and managed care organizations. In the event health care providers
and patients accept our Program Products as medically useful, cost effective and safe, there is uncertainty regarding whether our Program
Products will be directly reimbursed, reimbursed through a bundled payment or if the product candidates will be included in another type
of value-based reimbursement program. Third party payors determine the extent to which new products will be covered as a benefit under
their plans and the level of reimbursement for any covered product or procedure which may utilize a covered product. It is difficult to
predict at this time what third party payors will decide with respect to the coverage and reimbursement for our Program Products.
Obtaining coverage and reimbursement
approval for a product from a government or other third-party payor is a time-consuming and costly process that could require us to provide
supporting scientific, clinical and cost effectiveness data for the use of our products to the payor. Additionally, we may not be able
to provide data sufficient to gain acceptance with respect to coverage and reimbursement. We cannot be sure that coverage or adequate
reimbursement will be available for our product candidates, if approved. Also, we cannot be sure that reimbursement amounts will not reduce
the demand for, or the price of, our future products. If reimbursement is not available, or is available only to limited levels, we may
not be able to commercialize our product candidates, or achieve profitably at all, even if approved.
Our business entails a significant risk
of clinical study and/or product liability and our ability to obtain sufficient insurance coverage could have a material effect on our
business, financial condition, results of operations or prospects.
Our business exposes us to
significant clinical study and/or product liability risks inherent in the development, testing, manufacturing and marketing of therapeutic
treatments. Clinical study liability claims could delay or prevent completion of our development programs. If we succeed in marketing
products, product liability claims could result in an FDA investigation of the safety and effectiveness of our products, our manufacturing
processes and facilities or our marketing programs and potentially a recall of our products or more serious enforcement action, limitations
on the approved indications for which they may be used or suspension or withdrawal of approvals. Regardless of the merits or eventual
outcome, liability claims may also result in decreased demand for our products, injury to our reputation, costs to defend the related
litigation, a diversion of management's time and our resources, substantial monetary awards to study participants or patients and
a decline in our Company valuation. We currently carry insurance coverage to the limit required by clinical sites for our clinical study.
We do not anticipate carrying product liability insurance until such time we have a commercially available product. Our current insurance
coverage or any other insurance coverage that we may obtain in the future may not provide sufficient coverage against potential liabilities.
Furthermore, clinical study and product liability insurance are becoming increasingly expensive. As a result, we may be unable to obtain
sufficient insurance at a reasonable cost to protect us against losses caused by clinical study and product liability claims that could
have a material adverse effect on our business.
34
Product liability lawsuits against us could
cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.
We face an inherent risk of
product liability exposure related to the testing of our product candidates in human clinical studies and will face an even greater risk
if we commercialize any resulting products. Product liability claims may be brought against us by subjects enrolled in our clinical studies,
patients, or others using our products. If we cannot successfully defend ourselves against claims that our product candidates or products
that we may develop caused injuries, we could incur substantial liabilities. Regardless of merit or eventual outcome, liability claims
may result in:
●
decreased demand for any product candidates or products that we may develop;
●
product recalls or a change in the indications for which products may be used;
●
termination of clinical study sites or entire study programs;
●
injury to our reputation and significant negative media attention;
●
withdrawal of clinical study participants;
●
significant costs to defend the related litigation;
●
substantial monetary awards to study subjects or patients;
●
loss of revenue;
●
diversion of management and scientific resources from our business operations; and
●
the inability to commercialize any products that we may develop.
Our clinical study liability
insurance coverage may not adequately cover all liabilities that we may incur. We may not be able to maintain insurance coverage at a
reasonable cost or in an amount adequate to satisfy any liability that may arise. Our inability to obtain product liability insurance
at an acceptable cost or to otherwise protect against potential product liability claims could prevent or delay the commercialization
of any products or product candidates that we develop. We intend to expand our insurance coverage for products to include the sale of
commercial products if we obtain marketing approval for our product candidates in development, but we may be unable to obtain commercially
reasonable product liability insurance for any products approved for marketing. Large judgments have been awarded in class action lawsuits
based on drugs that had unanticipated side effects. If we are sued for any injury caused by our products, product candidates or processes,
our liability could exceed our product liability insurance coverage and our total assets. Claims against us, regardless of their merit
or potential outcome, may also generate negative publicity or hurt our ability to obtain physician endorsement of our products or expand
our business.
Our employees, contractors, vendors, principal
investigators, consultants and future partners may engage in misconduct or other improper activities, including noncompliance with regulatory
standards and requirements and insider trading.
We are exposed to the risk
of fraud or other misconduct by our employees, contractors, vendors, principal investigators, consultants or future partners. Misconduct
by these parties could include failures to comply with FDA regulations, to provide accurate information to the FDA, to comply with federal
and state healthcare fraud and abuse laws and regulations, to report financial information or data timely, completely or accurately, or
to disclose unauthorized activities to us. In particular, sales, marketing and business arrangements in the healthcare industry are subject
to extensive laws and regulations intended to prevent fraud, misconduct, kickbacks, self-dealing and other abusive practices. These laws
and regulations may restrict or prohibit a wide range of pricing, discounting, marketing and promotion, sales commission, customer incentive
programs and other business arrangements. Third-party misconduct could also involve the improper use of information obtained in the course
of clinical studies, which could result in regulatory sanctions and serious harm to our reputation. Although we have adopted a Code of
Business Conduct and Ethics, it is not always possible to identify and deter misconduct, and the precautions we take to detect and prevent
this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations
or other actions or lawsuits stemming from a failure to comply with these laws or regulations. If any such actions are instituted against
us resulting from this misconduct and we are not successful in defending ourselves or asserting our rights, those actions could have a
significant impact on our business, including the imposition of significant fines or other sanctions. If we or our future partners market
products in a manner that violates fraud and abuse and other healthcare laws, or if we or our future partners violate government price
reporting laws, we or our future partners may be subject to administrative civil and/or criminal penalties, among other sanctions.
35
Pharmaceutical and other healthcare
companies have been prosecuted under these laws for a variety of promotional and marketing activities, such as: providing free trips,
free goods, sham consulting fees and grants and other monetary benefits to prescribers; reporting to pricing services inflated average
wholesale prices that were then used by federal programs to set reimbursement rates; engaging in off-label promotion; and submitting inflated
best price information to the Medicaid Rebate Program to reduce liability for Medicaid rebates. Ensuring that our internal operations
and future business arrangements with third parties comply with applicable healthcare laws and regulations will involve substantial costs.
It is possible that governmental authorities will conclude that our business practices do not comply with current or future statutes,
regulations, agency guidance or case law involving applicable fraud and abuse or other healthcare laws and regulations.
Our business operations and relationships
with investigators, healthcare professionals, consultants, third-party payors, patient organizations and customers are subject to broadly
applicable healthcare regulatory laws, which could expose us to penalties.
Healthcare providers, physicians
and third-party payors will play a primary role in the recommendation and prescription of any product candidate for which we obtain regulatory
approval. Our current and future arrangements may expose us to broadly applicable fraud and abuse and other healthcare laws that may constrain
the business or financial arrangements and relationships through which we would market, sell and distribute our products. Even though
we will not control referrals of healthcare services or bill directly to Medicare, Medicaid or other third-party payors, federal and state
healthcare laws pertaining to fraud and abuse are and will be applicable to our business. Such laws include, but are not limited to, the
following:
●
Federal false claims, false statements and civil monetary penalties laws, including the federal civil FCA, which can be enforced through civil whistleblower or qui tam actions, prohibit, among others, any person from knowingly presenting, or causing to be presented, a false claim for payment to the federal government or knowingly making, or causing to be made, a false statement to get a false claim paid.
●
The federal Anti-Kickback Statute prohibits, among other things, knowingly and willfully offering, paying, soliciting or receiving remuneration to induce, or in return for, purchasing, leasing, ordering or arranging for the purchase, lease or order of any healthcare item or service reimbursable under Medicare, Medicaid or other federally financed healthcare programs. This statute has been interpreted to apply to arrangements between pharmaceutical manufacturers, on the one hand, and prescribers, purchasers and formulary managers, on the other. Although there are several statutory exceptions and regulatory safe harbors protecting certain common activities from prosecution, the exceptions and safe harbors are drawn narrowly, and practices that involve remuneration intended to induce prescribing, purchasing or recommending may be subject to scrutiny if they do not qualify for an exception or safe harbor. In addition, the intent standard under the federal Anti-Kickback Statute was amended by the Affordable Care Act to a stricter standard such that a person or entity no longer needs to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation. Moreover, the government may assert that a claim including items or services resulting from violation of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the FCA.
●
The federal HIPAA, which prohibits, among other things, knowingly and willfully executing, or attempting to execute, a scheme or artifice to defraud any healthcare benefit program or obtain, by means of false or fraudulent pretenses, representations, or promises, any of the money or property owned by, or under the custody or control of, any healthcare benefit program, regardless of the payor (e.g., public or private), willfully obstructing a criminal investigation of a healthcare offense, and knowingly and willfully falsifying, concealing or covering up by any trick or device a material fact or making any materially false, fictitious or fraudulent statements in connection with the delivery of, or payment for, healthcare benefits, items or services relating to healthcare matters. Similar to the federal Anti-Kickback Statute, a person or entity does not need to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation.
36
●
Patient data privacy and security regulation, including, in the United States, HIPAA, as amended by the Health Information Technology for Clinical Health Act of 2009 ("HITECH"), and their respective implementing regulations, which impose specified requirements on "covered entities," including healthcare providers, health plans, and healthcare clearinghouses, as well as their respective "business associates" that perform services for them that involve the use, or disclosure of, individually identifiable health information relating to the privacy, security and transmission of individually identifiable health information.
●
The federal transparency requirements under the Physician Payments Sunshine Act, enacted as part of the Affordable Care Act, that require applicable manufacturers of covered drugs, devices, biologics and medical supplies for which payment is available under Medicare, Medicaid, or the Children's Health Insurance Program, with specific exceptions, to track and annually report to CMS payments and other transfers of value provided to physicians and teaching hospitals and certain ownership and investment interests held by physicians or their immediate family members in the applicable manufacturer, and disclosure of such information will be made by CMS on a publicly available website.
●
Analogous state, local or foreign laws, such as state anti-kickback and false claims laws, which may apply to items or services reimbursed by any third-party payor, including commercial insurers; state and local marketing and/or transparency laws applicable to manufacturers that may be broader in scope than the federal requirements; state laws that require biopharmaceutical companies to comply with the biopharmaceutical industry's voluntary compliance guidelines and the relevant compliance guidance promulgated by the federal government; state and local laws that require licensure or registration by sales and marketing agents of a pharmaceutical company; state laws that require disclosure of information related to drug pricing; and state and foreign laws governing the privacy and security of health information in certain circumstances, many of which differ from each other in significant ways and may not have the same effect as HIPAA.
Pharmaceutical and other healthcare
companies have been prosecuted under these laws for a variety of promotional and marketing activities, such as: providing free trips,
free goods, sham consulting fees and grants and other monetary benefits to prescribers; reporting to pricing services inflated average
wholesale prices that were then used by federal programs to set reimbursement rates; engaging in off-label promotion; and submitting inflated
best price information to the Medicaid Rebate Program to reduce liability for Medicaid rebates. Ensuring that our internal operations
and future business arrangements with third parties comply with applicable healthcare laws and regulations will involve substantial costs.
It is possible that governmental authorities will conclude that our business practices do not comply with current or future statutes,
regulations, agency guidance or case law involving applicable fraud and abuse or other healthcare laws and regulations.
The global data protection
landscape is rapidly evolving, and we may be affected by or subject to new, amended or existing laws and regulations in the future, including
as our operations continue to expand or if we operate in foreign jurisdictions. Several foreign jurisdictions, including the EU, its member
states, the United Kingdom, Japan and Australia, among others, have adopted legislation and regulations that increase or change the requirements
governing the collection, use, disclosure and transfer of the personal information of individuals in these jurisdictions. Additionally,
certain countries have passed or are considering passing laws that require local data residency and/or restrict the international transfer
of data. These laws have the potential to increase costs of compliance, risks of noncompliance and penalties for noncompliance.
If our operations are found
to be in violation of any of these laws or any other governmental regulations that may apply to us, we may be subject to significant civil,
criminal and administrative penalties, damages, disgorgement, fines, imprisonment, exclusion from government funded healthcare programs,
such as Medicare and Medicaid, additional oversight and reporting obligations, contractual damages, reputational harm, diminished profits
and future earnings, and the curtailment or restructuring of our operations. If any of the physicians or other healthcare providers or
entities with whom we expect to do business is found not to be in compliance with applicable laws, that person or entity may be subject
to significant criminal, civil or administrative sanctions, including exclusions from government funded healthcare programs.
37
Data collection is governed by restrictive
regulations governing the collection, use, processing and cross-border transfer of personal information.
We are currently conducting
a Phase 2b clinical study in Europe and we will collect, process, use or transfer personal information from individuals located in
the EEA in connection with our business, including in connection with conducting clinical studies in the EEA. Additionally, if any
of our product candidates are approved, we may seek to commercialize those products in the EEA. The collection and use of personal
health data in the EEA is governed by the provisions of the GDPR, along with other European Union and country-specific laws and regulations.
The United Kingdom and Switzerland have also adopted data protection laws and regulations. These legislative acts (together with regulations
and guidelines) impose requirements relating to having legal bases for processing personal data relating to identifiable individuals and
transferring such data outside of the EEA, including to the United States, providing details to those individuals regarding the processing
of their personal data, keeping personal data secure, having data processing agreements with third parties who process personal data,
responding to individuals' requests to exercise their rights in respect of their personal data, reporting security breaches involving
personal data to the competent national data protection authority and affected individuals, appointing data protection officers or corporate
representatives, conducting data protection impact assessments and record-keeping. The GDPR imposes additional responsibilities and liabilities
in relation to personal data that we process and we may be required to put in place additional mechanisms ensuring compliance with the
new data protection rules. Failure to comply with the requirements of the GDPR and related national data protection laws of the member
states of the EEA and other states in the EEA may result in substantial fines, other administrative penalties and civil claims being brought
against us, which could have a material adverse effect on our business, financial condition and results of operations. European data protection
authorities may interpret the GDPR and national laws differently and may impose additional requirements, which adds to the complexity
of processing personal data in or from the EEA or United Kingdom. Guidance on implementation and compliance practices are often updated
or otherwise revised. Compliance with the GDPR will be a rigorous and time-intensive process that may increase our cost of doing business
or require us to change our business practices, and despite those efforts, there is a risk that we may be subject to fines and penalties,
litigation, and reputational harm in connection with our European activities.
In addition, in 2018 California
enacted the California Consumer Privacy Act ("CCPA"), which created new individual privacy rights for California consumers
(as defined in the law) and places increased privacy and security obligations on entities handling personal data of consumers or households.
The CCPA requires covered companies to provide new disclosure to consumers about such companies' data collection, use and sharing
practices, provide such consumers new ways to opt-out of certain sales or transfers of personal information, and provide consumers with
additional causes of action. The CCPA went into effect on January 1, 2020, and the California Attorney General commenced enforcement
actions for violations on July 1, 2020. Moreover, the California Privacy Rights Act, or CPRA, which was passed in November 2020
and will go into effect on January 1, 2023, with a "look-back" period to January 1, 2022. The CPRA significantly
modified the CCPA, resulting in further uncertainty and requiring us to incur additional costs and expenses in an effort to comply. The
CCPA and the CPRA, may impact our business activities and exemplifies the vulnerability of our business to the evolving regulatory environment
related to personal data and protected health information.
Compliance with U.S. and
international data protection laws and regulations could require us to take on more onerous obligations in our contracts, restrict our
ability to collect, use and disclose data, or in some cases, impact our ability to operate in certain jurisdictions. Any actual or alleged
failure to comply with U.S. or international laws and regulations relating to privacy, data protection, and data security could result
in governmental investigations, proceedings and enforcement actions (which could include civil or criminal penalties), private litigation
or adverse publicity, harm to our reputation, and could negatively affect our operating results and business. Moreover, clinical study
subjects about whom we or our potential collaborators obtain information, as well as the providers who share this information with us,
may contractually limit our ability to use and disclose the information or impose other obligations or restrictions in connection with
our use, retention and other processing of information, and we may otherwise face contractual restrictions applicable to our use, retention,
and other processing of information. Claims that we have violated individuals' privacy rights, failed to comply with data protection
laws, or breached our contractual obligations, even if we are not found liable, could be expensive and time consuming to defend and could
result in adverse publicity that could harm our business.
38
Unstable market and economic conditions
may have serious adverse consequences on our business and financial condition.
Global credit and financial
markets have experienced extreme disruptions at various points over the last few decades, characterized by diminished liquidity and credit
availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic
stability. If another such disruption in credit and financial markets and deterioration of confidence in economic conditions occurs, our
business may be adversely affected. If the equity and credit markets were to deteriorate significantly in the future, it may make any
necessary debt or equity financing more difficult to complete, more costly, and more dilutive. Failure to secure any necessary financing
in a timely manner and on favorable terms could have a material adverse effect on our growth strategy, financial performance and share
price and could require us to delay or abandon development or commercialization plans. In addition, there is a risk that one or more of
our service providers, manufacturers or other partners would not survive or be able to meet their commitments to us under such circumstances,
which could directly affect our ability to attain our operating goals on schedule and on budget.
We are subject to U.S. and certain
foreign export and import controls, sanctions, embargoes, anti-corruption laws, and anti-money laundering laws and regulations. Compliance
with these legal standards could impair our ability to compete in domestic and international markets. We can face criminal liability and
other serious consequences for violations, which can harm our business.
We are subject to export control
and import laws and regulations, including the U.S. Export Administration Regulations, U.S. Customs regulations, various economic
and trade sanctions regulations administered by the U.S. Treasury Department's Office of Foreign Assets Controls, the U.S. Foreign
Corrupt Practices Act of 1977, as amended, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel
Act, the USA PATRIOT Act, and other state and national anti-bribery and anti-money laundering laws in the countries in which we conduct
activities. Anti-corruption laws are interpreted broadly and prohibit companies and their employees, agents, contractors, and other collaborators
from authorizing, promising, offering, or providing, directly or indirectly, improper payments or anything else of value to recipients
in the public or private sector. We may engage third parties to sell our products sell our products outside the United States, to
conduct clinical studies, and/or to obtain necessary permits, licenses, patent registrations, and other regulatory approvals. We have
direct or indirect interactions with officials and employees of government agencies or government-affiliated hospitals, universities,
and other organizations. We can be held liable for the corrupt or other illegal activities of our employees, agents, contractors, and
other collaborators, even if we do not explicitly authorize or have actual knowledge of such activities. Any violations of the laws and
regulations described above may result in substantial civil and criminal fines and penalties, imprisonment, the loss of export or import
privileges, debarment, tax reassessments, breach of contract and fraud litigation, reputational harm, and other consequences.
Changes in our effective income tax rate
could adversely affect our results of operations.
We are subject to income taxes
in the United States. Various factors may have favorable or unfavorable effects on our effective income tax rate. These factors include,
but are not limited to, interpretations of existing tax laws, changes in tax laws and rates, the accounting for stock options and other
stock-based compensation, changes in accounting standards, future levels of research and development spending, changes in the mix and
level of pre-tax earnings in different jurisdictions, the outcome of audits or other examinations by the U.S. Internal Revenue Service
and tax regulators in other jurisdictions, the accuracy of our estimates for unrecognized tax benefits, the realization of deferred tax
assets and changes to our ownership or capital structure. The impact of the above-mentioned factors and others on our effective income
tax rate may be significant and could adversely affect our results of operations.
39
Our future growth may depend, in part, on
our ability to penetrate foreign markets, where we would be subject to additional regulatory burdens and other risks and uncertainties.
Our future profitability may
depend, in part, on our ability to commercialize our product candidates in foreign markets for which we may rely on collaboration with
third parties. We are evaluating the opportunities for the development and commercialization of our product candidates in foreign markets.
We are not permitted to market or promote any of our product candidates before we receive regulatory approval from the applicable regulatory
authority in that foreign market, and we may never receive such regulatory approval for any of our product candidates. To obtain separate
regulatory approvals in other countries, we may be required to comply with numerous and varying regulatory requirements of such countries
regarding the safety and efficacy of our product candidates and governing, among other things, clinical studies and commercial sales,
pricing and distribution of our product candidates, and we cannot predict success in these jurisdictions. We may not obtain foreign regulatory
approvals on a timely basis, if at all. If we obtain approval of our product candidates and ultimately commercialize our product candidates
in foreign markets, we would be subject to additional risks and uncertainties, including:
●
our customers' ability to obtain reimbursement for our product candidates in foreign markets;
●
our inability to directly control commercial activities if we are relying on third parties; the burden of complying with complex and changing foreign regulatory, tax, accounting and legal requirements;
●
different medical practices and customs in foreign countries affecting acceptance in the marketplace;
●
import or export licensing requirements;
●
longer accounts receivable collection times;
●
our ability to supply our product candidates on a timely and large-scale basis in local markets;
●
longer lead times for shipping which may necessitate local manufacture of our product candidates;
●
language barriers for technical training and the need for language translations;
●
reduced protection of patent and other intellectual property rights in some foreign countries;
●
the existence of additional potentially relevant third-party intellectual property rights;
●
foreign currency exchange rate fluctuations; and
●
the interpretation of contractual provisions governed by foreign laws in the event of a contract dispute.
Foreign sales of our product
candidates could also be adversely affected by the imposition of governmental controls, political and economic instability, trade restrictions
and changes in tariffs.
40
If any of our product candidates
is approved for commercialization, we may selectively partner with third parties to market it in certain jurisdictions outside the United States.
We expect that we will be subject to additional risks related to international pharmaceutical operations, including:
●
different regulatory requirements for drug approvals and rules governing drug commercialization in foreign countries, including requirements specific to biologics or cell therapy products;
●
reduced protection for patent and other intellectual property rights;
●
foreign reimbursement, pricing and insurance regimes;
●
potential noncompliance with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act 2010 and similar anti-bribery and anticorruption laws in other jurisdictions; and
●
production shortages resulting from any events affecting raw material supply or manufacturing capabilities abroad.
We have no prior experience
in these areas. In addition, there are complex regulatory, tax, labor and other legal requirements imposed by both the EU and many of
the individual countries in Europe with which we will need to comply. Many U.S.-based biotechnology companies have found the process of
marketing their own products in Europe to be very challenging.
Certain legal and political
risks are also inherent in foreign operations. There is a risk that foreign governments may nationalize private enterprises in certain
countries where we may operate. In certain countries or regions, terrorist activities and the response to such activities may threaten
our operations more than in the United States. Social and cultural norms in certain countries may not support compliance with our
corporate policies, including those that require compliance with substantive laws and regulations. Also, changes in general economic and
political conditions in countries where we may operate are a risk to our financial performance and future growth. Additionally, the need
to identify financially and commercially strong partners for commercialization outside the United States who will comply with the
high manufacturing and legal and regulatory compliance standards we require is a risk to our financial performance. As we operate our
business globally, our success will depend, in part, on our ability to anticipate and effectively manage these and other related risks.
There can be no assurance that the consequences of these and other factors relating to our international operations will not have an adverse
effect on our business, financial condition or results of operations.
In some countries, particularly
in Europe, the pricing of prescription pharmaceuticals is subject to governmental control. In these countries, pricing negotiations with
governmental authorities can take considerable time after the receipt of marketing approval for a drug. To obtain reimbursement or pricing
approval in some countries, we may be required to conduct clinical studies that compare the cost-effectiveness of our product candidates
to other available therapies. If reimbursement of our products is unavailable or limited in scope or amount, or if pricing is set at unsatisfactory
levels, our business could be harmed, possibly materially.
We face the risk of product liability claims
and may not be able to obtain insurance.
Our business exposes us to
the risk of product liability claims that are inherent in the development of drugs and diagnostic devices. We may be subject to costly
and damaging product liability claims brought against us by clinical study participants, consumers, health care providers, pharmaceutical
companies or others selling our products. Our inability to obtain sufficient product liability insurance at an acceptable cost to protect
against potential product liability claims could prevent or inhibit the commercialization of pharmaceutical products we develop, alone
or with collaborators. While we currently carry clinical study insurance and product liability insurance, the amount of insurance coverage
we hold now may not be adequate to cover all liabilities we might incur. We intend to expand our insurance coverage to include the sale
of commercial products if we obtain marketing approval for our product candidates in development, but we may be unable to obtain commercially
reasonable product liability insurance for any products approved for marketing. If we are unable to obtain insurance at an acceptable
cost or otherwise protect against potential product liability claims, we will be exposed to significant liabilities, which may materially
and adversely affect our business and financial position. If we are sued for any injury allegedly caused by our Program Products, our
liability could exceed our total assets and our ability to pay the liability. A product liability claim or series of claims brought against
us would decrease our cash and could cause our stock price to fall.
41
Our insurance policies are expensive and
protect us only from some business risks, which will leave us exposed to significant uninsured liabilities.
We carry insurance for most
categories of risk that our business may encounter; however, we may not have adequate levels of coverage. We currently maintain general
liability, property, workers' compensation, clinical study, products liability and directors' and officers' insurance,
along with an umbrella policy. We may not be able to maintain existing insurance at current or adequate levels of coverage. Any significant
uninsured liability may require us to pay substantial amounts, which would adversely affect our cash position and results of operations.
We have no current plans to pay dividends
on our Shares of Common Stock.
We do not anticipate paying
any cash dividends in the foreseeable future. If we incur indebtedness in the future to fund our future growth, our ability to pay dividends
may be further restricted by the terms of such indebtedness.
If we fail to maintain proper and effective
internal control over financial reporting in the future, our ability to produce accurate and timely financial statements could be impaired,
which could harm our operating results, investors' views of us and, as a result, the value of our Common Stock.
Pursuant to Section 404
of the Sarbanes-Oxley Act, our management will be required to report upon the effectiveness of our internal control over financial reporting
beginning with the Annual Report for our fiscal year ending December 31, 2022. When and if we are a "large accelerated filer"
or an "accelerated filer" and are no longer an "emerging growth company" or "smaller reporting company,"
each as defined in the Exchange Act, our independent registered public accounting firm will be required to attest to the effectiveness
of our internal control over financial reporting. However, for so long as we remain an emerging growth company or smaller reporting company,
we intend to take advantage of an exemption available to emerging growth companies and smaller reporting companies from these auditor
attestation requirements. The rules governing the standards that must be met for management to assess our internal control over financial
reporting are complex and require significant documentation, testing, and possible remediation. To comply with the requirements of being
a reporting company under the Exchange Act, we will need to upgrade our systems including information technology; implement additional
financial and management controls, reporting systems, and procedures; and hire additional accounting and finance staff. If we or, if required,
our auditors are unable to conclude that our internal control over financial reporting is effective, investors may lose confidence in
our financial reporting, and the trading price of our Common Stock may decline.
We are an emerging growth company, and the
reduced reporting requirements applicable to emerging growth companies may make our Common Stock less attractive to investors.
We are an emerging growth
company and are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public
companies that are not emerging growth companies, including, but not limited to, only two years of audited financial statements in
addition to any required unaudited interim financial statements with correspondingly reduced "Management's Discussion and
Analysis of Financial Condition and Results of Operations" disclosure, not being required to comply with the auditor attestation
requirements of Section 404 of the Sarbanes-Oxley Act of 2002 reduced disclosure obligations regarding executive compensation
in this Prospectus and our periodic reports and proxy statements, exemptions from the requirements of holding non-binding advisory votes
on executive compensation and seeking stockholder approval of any golden parachute payments not previously approved and not being required
to adopt certain accounting standards until those standards would otherwise apply to private companies. We could be an emerging growth
company until the last day of the fiscal year following the fifth anniversary of the IPO, although circumstances could cause us to
lose that status earlier, including if we become a large accelerated filer (in which case we will cease to be an emerging company as of
the date we become a large accelerated filer, which, generally, would occur if, at the end of a fiscal year, among other things, the market
value of our Common Stock that is held by non-affiliates exceeds $700 million as of the last business day of our most recently
completed second fiscal quarter), if we have total annual gross revenue of $1.07 billion or more during any fiscal year (in which
cases we would no longer be an emerging growth company as of March 31 of such fiscal year), or if we issue more than $1.0 billion
in non-convertible debt during any three year period before that time (in which case we would cease to be an emerging growth company immediately).
Even after we no longer qualify as an emerging growth company, we may still qualify as a "smaller reporting company," which
would allow us to take advantage of many of the same exemptions from disclosure requirements including not being required to comply with
the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive
compensation in this Prospectus and our periodic reports and proxy statements. We cannot predict if investors will find our Common Stock
less attractive because we may rely on these exemptions. If some investors find our Common Stock less attractive as a result, there may
be a less active trading market for our Common Stock and our stock price may be more volatile.
42
Our Common Stock price may be volatile and
as a result you could lose all or part of your investment.
In addition to volatility
associated with equity securities in general, the value of your investment could decline due to the impact of any of the following factors
upon the market price of our shares of Common Stock:
●
disappointing results from our development efforts;
●
decline in demand for our shares of Common Stock;
●
downward revisions in securities analysts' estimates or changes in general market conditions;
●
technological innovations by competitors or in competing products;
●
investor perception of our industry or our prospects; and
●
general economic trends.
Stock markets in general have
experienced extreme price and volume fluctuations, and the market prices of securities have been highly volatile. These fluctuations are
often unrelated to operating performance and may adversely affect the market price of our shares of Common Stock.
Potential future sales pursuant to registration
rights granted by the Company and under Rule 144 may depress the market price for our shares of Common Stock.
The Company has granted a
number of its stockholders' registration rights with respect to their shares of Common Stock. See the section titled "Registration
Rights." Such future sales of our shares of Common Stock by our existing stockholders, pursuant to and in accordance with the provisions
of any registration statement, may have a depressive effect on the market price of our shares of Common Stock. Further, in general, under
Rule 144 under the Securities Act, a person who has satisfied a minimum holding period of between six months and one-year and
any other applicable requirements of Rule 144, may thereafter sell such shares publicly. A significant number of our currently issued
and outstanding shares of Common Stock held by existing stockholders, including officers and directors and other principal stockholders
are currently eligible for resale pursuant to and in accordance with the provisions of Rule 144. The possible future sale of our
shares by our existing stockholders, pursuant to and in accordance with the provisions of Rule 144, may have a depressive effect
on the price of our Shares of Common Stock in the applicable trading marketplace.
FINRA has adopted sales practice requirements,
which may also limit a stockholder's ability to buy and sell our Common Stock.
FINRA has adopted rules that
require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment
is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers
must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and
other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities
will not be suitable for at least some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their
customers buy our shares of Common Stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market
for our shares of Common Stock.
We face risks related to compliance with
corporate governance laws and financial reporting standards.
The Sarbanes-Oxley Act, as
well as related new rules and regulations implemented by the SEC and the Public Company Accounting Oversight Board, require changes in
the corporate governance practices and financial reporting standards for public companies. These laws, rules and regulations, including
compliance with Section 404 of the Sarbanes-Oxley Act relating to internal control over financial reporting, referred to as Section 404,
materially increased our legal and financial compliance costs and made some activities more time-consuming and more burdensome,
43
Anti-takeover provisions contained in our
Charter and bylaws, as well as provisions of Delaware law, could impair a takeover attempt.
Our Charter contains provisions
that may discourage unsolicited takeover proposals that stockholders may consider to be in their best interests. We are also subject to
anti-takeover provisions under Delaware law, which could delay or prevent a change of control. Together, these provisions may make more
difficult the removal of management and may discourage transactions that otherwise could involve payment of a premium over prevailing
market prices for our securities. These provisions will include:
●
no cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates;
●
a classified board of directors with three-year staggered terms, which could delay the ability of stockholders to change the membership of a majority of the Board;
●
the right of our Board to elect a director to fill a vacancy created by the expansion of our Board or the resignation, death or removal of a director in certain circumstances, which prevents stockholders from being able to fill vacancies on our Board; and
●
a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders.
Our Charter provides that the Court of Chancery
of the State of Delaware and the federal district courts of the United States of America will be the exclusive forums for substantially
all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for
disputes with us or our directors, officers, or employees.
Our Charter provides that,
subject to limited exceptions, any (i) derivative action or proceeding brought on our behalf of under Delaware law, (ii) any
action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer or other employee of Revelation
to its stockholders, (iii) any action asserting a claim against Revelation or any of its directors, officers or other employees arising
pursuant to any provision of the DGCL, the Charter or the Bylaws of Revelation (in each case, as may be amended from time to time), (iv) any
action asserting a claim against Revelation or any of its directors, officers or other employees governed by the internal affairs doctrine
of the State of Delaware or (v) any other action asserting an "internal corporate claim," as defined in Section 115
of the DGCL, in all cases subject to the court's having personal jurisdiction over all indispensable parties named as defendants
shall, to the fullest extent permitted by law, be exclusively brought in the Court of Chancery of the State of Delaware or, if such court
does not have subject matter jurisdiction thereof, another state or federal court located within the State of Delaware. The Charter also
provides that unless a majority of the Board of Revelation, acting on behalf of Revelation, consents in writing to the selection of an
alternative forum (which consent may be given at any time, including during the pendency of litigation), the federal district courts of
the United States of America, to the fullest extent permitted by law, will be the sole and exclusive forum for the resolution of
any action asserting a cause of action arising under the Securities Act. Any person or entity purchasing or otherwise acquiring any interest
in shares of Revelation's capital stock shall be deemed to have notice of and to have consented to the provisions of Revelation's
certificate of incorporation described above. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all
suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result,
the exclusive forum provision will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any
other claim for which the federal courts have exclusive jurisdiction. Section 22 of the Securities Act creates concurrent jurisdiction
for state and federal courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations
thereunder.
This choice of forum provision
may limit a stockholders ability to bring a claim in a judicial forum that it finds favorable for disputes with Revelation or its directors,
officers, or other employees, which, along with potential increased costs of litigating the courts provided by the choice of forum provision,
may discourage such lawsuits against Revelation and its directors, officers, and employees. Alternatively, if a court were to find these
provisions of Revelation's Charter inapplicable to, or unenforceable in respect of, one or more of the specified types of actions
or proceedings, Revelation may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely
affect Revelation's business and financial condition.
44
If Revelation is not able to comply with
the applicable continued listing requirements or standards of Nasdaq, Nasdaq could delist our Common Stock.
Revelation's
Common Stock, Public Warrants and Units are listed on the Nasdaq Capital Market under the symbols "REVB,"
"REVBW" and "REVBU," respectively. As of March 31, 2022, we were not in compliance with NASDAQ's stockholder
equity requirement and our stock has traded for significant periods below the Nasdaq $1 minimum bid requirement. We have submitted a
compliance plan to NASDAQ and with the anticipated proceeds of this offering and other actions being undertaken by the Company we
believe we will have addressed the issues raised by Nasdaq. If Nasdaq delists the Revelation Common Stock from trading on its
exchange for failure to meet the listing standards such as the minimum public stockholders requirement or for failure to hold an
annual stockholders meeting, we and our stockholders could face significant material adverse consequences including:
●
limited availability of market quotations for our securities;
●
reduced liquidity for Revelation's securities;
●
a determination that the Revelation Common Stock is a "penny stock" which will require brokers trading in the Revelation Common Stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for Revelation's securities;
●
a limited amount of news and analyst coverage; and
●
a decreased ability to issue additional securities or obtain additional financing in the future.
Revelation will incur significant increased
expenses and administrative burdens as a public company, which could negatively impact its business, financial condition and results of
operations.
As a public company, we are
subject to the reporting requirements of the Exchange Act, the listing standards of the Nasdaq, and other applicable securities rules
and regulations. We expect that the requirements of these rules and regulations will continue to increase our legal, accounting, and financial
compliance costs, make some activities more difficult, time-consuming and costly, and place significant strain on our personnel, systems,
and resources. For example, the Exchange Act requires, among other things, that we file annual, quarterly, and current reports with
respect to our business and results of operations. As a result of the complexity involved in complying with the rules and regulations
applicable to public companies, our management's attention may be diverted from other business concerns, which could harm our business,
results of operations, and financial condition. Additionally, as a public company subject to additional rules and regulations and oversight,
we may not have the same flexibility we had as a private company.
We may not be able to timely and effectively
implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act applicable us.
We are required to provide
management's attestation on internal controls. The standards required for a public company under Section 404(a) of the
Sarbanes-Oxley Act are significantly more stringent than those required of us as a privately-held company. Management may not be able
to effectively and timely implement controls and procedures that adequately respond to the increased regulatory compliance and reporting
requirements that are applicable to the Company. If the Company is not able to implement the additional requirements of Section 404(a) in
a timely manner or with adequate compliance, it may not be able to assess whether its internal controls over financial reporting are effective,
which may subject it to financial reporting misstatements and adverse regulatory consequences and could harm investor confidence and the
market price of its securities.
Revelation's business and operations
could be negatively affected if it becomes subject to any securities litigation or stockholder activism, which could cause Revelation
to incur significant expense, hinder execution of business and growth strategy and impact its stock price.
In the past, following periods
of volatility in the market price of a company's securities, securities class action litigation has often been brought against that
company. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing recently. Volatility
in the stock price of Revelation Common Stock or other reasons may in the future cause it to become the target of securities litigation
or stockholder activism. Securities litigation and stockholder activism, including potential proxy contests, could result in substantial
costs and divert management's and board of directors' attention and resources from the Revelation's business. Additionally,
such securities litigation and stockholder activism could give rise to perceived uncertainties as to the Combined Entity's future,
adversely affect its relationships with service providers and make it more difficult to attract and retain qualified personnel. Also,
Revelation may be required to incur significant legal fees and other expenses related to any securities litigation and activist stockholder
matters. Further, its stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks
and uncertainties of any securities litigation and stockholder activism.
Our financial condition will be adversely
affected if we are unsuccessful in our defense in our litigation with LifeSci Capital LLC
The
investment banking firm for the SPAC into which we merged has brought suit against us for unpaid investment banking fees relating to the
merger and deferred underwriting fees, which claims damages of $5.3 million, payable in a combination of cash and shares of common stock.
See "Legal Proceedings." While we have defenses which we believe are meritorious, if we were to be unsuccessful in the proceeding
it would have a material adverse effect on our financial condition and reduce the available funds to advance our product development.
45
FORWARD-LOOKING
STATEMENTS
This prospectus contains forward-looking
statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements
that are not historical facts. These forward-looking statements are generally identified by the words "anticipate", "believe",
"expect", "estimate", "plan", "outlook", and "project" and other similar expressions.
We caution investors that forward-looking statements are based on management's expectations and are only predictions or statements
of current expectations and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially
different from those anticipated by the forward-looking statements. Revelation cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date they were made. The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking statements: the ability of Revelation to meet its financial and strategic
goals, due to, among other things, competition; the ability of Revelation to grow and manage growth profitability and retain its key employees;
the possibility that the Revelation may be adversely affected by other economic, business, and/or competitive factors; risks relating
to the successful development of Revelation's product candidates; the clinical utility of an increase in intranasal cytokine levels
as a biomarker of viral infections; the ability to successfully complete planned clinical studies of REVTx-99a and REVTx-99b; risks relating
to the successful completion of RVL-CLR01 and RVL-VRL01 clinical studies; the risk that we may not fully enroll our clinical studies or
enrollment will take longer than expected; risks relating to the occurrence of adverse safety events and/or unexpected concerns that may
arise from data or analysis from our clinical studies; changes in applicable laws or regulations; expected initiation of the clinical
studies, the timing of clinical data; the outcome of the clinical data, including whether the results of such study is positive or whether
it can be replicated; the outcome of data collected, including whether the results of such data and/or correlation can be replicated;
the timing, costs, conduct and outcome of our other clinical studies; the anticipated treatment of future clinical data by the FDA, the
EMA or other regulatory authorities, including whether such data will be sufficient for approval; the success of future development activities
for REVTx-99a, REVTx-99b, REVTx-200, REVTx-300 REVDx-501, or any other product candidates; potential indications for which product candidates
may be developed; the potential impact that COVID-19 may have on Revelation's suppliers, vendors, regulatory agencies, employees
and the global economy as a whole; the ability of Revelation to maintain the listing of its securities on The Nasdaq Stock Market LLC
(Nasdaq); investor sentiment relating to SPAC related going public transactions; the expected duration over which Revelation's balances
will fund its operations; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed in this
prospectus or from time to time in other reports and other public filings with the SEC by Revelation.
USE
OF PROCEEDS
We estimate that the net proceeds
from this offering will be approximately $         based on a public offering price of $         per share of common stock and accompanying New Common
Stock Warrant, after deducting estimated Placement Agent fees and estimated offering expenses payable by us and excluding the proceeds,
if any, from the exercise of the New Common Stock Warrants issued in this offering. However, because this is a best efforts offering and
there is no minimum offering amount required as a condition to the closing of this offering, the actual offering amount, Placement Agent's
fees and net proceeds to us are not presently determinable and may be substantially less than the maximum amounts set forth on the cover
page of this prospectus.
We currently intend to use
the net proceeds we receive from this offering to further the development of REVTx-99b including the manufacturing of clinical supply
of our drug product, (ii) to conduct, a Phase 1/2 clinical study of REVTx-99b for the treatment of allergic rhinitis, (iii) continue to
develop other products and therapies, and (iv) fund working capital and general corporate purposes using any remaining amounts.
Based on our planned use of
the net proceeds, we estimate such funds, together with our existing cash and cash equivalents, will be sufficient for us to fund our
operating expenses and capital expenditure requirements through at least December 2023. We have based this estimate on assumptions that
may prove to be wrong, and we could use our available capital resources sooner than we expect.
The expected use of the net
proceeds from the offering represents our intentions based upon our current plans and business conditions. The amounts we actually expend
in these areas, and the timing thereof, may vary significantly from our current intentions and will depend on a number of factors, including
the success of research and product development efforts, cash generated from future operations and actual expenses to operate our business.
The amounts and timing of
our preclinical and clinical expenditures and the extent of preclinical and clinical development may vary significantly depending on numerous
factors, including the status, results and timing of our current preclinical studies and the preclinical studies and clinical trials which
we may commence in the future, the product approval process with the FDA and other regulatory agencies, and any new collaborations we
may enter into with third parties and any unforeseen cash needs. As a result, we cannot predict with any certainty all of the particular
uses for the net proceeds or the amounts that we will actually spend on the uses set forth above. Accordingly, our management will have
broad discretion in the application of the net proceeds, and investors will be relying on the judgment of our management regarding the
application of the net proceeds of this offering.
The expected net proceeds
of this offering will not be sufficient for us to fund any of our product candidates through regulatory approval, and we will need to
raise substantial additional capital to complete the development and commercialization of our product candidates.
46
MARKET
INFORMATION FOR SECURITIES AND DIVIDEND POLICY
Market Information
Our Common Stock, Public Warrants
and Units are currently listed on the Nasdaq Capital Market under the symbols "REVB," "REVBW" and "REVBU"
respectively. Prior to the consummation of the Business Combination, Petra's Common Stock, Public Warrants and Units were listed
on the Nasdaq Capital Market under the symbols "PAIC," "PAICW" and "PAICU," respectively.
Dividend Policy
We have never declared or
paid any dividends on shares of Common Stock. We anticipate that we will retain all of our future earnings, if any, to fund the development
and growth of our business. Any future determination to pay dividends on our capital stock will be at the discretion of our board of directors.
It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly,
our board of directors does not anticipate declaring any dividends in the foreseeable future. Further, if we incur any indebtedness, our
ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.
CAPITALIZATION
The following table sets forth our cash and cash
equivalents, debt obligations, and capitalization as of March 31, 2022 (i) on an actual basis, and (ii) on a pro forma as adjusted basis
to give effect to the issuance and sale of shares of our common stock and New Common Stock Warrants in this offering at a combined public
offering price of $ per share and accompanying New Common Stock Warrant, for total net proceeds of approximately $ (assuming no sale of
pre-funded warrants).
As of March 31, 2022
Actual
Pro Forma
Cash
$
7,186,261
$
Stockholders' (deficit) equity:
Common Stock, $0.001 par value, 100,000,000 share authorized; 15,082,771 issued and outstanding
    actual; shares issued and shares outstanding pro forma
$
15,083
$
Additional paid-in capital
$
21,020,246
$
Accumulated deficit
$
(21,133,840
)
$
Total stockholders' equity (deficit)
$
(98,511
)
$
Total capitalization
$
7,979,960
$
The
foregoing pro forma as adjusted information is illustrative only, and our capitalization following the completion of this offering will
be adjusted based on the actual public offering price and other terms of this offering determined at pricing. You should read this table
together with our financial statements and the related notes appearing elsewhere in this prospectus and "Management's discussion
and analysis of financial condition and results of operations" sections of this prospectus.
The
above discussion and table is based on 15,082,771 shares of common stock outstanding on March 31, 2022, and excludes the following:
●
939,969 shares of our common stock reserved for issuance under our 2021 Equity
Incentive Plan;
●
460,706 shares of our common stock reserved for the issuance of Rollover
RSUs;
●
165,976 shares of our common stock reserved for the issuance of Rollover
Warrants, with an exercise price of $2.68 per share;
●
10,511,597 shares of our common stock issuable upon the exercise of warrants,
with an exercise price of $11.50 per share;
●
2,948,801 shares of our common stock issuable upon the exercise of warrants,
with an exercise price of $3.29 per share;
●
shares of common stock issuable upon the exercise
of the New Common Stock Warrants issued pursuant to this offering; and
●
shares of common stock issuable upon the exercise of the warrants to be issued
to the Placement Agent.
47
DILUTION
If
you invest in our securities in this offering, your interest will be diluted to the extent of the difference between the public offering
price per share of common stock and accompanying New Common Stock Warrant and the pro forma as adjusted net tangible book value per share
of common stock immediately after this offering.
Our
net tangible book value is the amount of our total tangible assets less our total liabilities. We had a net tangible book value as of
March 31, 2022 of $(98,511), or $(0.01) share of common stock.
Pro
forma as adjusted net tangible book value is our pro forma net tangible book value, plus the effect of the sale of our securities in this
offering at the public offering price of $ per share of common stock and accompanying New Common Stock Warrant and after deducting the
Placement Agent fees and commissions and other estimated offering expenses payable by us. Our pro forma as adjusted net tangible book
value as of March 31, 2022 would have been approximately $ , or $ per share. This amount represents an immediate increase in pro forma
as adjusted net tangible book value of approximately $ per share to our existing stockholders, and an immediate dilution of $ per share
to new investors participating in this offering. Dilution per share to new investors is determined by subtracting pro forma as adjusted
net tangible book value per share after this offering from the public offering price per share paid by new investors.
The
following table illustrates this per share dilution:
Assumed public offering price per share
    (attributing no value to the warrants)
$
Net tangible book value per
    share as of March 31, 2022
$
(0.01
)
Increase in pro forma as adjusted net tangible
    book value per share after this offering
$
Pro forma as adjusted net tangible book
    value per share after giving effect of this offering
$
Dilution in pro forma as adjusted net tangible
    book value per share to new investors
$
Each
$0.50 increase (decrease) in the public offering price of $        per share and accompanying New Common Stock Warrant would increase (decrease)
the pro forma as adjusted net tangible book value per share by $       , and the dilution per share to new investors in this offering by $       ,
assuming the number of shares of common stock offered by us, as set forth on the cover page of this prospectus, remains the same and after
deducting the Placement Agent fees and commissions and estimated offering expenses payable by us. Each increase of 500,000 in the number
of shares of common stock and accompanying New Common Stock Warrants sold in this offering would increase (decrease) our pro forma as
adjusted net tangible book value by approximately $        and the dilution per share to new investors in this offering by $ , assuming that
the public offering price per share and accompanying New Common Stock Warrant remains the same and after deducting Placement Agent fees
and commissions and estimated offering expenses payable by us.
The
above discussion and table is based on 15,082,771 shares of common stock outstanding on March 31, 2022, and excludes the following:
●
939,969 shares of our common stock reserved for issuance under our 2021 Equity
Incentive Plan;
●
460,706 shares of our common stock reserved for the issuance of Rollover
RSUs;
●
165,976 shares of our common stock reserved for the issuance of Rollover
Warrants, with an exercise price of $2.68 per share;
●
10,511,597 shares of our common stock issuable upon the exercise of warrants,
with an exercise price of $11.50 per share;
●
2,948,801 shares of our common stock issuable upon the exercise of warrants,
with an exercise price of $3.29 per share;
●
shares of common stock issuable upon the exercise
of the New Common Stock Warrants issued pursuant to this offering; and
●
shares of common stock issuable upon the exercise of the warrants to be issued
to the Placement Agent.
48
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following
discussion of our financial condition and results of operations in conjunction with our financial statements and the notes included elsewhere
in this prospectus. The following discussion contains forward-looking statements that involve certain risks and uncertainties. Our actual
results could differ materially from those discussed in these statements. Factors that could cause or contribute to these differences
include those discussed below and elsewhere in this proxy statement/prospectus, particularly under the "Risk Factors" and
"Disclosure Regarding Forward-Looking Statements" sections.
Throughout this section,
unless otherwise noted, "we," "our," "us," "Revelation" and the "Company"
refer to Revelation Biosciences, Inc. and its subsidiary.
Overview
Revelation is a clinical-stage
biopharmaceutical company founded in May 2020. We are focused on the development or commercialization of immune system therapeutics and
diagnostics. Our current product candidates are being developed for the prevention, treatment and detection of allergies or viral infections.
REVTx-99a, was being developed as a broad anti-viral nasal drop for the potential prevention or treatment of respiratory viral infections
until June of 2022. REVTx-99b is being developed for the prevention or treatment of nasal congestion due to allergies or chronic rhinosinusitis.
Our lead diagnostic, REVDx-501 (REVIDTM Rapid Test Kit), is being developed as a rapid point of care diagnostic product that can potentially
be used to detect various respiratory viral infections.
Since our inception in May 2020,
we have devoted substantially all of our resources to organizing and staffing our Company, business planning, raising capital, and research
and development of REVTx-99a/b and REVDx-501, our product candidates.
We have funded our operations
since our inception in May 2020 to March 31, 2022 through the issuance and sale of our capital stock, from which we have raised net proceeds
of $25.5 million. Our current cash and cash equivalents balance will not be sufficient to complete all necessary product development or
future commercialization efforts. We anticipate that our current cash and cash equivalents balance will not be sufficient to sustain operations
within one year after the date that our unaudited financial statements for March 31, 2022 were issued, which raises substantial doubt
about our ability to continue as a going concern.
We plan to seek additional
funding through public or private equity or debt financings. We may not be able to obtain financing on acceptable terms, or at all. The
terms of any financing may adversely affect the holdings or the rights of our stockholders. If we are unable to obtain funding we could
be required to delay, reduce or eliminate research and development programs, product portfolio expansion or future commercialization efforts,
which could adversely affect our business operations.
49
We have incurred recurring
losses since our inception, including a net loss of $6.6 million and $2.6 million for the three months ended March 31, 2022 and 2021,
respectively. As of March 31, 2022 we had an accumulated deficit of $21.1 million. We expect to continue to generate operating losses
and negative operating cash flows for the foreseeable future if and as we:
●
continue the research and development of our product candidates;
●
initiate clinical studies for, or preclinical development of, our product candidates;
●
further develop and refine the manufacturing processes of our product candidates;
●
change or add manufacturers or suppliers of product candidate materials;
●
seek regulatory and marketing authorizations for any of our product candidates that successfully complete development;
●
acquire or license other product candidates, technologies or biological materials;
●
make milestone, royalty or other payments under future license agreements;
●
obtain, maintain, protect and enforce our intellectual property portfolio;
●
seek to attract and retain new and existing skilled personnel;
●
create additional infrastructure to support our operations as a public company and incur increased legal, accounting, investor relations and other expenses; and
●
experience delays or encounter issues with any of the above.
Our net losses may fluctuate
significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical studies and our expenditures on other
research and development activities.
We have never generated revenue
and do not expect to generate revenue from product sales unless and until we successfully complete development and obtain regulatory approval
for REVTx-99b, REVDx-501 or other product candidates, which we expect will not be for at least several years, if ever. Accordingly,
until such time as we can generate significant revenue from sales of REVTx-99b, REVDx-501 or other product candidates, if ever, we expect
to finance our cash needs through a combination of public or private equity offerings, debt financings or other capital sources, including
potential collaborations, licenses and other similar arrangements. However, we may be unable to raise additional funds or enter into such
other arrangements when needed on favorable terms or at all. Our failure to raise capital or enter into such other arrangements when needed
would have a negative impact on our financial condition and could force us to delay, limit, reduce or terminate our product development
or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop
and market ourselves.
Recent Developments
Business Combination
On January 10, 2022,
we consummated the previously announced Business Combination, pursuant to the terms of the agreement and plan of merger, dated as of August 29,
2021 with Petra and Merger Sub.
Pursuant to the Business Combination
Agreement, on the Closing Date, (i) Merger Sub merged with and into Revelation Sub, with Revelation Sub as the surviving company
in the Business Combination, and became a wholly-owned subsidiary of Petra and (ii) Petra changed its name to "Revelation Biosciences,
Inc."
50
Research and Development
Research and development expenses
consist primarily of costs incurred for the development of our lead product candidates, REVTx-99a/b and our lead diagnostic product REVDx-501.
Our research and development expenses consist primarily of external costs related to clinical development, costs related to contract research
organizations, costs related to consultants, costs related to acquiring and manufacturing clinical study materials, costs related to contract
manufacturing organizations and other vendors, costs related to the preparation of regulatory submissions, costs related to laboratory
supplies and services, and personnel costs. Personnel and related costs consist of salaries, employee benefits and stock-based compensation
for personnel involved in research and development efforts.
We expense all research and
development expenses in the periods in which they are incurred. We accrue for costs incurred as the services are being provided by monitoring
the status of specific activities and the invoices received from our external service providers. We adjust our accrual as actual costs
become known.
We expect our research and
development expenses to increase substantially for the foreseeable future as we continue the development of REVTx-99b and REVDx-501 and
continue to invest in research and development activities. The process of conducting the necessary clinical research and product development
to obtain regulatory approval is costly and time consuming, and the successful development of REVTx-99b, REVDx-501 and any future product
candidates is highly uncertain. To the extent that either REVTx-99b continue to advance into larger and later stage clinical studies,
our expenses will increase substantially and may become more variable.
The actual probability of
success for REVTx-99b, REVDx-501 or any future product candidate may be affected by a variety of factors, including the safety and efficacy
of our product candidates, investment in the development of REVDx-501, investment in our clinical programs, manufacturing capability and
competition with other products. As a result, we are unable to determine the timing of initiation, duration and completion costs of our
research and development efforts or when and to what extent we will generate revenue from the commercialization and sale of REVTx-99b,
REVDx-501 or any future product candidate.
General and Administrative
Our general and administrative
expenses consist primarily of personnel costs, expenses for outside professional services, including financial advisory, legal, human
resource, audit and accounting services and consulting costs. Personnel and related costs consist of salaries, employee benefits and stock-based
compensation for personnel involved in executive, finance and other administrative functions. We expect our general and administrative
expenses to increase for the foreseeable future as we increase the size of our administrative function to support the growth of our business
and support our continued research and development activities. We also anticipate increased expenses as a result of operating as a public
company, including increased expenses related to financial advisory services, audit, legal, regulatory, investor relations costs, director
and officer insurance premiums associated with maintaining compliance with exchange listing and SEC requirements.
Other Income (Expense), Net
Other income (expense), net
primarily consists of foreign currency transaction gains and losses, interest expense for the Promissory Notes Payable and Convertible
Note and interest income from our cash balances in savings accounts.
51
Results of Operations
Three Months Ended March 31, 2021 and
Three Months Ended March 31, 2022 (unaudited)
The following table summarizes our results of operations
for the periods presented:
Three Months
Ended
March 31,
2022
Three Months
Ended
March 31,
2021
Change
(unaudited)
Operating expenses:
Research and development
$
3,680,280
$
1,557,039
$
2,123,241
General and administrative
2,906,020
1,050,672
1,855,348
Total operating expenses
6,586,300
2,607,711
3,978,589
Loss from operations
(6,586,300
)
(2,607,711
)
(3,978,589
)
Other income (expense), net
(30,241
)
(4,642
)
(25,599
)
Net loss
$
(6,616,541
)
$
(2,612,353
)
$
(4,004,188
)
Research and Development Expenses
The following table summarizes our research and
development expenses for the periods presented:
Three Months
Ended
March 31,
2022
Three Months
Ended
March 31,
2021
Change
(unaudited)
REVTx-99a clinical study expenses
$
2,773,115
$
591,200
$
2,181,915
REVTx-99b clinical study expenses
170,361
—
170,361
REVTx-99a/b manufacturing expenses
106,754
—
106,754
REVDx-501 diagnostic development
6,889
511,678
(504,789
)
Personnel expenses (including stock-based compensation)
576,435
354,490
221,945
Other expenses
46,726
99,671
(52,945
)
Total research and development expenses
$
3,680,280
$
1,557,039
$
2,123,241
Research and development expenses
increased by $2.1 million, from $1.6 million for the three months ended March 31, 2021 to $3.7 million for the three months ended March
31, 2022. The increase was primarily due to an increase of $2.2 million in clinical study expenses related to REVTx-99a, $0.2 million
in clinical study expenses related to REVTx-99b, $0.1 million in REVTx-99a/b manufacturing expenses and $0.2 million in personnel expenses,
which included $57,808 of employee stock-based compensation expense. These increases were offset by a decrease of $0.5 million in diagnostic
development expenses related to REVDx-501.
General and Administrative Expenses
The following table summarizes our general and
administrative expenses for the periods presented:
Three Months Ended
March 31,
2022
Three Months Ended
March 31,
2021
Change
(unaudited)
Personnel expenses (including employee stock-based compensation)
$
678,107
$
685,070
$
(6,963
)
Legal and professional fees (including non-employee stock-based compensation)
1,499,366
329,911
1,169,455
Other expenses
728,547
35,691
692,856
Total general and administrative expenses.
$
2,906,020
$
1,050,672
$
1,855,348
General and administrative
expenses increased by $1.9 million, from $1.1 million for the three months ended March 31, 2021 to $2.9 million for the three months ended
March 31, 2022. The increase was primarily due to an increase $1.2 million in financial advisory fees, legal fees and professional consulting
service fees. In addition, other expenses increased by $0.7 million as a result of an increase in D&O Insurance.
52
Other Income (Expense), Net
Other income (expense), net
was $4,645 for the three months ended March 31, 2021 and $30,241 for the three months ended March 31, 2022, related to interest expense
for the Promissory Notes Payable and Convertible Note, foreign currency transaction gains and losses, and interest income from our cash
balances in savings accounts.
Period from May 4, 2020 (inception)
to December 31, 2020 and the Year Ended December 31, 2021
The following table summarizes
our results of operations for the periods presented:
Year Ended
December 31,
2021
Period from
May 4,
2020
(inception) to
December 31,
2020
Change
Operating expenses:
Research and development
$
6,914,756
$
1,707,367
$
5,207,389
General and administrative
5,035,729
823,179
4,212,550
Total operating expenses
11,950,485
2,530,546
9,419,939
Loss from operations
(11,950,485
)
(2,530,546
)
(9,419,939
)
Other income (expense), net
(36,352
)
84
(36,436
)
Net loss
$
(11,986,837
)
$
(2,530,462
)
$
(9,456,375
)
Research and Development Expenses
The following table summarizes
our research and development expenses for the periods presented:
Year Ended
December 31,
2021
Period from
May 4,
2020
(inception) to
December 31,
2020
Change
REVTx-99a/b clinical study expenses
$
3,240,175
$
635,958
$
2,604,217
REVTx-99a/b manufacturing expenses
460,488
362,623
97,865
REVDx-501 diagnostic development
1,285,143
443,909
841,234
Personnel expenses (including stock-based compensation)
1,615,622
235,118
1,380,504
Other expenses
313,328
29,759
283,569
Total research and development expenses
$
6,914,756
$
1,707,367
$
5,207,389
Research and development expenses
increased by $5.2 million, from $1.7 million for the period from May 4, 2020 (inception) to December 31, 2020 to $6.9 million
for the year ended December 31, 2021. The increase was primarily due to an increase of $2.6 million in clinical study expenses related
to REVTx-99a/b and an increase of $0.8 million in diagnostic development expenses related to REVDx-501. Personnel expenses increased
$1.4 million, which included $58,664 of employee stock-based compensation expense. In addition, other expenses increased by $0.3 million
as a result of an increase in lab supplies, lab facilities costs and consulting expenses that were not specific to REVTx-99a/b and REVDx-501.
53
General and Administrative Expenses
The following table summarizes
our general and administrative expenses for the periods presented:
Year Ended
December 31,
2021
Period from
May 4,
2020
(inception) to
December 31,
2020
Change
Personnel expenses (including employee stock-based compensation)
$
2,564,122
$
490,977
$
2,073,145
Legal and professional fees (including non-employee stock-based compensation)
2,338,732
310,051
2,028,681
Other expenses
132,875
22,151
110,724
Total general and administrative expenses.
$
5,035,729
$
823,179
$
4,212,550
General and administrative
expenses increased by $4.2 million, from $0.8 million for the period from May 4, 2020 (inception) to December 31, 2020
to $5.0 million for the year ended December 31, 2021. The increase was primarily due to an increase of $2.1 million in personnel
expenses, which included $384,164 of employee stock-based compensation expense, and an increase of $2.0 million in legal fees and
professional consulting service fees, which included $28,050 of non-employee stock-based compensation expense. In addition, other expenses
increased by $110,724 as a result of an increase in general business insurance, business taxes, computer equipment and software license
fees.
Other Income (Expense), Net
Other income (expense), net
was $84 for the period from May 4, 2020 (inception) to December 31, 2020 and $36,352 for the year ended December 31, 2021, related
to foreign currency transaction gains and losses, and interest income from our cash balances in savings accounts.
Liquidity and Capital Resources
Since our inception to March
31, 2022, we have funded our operations from the issuance and sale of our common stock, preferred stock and warrants, from which we have
raised net proceeds of $25.5 million, of which $11.6 million was received during the three months ending March 31, 2022. As of March 31,
2022, we had available cash and cash equivalents of $7.2 million and an accumulated deficit of $21.1 million.
Our use of cash is to fund
operating expenses, which consist primarily of research and development expenditures related to our lead therapeutic product candidates,
historically for REVTx-99a/b and the development of our lead diagnostic product, REVDx-501. We plan to increase our research and development
expenses substantially for the foreseeable future as we continue the clinical development of our current and future product candidates.
At this time, due to the inherently unpredictable nature of product development, we cannot reasonably estimate the costs we will incur
and the timelines that will be required to complete development, obtain marketing approval, and commercialize our current product candidate,
diagnostic product or any future product candidates. For the same reasons, we are also unable to predict when, if ever, we will generate
revenue from product sales or any future license agreements which we may enter into or whether, or when, if ever, we may achieve profitability.
Clinical and preclinical development timelines, the probability of success, and development costs can differ materially from expectations.
In addition, we cannot forecast the timing and amounts of milestone, royalty and other revenue from licensing activities, which future
product candidates may be subject to future collaborations, when such arrangements will be secured, if at all, and to what degree such
arrangements would affect our development plans and capital requirements.
We expect to continue to generate
substantial operating losses for the foreseeable future as we expand our research and development activities. We will continue to fund
our operations primarily through utilization of our current financial resources and through additional raises of capital.
54
To the extent that we raise
additional capital through partnerships or licensing arrangements with third parties, we may have to relinquish valuable rights to our
product candidates, future revenue streams or research programs or to grant licenses on terms that may not be favorable to us. If we raise
additional capital through public or private equity offerings, the ownership interest of our then-existing stockholders will be diluted,
and the terms of these securities may include liquidation or other preferences that adversely affect our stockholders' rights. If
we raise additional capital through debt financing, we may be subject to covenants limiting or restricting our ability to take specific
actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we are unable to obtain adequate financing
when needed, we may have to delay, reduce the scope of or suspend one or more of our clinical studies or preclinical studies, research
and development programs or commercialization efforts or grant rights to develop and market our product candidates or diagnostic product
even if we would otherwise prefer to develop and market such product candidates or diagnostic product ourselves.
Going Concern
We have incurred recurring
losses since our inception, including a net loss of $6.6 million for the three months ended March 31, 2022. As of March 31, 2022 we had
an accumulated deficit of $21.1 million, a stockholders' deficit of $98,511 and available cash and cash equivalents of $7.2 million.
We expect to continue to incur significant operating and net losses, as well as negative cash flows from operations, for the foreseeable
future as we continue to complete all necessary product development or future commercialization efforts. We have never generated revenue
and do not expect to generate revenue from product sales unless and until we successfully complete development and obtain regulatory approval
for REVTx-99b, REVDx-501 or other product candidates, which we expect will not be for at least several years, if ever. We do not anticipate
that our current cash and cash equivalents balance will be sufficient to sustain operations within one year after the date that our unaudited
financial statements for March 31, 2022 were issued, which raises substantial doubt about our ability to continue as a going concern.
To continue as a going concern,
we will need, among other things, to raise additional capital resources. We plan to seek additional funding through public or private
equity or debt financings. We may not be able to obtain financing on acceptable terms, or at all. The terms of any financing may adversely
affect the holdings or the rights of our stockholders. If we are unable to obtain funding we could be required to delay, reduce or eliminate
research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect our business
operations.
The unaudited condensed consolidated
financial statements for March 31, 2022, have been prepared on the basis that we will continue as a going concern, and do not include
any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification
of liabilities that may result from the possible inability for us to continue as a going concern.
Cash Flows
The following table summarizes
our cash flows for the periods presented:
Three
Months
Ended
March 31,
2022
(unaudited)
Three
Months
Ended
March 31,
2021
(unaudited)
Year Ended
December 31,
2021
Net cash used in operating activities
$
(4,830,066
)
$
(2,382,052
)
$
(11,090,573
)
Net cash used in investing activities
—
(99,101
)
(131,963
)
Net cash provided by financing activities
10,741,598
8,004,865
8,004,865
Net increase in cash and cash equivalents
$
5,911,532
$
5,523,712
$
(3,217,671
)
Net Cash Used in Operating Activities
During the three months ended
March 31, 2022, net cash used in operating activities was $4.8 million, which consisted of a net loss of $6.6 million, offset by non-cash
charges of $0.2 million comprised of stock-based compensation expense, non-cash lease expense and depreciation expense plus a net change
of $1.6 million in our net operating assets and liabilities.
55
During the three months ended
March 31, 2021, net cash used in operating activities was $2.4 million, which consisted of a net loss of $2.6 million, offset by non-cash
charges of $0.1 million comprised of stock-based compensation expense, non-cash lease expense and depreciation expense plus a net change
of $0.1 million in our net operating assets and liabilities.
During the year ended December
31, 2021, net cash used in operating activities was $11.1 million, which consisted of a net loss of $12.0 million, offset by non-cash
charges of $0.5 million comprised of stock-based compensation expense, non-cash lease expense and depreciation expense plus a net change
of $0.4 million in our net operating assets and liabilities.
Net Cash Used in Investing Activities
During the three months ended
March 31, 2022, there was no cash used in investing activities.
During the three months ended
March 31, 2021, net cash used in investing activities consisted of $99,101 for purchases of lab equipment.
During the year ended December 31,
2021, net cash used in investing activities consisted of $131,963 for purchases of lab equipment.
Net Cash Provided by Financing Activities
During the three months ended
March 31, 2022, net cash provided by financing activities was $10.7 million, from net proceeds of $4.2 million received in connection
with the Business Combination, after exercise of the Forward Share Purchase Agreement of $7.7 million, and net proceeds of $7.3 million
received from the PIPE, offset by $0.8 million in repayments of Promissory Notes Payable, including interest expense.
During the three months ended
March 31, 2021, net cash provided by financing activities was $8.0 million, from the sale of our common stock, Series A Preferred Stock
and Series A-1 Preferred Stock.
During the year ended December
31, 2021, net cash provided by financing activities was $8.0 million, from the sale of our Common Stock, Series A Preferred Stock and
Series A-1 Preferred Stock.
Contractual Obligations and Other Commitments
The following table summarizes
our contractual obligations as of March 31, 2022 and the effects of such obligations are expected to have on our liquidity and cash
flow in future periods:
Less than
1 year
1 to 3
years
3 to 5
years
More than
5 years
Total
Operating lease obligations
$
51,578
$
—
$
—
$
—
$
51,578
Premium Finance Agreement (D&O Insurance)
520,999
520,999
Total contractual obligations
$
572,577
$
—
$
—
$
—
$
572,577
We have entered into an operating
lease for laboratory space in San Diego, California. The table above includes future minimum lease payments under the non-cancelable lease
arrangement.
We have entered into a Premium
Finance Agreement with a lender that directly paid the Company's D&O Insurance. The table above includes future minimum payments
under the cancelable Premium Finance Agreement.
We enter into contracts in
the normal course of business with third party service providers and vendors. These contracts generally provide for termination on notice
and, therefore, are cancellable contracts and not considered contractual obligations and commitments.
56
Off-Balance Sheet Arrangements
As of March 31, 2022,
we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.
Quantitative and Qualitative Disclosure about
Market Risk
We are exposed to market risks
in the ordinary course of our business.
Interest Rate Risk
Our cash and cash equivalents
consist primarily of highly liquid investments in money market funds and cash on hand and have an original maturity date of 90 days
or less. The fair value of our cash and cash equivalents would not be significantly affected by either an increase or decrease in interest
rates due mainly to the short-term nature of these instruments.
Foreign Currency Risk
Our expenses are generally
denominated in the currencies in which our operations are located, which is primarily in the United States and Australia. We make
payments to vendors for research and development services with payments denominated in foreign currencies including Australian Dollars
and British Pounds. We are subject to foreign currency transaction gains or losses on our payments denominated in foreign currencies.
To date, foreign currency transaction gains and losses have not been material and we have not had a formal hedging program with respect
to foreign currency; however, we may consider doing so in the future. A 10% increase or decrease in currency exchange rates would not
have a material effect on our financial results.
Critical Accounting Policies and Significant
Judgements and Estimates
Our management's discussion
and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance
with the U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance
with GAAP requires management to make estimates and assumptions about future events that affect the amounts of assets and liabilities
reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. These estimates and assumptions
are based on management's best estimates and judgment. Management regularly evaluates its estimates and assumptions using industry
experience and other factors; however, actual results could differ materially from these estimates and could have an adverse effect on
our financial statements. While our significant accounting policies are more fully described in the notes to our financial statements
elsewhere in this Prospectus, we believe that the accounting policies discussed below are most critical to understanding and evaluating
our historical and future performance.
Research and Development Expenditures
We record accrued expenses
for estimated preclinical and clinical study and research expenses related to the services performed but not yet invoiced pursuant to
contracts with research institutions, contract research organizations and clinical manufacturing organizations that conduct and manage
preclinical studies, and clinical studies, and research services on our behalf. Payments for these services are based on the terms of
individual agreements and payment timing may differ significantly from the period in which the services were performed. Our estimates
are based on factors such as the work completed, including the level of patient enrollment. We monitor patient enrollment levels and related
activity to the extent reasonably possible and make judgments and estimates in determining the accrued balance in each reporting period.
Our estimates of accrued expenses are based on the facts and circumstances known at the time. If we underestimate or overestimate the
level of services performed or the costs of these services, our actual expenses could differ from our estimates. As actual costs become
known, we adjust our accrued expenses. To date, we have not experienced significant changes in our estimates of clinical study accruals.
57
Stock-based Compensation
We recognize the compensation
expense related to stock options, third-party warrants, and RSU awards granted, based on the estimated fair value of the awards on the
date of grant. The fair value of employee stock options and third-party warrants are generally determined using the Black-Scholes option-pricing
model using various inputs, including estimates of expected volatility, term, risk-free rate, and future dividends. The grant date fair
value of the stock-based awards, which have graded vesting, is recognized using the straight-line method over the requisite service period
of each stock-based award, which is generally the vesting period of the respective stock-based awards. The Company recognizes forfeitures
as they occur.
As of March 31, 2022, there
were 460,706 Rollover RSU awards and 354,452 stock options outstanding.
Determination of the Fair Value of Common
Stock
Prior to the Business Combination,
given the absence of a public trading market for our shares of common stock, our board of directors exercises its judgment and considers
a number of objective and subjective factors to determine the best estimate of the fair value of our shares of common stock, including
timely valuations of our shares of common stock prepared by an unrelated third-party valuation firm, important developments in our operations,
sales of common stock and convertible preferred shares, actual operating results and financial performance, the conditions in the biotechnology
industry and the economy in general, the stock price performance and volatility of comparable public companies, and the lack of liquidity
of our shares of common stock, among other factors. After the Business Combination, the fair value of each share of common stock is based
on the closing price of our shares of common stock as reported on the date of grant.
Recent Accounting Pronouncements
See Note 2 to our financial
statements included elsewhere in this Prospectus for more information about recent accounting pronouncements, the timing of their adoption,
and our assessment, to the extent we have made one yet, of their potential impact on our financial condition of results of operations.
JOBS Act Accounting Election
We are an "emerging
growth company," as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting
standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.
We have elected to use this
extended transition period to enable us to comply with new or revised accounting standards that have different effective dates for public
and private companies until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably
opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements and our interim condensed financial
statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective
dates.
DESCRIPTION OF THE COMPANY'S BUSINESS
Throughout this section,
unless otherwise noted, "we," "us," "our," "Revelation" and the "Company"
refer to Revelation Biosciences, Inc. and its subsidiary.
Overview
Revelation is a clinical-stage
biopharmaceutical company founded in May 2020. We are focused on the development or commercialization of innate immune system therapeutics
and diagnostics. On January 10, 2022, we consummated our previously announced Business Combination. Prior to the Business Combination,
Petra was a blank check company incorporated under the laws of Delaware for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. In connection with the
consummation of the Business Combination, Petra changed its name to Revelation Biosciences, Inc. Our Common Stock is listed on Nasdaq
under the ticker symbol "REVB" and warrants to purchase the Common Stock at an exercise price of $11.50 per share are listed
on Nasdaq under the ticker symbol "REVBW."
58
Business Strategy
Our current product candidates were developed
by Revelation to potentially modulate the activity of the immune system. Our therapeutic product candidates are based on our therapeutic
platform and consist of, REVTx-99a, which was being developed for the prevention or treatment of a wide array of viral infections until
June of 2022, REVTx-99b, which is being developed for the prevention or treatment of nasal congestion due to allergies or chronic rhinosinusitis,
REVTx-200, our nonclinical stage product being developed as a potential intranasal therapy that will be administered concurrently with
a commercially available IM vaccine and REVTx-300, our non-clinical stage product being developed as a potential therapy for the treatment
of chronic organ disease including CKD and NASH. Our lead diagnostic, REVDx-501 (REVID
TM
Rapid Test Kit), is being developed
as a rapid point of care diagnostic product that can potentially be used to detect various respiratory viral infections. The diagnostic
is similar to a home pregnancy test with a simple to read visual readout in less than 15 minutes without the need for specialized instrumentation
or complicated sample collection.
Our Pipeline
Revelation is currently leveraging
the human body's innate immune system response to develop therapeutics and diagnostics to prevent, treat and detect allergies or
respiratory viral infections. Revelation's pipeline is summarized in the table below:
The Therapeutic Platform
Our therapeutic platform is
based on the active ingredient PHAD
®
, a synthetic version of MPLA. Currently, as part of the platform we have focused on
the development of REVTx-99a, REVTx-99b, REVTx-200 and REVTx-300. The current differences between REVTx-99a, REVTx-99b, REVTx-200 and
REVTx-300 (and as development progresses may) include indications, dosage, timing of dosing, formulations and delivery methods of the
drug product.
●
REVTx-99a
was being developed as a broad anti-viral nasal drop solution for the potential prevention or potential treatment of respiratory viral
infections until June of 2022.
●
REVTx-99b
is being developed as a prevention or treatment for chronic nasal congestion and allergic rhinitis.
●
REVTx-200
is our nonclinical stage product being developed as a potential intranasal therapy that will be administered concurrently with a commercially
available IM vaccine to potentially give a more complete and durable immunization.
●
REVTx-300
is our non-clinical stage product being developed as a potential therapy for the treatment of chronic organ disease including CKD and
NASH.
59
The therapeutic platform focuses
on the activation of protein receptors on the surface of cells exposed to the outside environment designed to recognize pathogen molecules.
These cell surface receptors are called pathogen pattern receptors, a subset of which are the TLR. One such TLR is TLR-4 which is most
well-known for recognition of LPS. The active ingredient PHAD
®
, mimics LPS to potentially activate TLR-4, without the adverse
symptoms and toxicity related to LPS.
REVTX-99a
REVTx-99a was being developed
as a broad anti-viral nasal drop solution for the potential prevention or potential treatment of respiratory viral infections until June
of 2022.
We conducted a Phase 2b
study which began enrollment in December 2021 and on March 30, 2022 we announced that the primary endpoint of the Phase 2b study,
AUC of viral load measured by RT-PCR from nasopharyngeal swabs, did not meet statistical significance. We received the full data package
during the second quarter of 2022 and have determined to stop all future clinical development of REVTx-99a.
REVTx-99b
REVTx-99b is being developed
as a prevention or treatment for chronic nasal congestion and allergic rhinitis.
REVTx-99b potentially acts
on three different parts of the allergic response via stimulation of the TLR4 pathway. These include (i) the possible induction of a physical
barrier to allergens, (ii) the possible reduction of IgE secretion as a result of IFN upregulation and (iii) by secretion of IP-10 which
competes for the native eotaxin receptor.
We were granted ethics committee
approval from Bellberry Limited Human Research Ethics Committee in Australia to conduct our Phase 1b allergen challenge study in
October of 2021. The study began enrollment in December 2021 and dosing commenced in January 2022. Top-line data is expected
in the third quarter of 2022.
The Company plans to conduct
a Phase 1/2 clinical study to evaluate the safety and efficacy of REVTx-99b paired with a nasal delivery system (e.g. the spray device)
in allergy patients during 2023.
REVTx-200
REVTx-200 is our nonclinical
stage product being developed as a potential intranasal therapy that will be administered concurrently with a commercially available IM
vaccine. We believe concurrent stimulation of the nasal mucosa with REVTx-200 upon IM vaccination may provide a more complete immunization.
REVTx-200 utilizes the same active ingredient (PHAD
®
) used in REVTx-99b. Based on feedback from the FDA, we believe REVTx-200
will be regulated as a biologic, and not as a therapeutic, since it is concurrently administered with another vaccine. As such we believe
the approval process will require its own unique development pathway to be approved for this use.
We hypothesize that optimal
protection from a vaccine requires both a systemic immune response elicited by the IM vaccine injection and a mucosal immune response
elicited by the intranasal administration of REVTx-200 developed by recruiting immune cells into the mucosal immune system. We believe
that intranasal administration of REVTx-200 will result in improved recruitment of vaccine-specific activated adaptive immune cells (e.g.
T cells and B cells) into the nasal mucosa. Biomarker data from our Phase 1 therapeutic clinical study (RVL-NHV01) supports this
hypothesis. In particular, we were able to see increases in local (intranasal) IL-7 and MCP-1. IL-7 is a cytokine that induces the differentiation
of hematopoietic stem cells into T cells, B cells and NK cells. MCP-1 is a chemokine that attracts B cells and T cells to a particular
site. This data suggest, intranasal REVTx-200 will traffic antigen activated B cells and T cells to the mucosal space. While this data
is supportive of the theory, additional formulation development and preclinical testing will be necessary for the development of REVTx-200.
60
We plan to establish relationships
with vaccine development companies with the intention of working with one or more of these companies to develop REVTx-200 during 2022
and 2023. Initial development will include studying REVTx-200 using commercially available IM vaccines in nonclinical models unique to
each potential partnering company during 2022 and 2023.
REVTx-300
REVTx-300 is our non-clinical
stage product being developed as a potential therapy for the treatment of chronic organ disease including CKD and NASH.
Chronic disease of an organ,
due to chronic inflammation and subsequent fibrosis, follows a pattern of perpetual and ongoing destruction of living functional cells
and subsequent replacement by the non-functional protein, collagen, resulting in fibrosis (scar tissue) (Wilson). The establishment of
fibrosis and subsequent death of the organ is driven by ongoing inflammatory processes associated with the innate immune response. Redirection
of the innate immune response with REVTx-300 from a pro-inflammatory state to an anti-inflammatory (protective) state may rebalance the
innate immune response to slow down or halt the progressive destruction and scarring of organ tissue, allowing the healing process to
take place.
We plan complete nonclinical
testing of REVTx-300 for the treatment of CKD during the remainder of 2022.
REVDx-501
Our lead diagnostic, REVDx-501
(REVID
TM
Rapid Test Kit) is being developed as a rapid at-home in vitro diagnostic test (or diagnostic device) that has the
potential to detect respiratory viral infections including SARS-CoV-2, Influenza A, Influenza B, parainfluenza, or respiratory syncytial
virus. REVDx-501 is intended to be a user-friendly home test kit with a simple to read visual readout that provides a result in less than
15 minutes without the need for specialized instrumentation. Preliminary evaluation of clinical samples demonstrated good correlation
between REVID and PCR for SARS-CoV-2 (100% positive agreement for replicating SARS-COV-2 virus, 86% negative agreement for no replicating
SARS-COV-2 virus). We plan to continue additional development during 2022 and once development is complete submit for regulatory clearance
to the FDA.
Our Strategy
Our goal is to become a leading
biopharmaceutical company focused on the development of immune system therapeutics and diagnostics. The key components of our strategy
are to:
●
Advance
the development of our intranasal product candidate, REVTx-99b for the treatment of  chronic nasal congestion and  allergic
rhinitis.
●
Advance
the development of our intranasal product candidate, REVTx-200 for improving the immunity and durability of IM vaccinations.
●
Advance
the development of REVTx-300 for the treatment of chronic organ disease including CKD and NASH.
●
Develop
REVDx-501 for the detection of respiratory viral infections.
●
Establish
a commercial infrastructure or commercial partner for REVDx-501.
●
Scale-up
and optimize the manufacturing of REVDx-501.
Our Corporate History and Team
Revelation Biosciences, Inc.
was formed on May 4, 2020 and is a Delaware corporation. We have assembled a management team of biopharmaceutical experts with extensive
experience in drug development, manufacturing and commercialization of pharmaceutical products along with broad experience in building
companies from inception, including La Jolla Pharmaceutical Company, Pluromed, Inc., and Horizon Pharma, Inc. We are also supported by
a group of directors and leading investors whose collective experience will assist us in realizing our corporate strategy.
61
BACKGROUND
Allergic Rhinitis and Chronic Nasal Congestion
Overview
Allergic reactions are caused
by the body's overreaction to normally well-tolerated proteins called allergens. Allergic rhinitis symptoms are classically described
as "hay fever", which typically presents as nasal congestion, runny nose, sneezing, itchy nose, and/or itchy watery eyes.
Environmental allergens such as pollen, grass, weeds, animal dander, and/or molds are the most common causes. These symptoms are primarily
brought on by the release of histamine and other inflammatory factors. Chronic nasal congestion is a long-lasting inflammation of the
nasal and sinus passages caused by an array of environmental and medical conditions. Allergic rhinitis is a common cause or trigger of
chronic nasal congestion.
Allergic rhinitis is a prevalent
and chronic disorder. Data sources estimate between 8% and 14% of adults and children in the United States suffer from allergic rhinitis
and hay fever (CDC 2021, AAAAI 2017). Based on 2022 population projections, approximately 26.5 million people in the United States have
allergic rhinitis symptoms just based on the conservative disease estimates. Worldwide, the disease burden has been reported between 10%
to 30% of the global population (AAAAI 2022). The growing prevalence and frequency of new cases of allergic rhinitis emphasizes the need
for more treatment options particularly those that require minimal physician intervention (e.g., alternatives to allergy shots) and a
favorable safety profile.
According to the CDC, allergies
are currently ranked as the 6
th
leading chronic disease according to the Asthma and Allergy Foundation of America. Allergic
rhinitis or "hay fever" is the most common allergy diagnosis and is a common cause of nasal congestion. 19.2 million
adults were diagnosed with allergic rhinitis (7.7% of the general population) in the last 12 months. In the same time frame, 7.1 million
children have been diagnosed with respiratory allergies, and of those, 5.2 million children (7.2% of the population of children age
18 or less) were diagnosed with allergic rhinitis. Over the past 20 to 30 years, allergic rhinitis has increased worldwide. Over
400 million people suffer from allergic rhinitis around the world, and "direct medical costs in the United States increased
from $6.1 billion in 2000 to $11.2 billion in 2005, with an estimated productivity decrease of $600 per employee yearly; this
cost is greater than diabetes, coronary heart disease and asthma" combined (World Allergy Organization Review of Rhinitis). By 2024,
the allergic rhinitis market is estimated to be about $16 billion ($7 billion perennial/$9 billion seasonal) with approximately 38% of
the market being comprised of nasally delivered products (BioSpace April 2022; Persistence Market Research November 2021). Nasal congestion
is typically due to swelling in the lining of the nose from inflamed blood vessels. Nasal congestion can cause interference with hearing
and speech, and more severe congestion may impact sleep and cause snoring
In a United States survey
conducted in 61,655 adults, 14% had been diagnosed with nasal allergies and nasal congestion was the most frequently reported symptom
with 60% reporting a "stuffed-up nose" either every day (40%) or on most days (20%) during the month when symptoms
were most prevalent (Allergies in America).
Europeans suffering from allergic
rhinitis report nasal congestion as a problematic symptom. In a European survey, 59% report nasal congestion with their allergic rhinitis
and out of 562 people in Belgium suffering from allergic rhinitis, 53% reported nasal congestion (Bauchau)(Bachert).
The apparent increase in the
frequency of allergic rhinitis worldwide emphasizes the need for more treatment options including the problematic symptoms of this disease,
such as congestion, sneezing, itchy watery eyes, and rash (Stewart).
In addition to allergic rhinitis,
nasal congestion is a troublesome symptom of rhinosinusitis, which is inflammation of the paranasal sinuses and adjacent nasal mucosa
(Ferrand) (Pessey). Rhinosinusitis can be acute, with symptoms lasting less than a month, or chronic with symptoms lasting 12 weeks
or longer (Stewart). In clinical practice, rhinosinusitis is one of the most common diagnosis affecting 1 in 6 adults in the Unites States
(Hickner). Internationally, several surveys have been conducted and the incidence of nasal congestion is common (Leggett).
62
Nasal congestion is caused
by an array of environmental and medical conditions. Although not widely studied, the economic burden of nasal congestion incurs costs
from the diseases associated with congestion and are known to be substantial. Nasal congestion is reported as the most prevalent and bothersome
symptom of these diseases and more treatments are essential to the improving quality of life (Stewart).
Influenza Disease Overview
Influenza, or the flu, is
caused by the influenza virus. There are four strains of influenza virus: influenza A (Alphainfluenzavirus), B (Betainfluenzavirus), C
(Gammainfluenzavirus), and D (Deltainfluenzavirus). The influenza virus is a negative-sense, segmented, single-stranded RNA virus. Through
the hemagglutinin on the surface exterior, the influenza virus binds to sialic acid molecules attached to many proteins on the cell surface.
Sialic acid is expressed ubiquitously on cell surface receptors throughout the body, which allows the virus to infect many different cell
types.
Influenza spreads through
proximal transfer of respiratory droplets via coughing, sneezing, breathing, singing, or talking. These droplets can be inhaled or land
on the mouth, nose, or eyes of a nearby person. In some cases, influenza viral particles can remain suspended in airborne droplets or
aerosols for several minutes or hours, leading to airborne transmission.
Typically, influenza infects 5-15%
of the global population each year. The majority of influenza infections are mild to moderate. The symptoms associated with influenza
infection include runny nose, cough, headache, muscle aches, fever, and chills. However, approximately 5% of all severe pneumonia cases
in hospitals are due to influenza, which is also the most common cause of ARDS in adults. In those suffering from seasonal influenza,
caused by H1N1 and H3N2, mortality is concentrated in the very young and the elderly, whereas during flu pandemics, young adults are often
affected at a high rate.
There are a number of comorbidities
associated with increased severity of influenza. The most significant comorbidity for influenza prognosis is age. Those older than 65
and those two years and younger are at greatest risk for severe influenza infection. Additional comorbidities include coronary artery
disease or cardiomyopathy, heart failure, diabetes, asthma, chronic obstructive pulmonary disease ("COPD"), cystic or pulmonary
fibrosis, obesity, smoking, chronic kidney disease, liver disease, sickle cell disease, and pregnancy. The primary cause of death due
to influenza infection is due to inflammation as part of the immune response (such as seen in macrophage activation syndrome, or cytokine
storm), which can lead to pneumonia or sepsis.
The current prevalence of
influenza worldwide was at 3 to 5 million cases per year, with 290,000 to 650,000 reported deaths (WHO, 2021). According to the CDC,
the burden of influenza disease in the United States can vary widely and is determined by a number of factors including the characteristics
of circulating viruses, the timing of the season, how well the vaccine is working to protect against illness, and how many people got
vaccinated. While the impact of flu varies, it places a substantial burden on the health of people in the United States each year.
CDC estimates that influenza has resulted in between 9 million–45 million illnesses, between 140,000 – 810,000
hospitalizations and between 12,000 – 61,000 deaths annually since 2010.
COVID-19 Disease Overview
COVID-19 is caused by the
severe respiratory syndrome coronavirus 2 ("SARS-CoV-2") virus. The SARS-CoV-2 virus is a positive sense, single stranded
RNA virus. Through the spike protein subunit on the surface exterior, the SARS-CoV-2 virus binds to the Angiotensin Converting Enzyme II
receptor ("ACEII"). Although the ACEII receptor is expressed on a wide range of tissues throughout the body, it appears
the majority of the transmission of SARS-CoV-2 occurs in the nose, through the ciliated nasal goblet cells, and the nasal epithelial cells,
where expression levels of ACEII are most prevalent (Sungnak).
SARS-CoV-2 spreads through
proximal transfer of respiratory droplets via coughing, sneezing, breathing, singing, or talking. These droplets can be inhaled or land
on the mouth, nose, or eyes of a nearby person. In some cases, SARS-CoV-2 viral particles can remain suspended in airborne droplets or
aerosols for several minutes or hours, leading to airborne transmission.
63
SARS-CoV-2 produces proteins
that have a negative effect on the body's natural IFN response. These viral associated proteins block a key enzyme in the STING
pathway (stimulator of interferon genes) that results in a lack of IFN production. This disruption in the IFN production have been shown
to lead to more severe SARS-CoV-2 infection including the need for hospitalization and mechanical ventilation.
The majority of infections
with SARS-CoV-2 are mild to moderate, and in some cases are completely asymptomatic. The symptoms associated with SARS-CoV-2 infection
include shortness of breath or difficulty breathing, runny nose, dry cough, headache, diarrhea, muscle aches, fever, chills, and loss
of smell and/or taste.
In a small percentage (0.5-2%)
of cases, serious illness occurs, leading to major complications including pneumonia and or trouble breathing, organ failure in several
organs, heart problems, ARDS, blood clots, acute kidney injury, and potential further viral and bacterial infection.
There are a number of comorbidities
associated with increased severity of COVID-19. The most significant comorbidity for COVID-19 prognosis is age. The greater in age, the
more at risk a person is for severe SARS-CoV-2 infection. Additional comorbidities include coronary artery disease or cardiomyopathy,
heart failure, diabetes, asthma, COPD, cystic or pulmonary fibrosis, obesity, smoking, chronic kidney disease, liver disease, sickle cell
disease, and pregnancy.
As of May 26, 2022 there have
been over 79 million confirmed cases of COVID-19 and over 960,000 deaths in the United States according to the CDC and
there have been over 450 million confirmed cases of COVID-19 and over 6 million deaths worldwide according to the WHO.
Chronic Organ Disease Overview
Organ damage, due to chronic
disease, is a pervasive problem in the United States and world-wide. Organ disease (due to chronic inflammation and subsequent fibrosis,
for example) is progressive and ultimately results in loss of function of the organ. Examples of chronic organ and tissue disease include
CKD through end-stage renal disease, liver diseases such as NASH, osteoarthritis, rheumatoid arthritis, pulmonary fibrotic disease, heart
disease, pancreatitis, cancer, and irritable bowel syndrome.
In addition, acute organ stress
may lead to reduced functionality and eventual decline, contributing to a chronic organ disease. One example of this is acute kidney toxicity
(the stress) associated with platinum-based chemotherapy which could lead to the development of chronic kidney disease.
Kidney disease is a major
public health problem, affecting ~10% of populations in industrialized countries (1). AKI, which affects 13.3 million people per year,
may lead to CKD. Both AKI and CKD are increasing worldwide (2). Progression of chronic kidney damage often leads to end stage renal disease
with the need for renal replacement therapy (dialysis or transplantation), resulting in significant morbidity and mortality for affected
patients.
CKD can be initiated and propagated
in several ways. One prevalent condition is the high blood sugar levels associated with diabetes (either Type 1 or Type 2). High blood
sugar is toxic to kidney cells creating stress which imitates the inflammatory process leading to the demise of these cells with subsequent
fibrosis ultimately resulting in continuous loss of kidney function over time. High arterial blood pressure is another source of stress
that initiates the inflammatory process leading to CKD. Other risk factors include heart disease, obesity family history of CKD or older
age.
Every day more than 360 people
begin treatment for kidney failure (dialysis or transplant). According to the CDC, more than 1 in 7, that is 15% of US adults or 37 million
people are estimated to have CKD. As many as 9 om 10 adults with CKD as well as about 2 in 5 adults with severe CKD do not know they have
the disease. Kidney diseases are the leading cause of death in the United States. The CDC estimates Medicare costs in excess of $87 billion
and continues to promote reduced costs including better management of CKD.
Other causes for CKD include:
Glomerulonephritis (inflammation in the glomerulus), polycystic kidney disease, autoimmune diseases (such as systemic lupus erythematosus),
vesicoureteral reflux (a condition where urine flows back up to the kidneys, pyelonephritis, interstitial nephritis (inflammation of the
tubules), kidney stones, obstruction in kidney or cancer can lead to kidney failure over a period of time, overuse of certain medications,
drug (heroin or cocaine) abuse, chemotherapy (such as cisplatin).
64
Current Prevention, Treatment and Detection
Options
Treatment of Allergic Rhinitis and Chronic
Nasal Congestion
There are a number of medications
currently available for allergies, including antihistamines, decongestants, and steroidal sprays. Over the counter oral antihistamines
include Benadryl (diphenhydramine), Claritin (loratadine), Allegra (fexofenadine), and Zyrtec (cetirizine), and nasal sprays such as Nasahist
B (brompheniramine). Prescription oral antihistamines include Clarinex (desloratadine), and nasal sprays such as Astelin (azelastine nasal).
Some of the decongestants available for treatment include Sudafed (pseudophedrine), Neo-Synephrine (phenylephrine) and Afrin (oxymetazoline).
Many decongestants are recommended to be taken with antihistamines for optimal relief of allergy symptoms. Fluticasone is a steroidal
spray also recommended to be taken in conjunction with decongestants. Many of these treatments have well known side effects, including
drowsiness ("medicine-head") or increased blood pressure, and these side effects can be more pronounced when treatments are
combined.
Prevention of Respiratory Viral Infection
Current therapies for preventing respiratory viral
infections are limited. The main prophylaxis for preventing respiratory viral infections are vaccines. Each year, vaccines are developed
and administered to prevent influenza. The effectiveness of these vaccines can be quite variable due to the ability of the influenza virus
to mutate. According to the CDC, in some years, the influenza vaccine has been as low as 19% effective (
https:// www.cdc.gov/flu/vaccines-work/effectiveness-studies.htm
).
Several vaccines have been developed and approved for emergency use for the prevention of SARS-CoV-2. The main drawback to intramuscular
vaccines is the durability of their imparted protection and their poor ability to provide a strong mucosal immunity.
Treatment of Chronic Organ Disease
There are currently no effective
therapies for treating chronic organ disease or therapies for preventing loss of function due to acute organ dysfunction, outside of steroidal
treatment or organ transplantation. There is no cure for chronic kidney disease (CKD) but treatments may help manage symptoms or stop
it from progressing. These treatments include life style changes to control health and weight, medications to control associated diseases
such as high blood pressure or high cholesterol and for later stages, filtering the blood with a machine known as dialysis. Avoiding conditions
or exposures that can harm the kidneys like certain medications or kidney infections is also beneficial.
In April 2021, The U.S. Food
and Drug Administration (FDA) approved the use of Farxiga (Dapagliflozin) to reduce the risk of kidney function decline, kidney fail;urem
cardiovascular death and hospitalization for heart failure in adults who are at risk of disease progression.  Farxiga was originally
approved in 2014 for diabetic control in adults in addition to diet and exercise.
Still, at this time, there
is a significant unmet need for therapies that slow disease progression and improve outcomes of patients with chronic kidney disease.
Detection Methods
While multiple test methods
exist for the detection of respiratory viral infections, they have many limitations. These limitations include their inability to detect
multiple virus types, turn-around time, sample collection and cost. The current gold-standard is the PCR test. PCR test can detect the
genetic material of a specific organism, such as a virus, thus identifying the specific virus types. However, PCR tests are expensive,
time-consuming and can only detect virus types based on a "primer sequence" used when running the test. Because the PCR test
requires this primer sequence, its utility in detecting viral mutations may be limited. These limitations make the PCR test non-ideal
for at-home testing or as a screening tool for respiratory viral infections.
Other methods for detecting
viral infection include the so-called antibody and antigen tests. While these methods can be made relatively inexpensively and in an at-home
test format, they also suffer from the same limitation as PCR tests in that they are specific for the detection of a single virus type.
65
This limitation is illustrated
in the following example: if you test a person infected with influenza using a SARS-CoV-2 test kit or a PCR test, the result would be
limited to solely showing the individual is not infected with SARS-CoV-2, even though they actually are infected with a respiratory viral
infection and should seek medical attention and/or self-quarantine.
REVELATION'S PROGRAMS
REVTx-99a
REVTx-99a was being developed
as a broad anti-viral nasal drop solution for the potential prevention or potential treatment of respiratory viral infections until June
of 2022.
The Company completed a Phase 1
study, (RVL-NHV01) in Australia for REVTx-99a during 2020 and received data from the study in 2021. The primary endpoint for safety was
met and all doses of REVTx-99a were well tolerated. There were no clinically significant laboratory, vital sign, ECG, or physical examination
findings. The Company completed a Phase 2b viral challenge study in Europe for the prevention of influenza in March of 2022.
On March 30, 2022 an independent,
unblinded subject matter expert panel reviewed the interim results. Based on analysis of the 30 patients through day 11 (day of discharge
from the clinical unit), there were no serious adverse events reported or discontinuations due to study drug, and all subjects completed
the treatment period per protocol. Efficacy data demonstrated that REVTx-99a did not meet its primary endpoint, AUC of viral load by quantitative
RT-PCR from nasopharyngeal swabs, and the preliminary results suggest the difference between REVTx-99a and placebo was not statistically
significant.
In June of 2022 the Company
determined to discontinued and further development of REVTx-99a.
REVTx-99b
Overview
REVTx-99b is a clinical stage
candidate being developed a prevention or treatment for chronic nasal congestion and allergic rhinitis. During the development of REVTx-99a
we found that there may be benefit for people that suffer from chronic nasal congestion and allergic rhinitis which lead to the early
development of REVTx-99b.
The active ingredient in REVTx-99b
is Phosphorylated hexaacyl disaccharide PHAD
®
which is also known generically as GLA. REVTx-99b is formulated as a liquid
for intranasal administration.
Revelation was granted ethics
committee approval from Bellberry Limited Human Research Ethics Committee in Australia to conduct our Phase 1b allergen challenge
study in October of 2021. The study began enrollment in December 2021, dosing commenced in January 2022, in June of 2022 we
announced completion of dosing and topline data is expected in the third quarter of 2022.
The Company plans to conduct
a Phase 1/2 clinical study to evaluate the safety and efficacy of REVTx-99b paired with a nasal delivery system (e.g. the spray device)
in allergy patients during 2023.
Scientific Rationale/Mechanism of Action
The innate immune system is
our first line of defense against invading pathogens such as bacteria and viruses. The innate immune system is the more primitive part
of the human immune system and defends against infection by producing and releasing various types of cytokines. Cytokines are proteins
that direct different activities in cells to combat the invading pathogen, as well as stimulating recruitment of the so called adaptive
immune system which ultimately leads to the production of antibodies. Cytokines can be inflammatory or protective. In some cases, non-pathogenic
materials (e.g. allergens) can also illicit the innate immune response resulting in inflammatory cytokine release and an allergic response.
TLRs serve a vital role in starting up the innate immune system response by recognizing different molecular patterns associated with pathogens
such as bacteria and viruses. For example, TLRs are associated with cells (e.g., macrophage, dendritic) found in the nasal mucosal tissue
and when a respiratory pathogen, such as a virus, invades a person through the nose, TLRs recognize them as foreign and activate the innate
immune response producing cytokines.
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The active ingredient in REVTx-99b
may stimulate the innate immune system via interaction with TLR4.
Figure 1. Interaction of REVTx-99b
with TLR4
The active ingredient in REVTx-99b,
PHAD
®
, may interact with TLR4 to stimulate the TRIF pathway leading to the production of protective cytokines including
interferons. Source: Revelation Biosciences
Stimulation of the TLR4 TRIF
pathway by PHAD may lead to the production of protective (non-inflammatory cytokines that can block or reverse the allergic response.
Mechanisms of Allergic Response
Upon first exposure to allergen,
an allergic response is not engaged. Re-exposure to the same allergen in allergic individuals triggers degranulation of mast cells and
basophils as a result of allergen-specific IgE cross-linking. Degranulated mast cells and basophils release inflammatory mediators (e.g.,
histamine, leukotrienes, tryptase) that elicit symptoms of allergic rhinitis (sneezing, rhinorrhea, nasal congestion, watery eyes, etc.).
These mediators upregulate molecules that mobilize basophils, eosinophils, and T lymphocytes to the sites of insult, thereby compounding
symptomology (Alvaro-Lozano 2020). Further, this process instigates the adaptive immune response, or the immune memory phenomenon, which
is formed in part by Th2 and B cells that remember the antigen upon re-exposure and can subsequently respond quickly (Bousquet 2020).
Once chronic Th2 bias has been induced, exposure to allergen results in T cell activation, enhancing local inflammation.  Systemic
responses, e.g., anaphylaxis, may also occur and reactions can be elicited within minutes (early phase) or hours (late phase).
It is important to mention
non-IgE-mediated mechanisms that can activate mast cells and basophils (also known as immune effector cells). IgG antibody can activate
the allergic cascade by binding to its respective receptor on mast cells, and to complement receptors on mast cells and basophils. In
addition, PAMP signaling through toll-like receptors (TLRs; a type of PRR) on mast cells and basophils can activate allergic pathways
as well.
TLR signaling establishes three potential pharmacologic
mechanisms of action for REVTx-99b
TLR4 is a known PRR of the
innate immune system that initiates the signaling pathways to modulate expression of proinflammatory cytokines. TLR4 is expressed on professional
immune cells, such as those of myeloid lineage (Bellanti 2012), and on some nonhematopoietic cells such as nasal epithelial cells (McClure
2014). LPS is a known ligand and PAMP to TLR4 and the concerted mechanism is well-described.
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1.
REVTx-99b
may induce a physical barrier to allergens
LPS has been shown to elicit
immune responses at the site of infection (e.g., nasal mucosa) that mount initial defenses that directly target the foreign pathogen/antigen.
It has been shown that LPS induction of epithelial TLR4 mobilizes exosomes from stimulated epithelia. In the anterior portion of the nose,
these exosomes release antimicrobial peptides and nitric oxide into nasal mucus that can destroy foreign invaders. As these products are
swept to the posterior region of the nose by mucociliary action, the exosomes may also transfer their protective factors to naïve
epithelia that may still be vulnerable to pathogens (Nocera 2018). In the absence of endotoxin (LPS), it is postulated that a similar
TLR4 ligand (such as REVTx-99b) can mount these same initial defenses to mediate factors that promote immune tolerance. Beyond the initial
barrier defenses from the immune system (e.g., nasal mucosa), LPS activity mediates intracellular and intercellular cascades that influence
downstream immune responses expected to upregulate anti-infection/antiantigen factors. It is proposed these activities triggered by LPS
can also be trigger by MPLA-compounds.
2.
REVTx-99b
may reduce IgE secretion as a result of IFN upregulation
The stimulation of TLR4 in
response to REVTx-99b leads to generation of Type I interferons preferentially through the TRIF pathway (Figure 6). A negative reciprocal
feedback loop has been observed to exist between Type I interferon activity and Th2-biased cellular activity (Gonzalez-van Horn 2015).
This relationship is illustrated in Figure 6, which details Type I interferon production blocking activation of Th2 cellular activity
at the molecular level (suppression of GATA3 expression, preventing access to transcription mediated expression for H3K27me3 and Total
H3), which prevents generation of Th2 cytokines (IL-4, IL-5, and IL-13), reducing or eliminating secretion of IgE, therefore reducing
or preventing allergic symptoms. It has been demonstrated that Type I interferons reduce or prevent Th2-biased cellular activity, which
facilitates the allergic response. destabilizing establishment of Th2-biased cellular activity.
Figure 6. Upregulation of
interferons via REVTx-99b may block the activation of mast cells, preventing the secretion of IgE.
Adapted from Gonzales-van
Horn, S.R. and Farrar, J.D. (2015), Interferon at the crossroads of allergy and viral infections. Journal of Leukocyte Biology, 98: 185-194. https://doi.org/10.1189/jlb.3RU0315-099R
3.
IP-10
competes for the native eotaxin receptor
The ability of IP-10 to recruit
Th1 cells has been well documented (Sauty; Quian,; Zhigang). The ability of REVTx-99b to reduce allergic responses may be evident in the
cytokine and chemokine profile induced through treatment in RVL-NHV01. The interleukins classically associated with allergies are IL-4,
IL-5, IL-9, IL-10 and IL-13. Although IL-4 and IL-13 were not measured in this study, the absence of an increase in IL-5, IL-9, and IL-10
indicate that REVTx-99b is likely signaling through Th1 cellular activity (Th1 bias), potentially preventing the allergic inflammation
associated with an allergic response.
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The receptor for IP-10, CXCR3,
is present on activated Type I Helper T cells (Loetscher). These researchers found that agonists for CXCR3, such as IP-10, acted as antagonists
of CCR3, the native receptor for eotaxin. This is evidence that IP-10 can directly compete with eotaxin for binding to its native receptor,
preventing eotaxin from recruiting eosinophils, reducing recruitment of Th2 cells, and attenuating the allergic response.
A highly robust IP-10 local
response was observed in RVL-NHV01. It is likely this local IP-10 response will effectively compete with eotaxin for the binding of CCR3,
preventing the recruitment of eosinophils and basophils. The presence of IP-10, in conjunction with the observed bias toward Th1 cell
signaling (a bias away from the allergic Type 2 helper cell population), indicates a possible anti-allergic role for REVTx-99b.
Additional investigation into
the mechanism of action for REVTx-99b on allergies is warranted, however, the preliminary data point to a potential therapeutic role in
allergies and allergic rhinitis.
Figure 7. CCR3, the native
receptor of Eotaxin-1, mediates asthmatic and allergic responses via a number of different effector cells.
Teixiera, A. 2018 doi.org/10.3389/fpsyt.2018.00241
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Clinical Development
Phase 1b Clinical Study
The Company was granted ethics
committee approval from Bellberry Limited Human Research Ethics Committee in Australia to conduct our Phase 1b allergen challenge
study in October of 2021. The study completed dosing in June 2022 and topline data is expected in the third quarter of 2022.
The Phase 1b clinical study
is a randomized, double-blind, placebo-controlled, crossover design study and will enroll up to 28 participants. The primary endpoint
is to evaluate the effects of REVTx-99b versus placebo on safety and tolerability. Key secondary endpoints include allergy symptoms and
peak nasal inspiratory flow elicited by nasal allergen challenge. The study will have two cohorts: one cohort will receive study drug
before the nasal allergen challenge (the prophylactic cohort) and the second cohort will receive study drug after the nasal allergen challenge
(the treatment cohort).
Future Clinical Development
A Phase 1/2 study is planned
for 2023. This clinical study will evaluate the safety and efficacy of REVTx-99b paired with a nasal delivery system (e.g. the spray device)
in allergy patients. The study will consist of two parts. Part A will comprise a single dose, dose escalation portion of approximately
4 cohorts of 8 subjects (4 placebo/4 receiving drug). The primary read-out from Part A will be safety and tolerability of the drug and
device combination. Part B will comprise treating allergy patients with multiple doses of REVTx-99b over a 4 week period. Part B will
comprise approximately 48 subjects (24 placebo/24 receiving REVTx-99b). The primary readout from Part B is planned to include safety and
efficacy as measured by change in total nasal symptom score.
REVTx-200
Overview
REVTx-200 is being developed
as a potential intranasal therapy that will be administered concurrently with a commercially available IM vaccine. We believe concurrent
stimulation of the nasal mucosa with REVTx-200 upon IM vaccination will provide a more complete immunization. REVTx-200 utilizes the same
active ingredient (PHAD
®
) used in REVTx-99b. However, based on feedback from the FDA, we believe REVTx-200 will be regulated
as a biologic, and not as a therapeutic, since it is concurrently administered with another vaccine. As such we believe the approval process
will require its own unique development pathway to be approved for this use.
Most vaccinations for respiratory
viruses (influenza, SARS-CoV-2) are being developed or have been developed for IM administration. It has been shown that IM vaccination
results in a strong systemic immune response, but a weak mucosal immune response. Contrary to this, intranasal vaccination (e.g., FluMist
®
)
has been shown to elicit a strong mucosal response and a moderate systemic response. We hypothesize that optimal protection from a vaccine
requires both a systemic immune response elicited by the IM injection and a mucosal immune response developed by recruiting immune cells
into the mucosal immune system. We believe that intranasal administration of REVTx-200 will result in improved recruitment of vaccine-specific
activated adaptive immune cells (e.g. T and B cells) into the nasal mucosa.
Biomarker data from our Phase 1
clinical study (RVL-NHV01) supports this hypothesis. In particular, there were increases in local (intranasal) IL-7 and MCP-1. IL-7 is
a cytokine that induces the differentiation of hematopoietic stem cells into T cells, B cells and NK cells. MCP-1 is a chemokine that
attracts B cells and T cells to a particular site. This data suggest, intranasal REVTx-200 will traffic antigen activated B cells and
T cells to the mucosal space. While this data is supportive of the theory, additional formulation development and preclinical testing
will be necessary for the development of REVTx-200.
The Company will continue
to meet with vaccine development companies with the intention of working with one or more of these companies to develop REVTx-200. Revelation
plans to initiate internal initial development which will include studying REVTx-200 using established vaccine and nonclinical models
unique to each potential partnering company during 2022.
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REVTx-300
Overview
REVTx-300 is our non-clinical
stage product being developed as a potential therapy for the treatment of chronic organ disease including CKD and NASH. REVTx-300 utilizes
the same active ingredient (PHAD
®
) used in REVTx-99b and REVTx-200. REVTx-300 is formulated as a liquid for parenteral
administration.
Chronic disease of an organ,
due to chronic inflammation and subsequent fibrosis, follows a pattern of perpetual and ongoing destruction of living functional cells
and subsequent replacement by the non-functional protein, collagen, resulting in fibrosis (scar tissue) (Wilson). The establishment of
fibrosis and subsequent death of the organ is driven by ongoing inflammatory processes associated with the innate immune response. We
believe redirection of the innate immune response with REVTx-300 from a pro-inflammatory state to an anti-inflammatory (protective) state
may rebalance the innate immune response to slow down or halt the progressive destruction and scarring of organ tissue, allowing the healing
process to take place.
Many chronic disease states
are caused by perpetual inflammation via the activity of the innate immune system in response to a specific stressor. Examples of these
chronic disease states include the propagation of chronic kidney disease by diabetes or the propagation of NASH due to inflammation as
a result of diabetes or obesity. The innate immune system defends against stress by releasing cytokines and chemokines via stimulation
of various families of receptors such as PAMPs and DAMPs. In a healthy individual, cytokines and chemokines are proteins that direct different
cellular activities to combat and resolve the stress induced damage. Cytokine dysregulation, or an imbalance in the normal cytokine response,
may not only initiate and cause chronic inflammation, but may also contribute to existing chronic inflammation leading to organ disease.
Stimulation of the TRIF pathway via TLR-4 using
REVTx-300 can lead to the production of anti-inflammatory protective cytokines resulting in a rebalancing of the innate immune response.
During the remainder of 2022, we plan to complete
nonclinical testing of REVTx-300 to evaluate its utility for the treatment of CKD.
REVDx-501 (Diagnostic) Overview
REVDx-501 (REVID™ Rapid
Test Kit), a rapid at-home diagnostic product that is being developed to be potentially used to detect various respiratory viral infection
including SARS-CoV-2, Influenza A, Influenza B, parainfluenza, and respiratory syncytial virus. The diagnostic is similar to a home pregnancy
test with a simple to read visual readout that provides a result in less than 15 minutes without the need for specialized instrumentation
(Figure 8). Sample collection is simply a swab of the anterior nares (nostrils) making sample collection easy. If approval is obtained,
we anticipate the commercial version of the kit to be a self-contained, portable kit that can be shipped anywhere. The instructions will
direct users with a positive result to seek confirmatory testing and/or medical treatment.
Figure 8. REVID™ Rapid
Test Kit Example of Positive (Infected) Readout
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While the kit could potentially
be used universally at home as a self-screening method to quarantine, one potential early use for the ongoing COVID-19 pandemic would
be to use the diagnostic as a screening tool for entry into at-risk facilities (e.g., hospitals and nursing homes). In addition, the diagnostic
can be used to increase the efficiency of PCR testing by eliminating wasted testing on subjects who are not infected with a viral infection.
Figure 9 below explains the concept of increasing the efficiency of PCR testing. The left panel shows the current state of PCR testing
with most patients (>80%) being PCR negative for infection. The right panel shows the effect of the addition of the REVDx-501 screening
test to rule out virus negative patients resulting in better utilization of the PCR test.
Figure 9. REVDx-501 May Increase
the Efficiency of COVID-19 PCR Testing
Scientific Rationale
The innate immune system is
our first line of defense against invading pathogens such as bacteria and viruses. When a respiratory pathogen, such as a virus, invades
a person through the nose, the innate immune system responds by producing and releasing various types of cytokines. Cytokines are proteins
that direct different activities in cells to combat the invading pathogen.
The diagnostic is based on
the knowledge that respiratory viral infection results in elevated nasal mucosal secretions containing viral specific cytokines (e.g.,
IP-10, IFN), which can be detected rapidly after exposure. One or more of these cytokines can be detected using a lateral flow assay format
(e.g., home pregnancy kit) from a mucosal sample collected from the anterior nares.
Device Testing and Data supporting the potential
utility of REVDx-501
The Company has successfully
translated the ELISA format to a simple and inexpensive lateral flow assay format assay without the need of a special instrumentation.
Initial assay development focused on the measurement of two cytokines (IFN-α and IL-6). Revelation has been able to achieve high
sensitivity and good correlation for both IL-6 and IFN-α between the LFA assay format and the gold standard ELISA. Numerous
additional cytokines were also examined and IP-10 was chosen as the key cytokine for development of the REVDx-501 product.
Clinical samples were collected
under protocol and with consent from volunteers presenting at a COVID-19 testing center. Participants included those presenting with symptoms
including fever, cough, loss of taste or loss of smell as well as asymptomatic (no symptoms) subjects. For each subject, a sample was
collected using the nasopharyngeal method and tested by PCR for COVID-19 and a second sample of the lower nose was collected using the
REVDx-501 swab and tested using the REVDx-501 test method. The results from this testing showed REVDx-501 to have excellent correlation
with PCR (Table 1) for replicating SARS-CoV-2 virus (100% positive agreement for replicating SARS-CoV-2 virus, 86% negative agreement
for no replicating SARS-CoV-2 virus).
Table 1. Correlation between
REVDx-501 and PCR for replicating SARS-CoV-2
PCR vs. REVDx-501 Test Kit
PCR
POSITIVE
PCR
NEGATIVE
Test Kit POSITIVE
37
21
Test Kit NEGATIVE
0
132
TOTAL SAMPLES
37
153
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Patients who reported symptoms
of fever, cough, loss of taste or loss of smell were tested by REVDx-501 and PCR. REVDx-501 had a 0% false negative rate for replicating
SARS-CoV-2. These results include patients who reported onset of symptoms within 24 hours of the test, which may make the diagnostic
an earlier detection method than even PCR. In addition, the positive REVDx-501 results that were PCR negative for COVID-19 were likely
caused by other viral infections.
Source: Revelation Biosciences.
In addition to the clinical
evaluation described above, the FDA recommends a series of validation studies for IVD devices prior to submission for approval. These
studies are planned and ongoing and include limit of detection, inclusivity, cross-reactivity, flex, usability, and clinical evaluation
studies.
The LOD, inclusivity, cross-reactivity,
and flex test studies are generally analytical laboratory-based ("bench") studies to test how well the diagnostic device can
detect the chemical or pathogen the device is intended to measure, as well as under different conditions. For example, cross-reactivity
studies test how well the device works in the presence of other chemicals and/or pathogens; flex test studies consider variables such
as temperature, stability, physical abuse, etc. These studies are completed early in device development under standard quality guidelines
to ensure the device is designed properly for human use.
Usability (human factors)
studies are investigations that enable a device design team to improve the usability of their device to meet acceptable standards of risk — it
informs the team if the device kit and instructions for use are appropriate for typical users. Initially, a small formative study of about
10 people, who match some of the demographic characteristics of the intended end users, are recruited to use a prototype of the device.
These users are observed by a study team as they use the product. After the users complete the testing tasks, they provide feedback on
their experience. The findings of this formative study inform the next usability study, which is called a summative study and includes
30 to 100 users. The summative study protocol is similar to that of the formative study but may include improvements or modifications
to the device and/or instructions based on findings from the formative study. The goal of the summative study is to provide confirmation
to the device design team the product is developed effectively and safely for clinical testing.
Generally, the final study
is the clinical evaluation study, which is the largest study (at least 100 users). This study is considered the "real-world"
testing of the product. For home-use tests, users are recruited by clinical sites or other appropriate methods to test the product in
people who have the target condition, as well as a group of controls without the target condition. For example, a study for an at-home
test that is intended to detect the presence of an upper respiratory tract infection would recruit people suspected of having an upper
respiratory tract infection and a group of users who do not have an upper respiratory tract infection. These study participants will use
the test kit at home or a simulated home environment. The device test kit results are compared to a reference standard test that is regularly
used to diagnose the target condition (in this example, it would be a viral or bacterial test regularly used at a qualified laboratory).
Overall, in order to be considered for marketing approval by FDA, users should have minimal issues using the test and the device test
results should align very closely with the laboratory test.
Development of REVDx-501 will
continue during 2022 and once development is completed we plan to submit for regulatory clearance to the FDA a de novo clearance submission.
Competition
The biopharmaceutical industry
is intensely competitive and subject to rapid innovation and significant technological advancements. We believe the key competitive factors
that will affect the development and commercial success of REVTx-99b, REVTx-200, REVTx-300 and any future Program Product candidates are
efficacy, safety and tolerability profile, reliability, convenience of dosing, price, the level of generic competition and reimbursement.
We believe the key competitive factors that will affect the development and commercial success of REVDx-501 and any future product candidates
are reliability, convenience, and price. Our competitors include multinational pharmaceutical companies, specialized biotechnology companies,
universities and other research institutions. A number of biotechnology and pharmaceutical companies are pursuing the development or marketing
of pharmaceuticals that target the same diseases that we are targeting. A number of device companies are pursuing the development or marketing
of devices in the same or similar space. Smaller or earlier-stage companies may also prove to be significant competitors, particularly
through collaborative arrangements with large, established companies. Given the high incidence of respiratory viral infections, it is
likely that the number of companies seeking to develop products and therapies for the prevention or treatment of viral infection, will
increase.
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If REVTx-99b is approved for
prevention or treatment for chronic nasal congestion and allergic rhinitis, we would face competition from currently approved and marketed
products, including: Benadryl (diphenhydramine), Claritin (loratadine), Allegra (fexofenadine), Zyrtec (cetirizine), Nasahist B (brompheniramine,
Clarinex (desloratadine), Astelin (azelastine nasal), Sudafed (pseudophedrine), Neo-Synephrine (phenylephrine) and Afrin (oxymetazoline)
along with generics where available and others. We would also have future competition that could arise from products currently in development.
If REVDx-501 is approved,
competition would arise from various companies and partnerships currently engaged in clinical studies with competing device concepts including:
Quest Diagnostics, Inc., Laboratory Corporation of America Holdings, and Eurofins Advantar Laboratories. As well as from currently approved
COVID-19 home test from Ellume Limited, Abbot Laboratories, and Lucira Health.
Many of our competitors have
substantially greater financial, technical, human and other resources than we do and may be better equipped to develop, manufacture and
market technologically superior products. Mergers and acquisitions in the biotechnology and pharmaceutical industries may result in even
more resources being concentrated among a smaller number of competitors. In addition, many of these competitors have significantly longer
operating histories and greater experience than we have in undertaking nonclinical studies and human clinical studies of new pharmaceutical
products and in obtaining regulatory approvals of human therapeutic products. Many of our competitors have established distribution channels
for the commercialization of their products, whereas we have no such channel or capabilities. In addition, many competitors have greater
name recognition and more extensive collaborative relationships. As a result, our competitors may obtain regulatory approval of their
products more rapidly than we do or may obtain patent protection or other intellectual property rights that limit our ability to develop
or commercialize our Program Products or any future product candidates. Our competitors may also develop and succeed in obtaining approval
for drugs that are more effective, more convenient, more widely used and less costly or have a better safety profile than our products
and these competitors may also be more successful than we are in manufacturing and marketing their products. If we are unable to compete
effectively against these companies, then we may not be able to commercialize our product candidate or any future product candidates or
achieve a competitive position in the market. This would adversely affect our ability to generate revenue. Our competitors also compete
with us in recruiting and retaining qualified scientific, management and commercial personnel, establishing clinical study sites and enrolling
patients for clinical studies, as well as in acquiring technologies complementary to, or necessary for, our programs.
Manufacturing and Supply
We do not own or operate manufacturing
facilities for the production of our Program Products or any other product candidates, nor do we have plans to develop our own manufacturing
operations in the foreseeable future. We currently rely, and expect to continue to rely, on third parties for the manufacturing of our
Program Products or any other product candidates for preclinical and clinical testing, as well as for commercial manufacturing if REVTx-99b
or any future product candidate receives marketing approval. Also, we currently rely and continue to rely on third parties for the manufacturing
and development of our diagnostic devices for clinical testing, as well as for commercial manufacturing if REVDx-501 gets marketing approval.
Also, there is only one supplier for PHAD
®
, Avanti Polar Lipids, Inc., with whom we do not have a long-term supply agreement.
Currently we have purchased enough material for our planned clinical studies through purchase orders.
License
We do not currently rely on
any third-party license for our therapeutic candidates and diagnostic devices.
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Global Health
We entered into a Global Health
Agreement ("GHA") with AXA IM Prime Impact Fund on December 31, 2020. As part of the GHA for six years from December 31,
2020 (the "Term") we will (i) provide REVTx-99a/b, REVTx-200 and REVDx-501 (the "GHA Program Products"),
if approved by the FDA and/or the EMA, to non-profit organizations and public-sector purchasers ("Global Health Purchasers")
in certain low and middle income countries (as defined by the World Bank) ("Target Countries"), to be determined by the Global
Access Committee (the "GAC"), at a price of no more than 30% above the cost of goods sold, (ii) make available up to
20% of the annual unit sales volume, (iii) allocate $50,000 per year to the GAC to work on training programs, and (iv) work
with global health authorities to have the products added to protocols and treatment guidelines.
In the event that the GHA
Program Products are acquired directly or through an acquisition of the Company by a third party the GHA shall continue to survive for
the Term and shall be assumed by the acquirer. In the event that the Company (i) fails to use commercially reasonable efforts to
obtain regulatory approvals as agreed by the GAC, (ii) fails to cure a non-compliance within the GHA, (iii) if we transfer the
intellectual property and the successor fails to assume the GHA, or (iv) if the Company institutes any bankruptcy, reorganization,
dissolution, liquidation, or similar proceeding, the Company will grant a nonexclusive, perpetual, irrevocable, non-terminable, fully
paid up, royalty free license in the Target Countries for Global Health Purchasers.
Sales and Marketing
We currently have no marketing,
sales or distribution capabilities. In order to commercialize any products that are approved for commercial sale, we must either develop
a sales and marketing infrastructure or collaborate with third parties that have sales and marketing experience.
We may elect to establish
our own sales force to market and sell a product for which we obtain regulatory approval if we expect that the geographic market for a
product, we develop on our own is limited or that the prescriptions for the product will be written principally by a relatively small
number of physicians. If we decide to market and sell any products ourselves, we do not expect to establish direct sales capability until
shortly before the products are approved for commercial sale.
We plan to seek third-party
support from established pharmaceutical and biotechnology companies for those products that would benefit from the promotional support
of a large sales and marketing force. In these cases, we might seek to promote our products in collaboration with marketing partners or
rely on relationships with one or more companies with large established sales forces and distribution systems.
Intellectual Property
Our
success depends in part on our ability to obtain and maintain proprietary protection for our product candidates, technology, and know-how,
to operate without infringing upon the proprietary rights of others and to prevent others from infringing upon our proprietary rights.
Our policy is to seek to protect our proprietary position by, among other methods, pursuing and obtaining patent protection in the United States
and in jurisdictions outside of the United States related to our proprietary technology, inventions, improvements, and product candidates
that are important to the development and implementation of our business. Our patent portfolio is intended to cover our product candidates
and components thereof, their methods of use and processes for their manufacture, our kit designs, our proprietary reagents and assays,
and any other inventions that are commercially important to our business. We also rely on trade secret protection of our confidential
information and know-how relating to our proprietary technology, platforms, and product candidates.
As
of July 8, 2022, we have two U.S. provisional patent applications filed: one for REVTx-200 and one for REVTx-300. These provisional
patent applications will be converted to utility patent applications prior to their 1 year anniversary. We have four international PCT
patent applications, two for REVTx-99, one for REVTx-200, and one for REVDx-501. In regard to our REVTx-99 program, one PCT patent application
is directed to MPLA formulations including REVTx-99 for a range of indications including allergies and inflammation and one PCT patent
application is directed to the use of REVTx-99 for the treatment of allergic rhinitis and chronic nasal congestion. In regard to our REVTx-200
program, the PCT patent application has claims directed to methods of use as an adjuvant to traditional vaccination when REVTx-200 is
contemporaneously administered in the nasal cavity. In regard to our REVDx-501 program, the PCT patent application has claims directed
to the rapid detection kit and methods for diagnosing early viral infections of the respiratory tract. The provisional application for
REVTx-200 has claims directed to methods of adjuvant to allergy immunotherapy when REVTx-200 is administered in conjunction with allergen
immunotherapy standard of care treatments. The provisional application for REVTx-300 is directed to the use of MPLA formulations for the
prevention of loss of function associated with chronic organ disease.
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We
expect to file a non-provisional patent application prior to the twelve-month convention date for each provisional patent application.
Our pending and future patent applications may not result in patents being issued which protect our technology or product candidates,
or which effectively prevent others from commercializing competitive technologies and product candidates. Additionally, any U.S. provisional
patent application that we file is not eligible to become an issued patent until, among other things, we file a non-provisional patent
application within 12 months of filing the related provisional patent application. If we do not file a non-provisional patent application
in a timely manner, we may lose our priority date with respect to the provisional patent application, and may lose the ability to obtain
any associated patent protection on the inventions disclosed in the provisional patent application.
Generally, issued patents
are granted a term of 20 years from the earliest claimed non-provisional filing date. In certain instances, patent term can be adjusted
to recapture a portion of delay incurred by the USPTO in examining the patent application (patent term adjustment, or PTA) or extended
to account for term effectively lost as a result of the FDA regulatory review period (patent term extension, or PTE), or both. In addition,
we cannot provide any assurance that any patents will be issued from our pending or future applications or that any issued patents will
adequately protect our products or product candidates.
We believe that we have certain know-how and trade
secrets relating to our technology and product candidates. We rely on trade secrets to protect certain aspects of our technology related
to our current and future product candidates. However, trade secrets can be difficult to protect. We seek to protect our trade secrets,
in part, by entering into confidentiality agreements with our employees, consultants, scientific advisors, service providers, and contractors.
We also seek to preserve the integrity and confidentiality of our data and trade secrets by maintaining physical security of our premises
and physical and electronic security of our information technology systems.
Employees
As of July 8, 2022, we had
14 full-time employees, 8 of whom are engaged in research and development activities or operations and 6 of whom are engaged in general
and administrative activities or operations. None of our employees are represented by a labor union or covered by a collective bargaining
agreement. We consider our relationship with our employees to be good.
Government Regulation
The FDA and other regulatory
authorities at federal, state and local levels, as well as in foreign countries, extensively regulate, among other things, the research,
development, testing, manufacture, quality control, import, export, safety, effectiveness, labeling, packaging, storage, distribution,
recordkeeping, approval, advertising, promotion, marketing, post-approval monitoring and post-approval reporting of drugs. We, along with
our vendors, contract research organizations, or CROs, clinical investigators and contract manufacturing organizations, or CMOs will be
required to navigate the various preclinical, clinical, manufacturing and commercial approval requirements of the governing regulatory
agencies of the countries in which we wish to conduct studies or seek approval of our product candidates. The process of obtaining regulatory
approvals of drugs and ensuring subsequent compliance with appropriate federal, state, local and foreign statutes and regulations requires
the expenditure of substantial time and financial resources.
In the United States,
the FDA regulates drug products under the FD&C Act, its implementing regulations, and other federal, state and local statutes and
regulations. Drugs are also subject to other federal, state and local statutes and regulations. If we fail to comply with applicable FDA
or other requirements at any time with respect to product development, clinical testing, approval or any other regulatory requirements
relating to product manufacture, processing, handling, storage, quality control, safety, marketing, advertising, promotion, packaging,
labeling, export, import, distribution, or sale, we may become subject to administrative or judicial sanctions or other legal consequences.
These sanctions or consequences could include, among other things, the FDA's refusal to approve pending applications, issuance of
clinical holds for ongoing studies, suspension or revocation of approved applications, warning or untitled letters, product withdrawals
or recalls, product seizures, relabeling or repackaging, total or partial suspensions of manufacturing or distribution, injunctions, fines,
civil penalties or criminal prosecution.
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Our product candidates must
be approved for therapeutic indications by the FDA before they may be marketed in the United States. For drug product candidates
regulated under the FD&C Act, FDA must approve a NDA. The process generally involves the following:
●
completion
of extensive preclinical studies in accordance with applicable regulations, including studies conducted in accordance with good laboratory
practice, or GLP, requirements;
●
completion
of the manufacture, under current Good Manufacturing Practices ("cGMP"), conditions, of the drug substance and drug product
that the sponsor intends to use in human clinical trials along with required analytical and stability testing;
●
submission
to the FDA of an investigational new drug application, or IND, which must become effective before clinical trials may begin and must
be updated annually and when certain changes are made;
●
approval
by an institutional review board, or IRB, or independent ethics committee at each clinical trial site before each trial may be initiated;
●
performance
of adequate and well-controlled clinical trials in accordance with applicable IND regulations, good clinical practice, or GCP, requirements
and other clinical trial-related regulations to establish the safety and efficacy of the investigational product for each proposed indication;
●
preparation
and submission to the FDA of an NDA;
●
a
determination by the FDA within 60 days of its receipt of an NDA to file the application for review;
●
satisfactory
completion of one or more FDA pre-approval inspections of the manufacturing facility or facilities where the drug will be produced to
assess compliance with cGMP requirements to assure that the facilities, methods and controls are adequate to preserve the drug's
identity, strength, quality and purity;
●
satisfactory
completion of FDA audit of the clinical trial sites that generated the data in support of the NDA;
●
payment
of user fees for FDA review of the NDA; and
●
FDA
review and approval of the NDA, including, where applicable, consideration of the views of any FDA advisory committee, prior to any commercial
marketing or sale of the drug in the United States.
Preclinical studies and the IND process — Therapeutics
Preclinical studies include
laboratory evaluation of product chemistry and formulation, as well as in vitro and animal studies to assess the potential for adverse
events and in some cases to establish a rationale for therapeutic use. The conduct of preclinical studies is subject to federal regulations
and requirements, including GLP regulations. An IND sponsor must submit the results of the preclinical tests, together with manufacturing
information, analytical data, any available clinical data or literature and a proposed protocol for clinical studies, among other things,
to the FDA as part of an IND. An IND is an exemption from the FD&C Act that allows an unapproved product candidate to be shipped
in interstate commerce for use in an investigational clinical study and is a request for FDA authorization to administer such investigational
product to humans. Such authorization must be secured prior to interstate shipment and administration of any product candidate that is
not the subject of an approved application. Some long-term preclinical testing, such as animal tests of reproductive adverse events and
carcinogenicity, may continue after the IND is submitted. An IND automatically becomes effective 30 days after receipt by the FDA,
unless before that time the FDA raises concerns or questions related to one or more proposed clinical studies and places the study on
clinical hold. In such a case, the IND sponsor and the FDA must resolve any outstanding concerns before the clinical study can begin.
As a result, submission of an IND may not necessarily result in the FDA allowing clinical studies to commence.
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Clinical studies — Therapeutics
Clinical studies involve the
administration of the investigational new drug to human subjects — healthy volunteers or patients — under
the supervision of qualified investigators in accordance with GCP requirements, which include, among other things, the requirement that
all research subjects provide their informed consent in writing before their participation in any clinical study. Clinical studies are
conducted under written study protocols detailing, among other things, the objectives of the study, the parameters to be used in monitoring
safety and the effectiveness criteria to be evaluated. A protocol for each clinical study and any subsequent protocol amendments must
be submitted to the FDA as part of the IND. In addition, an IRB at each institution participating in the clinical study must review
and approve the plan for any clinical study before it commences at that institution, and the IRB must conduct continuing review and reapprove
the study at least annually. The IRB must review and approve, among other things, the study protocol and informed consent information
to be provided to study subjects. An IRB may also require the clinical study at the site to be halted, either temporarily or permanently,
for failure to comply with the IRB's requirements, or may impose other conditions. For clinical studies involving an IND, an IRB
must operate in compliance with FDA regulations. Additionally, some studies are overseen by an independent group of qualified experts
organized by the study sponsor, known as a DSMB. This group provides authorization as to whether or not a study may move forward at designated
check points based on access that only the DSMB maintains to available data from the study.
Human clinical studies are
typically conducted in three sequential phases, which may overlap or be combined:
●
Phase 1: The
investigational drug or biological product is initially introduced into healthy human subjects or patients with the target disease or
condition and tested for safety, side effects associated with increasing doses, pharmacological action, absorption, metabolism, distribution,
excretion and, if possible, to gain an early indication of its effectiveness.
●
Phase 2: The
investigational drug or biological product is administered to a limited patient population to identify common adverse effects and safety
risks, to preliminarily evaluate the efficacy of the product for specific targeted diseases and to determine dosage tolerance and optimal
dosage. This phase may include administration of the investigational drug to patients with concomitant disease conditions.
●
Phase 3: The
investigational drug or biological product is administered to an expanded patient population in adequate and well-controlled clinical
studies, typically at geographically dispersed clinical study sites, to generate sufficient data to statistically confirm the efficacy
and safety of the product for approval, to permit the FDA to evaluate the overall risk-benefit profile of the product and to provide
adequate information for the labeling of the product. More than one adequate and well-controlled Phase 3 clinical study may be required
by the FDA for approval of an NDA.
Progress reports detailing
the results of clinical studies involving an IND must be submitted at least annually to the FDA and more frequently if serious adverse
events occur. Phase 1, Phase 2 and Phase 3 clinical studies may not be completed successfully within any specified period,
or at all. Furthermore, the FDA or the sponsor may suspend or terminate a clinical study at any time on various grounds, including a finding
that the research subjects are being exposed to an unacceptable health risk. Similarly, an IRB can suspend or terminate approval of a
clinical study at its institution if the clinical study is not being conducted in accordance with the IRB's requirements or if the
drug or biologic product has been associated with unexpected serious harm to patients.
Concurrent with clinical studies,
the company usually complete additional animal studies, develop additional information about chemistry and physical characteristics of
the product candidate, and finalize a process for manufacturing the drug product in commercial quantities in accordance with cGMP requirements.
The manufacturing must be capable of consistently producing quality batches of the product candidate and manufacturers must develop, among
other things, methods for testing the identity, strength, quality and purity of the final drug product. Additionally, appropriate packaging
must be selected and tested, and stability studies must be conducted to demonstrate that the product candidate does not undergo unacceptable
deterioration over its shelf life.
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In some cases, the FDA may
approve an application for a product candidate but require the sponsor to conduct additional clinical studies to further assess the product
candidate's safety and effectiveness after approval. Such post-approval studies are typically referred to as Phase 4 clinical
studies. These studies are used to gain additional experience from the treatment of a larger number of patients in the intended treatment
group and to further document a clinical benefit in the case of drugs approved under accelerated approval regulations.
Clinical studies — Device
Clinical studies are almost
always required to support pre-market approval and are sometimes required for 510(k) clearance or de novo clearance. In the United States,
for significant risk devices, these studies require submission of an application for an IDE to the FDA. The IDE application must
be supported by appropriate data, such as animal and laboratory testing results, showing it is safe to test the device in humans and that
the testing protocol is scientifically sound. The IDE must be approved in advance by the FDA for a specific number of patients at specified
study sites. During the study, the sponsor must comply with the FDA's IDE requirements for investigator selection, study monitoring,
reporting and recordkeeping. The investigators must obtain patient informed consent, rigorously follow the investigational plan and study
protocol, control the disposition of investigational devices and comply with all reporting and recordkeeping requirements. Clinical studies
for significant risk devices may not begin until the IDE application is approved by the FDA and the appropriate IRBs at the clinical study
sites. An IRB is an appropriately constituted group that has been formally designated to review and monitor medical research involving
subjects and which has the authority to approve, require modifications in, or disapprove research to protect the rights, safety, and welfare
of human research subjects. A nonsignificant risk device does not require FDA approval of an IDE; however, the clinical study must still
be conducted in compliance with various requirements of FDA's IDE regulations and be approved by an IRB at the clinical study sites.
The FDA or the IRB at each site at which a clinical study is being performed may withdraw approval of a clinical study at any time for
various reasons, including a belief that the risks to study subjects outweigh the benefits or a failure to comply with FDA or IRB requirements.
Even if a study is completed, the results of clinical testing may not demonstrate the safety and effectiveness of the device, may be equivocal
or may otherwise not be sufficient to obtain approval or clearance of the product.
Sponsors of clinical studies
of devices are required to register with clinicaltrials.gov, a public database of clinical study information. Information related to the
device, patient population, phase of investigation, study sites and investigators and other aspects of the clinical study is made public
as part of the registration.
U.S. Marketing approval — Therapeutics
Assuming successful completion
of the required clinical testing, the results of the preclinical and clinical studies, together with detailed information relating to
the product's pharmacology chemistry, manufacture, controls and proposed labeling, among other things, are submitted to the FDA
as part of an NDA or BLA requesting approval to market the product for one or more indications. FDA approval of the NDA or BLA is required
before marketing of the product may begin in the United States. Under federal law, the submission of most NDAs and BLAs is subject
to a substantial application user fee, and the sponsor of an approved NDA or BLA is also subject to annual product or program fees. These
fees may be increased or decreased annually.
The FDA conducts a preliminary
review of all NDAs and BLAs within the first 60 days after receipt before accepting them for filing based on the agency's threshold
determination that they are sufficiently complete to permit substantive review. The FDA may request additional information rather than
accept an NDA or BLA for filing. In this event, the application must be resubmitted with the additional information, which would also
be subject to review before the FDA accepts it for filing. Once the submission is accepted for filing, the FDA begins an in-depth substantive
review. The FDA has agreed to specified performance goals in the review of NDAs and BLAs. Most such applications for non-priority products
are reviewed within ten to twelve months after filing, and most applications for priority review products, that is, drugs and biologics
that the FDA determines represent a significant improvement over existing therapy, are reviewed in six to eight months after filing.
The review process may be extended by the FDA for three additional months to consider certain late-submitted information or clarification
regarding information already provided in the submission. The FDA may also refer applications for novel drugs or biological products or
products that present difficult questions of safety or efficacy to an advisory committee, typically a panel that includes clinicians and
other experts, for review, evaluation and a recommendation as to whether the application should be approved. The FDA is not bound by the
recommendations of an advisory committee, but it considers such recommendations carefully when making decisions.
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Before approving an NDA or
BLA, the FDA typically will inspect the facility or facilities where the product is manufactured. The FDA will not approve an application
unless it determines that the manufacturing processes and facilities are in compliance with cGMP requirements and adequate to assure consistent
production of the product within required specifications. In addition, before approving an NDA or BLA, the FDA will typically inspect
one or more clinical sites to assure compliance with GCP and integrity of the clinical data submitted.
The testing and approval process
requires substantial time, effort and financial resources, and each may take many years to complete. Data obtained from clinical
activities are not always conclusive and may be susceptible to varying interpretations, which could delay, limit or prevent regulatory
approval. We may encounter difficulties or unanticipated costs in our efforts to develop our product candidates and secure necessary governmental
approvals, which could delay or preclude us from marketing our products.
After the FDA's evaluation
of the NDA or BLA and inspection of the manufacturing facilities, the FDA may issue an approval letter or a complete response letter.
An approval letter authorizes commercial marketing of the drug or biological product with specific prescribing information for specific
indications. A complete response letter generally outlines the deficiencies in the submission and may require substantial additional testing
or information in order for the FDA to reconsider the application. If and when those deficiencies have been addressed to the FDA's
satisfaction in a resubmission of the NDA, the FDA will issue an approval letter. The FDA has committed to reviewing such resubmissions
in two or six months depending on the type of information included. Even with submission of this additional information, the FDA
ultimately may decide that the application does not satisfy the regulatory criteria for approval.
Even if the FDA approves a
product, the agency may limit the approved indications for use for the product, require that contraindications, warnings or precautions
be included in the product labeling, require that post-approval studies be conducted to further assess a drug's safety after approval,
require testing and surveillance programs to monitor the product after commercialization, or impose other conditions, including distribution
restrictions through a Risk Evaluation and Mitigation Strategy or other risk management mechanisms, which can materially affect the potential
market and profitability of the product. The FDA may prevent or limit further marketing of a product based on the results of post-market
studies or surveillance programs. After approval, some types of changes to the approved product, such as changes in indications, manufacturing
changes and labeling, are subject to further testing requirements and FDA review and approval.
FDA's Pre-market Clearance and Approval
Requirements — Device
In vitro diagnostic tests
such as our REVDx-501 diagnostic program is regulated as medical devices. Each medical device we seek to commercially distribute in the
United States will require either a prior 510(k) clearance, de novo classification or PMA, unless it is exempt, or a pre-market
approval from the FDA. In the United States, the FD&C Act, and its implementing regulations, and other federal and state
statutes and regulations govern, among other things, medical device design and development, preclinical and clinical testing, premarket
clearance or approval, registration and listing, manufacturing, labeling, storage, advertising and promotion, sales and distribution,
export and import, and post-market surveillance. Unless an exemption or FDA exercise of enforcement discretion applies, diagnostic
tests generally require marketing clearance or approval from the FDA prior to commercialization. The primary types of FDA marketing authorization
applicable to a medical device are clearance of a premarket notification, 510(k), or de novo classification, and approval of a PMA.
To obtain 510(k) clearance
for a medical device, or for certain modifications to devices that have received 510(k) clearance, a manufacturer must submit a premarket
notification demonstrating that the proposed device is substantially equivalent to a previously cleared 510(k) device or to a pre-amendment device
that was in commercial distribution before May 28, 1976, or a predicate device, for which the FDA has not yet called for the submission
of a PMA. In making a determination that the device is substantially equivalent to a predicate device, the FDA compares the proposed
device to the predicate device and assesses whether the subject device is comparable to the predicate device with respect to intended
use, technology, design and other features which could affect safety and effectiveness. If the FDA determines that the subject device
is substantially equivalent to the predicate device, the subject device may be cleared for marketing. The 510(k) premarket notification
pathway generally takes from three to twelve months from the date the application is completed, but can take significantly longer.
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The de novo classification
process, provides a pathway to classify novel medical devices for which general controls alone, or general and special controls, provide
reasonable assurance of safety and effectiveness for the intended use, but for which there is no legally marketed predicate device. A
de novo classification is a risk-based classification process through which devices are classified into class I or class II. Devices
classified in response to a de novo classification request may be marketed and used as predicates for future premarket notification 510(k) submissions.
A PMA must be supported by
valid scientific evidence, which typically requires extensive data, including technical, preclinical, clinical and manufacturing data,
to demonstrate to the FDA's satisfaction the safety and effectiveness of the device. For diagnostic tests, a PMA typically includes
data regarding analytical and clinical validation studies. As part of its review of the PMA, the FDA will conduct a pre-approval inspection
of the manufacturing facility or facilities to ensure compliance with the quality system regulation, or QSR, which requires manufacturers
to follow design, testing, control, documentation and other quality assurance procedures. The FDA's review of an initial PMA is
required by statute to take between six to ten months, although the process typically takes longer, and may require several years
to complete. If the FDA evaluations of both the PMA and the manufacturing facilities are favorable, the FDA will either issue an approval
letter or an approvable letter, which usually contains a number of conditions that must be met in order to secure the final approval of
the PMA. If the FDA's evaluation of the PMA or manufacturing facilities is not favorable, the FDA will deny the approval of
the PMA or issue a not approvable letter. A not approvable letter will outline the deficiencies in the application and, where practical,
will identify what is necessary to make the PMA approvable. Once granted, PMA approval may be withdrawn by the FDA if compliance with
post-approval requirements, conditions of approval or other regulatory standards is not maintained or problems are identified following
initial marketing.
We expect that REVDx-501 will
be subject to review as a de novo clearance. A de novo clearance pathway may be a lengthier and a more rigorous process than the 510(k) clearance
pathway, which may delay or terminate this program down the road, which could adversely affect our ability to grow our business.
Ongoing Regulation by the FDA — Device
Even after a device receives
clearance or approval and is placed on the market, numerous regulatory requirements apply. These include:
●
establishment
registration and device listing;
●
the
QSR, which requires manufacturers, including third-party manufacturers, to follow stringent design, testing, control, documentation and
other quality assurance procedures during all aspects of the manufacturing process;
●
labeling
regulations and the FDA prohibitions against the promotion of products for uncleared, unapproved or "off-label" uses, and
other requirements related to promotional activities;
●
medical
device reporting regulations, which require that manufactures report to the FDA if their device may have caused or contributed to a death
or serious injury, or if their device malfunctioned and the device or a similar device marketed by the manufacturer would be likely to
cause or contribute to a death or serious injury if the malfunction were to recur;
●
corrections
and removal reporting regulations, which require that manufactures report to the FDA field corrections or removals if undertaken to reduce
a risk to health posed by a device or to remedy a violation of the FD&C Act that may present a risk to health; and
●
post
market surveillance regulations, which apply to certain Class II or III devices when necessary to protect the public health
or to provide additional safety and effectiveness data for the device.
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After a device receives 510(k) clearance
or de novo classification, any modification that could significantly affect its safety or effectiveness, or that would constitute a major
change in its intended use, will require a new clearance or possibly a pre-market approval. The FDA requires each manufacturer to make
this determination initially, but the FDA can review any such decision and can disagree with a manufacturer's determination. If
the FDA disagrees with our determination not to seek a new 510(k) clearance, the FDA may retroactively require us to seek 510(k) clearance
or possibly a pre-market approval. The FDA could also require us to cease marketing and distribution and/or recall the modified device
until 510(k) clearance or pre-market approval is obtained. Also, in these circumstances, we may be subject to significant regulatory
fines and penalties.
Some changes to an approved
PMA device, including changes in indications, labeling or manufacturing processes or facilities, require submission and FDA approval of
a new PMA or PMA supplement, as appropriate, before the change can be implemented. Supplements to a PMA often require the submission of
the same type of information required for an original PMA, except that the supplement is generally limited to that information needed
to support the proposed change from the device covered by the original PMA. The FDA uses the same procedures and actions in reviewing
PMA supplements as it does in reviewing original PMAs.
FDA regulations require us
to register as a medical device manufacturer with the FDA. Additionally, the CDHS, requires us to register as a medical device manufacturer
within the state. Because of this, the FDA and the CDHS inspect us on a routine basis for compliance with the QSR. These regulations
require that we manufacture our products and maintain related documentation in a prescribed manner with respect to manufacturing, testing
and control activities. We have undergone and expect to continue to undergo regular QSR inspections in connection with the manufacture
of our products at our facilities. Further, the FDA requires us to comply with various FDA regulations regarding labeling. Failure by
us or by our suppliers to comply with applicable regulatory requirements can result in enforcement action by the FDA or state authorities,
which may include any of the following sanctions:
●
warning
or untitled letters, fines, injunctions, consent decrees and civil penalties;
●
customer
notifications, voluntary or mandatory recall or seizure of our products;
●
operating
restrictions, partial suspension or total shutdown of production;
●
delay
in processing submissions or applications for new products or modifications to existing products
●
withdrawing
approvals that have already been granted; and
●
criminal
prosecution.
The Medical Device Reporting
laws and regulations require us to provide information to the FDA when we receive or otherwise become aware of information that reasonably
suggests our device may have caused or contributed to a death or serious injury as well as a device malfunction that likely would cause
or contribute to death or serious injury if the malfunction were to recur. In addition, the FDA prohibits an approved device from being
marketed for off-label use. The FDA and other agencies actively enforce the laws and regulations prohibiting the promotion of off-label
uses, and a company that is found to have improperly promoted off-label uses may be subject to significant liability, including substantial
monetary penalties and criminal prosecution.
Newly discovered or developed
safety or effectiveness data may require changes to a product's labeling, including the addition of new warnings and contraindications,
and also may require the implementation of other risk management measures. Also, new government requirements, including those resulting
from new legislation, may be established, or the FDA's policies may change, which could delay or prevent regulatory clearance or
approval of our products under development.
We are also subject to other
federal, state and local laws and regulations relating to safe working conditions, laboratory and manufacturing practices.
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European Union
We anticipate that our products
will be regulated in the European Union as medical devices per the European Union Directive (93/42/EEC), also known as the Medical Device
Directive. An authorized third party, Notified Body, must approve products for CE marking. The CE Mark is contingent upon continued compliance
to the applicable regulations and the quality system requirements of the ISO 13485 standard.
Other Regions
Most major markets have different
levels of regulatory requirements for medical devices. Modifications to the cleared or approved products may require a new regulatory
submission in all major markets. The regulatory requirements, and the review time, vary significantly from country to country. Products
can also be marketed in other countries that have minimal requirements for medical devices.
Other U.S. Healthcare Laws and Compliance
Requirements
In the United States,
our current and future operations are subject to regulation by various federal, state and local authorities in addition to the FDA, including
but not limited to, the CMS, other divisions of the HHS (such as the Office of Inspector General, Office for Civil Rights and the Health
Resources and Service Administration), the U.S. Department of Justice, and state and local governments. For example, our clinical
research, sales, marketing and scientific/educational grant programs may have to comply with the anti-fraud and abuse provisions of the
Social Security Act, the false claims laws, the privacy and security provisions of HIPAA, and similar state laws, each as amended, as
applicable.
The federal Anti-Kickback
Statute prohibits, among other things, any person or entity from knowingly and willfully offering, paying, soliciting or receiving any
remuneration, directly or indirectly, overtly or covertly, in cash or in kind, to induce or in return for purchasing, leasing, ordering
or arranging for the purchase, lease or order of any item or service reimbursable, in whole or in part, under Medicare, Medicaid or other
federal healthcare programs. The term remuneration has been interpreted broadly to include anything of value. The Anti-Kickback Statute
has been interpreted to apply to arrangements between therapeutic product manufacturers on one hand and prescribers, purchasers, and formulary
managers on the other.
There are a number of statutory
exceptions and regulatory safe harbors protecting some common activities from prosecution. The exceptions and safe harbors are drawn narrowly
and practices that involve remuneration that may be alleged to be intended to induce prescribing, purchasing or recommending may be subject
to scrutiny if they do not qualify for an exception or safe harbor. Failure to meet all of the requirements of a particular applicable
statutory exception or regulatory safe harbor does not make the conduct per se illegal under the Anti-Kickback Statute. Instead, the legality
of the arrangement will be evaluated on a case-by-case basis based on a cumulative review of all of its facts and circumstances. Our practices
may not in all cases meet all of the criteria for protection under a statutory exception or regulatory safe harbor. The statutory exceptions
and regulatory safe harbors are also subject to change.
Additionally, the intent standard
under the Anti-Kickback Statute was amended by the Affordable Care Act, to a stricter standard such that a person or entity no longer
needs to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation. In addition, the
Affordable Care Act also codified case law that a claim including items or services resulting from a violation of the federal Anti-Kickback
Statute constitutes a false or fraudulent claim for purposes of the federal FCA (discussed below).
The federal false claims and
civil monetary penalty laws, including the FCA, which imposes significant penalties and can be enforced by private citizens through civil
qui tam actions, prohibit any person or entity from, among other things, knowingly presenting, or causing to be presented, a false or
fraudulent claim for payment to, or approval by, the federal government, including federal healthcare programs, such as Medicare and Medicaid;
knowingly making, using, or causing to be made or used a false record or statement material to a false or fraudulent claim to the federal
government; or knowingly making a false statement to improperly avoid, decrease or conceal an obligation to pay money to the federal government.
A claim includes "any request or demand" for money or property presented to the U.S. government. Although we would not
submit claims directly to payors, manufacturers can be held liable under these laws if they are deemed to "cause" the submission
of false or fraudulent claims by, for example, providing inaccurate billing or coding information to customers or promoting a product
off-label. In addition, our future activities relating to the reporting of wholesaler or estimated retail prices for our products, the
reporting of prices used to calculate Medicaid rebate information and other information affecting federal, state, and third-party reimbursement
for our products, and the sale and marketing of our products, are subject to scrutiny under this law. For example, pharmaceutical companies
have been prosecuted under the FCA in connection with their alleged off-label promotion of drugs, purportedly concealing price concessions
in the pricing information submitted to the government for government price reporting purposes, and allegedly providing free product to
customers with the expectation that the customers would bill federal health care programs for the product.
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HIPAA created additional federal
criminal statutes that prohibit, among other things, knowingly and willfully executing, or attempting to execute, a scheme to defraud
or to obtain, by means of false or fraudulent pretenses, representations or promises, any money or property owned by, or under the control
or custody of, any healthcare benefit program, including private third-party payors, willfully obstructing a criminal investigation of
a healthcare offense, and knowingly and willfully falsifying, concealing or covering up by trick, scheme or device, a material fact or
making any materially false, fictitious or fraudulent statement in connection with the delivery of or payment for healthcare benefits,
items or services. Like the Anti-Kickback Statute, the Affordable Care Act amended the intent standard for certain healthcare fraud statutes
under HIPAA such that a person or entity no longer needs to have actual knowledge of the statute or specific intent to violate it in order
to have committed a violation.
Also, many states have similar,
and typically more prohibitive, fraud and abuse statutes or regulations that apply to items and services reimbursed under Medicaid and
other state programs, or, in several states, apply regardless of the payor.
In addition, we may be subject
to data privacy, data security and data breach notification laws, regulations, standards, and codes of conduct by both the U.S. federal
government and the states. These laws, regulations, standards, and codes of conduct may govern the collection, use, disclosure and protection
of health-related and other personal information. HIPAA, as amended by the HITECH, imposes requirements relating to the privacy, security
and transmission of individually identifiable health information. HIPAA requires covered entities to limit the use and disclosure of protected
health information to specifically authorized situations and requires covered entities to implement security measures to protect health
information that they maintain in electronic form. The federal government may impose civil, criminal, and administrative fines and penalties
and/or additional reporting or oversight obligations for a violation of HIPAA's requirements. Among other things, HITECH makes HIPAA's
privacy and security standards directly applicable to business associates that receive or obtain protected health information in connection
with providing a service on behalf of a covered entity.
HITECH also created four new
tiers of civil monetary penalties, amended HIPAA to make civil and criminal penalties directly applicable to business associates, and
gave state attorneys general new authority to file civil actions for damages or injunctions in federal courts to enforce HIPAA and seek
attorneys' fees and costs associated with pursuing federal civil actions. In addition to HIPAA and HITECH, many state laws govern
the privacy and security of health information in specified circumstances, many of which differ from each other in significant ways, are
often not pre-empted by federal law, and may have a more prohibitive effect than federal law, thus complicating compliance efforts.
We may develop products that,
once approved, may be administered by a physician. Under currently applicable U.S. law, certain products not usually self-administered
(including injectable drugs) may be eligible for coverage under Medicare through Medicare Part B. Medicare Part B is the
part of Medicare that covers outpatient services and supplies, including certain pharmaceutical products, that are medically necessary
to treat a beneficiary's health condition. As a condition of receiving Medicare Part B reimbursement for a manufacturer's
eligible drugs, the manufacturer is required to participate in other government healthcare programs, including the Medicaid Drug Rebate
Program and the 340B Drug Pricing Program. The Medicaid Drug Rebate Program requires pharmaceutical manufacturers to enter into and have
in effect a national rebate agreement with the Secretary of HHS as a condition for states to receive federal matching funds for the manufacturer's
outpatient drugs furnished to Medicaid patients. Under the 340B Drug Pricing Program, the manufacturer must extend discounts to entities
that participate in the program.
In addition, many pharmaceutical
manufacturers must calculate and report certain price reporting metrics to the government, such as average sales price and best price.
Penalties may apply in some cases when such metrics are not submitted accurately and timely.
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Additionally, the Sunshine
Act within the Affordable Care Act, and its implementing regulations, require that certain manufacturers of drugs, devices, biological
and medical supplies for which payment is available under Medicare, Medicaid or the Children's Health Insurance Program (with certain
exceptions) report annually to CMS information related to certain payments or other transfers of value made or distributed to physicians
and teaching hospitals, or to entities or individuals at the request of, or designated on behalf of, the physicians and teaching hospitals
and to report annually certain ownership and investment interests held by physicians and their immediate family members. This information
is made publicly available on a CMS website, and failure to report accurately could result in penalties. In addition, many states also
govern the reporting of payments or other transfers of value, many of which differ from each other in significant ways, are often not
pre-empted, and may have a more prohibitive effect than the Sunshine Act, thus further complicating compliance efforts.
In order to distribute products
commercially, we must comply with state laws that require the registration of manufacturers and wholesale distributors of drug and biological
products in a state, including, in certain states, manufacturers and distributors who ship products into the state even if such manufacturers
or distributors have no place of business within the state. Some states also impose requirements on manufacturers and distributors to
establish the pedigree of product in the chain of distribution, including some states that require manufacturers and others to adopt new
technology capable of tracking and tracing product as it moves through the distribution chain. Several state and local laws have been
enacted requiring pharmaceutical and biotechnology companies to establish marketing compliance programs, file periodic reports with the
state, make periodic public disclosures on sales, marketing, pricing, clinical studies and other activities, and/or register their sales
representatives, as well as to prohibit pharmacies and other healthcare entities from providing certain physician prescribing data to
pharmaceutical and biotechnology companies for use in sales and marketing, and to prohibit certain other sales and marketing practices.
In addition, all of our activities are potentially subject to federal and state consumer protection and unfair competition laws.
Ensuring business arrangements
with third parties comply with applicable healthcare laws and regulations is a costly endeavor. If our operations are found to be in violation
of any of the federal and state healthcare laws described above or any other current or future governmental regulations that apply to
us, we may be subject to significant penalties, including without limitation, civil, criminal and/or administrative penalties, damages,
fines, disgorgement, imprisonment, exclusion from participation in government programs, such as Medicare and Medicaid, injunctions, private
"qui tam" actions brought by individual whistleblowers in the name of the government, or refusal to allow us to enter into
government contracts, contractual damages, reputational harm, administrative burdens, diminished profits and future earnings, additional
reporting obligations and oversight if we become subject to a corporate integrity agreement or other agreement to resolve allegations
of non-compliance with these laws, and the curtailment or restructuring of our operations, any of which could adversely affect our ability
to operate our business and our results of operations.
Coverage, Pricing and Reimbursement
Significant uncertainty exists
as to the coverage and reimbursement status of any product candidates for which we may obtain regulatory approval. In the United States
and in foreign markets, sales of any products for which we receive regulatory approval for commercial sale will depend, in part, on the
extent to which third-party payors provide coverage and establish adequate reimbursement levels for such products. In the United States,
third-party payors include federal and state healthcare programs, private managed care providers, private health insurers and other organizations.
Adequate coverage and reimbursement
from governmental healthcare programs, such as Medicare and Medicaid in the United States, and commercial payors are critical to
new product acceptance.
Our ability to commercialize
any products successfully also will depend in part on the extent to which coverage and adequate reimbursement for these products and related
treatments will be available from government health administration authorities, private health insurers and other organizations. Government
authorities and third-party payors, such as private health insurers and health maintenance organizations, decide which therapeutics they
will pay for and establish reimbursement levels. Coverage and reimbursement by a third-party payor may depend upon a number of factors,
including the third-party payor's determination that use of a therapeutic is:
●
a covered benefit under its health plan;
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●
safe, effective and medically necessary;
●
appropriate for the specific patient;
●
cost-effective; and
●
neither experimental nor investigational.
We cannot be sure that reimbursement
will be available for any product that we commercialize and, if coverage and reimbursement are available, what the level of reimbursement
will be. Coverage may also be more limited than the purposes for which the product is approved by the FDA or comparable foreign regulatory
authorities. Reimbursement may impact the demand for, or the price of, any product for which we obtain regulatory approval.
Third-party payors are increasingly
challenging the price, examining the medical necessity, and reviewing the cost-effectiveness of medical products, therapies, and services,
in addition to questioning their safety and efficacy. Obtaining reimbursement for our products may be particularly difficult because of
the higher prices often associated with branded drugs and drugs administered under the supervision of a physician. We may need to conduct
expensive pharmacoeconomic studies in order to demonstrate the medical necessity and cost-effectiveness of our products, in addition to
the costs required to obtain FDA approvals. Our product candidates may not be considered medically necessary or cost-effective. Obtaining
coverage and reimbursement approval of a product from a government or other third-party payor is a time-consuming and costly process that
could require us to provide to each payor supporting scientific, clinical and cost-effectiveness data for the use of our product on a
payor-by-payor basis, with no assurance that coverage and adequate reimbursement will be obtained. A payor's decision to provide
coverage for a product does not imply that an adequate reimbursement rate will be approved. Further, one payor's determination to
provide coverage for a product does not assure that other payors will also provide coverage for the product. Adequate third-party reimbursement
may not be available to enable us to maintain price levels sufficient to realize an appropriate return on our investment in product development.
If reimbursement is not available or is available only at limited levels, we may not be able to successfully commercialize any product
candidate that we successfully develop.
Different pricing and reimbursement
schemes exist in other countries. In the European Union, governments influence the price of pharmaceutical products through their pricing
and reimbursement rules and control of national health care systems that fund a large part of the cost of those products to consumers.
Some jurisdictions operate positive and negative list systems under which products may only be marketed once a reimbursement price has
been agreed. To obtain reimbursement or pricing approval, some of these countries may require the completion of clinical studies that
compare the cost effectiveness of a particular product candidate to currently available therapies. Other member states allow companies
to fix their own prices for medicines but monitor and control company profits. The downward pressure on health care costs has become intense.
As a result, increasingly high barriers are being erected to the entry of new products. In addition, in some countries, cross-border imports
from low-priced markets exert a commercial pressure on pricing within a country.
The marketability of any product
candidates for which we receive regulatory approval for commercial sale may suffer if the government and third-party payors fail to provide
adequate coverage and reimbursement. In addition, emphasis on managed care, the increasing influence of health maintenance organizations,
and additional legislative changes in the United States has increased, and we expect will continue to increase, the pressure on healthcare
pricing. The downward pressure on the rise in healthcare costs in general, particularly prescription medicines, medical devices and surgical
procedures and other treatments, has become very intense. Coverage policies and third-party reimbursement rates may change at any time.
Even if favorable coverage and reimbursement status is attained for one or more products for which we receive regulatory approval, less
favorable coverage policies and reimbursement rates may be implemented in the future.
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Healthcare Reform
In the United States
and some foreign jurisdictions, there have been, and continue to be, several legislative and regulatory changes and proposed changes regarding
the healthcare system that could prevent or delay marketing approval of product candidates, restrict or regulate post-approval activities,
and affect the ability to profitably sell product candidates for which marketing approval is obtained. Among policy makers and payors
in the United States and elsewhere, there is significant interest in promoting changes in healthcare systems with the stated goals
of containing healthcare costs, improving quality and/or expanding access. In the United States, the pharmaceutical industry has
been a particular focus of these efforts and has been significantly affected by major legislative initiatives.
For example, the Affordable
Care Act has substantially changed healthcare financing and delivery by both governmental and private insurers. The Affordable Care Act
and its implementing regulations, among other things, revised the methodology for calculating rebates for covered outpatient drugs and
certain biologics owed by manufacturers to the state and federal government under the Medicaid Drug Rebate Program, increased the minimum
Medicaid rebates owed by most manufacturers under the Medicaid Drug Rebate Program, extended the Medicaid Drug Rebate program to utilization
of prescriptions of individuals enrolled in Medicaid managed care organizations, subjected manufacturers to new annual fees and taxes
for certain branded prescription drugs, and expanded programs designed to test innovative payment models, service delivery models, or
value-based arrangements, and fund comparative effectiveness research.
Some of the provisions of
the Affordable Care Act have yet to be implemented, and there have been legal and political challenges to certain aspects of the Affordable
Care Act. We anticipate that the Affordable Care Act, if substantially maintained in its current form, will continue to result in additional
downward pressure on coverage and the price that we receive for any approved product, and could seriously harm our business. Any reduction
in reimbursement from Medicare and other government programs may result in a similar reduction in payments from private payors. The implementation
of cost containment measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or
commercialize our products. Such reforms could have an adverse effect on anticipated revenue from product candidates that we may successfully
develop and for which we may obtain regulatory approval and may affect our overall financial condition and ability to develop product
candidates.
In addition, further legislation
or regulation could be passed that could harm our business, financial condition and results of operations. Other legislative changes have
been proposed and adopted since the Affordable Care Act was enacted. For example, in August 2011, President Obama signed into law
the Budget Control Act of 2011, which, among other things, created the Joint Select Committee on Deficit Reduction to recommend
to Congress proposals in spending reductions. The Joint Select Committee on Deficit Reduction did not achieve a targeted deficit reduction
of at least $1.2 trillion for fiscal years 2012 through 2021, triggering the legislation's automatic reduction to several
government programs. This includes aggregate reductions to Medicare payments to providers of up to 2% per fiscal year, which went into
effect beginning on April 1, 2013 and will stay in effect through 2027 unless additional Congressional action is taken. In January 2013,
the American Taxpayer Relief Act of 2012 was signed into law, which, among other things, further reduced Medicare payments to
several types of providers, including hospitals, imaging centers and cancer treatment centers, and increased the statute of limitations
period for the government to recover overpayments to providers from three to five years.
Additionally, there has been
increasing legislative and enforcement interest in the United States with respect to specialty drug pricing practices. Specifically,
there have been several recent U.S. Congressional inquiries and proposed federal legislation designed to, among other things, bring
more transparency to drug pricing, reduce the cost of prescription drugs under Medicare, review the relationship between pricing and manufacturer
patient programs, and reform government program reimbursement methodologies for drugs.
Individual states in the United States
have also become increasingly active in passing legislation and implementing regulations designed to control pharmaceutical product pricing,
including price or patient reimbursement constraints, discounts, restrictions on certain product access and marketing cost disclosure
and transparency measures, and, in some cases, designed to encourage importation from other countries and bulk purchasing. For example,
after some pharmacy benefit managers and insurers adopted policies stating that the amount of a copay coupon would not be applied to the
enrollee's deductible or out-of-pocket maximum (referred to as "accumulator adjustment programs"), some states passed
legislation banning these policies. Based on a rule that will take effect in the 2020 plan year, CMS will allow accumulator adjustment
programs only when used for a branded drug that has a generic equivalent. The implementation of cost containment measures or other healthcare
reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our product candidates, if approved.
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Future legislation or regulation
Other legislative changes
have been adopted since the Affordable Care Act was enacted. For example, in August 2011, President Obama signed into law the Budget
Control Act of 2011, which, among other things, created the Joint Select Committee on Deficit Reduction to recommend to Congress
proposals in spending reductions. The Joint Select Committee on Deficit Reduction did not achieve a targeted deficit reduction of at least
$1.2 trillion for fiscal years 2012 through 2021, triggering the legislation's automatic reduction to several government
programs. This includes aggregate reductions to Medicare payments to providers of up to 2% per fiscal year, which went into effect beginning
on April 1, 2013 and will stay in effect through 2029 unless additional Congressional action is taken. The Coronavirus Aid, Relief
and Economic Security Act, or CARES Act, which was signed into law in March 2020 and was designed to provide financial support and
resources to individuals and businesses affected by the COVID-19 pandemic, suspended the 2% reductions from May 1, 2020 through December 31,
2020, and extended the sequester by one year, through 2030. In January 2013, the American Taxpayer Relief Act of 2012 was
signed into law, which, among other things, further reduced Medicare payments to several types of providers, including hospitals, imaging
centers and cancer treatment centers, and increased the statute of limitations period for the government to recover overpayments to providers
from three to five years.
Additionally, there has been
increasing legislative and enforcement interest in the United States with respect to specialty drug pricing practices. Specifically,
there have been several recent U.S. Congressional inquiries and proposed federal legislation designed to, among other things, bring
more transparency to drug pricing, reduce the cost of prescription drugs under Medicare, review the relationship between pricing and manufacturer
patient programs, and reform government program reimbursement methodologies for drugs.
Individual states in the United States
have also become increasingly active in passing legislation and implementing regulations designed to control pharmaceutical product pricing,
including price or patient reimbursement constraints, discounts, restrictions on certain product access and marketing cost disclosure
and transparency measures, and, in some cases, designed to encourage importation from other countries and bulk purchasing. For example,
after some pharmacy benefit managers and insurers adopted policies stating that the amount of a copay coupon would not be applied to the
enrollee's deductible or out-of-pocket maximum (referred to as "accumulator adjustment programs"), some states passed
legislation banning these policies. Based on a rule that will take effect in the 2020 plan year, CMS will allow accumulator adjustment
programs only when used for a branded drug that has a generic equivalent. The implementation of cost containment measures or other healthcare
reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our product candidates, if approved.
Additional Regulation
In addition to the foregoing,
local, state and federal laws, including such matters as safe working conditions, manufacturing practices, environmental protection, fire
hazard control and hazardous substances, including, in the United States, the Occupational Safety and Health Act, the Resource Conservancy
and Recovery Act and the Toxic Substances Control Act, affect our business. These and other laws govern our use, handling and disposal
of various biological, chemical and radioactive substances used in, and wastes generated by, our operations. If our operations result
in contamination of the environment or expose individuals to hazardous or biohazardous substances, we could be liable for damages, environmental
remediation, and/or governmental fines. We believe that we are in material compliance with applicable environmental laws and occupational
health and safety laws that continued compliance therewith will not have a material adverse effect on our business. We cannot predict,
however, how changes in these laws may affect our future operations. We may incur significant costs to comply with such laws and regulations
now or in the future.
Government Regulation and Product Approval
Government authorities in
the United States, at the federal, state and local level, and in other countries extensively regulate, among other things, the research,
development, testing, manufacture, including any manufacturing changes, packaging, storage, recordkeeping, labeling, advertising, promotion,
distribution, marketing, post-approval monitoring and reporting, import and export of pharmaceutical products, biological products and
medical devices, such as those we are developing.
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Disclosure of clinical study information
Sponsors of applicable clinical
studies of FDA regulated products, including drugs, are required to register and disclose certain clinical study information. Information
related to the product, patient population, phase of investigation, study sites and investigators, and other aspects of the clinical study
is then made public on the ClinicalTrials.gov website as part of the registration. Sponsors are also obligated to disclose the results
of their clinical studies after completion. Disclosure of the results of these studies can be delayed until the new product or new indication
being studied has been approved. Competitors may use this publicly available information to gain knowledge regarding the progress of development
programs.
Expedited Programs for Serious Conditions
The FDA maintains several
programs intended to facilitate and expedite development and review of new drugs and biologics to address unmet medical needs in the treatment
of serious or life-threatening diseases or conditions. These programs include Fast Track designation, Breakthrough Therapy designation,
Priority Review and Accelerated Approval. These programs can significantly reduce the time it takes for the FDA to review a BLA or NDA,
but they do not guarantee that a product will receive FDA approval. Even if a product qualifies initially, the FDA may later decide that
the product no longer meets the conditions for qualification or decide that the time period for FDA review will not be shortened. In May 2018,
the Right to Try Act also established a program to increase access to unapproved, investigational treatments for patients diagnosed with
life-threatening diseases or conditions who have exhausted approved treatment options and who are unable to participate in a clinical
study.
A new drug or biologic is
eligible for Fast Track designation if it is intended to treat a serious or life-threatening disease or condition and demonstrates the
potential to address unmet medical needs for such disease or condition. Fast Track designation provides increased opportunities for sponsor
interactions with the FDA during preclinical and clinical development, in addition to the potential for rolling review once a marketing
application is filed, meaning that the agency may review portions of the marketing application before the sponsor submits the complete
application, as well as Priority Review, discussed below. In addition, a new drug or biologic may be eligible for Breakthrough Therapy
designation if it is intended to treat a serious or life-threatening disease or condition and preliminary clinical evidence indicates
that the drug may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as
substantial treatment effects observed early in clinical development. Breakthrough Therapy designation provides all the features of Fast
Track designation in addition to intensive guidance on an efficient drug development program beginning as early as Phase 1, and FDA
organizational commitment to expedited development, including involvement of senior managers and experienced review staff in a cross-disciplinary
review, where appropriate.
Any product submitted to the
FDA for approval, including a product with Fast Track or Breakthrough Therapy designation, may also be eligible for additional FDA programs
intended to expedite the review and approval process, including Priority Review designation and accelerated approval. A product is eligible
for Priority Review if it has the potential to provide a significant improvement in safety or effectiveness in the treatment, diagnosis
or prevention of a serious disease or condition. Under priority review, FDA will review an application in six months compared to
ten months for a standard review. Products are eligible for accelerated approval if they can be shown to have an effect on a surrogate
endpoint that is reasonably likely to predict clinical benefit, or an effect on a clinical endpoint that can be measured earlier than
an effect on irreversible morbidity or mortality which is reasonably likely to predict an effect on irreversible morbidity or mortality
or other clinical benefit, taking into account the severity, rarity, or prevalence of the condition and the availability or lack of alternative
treatment. Accelerated approval is usually contingent on a sponsor's agreement to conduct additional post-approval studies to verify
and describe the product's clinical benefit. In addition, unless otherwise informed by the FDA, the FDA currently requires, as a
condition for accelerated approval, that all advertising and promotional materials that are intended for dissemination or publication
be submitted to FDA for review before the initial dissemination or publication.
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Orphan drugs
Under the Orphan Drug Act,
the FDA may grant orphan drug designation to drugs or biologics intended to treat a rare disease or condition, which is generally defined
as a disease or condition that affects fewer than 200,000 individuals in the United States. Orphan drug designation must be requested
before submitting an NDA or BLA. After the FDA grants orphan drug designation, the generic identity of the drug or biologic and its
potential orphan use are disclosed publicly by the FDA. Orphan drug designation is taken into consideration but generally does not
convey any advantage in, or shorten the duration of, the regulatory review and approval process. The first NDA or BLA applicant to receive
FDA approval for a particular active ingredient to treat a particular disease with FDA orphan drug designation is entitled to a seven-year
exclusive marketing period in the United States for that product, for that indication. During the seven-year exclusivity period,
the FDA may not approve any other applications to market the same drug or biologic for the same orphan indication, except in limited circumstances,
such as a showing of clinical superiority to the product with orphan drug exclusivity in that it is shown to be safer, more effective
or makes a major contribution to patient care. This is the case despite an earlier court opinion holding that the Orphan Drug Act unambiguously
required the FDA to recognize orphan exclusivity regardless of a showing of clinical superiority. Orphan drug exclusivity does not prevent
the FDA from approving a different drug or biologic for the same disease or condition, or the same drug or biologic for a different disease
or condition. Among the other benefits of orphan drug designation are tax credits for certain research and a waiver of the NDA or BLA
application user fee.
Pediatric information and exclusivity
Under the Pediatric Research
Equity Act of 2003, an NDA, BLA or supplement to an NDA or BLA must contain data from pediatric studies that are adequate to
assess the safety and effectiveness of the drug or biological product for the claimed indications in all relevant pediatric subpopulations,
and to support dosing and administration for each pediatric subpopulation for which the product is safe and effective. The FDA may, on
its own initiative or at the request of the applicant, grant deferrals for submission of some or all pediatric data until after approval
of the product for use in adults, or full or partial waivers from the pediatric data requirements. Under the FDASIA, the FDA has additional
authority to take action against manufacturers not adhering to pediatric study requirements. Unless otherwise required by regulation,
the pediatric data requirements do not apply to products with orphan drug designation.
Pediatric exclusivity is a
type of non-patent exclusivity in the United States and, if granted, provides for the attachment of an additional six months
of marketing protection to the term of any existing regulatory exclusivity or patent protection, including the non-patent and orphan exclusivity.
This six-month exclusivity may be granted if an application sponsor submits pediatric data that fairly respond to a written request from
the FDA for such data. The data do not need to show the product to be effective in the pediatric population studied; rather, if the clinical
study is deemed to fairly respond to the FDA's request, the additional protection is granted.
The Hatch-Waxman Act
Abbreviated new drug applications
In seeking approval for a
drug through an NDA, applicants are required to list with the FDA each patent that claims to cover the applicant's product. Upon
approval of a drug, each of the patents listed in the application for the drug is then published in the FDA's Approved Drug Products
with Therapeutic Equivalence Evaluations, commonly known as the Orange Book. Drugs listed in the Orange Book can, in turn, be cited by
potential competitors in support of approval of an ANDA. Generally, an ANDA provides for marketing of a drug product that has the
same active ingredients in the same strengths and dosage form as the listed drug and has been shown through bioequivalence testing to
be therapeutically equivalent to the listed drug. Other than the requirement for bioequivalence testing, ANDA applicants are not required
to conduct or submit results of preclinical or clinical tests to prove the safety or effectiveness of their drug product. Drugs approved
in this way are commonly referred to as "generic equivalents" to the listed drug and can often be substituted by pharmacists
under prescriptions written for the original listed drug.
The ANDA applicant is required
to certify to the FDA concerning any patents listed for the approved product in the FDA's Orange Book. Specifically, the applicant
must certify that:
●
the required patent information has not been filed;
●
the listed patent has expired;
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●
the listed patent has not expired, but will expire on a particular date and approval is sought after patent expiration; or
●
the listed patent is invalid or will not be infringed by the new product.
A certification that the new
product will not infringe the already approved product's listed patents or that such patents are invalid is called a Paragraph IV
certification. If the ANDA applicant does not challenge the listed patents, the ANDA will not be approved until all the listed patents
claiming the referenced product have expired.
If the ANDA applicant has
provided a Paragraph IV certification to the FDA, the applicant must also send notice of the Paragraph IV certification to the
NDA and patent holders once the ANDA has been accepted for filing by the FDA. The NDA and patent holders may then initiate a patent
infringement lawsuit in response to the notice of the Paragraph IV certification. The filing of a patent infringement lawsuit within
45 days after the receipt of a Paragraph IV certification automatically prevents the FDA from approving the ANDA until the earlier
of a 30-month period, expiration of the patent, settlement of the lawsuit or a decision in the infringement case that the patent involved
is deemed invalid or not infringed.
The ANDA also will not be
approved until any applicable non-patent exclusivity, such as exclusivity for obtaining approval of a new chemical entity, listed in the
Orange Book for the referenced product has expired. Federal law provides a period of five years following approval of a drug containing
no previously approved active ingredients during which ANDAs for generic versions of those drugs cannot be received by the FDA, except
that the application may be submitted in four years if it contains a Paragraph IV certification. If there is no listed patent
in the Orange Book, there may not be a Paragraph IV certification, and thus, no ANDA may be filed before the expiration of the exclusivity
period. Federal law provides for a period of three years of exclusivity following approval of a listed drug that contains previously
approved active ingredients but is approved in a new dosage form, route of administration or combination, or for a new use, the approval
of which was required to be supported by new clinical studies conducted by or for the sponsor, during which the FDA cannot grant effective
approval of an ANDA based on that listed drug.
The FDA must establish a priority
review track for certain generic drugs, requiring the FDA to review a drug application within eight months for a drug that has three
or fewer approved drugs listed in the Orange Book and is no longer protected by any patent or regulatory exclusivities, or is on the FDA's
drug shortage list. The FDA must also expedite review of "competitor generic therapies" or drugs with inadequate generic competition,
including holding meetings with or providing advice to the drug sponsor prior to submission of the application.
Patent term extension
After NDA approval, owners
of relevant drug patents may apply for up to a five year patent term extension. The allowable patent term extension is calculated as half
of the drug's testing phase, based on the time between IND application and submission of the NDA, and all of the review phase, based
on the time between the NDA submission and approval up to a maximum of five years. The time can be shortened if the FDA determines
that the applicant did not pursue approval with due diligence. The total patent term after the extension may not exceed 14 years.
For patents that might expire
during the application phase, the patent owner may request an interim patent term extension. An interim patent term extension increases
the patent term by one year and may be renewed up to four times. For each interim patent term extension granted, the post-approval patent
term extension is reduced by one year. The director of the USPTO must determine that approval of the drug covered by the patent for which
a patent term extension is being sought is likely.
Interim patent term extensions
are not available for a drug for which an NDA has not been submitted.
Section 505(b)(2) new drug applications
Most drug products obtain
FDA marketing approval pursuant to an NDA or an ANDA. A third alternative is a special type of NDA, commonly referred to as a Section 505(b)(2) NDA,
which enables the applicant to rely, in part, on the FDA's previous approval of a similar product, or published literature, in support
of its application.
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Section 505(b)(2) NDAs
often provide an alternate path to FDA approval for new or improved formulations or new uses of previously approved products. Section 505(b)(2) permits
the filing of an NDA where at least some of the information required for approval comes from studies not conducted by or for the applicant
and for which the applicant has not obtained a right of reference. If the Section 505(b)(2) applicant can establish that reliance
on the FDA's previous approval is scientifically appropriate, it may eliminate the need to conduct certain preclinical or clinical
studies of the new product. The FDA may also require companies to perform additional studies or measurements to support the change from
the approved product. The FDA may then approve the new product for all or some of the label indications for which the referenced product
has been approved, as well as for any new indication sought by the Section 505(b)(2) applicant.
To the extent that the Section 505(b)(2) applicant
is relying on studies conducted for an already approved product, the applicant is required to certify to the FDA concerning any patents
listed for the approved product in the Orange Book to the same extent that an ANDA applicant would. As a result, approval of a Section 505(b)(2) NDA
can be stalled until all the listed patents claiming the referenced product have expired, until any non-patent exclusivity, such as exclusivity
for obtaining approval of a new chemical entity, listed in the Orange Book for the referenced product has expired, and, in the case of
a Paragraph IV certification and subsequent patent infringement suit, until the earlier of a 30-month period, settlement of the lawsuit
or a decision in the infringement case that the patent involved is deemed invalid or not infringed.
Post-Approval Requirements
Any products manufactured
or distributed by us pursuant to FDA approvals are subject to pervasive and continuing regulation by the FDA, including, among other things,
requirements relating to record-keeping, reporting of adverse experiences, periodic reporting, product sampling and distribution, and
advertising and promotion of the product. After approval, most changes to the approved product, such as adding new indications or other
labeling claims, are subject to prior FDA review and approval. There also are continuing user fee requirements, under which FDA assesses
an annual program fee for each product identified in an approved BLA or NDA. Biologic manufacturers and their subcontractors are
required to register their establishments with the FDA and certain state agencies and are subject to periodic unannounced inspections
by the FDA and certain state agencies for compliance with cGMP, which impose certain procedural and documentation requirements upon us
and our third-party manufacturers. Changes to the manufacturing process are strictly regulated, and, depending on the significance of
the change, may require prior FDA approval before being implemented. FDA regulations also require investigation and correction of any
deviations from cGMP and impose reporting requirements upon us and any third-party manufacturers that we may decide to use. Accordingly,
manufacturers must continue to expend time, money and effort in the area of production and quality control to maintain compliance with
cGMP and other aspects of regulatory compliance.
The FDA may withdraw approval
if compliance with regulatory requirements and standards is not maintained or if problems occur after the product reaches the market.
Later discovery of previously unknown problems with a product, including adverse events of unanticipated severity or frequency, or with
manufacturing processes, or failure to comply with regulatory requirements, may result in revisions to the approved labeling to add new
safety information; imposition of post-market studies or clinical studies to assess new safety risks; or imposition of distribution restrictions
or other restrictions under a Risk Evaluation and Mitigation Strategy program. Other potential consequences include, among other things:
●
restrictions on the marketing or manufacturing of a product, complete withdrawal of the product from the market or product recalls;
●
fines, warning letters or holds on post-approval clinical studies;
●
refusal of the FDA to approve pending applications or supplements to approved applications, or suspension or revocation of existing product approvals;
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●
product seizure or detention, or refusal of the FDA to permit the import or export of products; or
●
injunctions or the imposition of civil or criminal penalties.
The FDA closely regulates
the marketing, labeling, advertising and promotion of biologic regulations prohibiting the promotion of off-label uses. Failure to comply
with these requirements can result in, among other things, adverse publicity, warning letters, corrective advertising and potential civil
and criminal penalties. Physicians may prescribe legally available products for uses that are not described in the product's labeling
and that differ from those tested by us and approved by the FDA. Such off-label uses are common across medical specialties. Physicians
may believe that such off-label uses are the best treatment for many patients in varied circumstances. The FDA does not regulate the behavior
of physicians in their choice of treatments. The FDA does, however, restrict manufacturer's communications on the subject of off-label
use of their products.
Biosimilars and Reference Product Exclusivity
The Patient Protection and
Affordable Care Act, as amended by the Affordable Care Act, signed into law in 2010, includes a subtitle called the BPCIA, which created
an abbreviated approval pathway for biological products that are biosimilar to or interchangeable with an FDA-approved reference biological
product. To date, a number of biosimilars have been licensed under the BPCIA, and numerous biosimilars have been approved in Europe. The
FDA has issued several guidance documents outlining an approach to review and approval of biosimilars.
Biosimilarity, which requires
that there be no clinically meaningful differences between the biological product and the reference product in terms of safety, purity,
and potency, can be shown through analytical studies, animal studies, and a clinical study or studies. Interchangeability requires that
a product is biosimilar to the reference product and the product must demonstrate that it can be expected to produce the same clinical
results as the reference product in any given patient and, for products that are administered multiple times to an individual, the biologic
and the reference biologic may be alternated or switched after one has been previously administered without increasing safety risks or
risks of diminished efficacy relative to exclusive use of the reference biologic. Complexities associated with the larger, and often more
complex, structures of biological products, as well as the processes by which such products are manufactured, pose significant hurdles
to implementation of the abbreviated approval pathway that are still being worked out by the FDA.
Under the BPCIA, an application
for a biosimilar product may not be submitted to the FDA until four years following the date that the reference product was first
licensed by the FDA. In addition, the approval of a biosimilar product may not be made effective by the FDA until 12 years from
the date on which the reference product was first licensed. During this 12-year period of exclusivity, another company may still market
a competing version of the reference product if the FDA approves a full BLA for the competing product containing that applicant's
own preclinical data and data from adequate and well-controlled clinical studies to demonstrate the safety, purity and potency of its
product. The BPCIA also created certain exclusivity periods for biosimilars approved as interchangeable products. At this juncture, it
is unclear whether products deemed "interchangeable" by the FDA will, in fact, be readily substituted by pharmacies, which
are governed by state pharmacy law.
The BPCIA is complex and continues
to be interpreted and implemented by the FDA. In addition, recent government proposals have sought to reduce the 12-year reference
product exclusivity period. Other aspects of the BPCIA, some of which may impact the BPCIA exclusivity provisions, have also been the
subject of recent litigation. As a result, the ultimate impact, implementation, and impact of the BPCIA is subject to significant uncertainty.
93
DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE
GOVERNANCE
Executive Officers and Directors
The following table sets forth
information regarding our executive officers and directors, including their ages as of July 8, 2022:
Name
Age
Position
BOARD OF DIRECTORS
George Tidmarsh, M.D., Ph.D.
62
Chairman and Director
James Rolke
53
Director and Chief Executive Officer
Jennifer Carver, BSN, MBA
68
Director
Jess Roper
57
Director
Curt LaBelle, MD
51
Director
EXECUTIVE OFFICERS
James Rolke
53
Director and Chief Executive Officer
Chester S. Zygmont, III
42
Chief Financial Officer
Our Director and Executive Officers
George Tidmarsh, M.D.,
Ph.D. — Chairman.
Dr. Tidmarsh has been Chairman of the Company since its inception in May 2020. Dr. Tidmarsh
received his M.D. and Ph.D. from Stanford University, where he also completed his fellowship training in Pediatric Oncology and Neonatology
and is currently Adjunct Faculty of Pediatrics and Neonatology since 2018. He served as clinical faculty at Stanford for a number of years
after his fellowship prior to devoting his full time to clinical research and development in order to bring new treatments through the
FDA approval process. Since 2018 Dr. Tidmarsh has served as a director and chairman of audit committee of Lucile Packard Foundation
for Children's Health. Since the Company's inception in 2020 he has also served as chairman at Revelation Biosciences Inc.
Prior to joining Revelation, Dr. Tidmarsh was President, Chief Executive Officer, Secretary and a Director of La Jolla Pharmaceutical
Company ("La Jolla") from January 2012 until November 2019. While at La Jolla, Dr. Tidmarsh helped discover
the use of angiotensin II for the treatment of shock and led all aspects of development including approval by the FDA and the EMA
for the treatment of patients suffering from distributive shock. He also led the development of artesunate for the treatment of severe
malaria, which was approved by the FDA. Dr. Tidmarsh has over 30 years of experience in biotechnology, including the successful
clinical development of seven FDA-approved drugs. He previously served as the Chief Executive Officer of Horizon Pharma, Inc., a company
he founded in 2005, where he continued as CEO until 2008 and Director until 2010. While at Horizon, he invented and led all aspects of
development of Duexis, which was approved by the FDA for the treatment of rheumatoid arthritis. He also founded Threshold Pharmaceuticals,
Inc. and held senior positions at Coulter Pharmaceutical, Inc. (acquired by GlaxoSmithKline) and SEQUUS Pharmaceuticals, Inc. (acquired
by Johnson & Johnson). While at Coulter and SEQUUS, Dr. Tidmarsh led the clinical development of BEXXAR and Doxil, respectively,
two FDA-approved anti-cancer agents. We believe that Dr. Tidmarsh is qualified to serve as a director based on his extensive management
experience in the biotechnology industry.
James Rolke — Director
and Chief Executive Officer.
Mr. Rolke cofounded and has been the Chief Executive Officer and a director of Revelation since
its inception in May 2020. Mr. Rolke has 29 years of experience in the biotechnology industry, spanning all areas and phases
of drug development. Prior to joining the Company, beginning in 2012, Mr. Rolke was employed at La Jolla in various leadership roles
overseeing Research and Development and serving as Chief Scientific Officer from 2017 to 2020. While at La Jolla, Mr. Rolke oversaw
the development of multiple technologies including six INDs and two marketing approvals: Giapreza for the treatment of distributive shock
(US FDA and EMEA) and artesunate for the treatment of severe malaria. Prior to La Jolla, from July 2009 to January 2012 Mr. Rolke
was Chief Technology Officer at Pluromed, Inc. (acquired by Sanofi) and played a key role in the approvals of two medical devices via
the 510(k) and PMA approval pathways. Prior to Pluromed, Mr. Rolke held several key positions at biotechnology companies, including
Director of Operations at Prospect Therapeutics, Inc., Associate Director of Pharmaceutical Development at Mersana Therapeutics, Inc.,
Manager of Process Development at GlycoGenesys, Inc., Principal Scientist at Surgical Sealants, Inc., Scientist at GelTex, Inc., and Associate
Scientist at Alpha-Beta Technology, Inc. Mr. Rolke received his B.S. in chemistry from Keene State College. We believe that Mr. Rolke
is qualified to serve as a director based on his role as our Chief Executive Officer and his extensive management experience in the biotechnology
industry.
Jennifer Carver, BSN,
MBA — Director.
Ms. Carver has been a director of the Company since May 2020. Ms. Carver brings over 20 years
of industry experience with a focus on small biotech companies and their evolution from early development through commercialization. From
2020 to 2021, Ms. Carver has served as Chief Operating Officer at Kartos Therapeutics (Kartos). Prior to Kartos from 2014, Ms. Carver
was employed at La Jolla Pharmaceutical Company in various leadership roles providing leadership through the clinical development, approval
and launch of Giapreza and serving as Chief Operating Officer from 2017 to 2019. Prior to La Jolla, Ms. Carver held positions at Spectrum
Pharmaceuticals and Allos Therapeutics, leading teams through the development and approval of Belionostat and Folotyn respectively. Her
experience in the healthcare industry spans multiple therapeutic areas including oncology, inflammatory disease, shock, iron overload,
and anti-infectives. Ms. Carver has played a critical role in negotiating key alliances, evaluation of financing opportunities, and overseeing
rapid organizational growth. Ms. Carver earned her B.S.N. and M.B.A. from University of Colorado. We believe that Ms. Carver's extensive
experience working in the biotechnology industry makes her well-qualified to serve as a director.
94
Jess Roper — Director.
Mr. Roper has been a director since October 2020. Mr. Roper has considerable financial and audit experience in
the sectors of medical device, life sciences, technology, manufacturing, and financial institutions. He currently serves as a Board Member
and Audit Chair for Biolase, a publicly traded company that is the global leader in the manufacturing of dental laser systems. Mr. Roper
previously served as Senior Vice President and Chief Financial Officer of Dexcom, retiring in 2017 following a fulfilling and rewarding
career. During his 12-year tenure, Dexcom transitioned from a pre-revenue privately held medical device company to a multi-national publicly
traded entity. Mr. Roper previously held financial management positions with two other publicly traded companies and one venture
funded company. He has played key roles in two initial public offerings, acquisitions/divestitures, and numerous equity and debt financings.
Earlier in his career, Mr. Roper was an auditor with PricewaterhouseCoopers, and a bank and information systems examiner with the
Office of the Comptroller of the Currency. He earned a Master of Science in Corporate Accountancy and a Bachelor of Science in Finance.
Mr. Roper is a certified public accountant in the state of California. We believe that Mr. Roper is qualified to serve as a
director based on his extensive financial and audit experience.
Curt LaBelle, MD — Director.
Dr. LaBelle has been a director since January 2021. Dr. LaBelle has been investing in and working with life science
companies for over 20 years. Since 2015, he has been President of the Global Health Investment Fund ("GHIF"). GHIF is
a pioneering impact fund with a proven record of generating attractive financial returns and tangible impact. The fund works to facilitate
access to therapeutics and diagnostics among low-income populations. Dr. LaBelle also works with the AXA Prime Impact Fund and serves
as a Board member for Alydia Health, Atomo Diagnostics, Atticus Medical, Eyenovia, and Z Optics. He holds MD and MBA degrees from Columbia
University. Dr. LaBelle is the designee of the AXA Prime Impact Fund, the holder of the outstanding shares of our Series A Preferred
Stock. We believe that Dr. LaBelle's significant experience as an investor in life science companies makes him well-qualified
to serve as a director.
Chester S. Zygmont, III — Chief
Financial Officer.
Mr. Zygmont has been the Company's Chief Financial Officer since inception. Mr. Zygmont brings
over 17 years of experience in finance to the company with a wide range of industry applications. In 2016, Mr. Zygmont Co-Founded
Jivanas, a social enterprise that owns and operates a factory in Nepal, that is focused on creating jobs for people at risk for human
trafficking. Jivanas has operations in Nepal, Hong Kong, and the USA. During 2013, Mr. Zygmont Co-Founded oOxesis Biotechnology,
LLC, a biologics lab that worked on developing therapies for unmet needs. From June 2012 to January 2016, Mr. Zygmont was
the Senior Director of Finance, at La Jolla Pharmaceutical Company. During Mr. Zygmont's tenure at La Jolla, he brought the
company to its Nasdaq listing. Prior to La Jolla, Mr. Zygmont served as Managing Director at Z3 Capital, LLC from March 2009
to June 2012. Z3 Capital, LLC, a privately held investment firm, focused on investment acquisition and venture funding for multiple
startup companies in real estate, medical device and biotechnology. Mr. Zygmont also served as Vice President at Symmetry Advisors,
Inc. a private equity leveraged buyout firm. While at Symmetry, he managed all finance and accounting for its SPAC, was a key player on
a $600 million buyout of a portfolio company, and subsequently led the restructuring of its manufacturing division. Mr. Zygmont
earned his M.S. in Finance from Baruch College, Zicklin School of Business and his B.A. from Eastern University.
Number and Terms of Office of Officers and
Directors
Our Board is divided into
three classes, designated Class A, Class B and Class C, with only one class of directors being elected in each year and
each class serving a three-year term.
Our officers are appointed
by the Board and serve until such person's successor is appointed or until such person's earlier resignation, death or removal.
Our Board is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws provide that our
officers may consist of a Chief Executive Officer, President, Secretary, Treasurer, Chief Financial Officer, Vice Presidents and such
other offices as may be determined by the Board.
95
Family Relationships
There are no family relationships
among our directors or executive officers.
Involvement in Certain Legal Proceedings
None of our directors, executive
officers, promoters or control persons has been involved in any events requiring disclosure under Item 401(f) of Regulation S-K.
Board Composition
Classified Board of Directors
In accordance with our amended
and restated certificate of incorporation, our board of directors is divided into three classes with staggered three-year terms. At each
annual general meeting of stockholders, the successors to the directors whose terms then expire will be elected to serve from the time
of election and qualification until the third annual meeting following their election. Our directors are divided among the three classes
as follows:
●
The Class A directors are Dr. LaBelle and Ms. Carver, and their terms will expire at the first annual meeting of stockholders following the Business Combination;
●
The Class B directors are Messrs. Rolke and Roper, and their terms will expire at the second annual meeting of stockholders following the Business Combination; and
●
The Class C director is Dr. Tidmarsh, and his term will expire at the third annual meeting of stockholders following the Business Combination.
We expect that any additional
directorships resulting from an increase in the number of directors will be distributed among the three classes so that, as nearly as
possible, each class will consist of one-third of the directors. The division of our board of directors into three classes with staggered
three-year terms may delay or prevent a change of our management or a change in control.
Leadership Structure of the Board
Our bylaws and corporate governance
guidelines provide our board of directors with flexibility to combine or separate the positions of Chairman of the board of directors
and Chief Executive Officer.
Our board of directors has
concluded that our current leadership structure is appropriate at this time. However, our board of directors will continue to periodically
review our leadership structure and may make such changes in the future as it deems appropriate.
Role of Board in Risk Oversight Process
Risk assessment and oversight
are an integral part of our governance and management processes. Our board of directors encourages management to promote a culture that
incorporates risk management into our corporate strategy and day-to-day business operations. Management discusses strategic and operational
risks at regular management meetings, and conducts specific strategic planning and review sessions during the year that include a focused
discussion and analysis of the risks facing us. Throughout the year, senior management reviews these risks with the board of directors
at regular board meetings as part of management presentations that focus on particular business functions, operations or strategies, and
presents the steps taken by management to mitigate or eliminate such risks.
Our board of directors does
not have a standing risk management committee, but rather administers this oversight function directly through our board of directors
as a whole, as well as through various standing committees of our board of directors that address risks inherent in their respective areas
of oversight. While our board of directors is responsible for monitoring and assessing strategic risk exposure, our audit committee is
responsible for overseeing our major financial risk exposures and the steps our management has taken to monitor and control these exposures.
The audit committee also approves or disapproves any related person transactions. Our nominating and corporate governance committee monitors
the effectiveness of our corporate governance guidelines. Our compensation committee assesses and monitors whether any of our compensation
policies and programs has the potential to encourage excessive risk-taking.
96
Attendance of Directors at Board Meetings and
Annual Meeting of Stockholders
During 2021, the Board of
Directors met 11 times. During 2021, the Audit Committee met one time, the Nominating and Corporate Governance Committee met one time
and the Compensation Committee met one time. Each director who was on the Board during this timeframe attended at least 91% of the aggregate
number of meetings held during his or her term of service. The Company has not yet held an Annual Meeting of Stockholders. The Company
does not have a policy requiring its directors to attend the Annual Meeting of Stockholders.
Board Committees
Our board of directors has
established an audit committee, a compensation committee and a nominating and corporate governance committee. Our board of directors may
establish other committees to facilitate the management of our business. The composition and functions of each committee are described
below. Members serve on these committees until their resignation or until otherwise determined by our board of directors. Each committee
has adopted a written charter that satisfies the applicable rules and regulations of the SEC rules and regulations and the Nasdaq Listing
Rules, which are posted on our website. The reference to our website address does not constitute incorporation by reference of the information
contained at or available through our website.
Audit Committee
Revelation has a separately-designated standing
Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act and Nasdaq listing rules. In addition,
the board of directors adopted a written charter for the Audit Committee. The Audit Committee's duties, will include, but are not
limited to:
●
appoints our independent registered public accounting firm;
●
evaluates the independent registered public accounting firm's qualifications, independence, and performance;
●
determines the engagement of the independent registered public accounting firm;
●
reviews and approves the scope of the annual audit and pre-approves the audit and non-audit fees and services;
●
reviews and approves all related party transactions on an ongoing basis;
●
establishes procedures for the receipt, retention and treatment of any complaints received by us regarding accounting, internal accounting controls or auditing matters;
●
discusses with management and the independent registered public accounting firm the results of the annual audit and the review of our quarterly financial statements;
●
approves the retention of the independent registered public accounting firm to perform any proposed permissible non-audit services;
●
discusses on a periodic basis, or as appropriate, with our management's policies and procedures with respect to risk assessment and risk management;
●
consults with management to establish procedures and internal controls relating to cybersecurity;
97
●
is responsible for reviewing our financial statements and our management's discussion and analysis of financial condition and results of operations to be included in our annual and quarterly reports to be filed with the SEC;
●
investigates any reports received through the ethics helpline and reports to the board of directors periodically with respect to any information received through the ethics helpline and any related investigations; and
●
reviews the audit committee charter and the audit committee's performance on an annual basis.
The composition of the Audit
Committee consist of Mr. Roper, Dr. Tidmarsh and Ms. Carver, with Mr. Roper as Chair. Mr. Roper qualifies as an audit committee
financial expert, as defined by the SEC rules. In addition, Revelation certified to Nasdaq that the Audit Committee has, and will continue
to have, at least one member who has past employment experience in finance or accounting, requisite professional certification in accounting,
or other comparable experience or background that results in the individual's financial sophistication, including being or having
been a chief executive officer, chief financial officer or other senior officer with financial oversight responsibilities. It has been
determined that each of each of Mr. Roper, Dr. Tidmarsh and Ms. Carver satisfy such requirements.
Nominating and Governance Committee
Revelation's Nominating
and Governance Committee is comprised of Ms. Carver and Drs. Tidmarsh and LaBelle, each of whom has been determined to be independent
under the Nasdaq Listing Rules. The Nominating and Governance Committee adopted a written charter.
Specific responsibilities
of the Nominating and Governance
Committee include:
●
identifying, evaluating and selecting, or recommending that board of directors approve, nominees for election to board of directors;
●
evaluating the performance of board of directors and of individual directors;
●
reviewing developments in corporate governance practices;
●
evaluating the adequacy of corporate governance practices and reporting;
●
reviewing management succession plans; and
●
developing and making recommendations to board of directors regarding corporate governance guidelines and matters.
Compensation Committee
Revelation has a Compensation
Committee established in accordance with the Nasdaq Listing Rules. The Compensation Committee is comprised of Drs. Tidmarsh and LaBelle
and Mr. Roper, each of whom has been determined to be independent under the Nasdaq Listing Rules and is a "non-employee director"
as defined in Rule 16b-3 promulgated under the Exchange Act. The chair of Revelation's compensation committee is Dr. LaBelle.
The Compensation Committee
oversees Revelation's policies relating to compensation and benefits of its officers and employees. The Compensation Committee reviews
and approves or recommends corporate goals and objectives relevant to compensation of its executive officers (other than the Chief Executive
Officer), evaluates the performance of these officers in light of those goals and objectives and approves the compensation of these officers
based on such evaluations. The Compensation Committee also reviews and approves or makes recommendations to the board of directors regarding
the issuance of stock options and other awards under Revelation's stock plans to its executive officers (other than the Chief Executive
Officer). The Compensation Committee reviews the performance of the Chief Executive Officer and makes recommendations to the board of
directors with respect to his compensation, and the board of directors retains the authority to make compensation decisions relative to
the Chief Executive Officer. The Compensation Committee reviews and evaluates, on an annual basis, the compensation committee charter
and the compensation committee's performance.
98
Compensation Committee Interlocks and Insider
Participation
No member of the Compensation
Committee has ever been an officer or employee of Revelation. None of Revelation's executive officers serve, or have served during
the last fiscal year, as a member of the compensation committee or other board committee performing equivalent functions of any other
entity that has one or more executive officers serving as one of Revelation's directors or on the Compensation Committee.
Code of Conduct and Ethics
The Revelation Board adopted
a Code of Ethics that applies to all its employees including its principal executive and financial officers.
EXECUTIVE OFFICER AND DIRECTOR COMPENSATION
OF REVELATION
Executive Compensation Overview
Each of the Company's
executive officers receives a base salary to compensate them for services rendered to the Company. The base salary is intended to provide
a fixed component of compensation reflecting the executive's skill set, experience, position and responsibilities.
Effective as of July 27,
2021, the Company entered into separate Executive Employment Agreements with Messrs. Rolke and Zygmont for their service as Chief Executive
Officer and Chief Financial Officer, respectively (collectively, the "Executive Employment Agreements"). The Executive Employment
Agreements provide for a term of three years, unless terminated earlier in accordance with their terms.
The Executive Employment Agreements
provide for an annual base salary of $400,000 for Mr. Rolke and $320,000 for Mr. Zygmont. Messrs. Rolke and Zygmont are also
eligible to receive an annual performance bonus targeted at 40% for Mr. Rolke and 35% for Mr. Zygmont of their respective base
salaries or as otherwise determined in the sole discretion of the board (each, an "Annual Bonus"), as well as equity incentive
grants as determined by the Board in its sole discretion.
Pursuant to the Executive
Employment Agreements, if his employment is terminated as a result of a "Covered Termination Event" that is not in connection
with a change in control of the Company, then each of Messrs. Rolke and Zygmont will be entitled to receive a lump sum payment equal to
twelve months of severance payments at his then current base salary, plus a pro-rata portion of his Annual Bonus for the fiscal year
in which his termination occurs based on actual achievement of the applicable bonus objectives and/or conditions for such year, plus continuation
of medical benefits. If Mr. Rolke's or Mr. Zygmont's employment is terminated as a result of a "Covered Termination
Event" in connection with a change in control of the Company, then each of Messrs. Rolke and Zygmont will be entitled to receive
a lump sum payment equal to one times the sum of his then current base salary, plus his target bonus in effect for the year in which his
termination of employment occurs, plus a pro-rata portion of his Annual Bonus for the fiscal year in which his termination occurs based
on actual achievement of the applicable bonus objectives and/or conditions for such year, continuation of medical benefits and acceleration
of vesting of all outstanding and unvested equity-based awards. "Covered Termination Event" means (i) a dismissal or
discharge other than for Cause and other than by reason of death or disability, or (ii) a voluntary termination for Good Reason.
Historically, our executive
compensation program has reflected our growth and development-oriented corporate culture. To date, the compensation of our Chief
Executive Officer and President and our other executive officers identified in the 2021 and 2020 Summary Compensation Table below, who
we refer to as the named executive officers, has consisted of a combination of base salary, bonuses and long-term incentive compensation
in the form of restricted common stock awards and incentive stock options. Our named executive officers who are full-time employees,
like all other full-time employees, are eligible to participate in our retirement and health and welfare benefit plans. As we transition
from a private company to a publicly traded company, we will evaluate our compensation values and philosophy and compensation plans and
arrangements as circumstances merit. At a minimum, we expect to review executive compensation annually with input from a compensation
consultant. As part of this review process, we expect the board of directors and the compensation committee to apply our values and philosophy,
while considering the compensation levels needed to ensure our executive compensation program remains competitive with our peers. In connection
with our executive compensation program, we will also review whether we are meeting our retention objectives and the potential cost of
replacing a key employee.
99
Summary Compensation Table
The following table shows
the total compensation awarded to, earned by, or paid to during the years ended December 31, 2021 and 2020 to our executive
officers who earned more than $100,000 during each of the fiscal years ended December 31, 2021 and 202 and were serving as named
executive officers as of such date.
Our named executive officers
for 2021 and 2020 who appear in the Summary Compensation Table are:
●
James Rolke, our President and Chief Executive Officer; and
●
Chester S. Zygmont, III, our Chief Financial Officer.
The following table sets forth,
for the years ended December 31, 2021 and 2020, all compensation paid, distributed or earned for services, including salary
and bonus amounts, rendered in all capacities by the Company's named executive officers. The information contained below represents
compensation earned by the Company's officers for their work related to the Company:
Non-equity
incentive plan
compensation
($)
Name and Position
Year
Salary
($)
Bonus
($)
Stock-
based
awards
($)
(3)
Option-
based
awards
($)
Annual
incentive
plans
Long
term
incentive
plans
All other
compensation
($)
Total
compensation
($)
James Rolke
2021
400,000
66,630
151,813
—
—
—
—
618,443
CEO
2020
166,667
(1)
—
19,996
—
—
—
—
186,663
Chester S. Zygmont, III
2021
320,000
46,641
36,379
—
—
—
—
403,020
CFO
2020
133,333
(2)
—
15,995
—
—
—
—
149,328
(1)
For the year ended December 31, 2020, includes $83,333.33 of deferred compensation paid in January 2021.
(2)
For the year ended December 31, 2020, includes $66,666.66 of deferred compensation paid in January 2021.
(3)
Amounts shown in this column represent the aggregate grant date fair value of RSU awards granted during the year. The assumptions used in calculating the fair value of the RSU awards can be found under Note 7 to the audited and Note 10 to the unaudited Financial Statements appearing elsewhere in this Prospectus. These amounts reflect the grant date fair value for these RSU's and do not necessarily correspond to the actual value that will be realized by the named executive officers.
100
OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END
Outstanding Equity Awards
The following table provides
information regarding the 2020 Equity Incentive Plan awards for each named executive officer outstanding as of December 31, 2021:
Option-based Awards
Stock-based Awards
Name
Date of Grant
Number of securities
underlying
unexercised
options
(#)
Option
exercise
price
($)
Option
expiration
date
Value of
unexercised
in-the-money
options at
December 31,
2020
($)
Number of
shares or
units of
shares that
have not
vested
(#)
Market or
payout value of
share awards
that have not
vested
($)
James Rolke
2/23/2021
(1)
—
—
—
—
65,050
151,813
CEO
10/31/2020
(2)
—
—
—
—
8,568
19,996
Chester S. Zygmont, III
2/23/2021
(1)
—
—
—
—
15,588
36,379
CFO
10/31/2020
(2)
—
—
—
—
6,853
15,995
(1)
The RSU awards vest 25% on the one-year anniversary of the grant date, and thereafter quarterly over a three-year period, subject to continued service through each such vesting date.
(2)
The RSU awards vest quarterly over four years, subject to continued service through each such vesting date.
DIRECTOR COMPENSATION
The general policy of the
Board is that compensation for independent directors should be a fair mix between cash and equity-based compensation. Additionally, the
Company reimburses directors for reasonable expenses incurred during the course of their performance. There are no long-term incentive
or medical reimbursement plans. The Company does not pay directors who are part of management for Board service in addition to their regular
employee compensation. The Board determines the amount of director compensation. The Board may delegate such authority to the compensation
committee. The following table provides a summary of compensation paid to directors during the fiscal year ended December 31, 2021.
Director Compensation
The following table sets forth
the total cash and equity compensation paid to our non-employee directors for service on our board of directors during 2021:
Name
Fees earned or
paid in cash
($)
Stock-based
awards
($)
(1)
Total
($)
George Tidmarsh, M.D., Ph.D.
25,000
49,996
74,996
Jennifer Carver, BSN, MBA
25,000
49,996
74,996
Jess Roper
25,000
49,996
74,996
Curt LaBelle, M.D.
25,000
49,996
74,996
(1)
Each director was granted 21,422 RSU awards that will vest quarterly over one year, subject to continued service through each such vesting date.
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DESCRIPTION OF SECURITIES
Authorized and Outstanding Stock
The Charter authorizes the
issuance of an aggregate of 105,000,000 shares of capital stock, consisting of 100,000,000 Shares of Common Stock, $0.001 par value
per share and 5,000,000 shares of preferred stock, $0.001 par value per share. The outstanding Shares of Common Stock are duly authorized,
validly issued, fully paid and non-assessable. Our purpose is to engage in any lawful act or activity for which corporations may be organized
under the DGCL. Unless our board of directors determines otherwise, we will issue all shares of our capital stock in uncertificated
form.
As of the date of this Prospectus,
there were 15,082,771 Shares of Common Stock outstanding. We have issued 13,626,095 warrants, of which 3,114,777 were warrants issued
in private placement transactions and 10,511,597 Public Warrants. The 3,114,777 issued private warrants consist of 165,976 Rollover Warrants,
2,586,667 Common Warrants and 362,134 Placement Agent Warrants.
Common Stock
Voting Rights
Each holder of the shares
of Common Stock is entitled to one vote for each share of Common Stock held of record by such holder on all matters on which stockholders
generally are entitled to vote, as provide by the Charter. The holders of the shares of Common Stock do not have cumulative voting rights
in the election of directors. Generally, all matters to be voted on by the holders of Common Stock must be approved by a majority (or,
in the case of election of directors, by a plurality) of the votes entitled to be cast present in person or represented by proxy, unless
otherwise specified by law, the Charter.
Dividend Rights
Subject to preferences that
may be applicable to any outstanding preferred stock, the holders of shares of Common Stock are entitled to receive ratably such dividends,
if any, as may be declared from time to time by the Revelation Board out of funds legally available therefor.
Rights upon Liquidation, Dissolution and Winding-Up
In the event of any voluntary
or involuntary liquidation, dissolution or winding up of Revelation's affairs, the holders of the shares of Common Stock are entitled
to share ratably in all assets remaining after payment of Revelation's debts and other liabilities, subject to prior distribution
rights of preferred stock or any class or series of stock having a preference over the shares of Common Stock, then outstanding, if any.
Preemptive or Other Rights
The holders of shares of Common
Stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable
to the shares of Common Stock. The rights, preferences and privileges of holders of shares of Common Stock will be subject to those of
the holders of any shares of the preferred stock Revelation may issue in the future.
Preferred Stock
The Charter authorizes the
Revelation Board to establish one or more series of preferred stock. Unless required by law or by any stock exchange, and subject to the
terms of the Charter, the authorized shares of preferred stock will be available for issuance without further action by holders of Common
Stock.
The Revelation Board is able
to determine, with respect to any series of preferred stock, designations, powers, preferences and relative, participating, optional or
other rights, if any, and the qualifications, limitations or restrictions thereof, if any.
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Revelation could issue a series
of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition attempt or other transaction
that some, or a majority, of the holders of Common Stock might believe to be in their best interests or in which the holders of Common
Stock might receive a premium over the market price of the shares of Common Stock. Additionally, the issuance of preferred stock may adversely
affect the rights of holders of Common Stock by restricting dividends on the common stock, diluting the voting power of the common stock
or subordinating the rights of the common stock to distributions upon a liquidation, dissolution or winding up or other event. As a result
of these or other factors, the issuance of preferred stock could have an adverse impact on the market price of Common Stock.
Warrants
Rollover Warrants
On January 31, 2021, Old Revelation
issued warrants to purchase shares of its common stock to a placement agent in connection with a prior private placement of its securities.
As a result of the merger, these warrants represent the right to purchase an aggregate of 165,976 shares of common stock at an exercise
price of $2.68 and expire on January 31, 2026.
Common Warrants and Placement Agent Warrants
On January 23, 2022, the Company
entered into a securities purchase agreement pursuant to which it issued 2,586,667 unregistered warrants to purchase common stock ("Common
Warrant").
Each Common Warrant has an
exercise price of $3.29 per share of common stock, is exercisable at any time after the sixth month anniversary of the date of issuance,
will expire five years from the date of issuance and is subject to customary adjustments. The Common Warrants may not be exercised if
the aggregate number of shares of the Company's common stock beneficially owned by the holder (together with its affiliates) would
exceed 4.99% of the Company's outstanding common stock immediately after exercise. However, the holder may increase (upon 61 days'
prior notice from the holder to the Company) or decrease such percentage, provided that in no event such percentage exceeds 9.99%.
Roth Capital Partners, LLC
(the "Placement Agent') was engaged by the Company to act as its exclusive placement agent for the private placement. The
Company agreed to issue to the Placement Agent warrants to purchase up to 362,134 shares of common stock (the "Placement Agent Warrants").
The Placement Agent Warrants have substantially the same terms as the Common Warrants.
Public Warrants
There are currently outstanding
an aggregate of 10,511,597 Public Warrants, which entitle the holder to acquire shares of Common Stock. Each whole Public Warrant
will entitle the registered holder to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment as discussed
below, beginning 30 days after the closing of the Business Combination, provided that Revelation has an effective registration statement
under the Securities Act covering the shares of Common Stock issuable upon exercise of the warrants and a current prospectus relating
to them is available (or it permits holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant
agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state
of residence of the holder. The Public Warrants will expire on January 9, 2027, at 5:00 p.m., New York City time, or earlier
upon redemption or liquidation.
We will not be obligated to
deliver any shares of Common Stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such warrant exercise
unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying the warrants is then effective
and a prospectus relating thereto is current, subject to Revelation satisfying its obligations described below with respect to registration.
No warrant will be exercisable and we will not be obligated to issue shares of Common Stock upon exercise of a warrant unless the shares
of Common Stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of
the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences
are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant
may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration
statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase
price for the unit solely for the shares of Common Stock underlying such unit.
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If a registration statement
covering the shares of Common Stock issuable upon exercise of the warrants is not effective by the ninetieth (90
th
) business day
after the Closing, warrant holders may, until such time as there is an effective registration statement and during any period when we
will have failed to maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with
Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the shares of Common Stock are at
the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a "covered
security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who
exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act
and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do
not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption
is not available.
Redemption of Warrants
Once the warrants become exercisable,
Revelation may call the warrants for redemption for cash:
●
in whole and not in part;
●
at a price of $0.01 per warrant;
●
upon not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each warrant holder; and
●
if, and only if, the closing price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like and for certain issuances of shares of Common Stock and equity-linked securities for capital raising purposes in connection with the closing of our initial business combination as described elsewhere in this prospectus) for any 20 trading days within a 30-trading day period ending three business days before we send to the notice of redemption to the warrant holders.
If and when the warrants become
redeemable by Revelation for cash, Revelation may exercise its redemption right even if it is unable to register or qualify the underlying
securities for sale under all applicable state securities laws.
We have established the last
of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium
to the warrant exercise price. If the foregoing conditions are satisfied and Revelation issues a notice of redemption of the warrants,
each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of
the shares of Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock capitalizations, reorganizations,
recapitalizations and the like and for certain issuances of shares of Common Stock and equity-linked securities for capital raising
purposes in connection with the closing of our initial business combination as described elsewhere in this prospectus) as well as the
$11.50 warrant exercise price after the redemption notice is issued.
If Revelation calls the warrants
for redemption, our management will have the option to require any holder that wishes to exercise his, her or its warrant to do so on
a "cashless basis." In determining whether to require all holders to exercise their warrants on a "cashless basis,"
our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect
on our stockholders of issuing the maximum number of shares of Common Stock issuable upon the exercise of our warrants. If our management
takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of
shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying
the warrants, multiplied by the excess of the "fair market value" (defined below) of our shares of Common Stock over the exercise
price of the warrants by (y) the fair market value. The "fair market value" will mean the average closing price of the
shares of Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information
necessary to calculate the number of shares of Common Stock to be received upon exercise of the warrants, including the "fair market
value" in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen
the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the
exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take
advantage of this option, the holders of the Private Warrants and their permitted transferees would still be entitled to exercise their
Private Warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required
to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.
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A holder of a warrant may
notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant,
to the extent that after giving effect to such exercise, such person (together with such person's affiliates), to the warrant agent's
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Shares of Common Stock outstanding
immediately after giving effect to such exercise.
If the number of outstanding
shares of Common Stock is increased by a share capitalization payable in shares of Common Stock, or by a split-up of common stock
or other similar event, then, on the effective date of such share capitalization, split-up or similar event, the number of shares
of Common Stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding Shares of Common
Stock. A rights offering to holders of common stock entitling holders to purchase shares of Common Stock at a price less than the fair
market value will be deemed a share capitalization of a number of shares of Common Stock equal to the product of (i) the number of
shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering
that are convertible into or exercisable for shares of Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the
price per shares of Common Stock paid in such rights offering and divided by (y) the fair market value. For these purposes (i) if
the rights offering is for securities convertible into or exercisable for shares of Common Stock, in determining the price payable for
shares of Common Stock, there will be taken into account any consideration received for such rights, as well as any additional amount
payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of shares of Common Stock
as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of
Common Stock trades on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.
In addition, if Revelation,
at any time while the Warrants are outstanding and unexpired, pays a dividend or makes a distribution in cash, securities or other assets
to the holders of common stock on account of such Shares of Common Stock (or other shares of capital stock into which the warrants are
convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights
of the holders of Common Stock in connection with the Closing, (d) to satisfy the redemption rights of the holders of common stock
in connection with a stockholder vote to amend the Current Charter to modify the substance or timing of the obligation to redeem 100%
of Common Stock if it does not complete its initial business combination within 12 months from the closing of its IPO or to provide
for redemption in connection with a business combination, or (e) in connection with the redemption of Petra's public shares
upon its failure to complete its initial business combination, then the warrant exercise price will be decreased, effective immediately
after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each
share of common stock in respect of such event.
If the number of outstanding
Shares of Common Stock is decreased by a consolidation, combination, reverse share split or reclassification of Shares of Common Stock
or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar
event, the number of Shares of Common Stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding
Shares of Common Stock.
Whenever the number of Shares
of Common Stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted
by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the
number of Shares of Common Stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the
denominator of which will be the number of Shares of Common Stock so purchasable immediately thereafter.
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In case of any reclassification
or reorganization of the outstanding Shares of Common Stock (other than those described above or that solely affects the par value of
such Shares of Common Stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation
or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding
Shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of
us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the
Shares of Common Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind
and amount of shares of new common stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received
if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders
of Shares of Common Stock in such a transaction is payable in the form of Shares of Common Stock in the successor entity that is listed
for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading
or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days
following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based
on the Black-Scholes Warrant Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction
is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants
pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.
The Warrants have been issued
in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The
warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, and that all other modifications or amendments will require the vote or written consent of the holders of at
least 50% of the then outstanding Public Warrants, and, solely with respect to any amendment to the terms of the Private Warrants, a majority
of the then outstanding Private Warrants. You should review a copy of the warrant agreement, which is filed as an exhibit to the registration
statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to the warrants.
The Warrants may be exercised
upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form
on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of Warrants being exercised.
The warrant holders do not have the rights or privileges of holders of Common Stock and any voting rights until they exercise their warrants
and receive Shares of Common Stock. After the issuance of Shares of Common Stock upon exercise of the warrants, each holder will be entitled
to one vote for each share held of record on all matters to be voted on by stockholders.
No fractional shares will
be issued upon exercise of the Warrants. If, upon exercise of the Warrants, a holder would be entitled to receive a fractional interest
in a share, we will, upon exercise, round down to the nearest whole number the number of Shares of Common Stock to be issued to the warrant
holder.
Description of Securities in this Offering
We are offering      shares
of our common stock and warrants to purchase up to      shares of common stock. We are also offering      pre-funded
warrants to those purchasers whose purchase of shares of common stock in this offering would result in the purchaser, together with its
affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding
shares of common stock following the consummation of this offering in lieu of the shares of common stocks that would result in such excess
ownership. Each pre-funded warrant will be exercisable for one share of common stock. No warrant for fractional shares of common stock
will be issued, rather warrants will be issued only for whole shares of common stock. We are also registering the shares of common stock
issuable from time to time upon exercise of the pre-funded warrants and warrants offered hereby.
106
Common Stock
Voting Rights
Each holder of the shares
of Common Stock is entitled to one vote for each share of Common Stock held of record by such holder on all matters on which stockholders
generally are entitled to vote, as provide by the Charter. The holders of the shares of Common Stock do not have cumulative voting rights
in the election of directors. Generally, all matters to be voted on by the holders of Common Stock must be approved by a majority (or,
in the case of election of directors, by a plurality) of the votes entitled to be cast present in person or represented by proxy, unless
otherwise specified by law, the Charter.
Dividend Rights
Subject to preferences that
may be applicable to any outstanding preferred stock, the holders of shares of Common Stock are entitled to receive ratably such dividends,
if any, as may be declared from time to time by the Revelation Board out of funds legally available therefor.
Rights upon Liquidation, Dissolution and Winding-Up
In the event of any voluntary
or involuntary liquidation, dissolution or winding up of Revelation's affairs, the holders of the shares of Common Stock are entitled
to share ratably in all assets remaining after payment of Revelation's debts and other liabilities, subject to prior distribution
rights of preferred stock or any class or series of stock having a preference over the shares of Common Stock, then outstanding, if any.
Preemptive or Other Rights
The holders of shares of Common
Stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable
to the shares of Common Stock. The rights, preferences and privileges of holders of shares of Common Stock will be subject to those of
the holders of any shares of the preferred stock Revelation may issue in the future.
Warrants
The following is a summary of certain terms and
provisions of the warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions
of the warrant, the form of which will be filed as an exhibit to the registration statement of which this prospectus forms a part. Prospective
investors should carefully review the terms and provisions of the form of warrant for a complete description of the terms and conditions
of the warrants.
Duration and Exercise Price
Each warrant offered hereby will have an exercise
price equal to $     . The warrants will be immediately exercisable and may be exercised until the fifth anniversary
of the issuance date. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate adjustment
in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock and the exercise price. The
warrants will be issued separately from the common stock or pre-funded warrants, respectively, and may be transferred separately immediately
thereafter. Warrants will be issued in certificated form only.
Exercisability
The warrants will be exercisable, at the option
of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for the number
of shares of our common stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder (together
with its affiliates) may not exercise any portion of such holder's warrants to the extent that the holder would own more than 4.99%
of the outstanding common stock immediately after exercise, except that upon at least 61 days' prior notice from the holder
to us, the holder may increase the amount of ownership of outstanding stock after exercising the holder's warrants up to 9.99% of
the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such percentage ownership
is determined in accordance with the terms of the warrants.
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Cashless Exercise
If, at the time a holder exercises its warrants,
a registration statement registering the issuance or resale of the shares of common stock underlying the warrants under the Securities
Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated
to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise
(either in whole or in part) the net number of shares of common stock determined according to a formula set forth in the warrant.
Fundamental Transactions
In the event of any fundamental transaction, as
described in the warrants and generally including any merger with or into another entity, sale of all or substantially all of our assets,
tender offer or exchange offer, or reclassification of our common stock, then upon any subsequent exercise of a warrant, the holder will
have the right to receive as alternative consideration, for each share of our common stock that would have been issuable upon such exercise
immediately prior to the occurrence of such fundamental transaction, the number of shares of common stock of the successor or acquiring
corporation or of our company, if it is the surviving corporation, and any additional consideration receivable upon or as a result of
such transaction by a holder of the number of shares of our common stock for which the warrant is exercisable immediately prior to such
event. Notwithstanding the foregoing, in the event of a fundamental transaction, the holders of the warrants have the right to require
us or a successor entity to redeem the warrants for cash in the amount of the Black-Scholes Value (as defined in each warrant) of the
unexercised portion of the warrants concurrently with or within 30 days following the consummation of a fundamental transaction.
However, in the event of a fundamental transaction
which is not in our control, including a fundamental transaction not approved by our board of directors, the holders of the warrants will
only be entitled to receive from us or our successor entity, as of the date of consummation of such fundamental transaction the same type
or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of the warrant that is being
offered and paid to the holders of our common stock in connection with the fundamental transaction, whether that consideration is in the
form of cash, stock or any combination of cash and stock, or whether the holders of our common stock are given the choice to receive alternative
forms of consideration in connection with the fundamental transaction.
Transferability
Subject to applicable laws, a warrant may be transferred
at the option of the holder upon surrender of the warrant to us together with the appropriate instruments of transfer.
Fractional Shares
No fractional shares of common stock will be issued
upon the exercise of the warrants. Rather, the number of shares of common stock to be issued will, at our election, either be rounded
up to the nearest whole number or we will pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the exercise price.
Trading Market
There is no established trading market for the
warrants, and we do not expect an active trading market to develop. We do not intend to apply to list the warrants on any securities exchange
or other trading market. Without a trading market, the liquidity of the warrants will be extremely limited.
Right as a Stockholder
Except as otherwise provided in the warrants or
by virtue of the holder's ownership of shares of our common stock, such holder of warrants does not have the rights or privileges
of a holder of our common stock, including any voting rights, until such holder exercises such holder's warrants.
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Waivers and Amendments
No term of the warrants may
be amended or waived without the written consent of the holders of the warrants purchased in this offering.
Pre-funded Warrants
The following summary of certain terms and provisions
of the pre-funded warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions
of the pre-funded warrant, the form of which will be filed as an exhibit to the registration statement of which this prospectus forms
a part. Prospective investors should carefully review the terms and provisions of the form of pre-funded warrant for a complete description
of the terms and conditions of the pre-funded warrants.
Duration and Exercise Price
Each pre-funded warrant offered hereby will have
an initial exercise price per share of common stock equal to $0.0001. The pre-funded warrants will be immediately exercisable and will
expire when exercised in full. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate
adjustment in the event of share dividends, share splits, reorganizations or similar events affecting our shares of common stock and the
exercise price. Subject to the rules and regulations of the applicable trading market, we may at any time during the term of the pre-funded
warrant, subject to the prior written consent of the holders, reduce the then current exercise price to any amount and for any period
of time deemed appropriate by our board of directors.
Exercisability
The pre-funded warrants will be exercisable, at
the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for
the number of shares of common stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder
(together with its affiliates) may not exercise any portion of the pre-funded warrant to the extent that the holder would own more than
4.99% of the outstanding shares of common stock immediately after exercise, except that upon at least 61 days' prior notice
from the holder to us, the holder may increase the amount of beneficial ownership of outstanding shares after exercising the holder's
pre-funded warrants up to 9.99% of the number of our shares of common stock outstanding immediately after giving effect to the exercise,
as such percentage ownership is determined in accordance with the terms of the pre-funded warrants. Purchasers of pre-funded warrants
in this offering may also elect prior to the issuance of the pre-funded warrants to have the initial exercise limitation set at 9.99%
of our outstanding shares of common stock.
Cashless Exercise
In lieu of making the cash payment otherwise contemplated
to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise
(either in whole or in part) the net number of shares of common stock determined according to a formula set forth in the pre-funded warrants.
Fractional Shares
No fractional shares of common stock will be issued
upon the exercise of the pre-funded warrants. Rather, at the Company's election, the number of shares of common stock to be issued
will be rounded up to the nearest whole number or the Company will pay a cash adjustment in an amount equal to such fraction multiplied
by the exercise price.
Transferability
Subject to applicable laws, a pre-funded warrant
may be transferred at the option of the holder upon surrender of the pre-funded warrants to us together with the appropriate instruments
of transfer.
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Trading Market
There is no trading market available for the pre-funded
warrants on any securities exchange or nationally recognized trading system, and we do not expect a trading market to develop. We do not
intend to list the pre-funded warrants on any securities exchange or nationally recognized trading market. Without a trading market, the
liquidity of the pre-funded warrants will be extremely limited. The shares of common stock issuable upon exercise of the pre-funded warrants
are currently traded on the Nasdaq.
Right as a Shareholder
Except as otherwise provided in the pre-funded
warrants or by virtue of such holder's ownership of shares of common stock, the holders of the pre-funded warrants do not have the
rights or privileges of holders of our shares of common stock, including any voting rights, until they exercise their pre-funded warrants.
The pre-funded warrants will provide that holders have the right to participate in distributions or dividends paid on our shares of common
stock.
Fundamental Transaction
In the event of a fundamental transaction, as
described in the pre-funded warrants and generally including any reorganization, recapitalization or reclassification of our shares of
common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger
with or into another person, the acquisition of more than 50% of our outstanding shares of common stock, or any person or group becoming
the beneficial owner of 50% of the voting power represented by our outstanding shares of common stock, the holders of the pre-funded warrants
will be entitled to receive upon exercise of the pre-funded warrants the kind and amount of securities, cash or other property that the
holders would have received had they exercised the pre-funded warrants immediately prior to such fundamental transaction on a net exercise
basis.
Our Transfer Agent and Warrant Agent
The transfer agent and warrant
agent will be Continental Stock Transfer & Trust Company.
Anti-Takeover Effects of the Charter and Bylaws
and Certain Provisions of Delaware Law
The Charter and the DGCL contain
provisions that are summarized in the following paragraphs and that are intended to enhance the likelihood of continuity and stability
in the composition of our board of directors. These provisions are intended to avoid costly takeover battles, reduce our vulnerability
to a hostile or abusive change of control and enhance the ability of our board of directors to maximize stockholder value in connection
with any unsolicited offer to acquire us. However, these provisions may have an anti-takeover effect and may delay, deter or prevent
a merger or acquisition of Revelation by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider
in its best interest, including those attempts that might result in a premium over the prevailing market price for the Shares of Common
Stock held by stockholders.
Authorized but Unissued Capital Stock
Delaware law does not require
stockholder approval for any issuance of shares that are authorized and available for issuance. However, the listing requirements of Nasdaq,
which would apply so long as the shares of Common Stock remain listed on Nasdaq, require stockholder approval of certain issuances equal
to or exceeding 20% of the then outstanding voting power or the then outstanding number of Shares of Common Stock. These additional shares
may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions.
Additionally, the number of authorized shares of any series of common stock or preferred stock may be increased or decreased (but not
below the number of shares thereof outstanding) by the affirmative vote of the holders of a majority in voting power, irrespective of
the provisions of Section 242(b)(2) of the DGCL.
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The Revelation Board may generally
issue shares of one or more series of preferred stock on terms designed to discourage, delay or prevent a change of control of Revelation
or the removal of our management. Moreover, our authorized but unissued shares of preferred stock will be available for future issuances
in one or more series without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings
to raise additional capital, to facilitate acquisitions and employee benefit plans.
One of the effects of the
existence of authorized and unissued and unreserved Shares of Common Stock or preferred stock may be to enable Revelation's board
of directors to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt
to obtain control of Revelation by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of
our management and possibly deprive our stockholders of opportunities to sell their Shares of Common Stock at prices higher than prevailing
market prices.
Vacancies and Newly Created Directorships
The Charter provides that,
subject to the rights granted to one or more series of preferred stock then outstanding, any newly-created directorship on the board
of directors that results from an increase in the number of directors and any vacancies on our board of directors will be filled solely
only by the affirmative vote of a majority of the remaining directors, even if less than a quorum, by a sole remaining director or by
the stockholders.
Special Stockholder Meetings
The Charter provides that
special meetings of our stockholders may be called at any time only by the board of directors acting pursuant to a resolution approved
by the affirmative vote of a majority of the directors then in office, subject to the rights of holders of any series of preferred stock
then outstanding
Stockholder Action by Written Consent
Pursuant to Section 228
of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without
prior notice, and without a vote if a consent or consents in writing, setting forth the action so taken, is or are signed by the holders
of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting
at which all shares of our stock entitled to vote thereon were present and voted, the certificate of incorporation provides otherwise.
In accordance with Section 228, the Charter prohibits action by written consent.
Section 203 of the DGCL
Revelation is subject to the
provisions of Section 203 of the DGCL, which we refer to as "Section 203" regulating corporate takeovers. In general,
Section 203 prohibits a publicly held Delaware corporation from engaging, under certain circumstances, in a business combination
with an interested stockholder for a period of three years following the date the person became an interested stockholder unless:
●
prior to the date of the transaction, Revelation's board of directors approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;
●
upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, (1) shares owned by persons who are directors and also officers and (2) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
●
at or subsequent to the date of the transaction, the business combination is approved by Revelation's board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.
Generally, a business combination
includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An interested
stockholder is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested
stockholder status, did own 15% or more of a corporation's outstanding voting stock. The Petra Board expects the existence of this
provision to have an anti-takeover effect with respect to transactions Revelation's board of directors does not approve in
advance. The Petra Board also anticipates that Section 203 may discourage attempts that might result in a premium over the market
price for the Shares of Common Stock held by stockholders.
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The provisions of Delaware
law and the provisions of the Charter and Revelation's Bylaws could have the effect of discouraging others from attempting hostile
takeovers and as a consequence, they might also inhibit temporary fluctuations in the market price of Common Stock that often result from
actual or rumored hostile takeover attempts. These provisions might also have the effect of preventing changes in Revelation's management.
It is also possible that these provisions could make it more difficult to accomplish transactions that stockholders might otherwise deem
to be in their best interests.
Dissenters' Rights of Appraisal and Payment
Under the DGCL, with certain
exceptions, our stockholders will have appraisal rights in connection with a merger or consolidation in which we are a constituent entity.
Pursuant to the DGCL, stockholders who properly demand and perfect appraisal rights in connection with such merger or consolidation will
have the right to receive payment of the fair value of their shares as determined by the Court of Chancery of the State of Delaware, plus
interest, if any, on the amount determined to be the fair value, from the effective time of the merger or consolidation through the date
of payment of the judgment.
Stockholders' Derivative Actions
Under the DGCL, any of our
stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the
stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder's
stock thereafter devolved by operation of law. To bring such an action, the stockholder must otherwise comply with Delaware law regarding
derivative actions.
Exclusive forum for certain lawsuits
Our Charter requires, unless
we consent in writing to the selection of an alternative forum, that (i) any derivative action or proceeding brought on our behalf,
(ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee to us or our stockholders,
(iii) any action asserting a claim against us, our directors, officers or employees arising pursuant to any provision of the DGCL
or our Charter or bylaws, or (iv) any action asserting a claim against us, our directors, officers or employees governed by the internal
affairs doctrine may be brought only in the Court of Chancery in the State of Delaware, except any claim (A) as to which the Court
of Chancery of the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery
(and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such
determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery or (C) for
which the Court of Chancery does not have subject matter jurisdiction, as to which the Court of Chancery and the federal district court
for the District of Delaware shall have concurrent jurisdiction. If an action is brought outside of Delaware, the stockholder bringing
the suit will be deemed to have consented to service of process on such stockholder's counsel. Although we believe this provision
benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, a court
may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect of discouraging
lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our compliance with federal securities
laws and the rules and regulations thereunder.
Notwithstanding the foregoing,
our Charter provides that the exclusive forum provision will not apply to suits brought to enforce a duty or liability created by the
Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Section 27 of the Exchange Act
creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the
rules and regulations thereunder. Additionally, unless we consent in writing to the selection of an alternative forum, the federal courts
shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act against
us or any of our directors, officers, other employees or agents. Any person or entity purchasing or otherwise acquiring any interest in
our securities shall be deemed to have notice of and consented to these provisions. We note, however, that there is uncertainty as to
whether a court would enforce this provision and that investors cannot waive compliance with the federal securities laws and the rules
and regulations thereunder. Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts over all
suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder.
112
Limitations on Liability and Indemnification
of Officers and Directors
The DGCL authorizes corporations
to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of
directors' fiduciary duties, subject to certain exceptions. The Charter includes a provision that eliminates the personal liability
of directors for monetary damages to the corporation or its stockholders for any breach of fiduciary duty as a director, except to the
extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions is to
eliminate the rights of us and our stockholders, through stockholders' derivative suits on our behalf, to recover monetary damages
from a director for breach of fiduciary duty as a director, including breaches resulting from grossly negligent behavior. However, exculpation
does not apply to any director if the director has breached such director's duty of loyalty, acted in bad faith, knowingly or intentionally
violated the law, authorized illegal dividends, redemptions or repurchases or derived an improper benefit from his or her actions as a
director.
The limitation of liability
provision in the Charter may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These
provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such
an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the
extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.
There is currently no pending
material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.
Listing
The Common Stock, Public Warrants
and Units of Revelation are listed on the Nasdaq Capital Market under the symbol "REVB," "REVBW," and "REVBU".
SECURITIES
ACT RESTRICTIONS ON RESALE OF COMMON STOCK
Rule 144
Pursuant to Rule 144
under the Securities Act ("Rule 144"), a person who has beneficially owned restricted Shares of Common Stock or Warrants
of Revelation for at least six months would be entitled to sell their securities provided that (i) such person is not deemed
to have been an affiliate of Revelation at the time of, or at any time during the three months preceding, a sale and (ii) Revelation
is subject to the Exchange Act periodic reporting requirements for at least three months before the sale and has filed all required
reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as it was required
to file reports) preceding the sale.
Persons who have beneficially
owned restricted Shares of Common Stock or Warrants of Revelation for at least six months but who are affiliates of Revelation at
the time of, or at any time during the three months preceding, a sale would be subject to additional restrictions, by which such
person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:
●
1%
of the total number of shares of Common Stock then outstanding; or
●
the
average weekly reported trading volume of Common Stock during the four calendar weeks preceding the filing of a notice on Form 144
with respect to the sale.
Sales by affiliates of Revelation
under Rule 144 are also limited by manner of sale provisions and notice requirements and by the availability of current public information
about Revelation.
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Restrictions on the Use of Rule 144 by
Shell Companies or Former Shell Companies
Rule 144 is not available
for the resale of securities initially issued by shell companies (other than business-combination related shell companies) or issuers
that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition
if the following conditions are met:
●
the
issuer of the securities that was formerly a shell company has ceased to be a shell company;
●
the
issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;
●
the
issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding
12 months (or such shorter period that the issuer was required to file such reports and materials) other than Form 8-K reports;
and
●
at
least one year has elapsed from the time that the issuer filed current Form 10-type information with the SEC reflecting its
status as an entity that is not a shell company.
As a result, the Sponsor will
be able to sell its founder shares and Private Warrants, as applicable, pursuant to Rule 144 without registration one year after
Petra has completed its initial business combination, subject to the terms of the Sponsor Support Agreement.
Following the Closing, Revelation
will no longer be a shell company, and so, once the conditions listed above are satisfied, Rule 144 will become available for the
resale of the above-noted restricted securities.
SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN
BENEFICIAL OWNERS
The following table also sets
forth information known to us regarding the beneficial ownership of our Common Stock as of July 8, 2022:
●
each
person who is, or is expected to be, the beneficial owner of more than 5% of the outstanding shares of our Common Stock;
●
each
of our current officers and directors; and
●
all
current executive officers and directors of the Company, as a group.
Beneficial ownership is determined
according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses
sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable
within 60 days. Shares of Common Stock issuable pursuant to options or warrants are deemed to be outstanding for purposes of computing
the beneficial ownership percentage of the person or group holding such options or warrants but are not deemed to be outstanding for purposes
of computing the beneficial ownership percentage of any other person.
The beneficial ownership of
our Common Stock is based on 15,082,771 shares of Common Stock issued and outstanding as of July 8, 2022.
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Unless otherwise indicated,
we believe that all persons named in the table have sole voting and investment power with respect to all shares of Common Stock owned
by them.
Name
Number of Shares
Beneficially Owned
Beneficial
Ownership Prior
to the Offering (%)
Beneficial Ownership
After the Offering
(%)
Directors and Officers of Revelation
(1)
:
James Rolke
(2)
712,953
4.7
%
George F. Tidmarsh M..D., Ph.D
(3)
2,033,335
13.5
%
Jennifer Carver, BSN, MBA
(4)
110,974
0.7
%
Jess Roper
(5)
42,844
0.3
%
Curt LaBelle, M.D.
(6)
21,422
0.1
%
Chester S. Zygmont, III
(7)
692,619
4.6
%
All Directors and Officers as a Group (Six Individuals)
3,614,147
23.9
%
Five Percent Holders (excluding those named above)
AXA IM Prime Impact Fund
(8)
1,958,984
13.0
%
LifeSci Venture Partners II, LP & Affiliates
(9)
1,043,749
6.9
%
Monashee Solitario Fund LP
(10)
817,562
5.4
%
*
Less
than one percent.
(1)
Unless otherwise indicated, the business address of each of the individuals is c/o Revelation Biosciences, Inc., 4660 La Jolla Village Dr., Suite 100, San Diego, CA 92122.
(2)
Consists of (i) 681,302 shares of Common Stock held directly by Mr. Rolke, (ii) 2,144 shares of Common Stock held by Mr. Rolke's spouse, and (iii) 29,507 shares of Common Stock from Rollover RSU's vesting and issuable within 60 days to Mr. Rolke.
(3)
Consists of (i) 1,523,335 shares of Common Stock held by George Tidmarsh, Trustee George Francis Tidmarsh 2021 Irrevocable Trust, (ii) 467,156 shares of Common Stock held directly by Dr. Tidmarsh, and (iii) 42,844 shares of Common stock from Rollover RSU's vesting and issuable within 60 days to Dr. Tidmarsh.
(4)
Consists of (i) 68,130 shares of Common Stock held directly by Ms. Carver and (ii) 42,844 shares of Common stock from Rollover RSU's vesting and issuable within 60 days to Ms. Carver.
(5)
Consists of 42,844 shares of Common stock from Rollover RSU's vesting and issuable within 60 days to Mr. Roper.
(6)
Consists of 21,422 shares of Common stock from Rollover RSU's vesting and issuable within 60 days to Dr. LaBelle.
(7)
Consists of (i) 463,285 shares of Common Stock held by The Zygmont Family Trust Dated October 25, 2016, (ii) 218,017 shares of Common Stock held by Czeslaw Capital Fund, LLC, (iii) 2,144 shares held by Mr. Zygmont's spouse, and (iv) 9,173 shares of Common stock from Rollover RSU's vesting and issuable within 60 days to Mr. Zygmont.
(8)
AXA IM Prime Impact Master Fund ISCA SICAV-RAIF is managed by AXA Investment Managers UK Limited located at 22 Bishopsgate, London EC2N 4BQ, United Kingdom. AXA IM PRIME IMPACT GP S.à r.l., 2-4, rue Eugène Ruppert, L-2453 Luxembourg, is the general partner of the fund. Messrs. Paul Guillaume, Mirko Dietz, Arnold Spruit are the directors of both entities and collectively make voting and investment decisions with respect to the shares owned.
(9)
Consists of 412,722 shares held by Andrew McDonald, 256,021 shares held by Paul Yook, 214,245 shares held by LifeSci Venture Partners II, LP, 136,260 shares held by Yehuda Rice.
(10)
Monashee Investment Management LLC is the investment advisor Monashee Solitario Fund LP. Jeff Muller may be deemed to have shared voting and investment power of the shares held by the Monashee Solitario Fund LP. The address for Monashee Investment Management LLC is 75 Park Plaza, 2nd Floor, Boston, MA 02116.
115
PLAN OF DISTRIBUTION
Pursuant to a placement agency
agreement, dated as of , 2022, we have engaged Roth Capital Partners, LLC, or the Placement Agent, to act as our exclusive placement agent
to solicit offers to purchase the securities offered by this prospectus on a reasonable best efforts basis. The Placement Agent is not
purchasing or selling any securities, nor is it required to arrange for the purchase and sale of any specific number or dollar amount
of securities, other than to use its "reasonable best efforts" to arrange for the sale of the securities by us. Therefore,
we may not sell the entire amount of securities being offered, or any at all. The Placement Agent may engage one or more subagents or
selected dealers in connection with this offering.
We will enter into a securities
purchase agreement directly with the institutional investors, at the investor's option, who purchase our securities in this offering.
Investors who do not enter into a securities purchase agreement shall rely solely on this prospectus in connection with the purchase of
our securities in this offering.
The placement agency agreement
provides that the Placement Agent's obligations are subject to conditions contained in the placement agency agreement.
We will deliver the securities
being issued to the investors upon receipt of investor funds for the purchase of the securities offered pursuant to this prospectus. We
expect to deliver the securities being offered pursuant to this prospectus on or about         
  , 2022. There is no minimum number of securities or amount of proceeds that is a condition to closing of this offering.
Placement Agent Fees, Commissions and Expenses
Upon the closing of this offering,
we will pay the Placement Agent a cash transaction fee equal to 7.0% of the aggregate gross proceeds to us from the sale of the securities
in the offering. In addition, we will reimburse the Placement Agent for its 	out-of-pocket expenses incurred in connection with this
offering, including the fees and expenses of the counsel for the Placement Agent, up to $125,000.
The following table shows
the public offering price, Placement Agent fees and proceeds, before expenses, to us, assuming the purchase of all the securities we are
offering.
Per Share and
related
Warrant
Per Pre-Funded
Warrant and related
Warrant
Public Offering Price
$
$
Placement Agent fees
$
$
Proceeds to us before expenses
$
$
We estimate that the total expenses of the offering, including registration,
filing and listing fees, printing fees and legal and accounting expenses, but excluding Placement Agent fees, will be approximately $    ,
all of which are payable by us. This figure includes the Placement Agent's accountable expenses, including, but not limited to,
legal fees for Placement Agent's legal counsel, that we have agreed to pay at the closing of the offering up to an aggregate expense
reimbursement of $125,000.
116
Placement Agent's Warrants
We have agreed to issue to
the Placement Agent or its designees warrants to purchase                     
shares of our common stock (the "Placement Agent's Warrants"), which represents 7.0% of the number of shares of common
stock, pre-funded warrants and New Common Stock Warrants being sold in this offering. The Placement Agent's Warrants will have a
term of five years from the commencement of sales pursuant to this offering and an exercise price per share equal to $                
per share, which represents 100% of the public offering price for the shares of common stock and warrants sold in this offering and shall
be in the form of the warrant issued to the investors in this offering, except as required by FINRA. Pursuant to FINRA Rule 5110(e), the
Placement Agent's Warrants and any shares of common stock issued upon exercise of the Placement Agent's Warrants shall not
be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction
that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following
the date of commencement of sales of this offering, except the transfer of any security: (i) by operation of law or by reason of reorganization
of the issuer; (ii) to any FINRA member firm participating in the offering and the officers, partners, registered persons or affiliates
thereof, if all securities so transferred remain subject to the lock-up restriction set forth above for the remainder of the time period;
(iii) if the aggregate amount of our securities held by the Placement Agent or related persons does not exceed 1% of the securities being
offered; (iv) that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating
member manages or otherwise directs investments by the fund and the participating members in the aggregate do not own more than 10% of
the equity in the fund; (v) the exercise or conversion of any security, if all securities remain subject to the lock-up restriction set
forth above for the remainder of the time period; (vi) if we meet the registration requirements of Forms S-3, F-3 or F-10; or (vii) back
to us in a transaction exempt from registration with the SEC. The Placement Agent's Warrants and the shares of common stock underlying
the Placement Agent's Warrants are registered on the registration statement of which this prospectus forms a part.
Tail
We have also agreed to pay
the Placement Agent a tail fee equal to the cash and warrant compensation in this offering, if any investor, who was introduced to
the Company by the Placement Agent or who the Placement Agent conducted discussions with on behalf of the Company during the term of its
engagement, provides us with capital in any offering of the Company's securities during the six month period following expiration
or termination of our engagement of the Placement Agent.
Other Relationships
In connection with the private
placement in January 2022, we paid the Placement Agent a commission of approximately $465,600 and issued to the Placement Agent placement
agent warrants to purchase an aggregate of 362,134 shares of common stock. Pursuant to FINRA Rule 5110, the placement agent warrants will
be deemed placement agent compensation attributable to this offering. The Placement Agent may, from time to time, engage in transactions
with or perform services for us in the ordinary course of its business and may continue to receive compensation from us for such services.
Determination of Offering Price and Warrant Exercise Price
The actual public offering
price of the securities we are offering, and the exercise price of the warrants and pre-funded warrants that we are offering, were negotiated
between us, the Placement Agent and the investors in the offering based on the trading of our common stock prior to the offering,
among other things. Other factors considered in determining the public offering price of the securities we are offering, as well as the
exercise price of the warrants and pre-funded warrants that we are offering include our history and prospects, the stage of development
of our business, our business plans for the future and the extent to which they have been implemented, an assessment of our management,
the general conditions of the securities markets at the time of the offering and such other factors as were deemed relevant.
Lock-up Agreements
We and each of our officers
and directors have agreed with the Placement Agent to be subject to a lock-up period of 90 days following the date of this
prospectus. This means that, during the applicable lock-up period, we may not offer for sale, contract to sell, or sell any shares of
our common stock or any securities convertible into, or exercisable or exchangeable for, shares of our common stock subject to certain
customary exception such as issuing stock options to directors, officers, employees and consultants under our existing plans. The Placement
Agent may, in its sole discretion and without notice, waive the terms of any of these lock-up agreements. In addition, we have agreed
to not issue any shares of common stock or securities exercisable or convertible into shares of common stock for a period of ninety (90)
days following the closing date of this offering, subject to certain exceptions, and to not issue any securities that are subject to a
price reset based on trading prices of our common stock or upon a specified or contingent event in the future, or enter into an agreement
to issue securities at a future determined price, for nine months after the closing date of the offering.
117
Transfer Agent and Registrar and Warrant Agent
The transfer agent and warrant
agent will be Continental Stock Transfer & Trust Company.
Listing
Our Common Stock, Public Warrants
and Units are currently listed on the Nasdaq Capital Market under the symbols "REVB," "REVBW" and "REVBU"
respectively.
Indemnification
We have agreed to indemnify
the Placement Agent against certain liabilities, including certain liabilities arising under the Securities Act, or to contribute to payments
that the Placement Agent may be required to make for these liabilities.
Regulation M
The Placement Agent may be
deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act and any fees received by it and any profit
realized on the sale of the securities by it while acting as principal might be deemed to be underwriting discounts or commissions under
the Securities Act. The Placement Agent will be required to comply with the requirements of the Securities Act and the Exchange Act of
1934, as amended (the "Exchange Act"), including, without limitation, Rule 10b-5 and Regulation M under the Exchange
Act. These rules and regulations may limit the timing of purchases and sales of our securities by the Placement Agent. Under these rules
and regulations, the Placement Agent may not (i) engage in any stabilization activity in connection with our securities; and (ii) bid
for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under
the Exchange Act, until they have completed their participation in the distribution.
Electronic Distribution
A prospectus in electronic
format may be made available on a website maintained by the Placement Agent. In connection with the offering, the Placement Agent or selected
dealers may distribute prospectuses electronically. No forms of electronic prospectus other than prospectuses that are printable as Adobe®
PDF will be used in connection with this offering.
Other than the prospectus
in electronic format, the information on the Placement Agent's website and any information contained in any other website maintained
by the Placement Agent is not part of the prospectus or the registration statement of which this prospectus forms a part, has not been
approved and/or endorsed by us or the Placement Agent in its capacity as placement agent and should not be relied upon by investors.
CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS,
AND DIRECTOR INDEPENDENCE
Petra
On January 21, 2020,
Petra issued an aggregate of 3,593,750 shares of its common stock ("
Founder Shares
") for an aggregate purchase
price of $25,000, or approximately $0.007 per share, to Petra Investment Holdings, LLC (the "
Sponsor
"). On August 24,
2020, pursuant to an amendment to the terms of Petra's offering, the Sponsor agreed to cancel 1,437,500 Founder Shares, resulting
in an aggregate amount of 2,156,250 Founder Shares outstanding.
118
Between May 2020 and
September 2020, our sponsor agreed to transfer 10,000 Founder Shares to each of our then director nominees, Messrs. Dobkin, Hayes,
Nicholson, Dennis and Angelides. Mr. William Carson subsequently replaced Mr. Angelides as a director, although Mr. Carson
has not yet been transferred any Founder Shares.
Between May 2020 and
September 2020, our Sponsor transferred 10,000 Founder Shares to each of our then director nominees, Messrs. Dobkin, Hayes, Nicholson,
Dennis and Angelides. Mr. William Carson subsequently replaced Mr. Angelides as a director, although Mr. Carson has not
yet been transferred any Founder Shares.
On October 7, 2020, the
Sponsor agreed to cancel an additional 143,750 Founder Shares, resulting in an aggregate amount of 1,962,500 Founder Shares outstanding
and held by the Sponsor and 50,000 shares outstanding and held by our directors and Mr. Angelides.
Simultaneously with the consummation
of the IPO, Petra completed the private sale of an aggregate of 3,150,000 private warrants (the "
Private Warrants
")
to the Sponsor at a purchase price of $1.00 per Private Warrant, generating gross proceeds to Petra of $3,150,000.
At inception, our Sponsor,
Petra Investment Holdings LLC, loaned us an aggregate of $140,000 on a non-interest bearing basis for payment of expenses related to the
IPO pursuant to a promissory note issued to Sponsor by us, which allows us to borrow up to an aggregate principal amount of $150,000.
The note was repaid on October 16, 2020, including prior advances of $10,000 converted into the note, less $25,000 applied to the purchase
of Founder Shares.
On October 16, 2020,
Petra consummated the sale of an additional 278,151 Units (the "
Over-Allotment Option Units
") at $10.00 per
Unit, generating gross proceeds of $2,781,510. Simultaneously with the closing of the sale of additional units, Petra consummated the
sale of an additional 83,446 Private Warrants at a price of $1.00 per Private Warrant, generating total proceeds of $83,446. Following
the closing of the over-allotment option and sale of additional Private Warrants, an aggregate amount of $73,509,325 was placed in Petra's
Trust Account established in connection with the IPO.
In addition, the Founder Shares
held by the Sponsor (prior to the exercise of the over-allotment) included an aggregate of up to 262,500 Founder Shares subject to forfeiture
by the Sponsor to the extent that the underwriters' over-allotment option was not exercised in full. Since the underwriters exercised
the over-allotment option in part, 192,962 Founder Shares were subject to forfeiture and were cancelled by the Sponsor on December 30,
2020, resulting in 1,769,538 Founder Shares held by the Sponsor.
The IPO prospectus and original
charter provided that Petra initially had until October 13, 2021 to complete its initial business combination. At a special meeting
of Petra's stockholders held on October 9, 2021 (the "
October 2021 Special Meeting
"), Petra's
stockholders approved a proposal to amend Petra's second amended and restated certificate of incorporation, to extend the date by
which Petra has to consummate a business combination from October 13, 2021 to November 13, 2021, plus an option for Petra to
further extend such date to December 13, 2021 (which option was exercised), plus an option for Petra to further extend such date
to January 13, 2022 (which option was exercised) (all three such extensions, the "Extensions").
Petra's stockholders
elected to redeem an aggregate of 2,544,127 shares in connection with the October 2021 Special Meeting. As of October 12, 2021,
following such redemptions and the deposit of the initial Contribution described below, the amount of funds remaining in the Trust Account
is approximately $48 million. Accordingly, following such redemptions, Petra had 6,553,562 Shares of Common Stock issued and
outstanding (1,819,538 of which are founder shares not eligible for redemption) and the pro rata portion of the funds available is approximately
$10.20 per public share.
119
In connection with the October 2021
Special Meeting, Petra issued to Pine Valley Investments, LLC ("
Pine Valley
"), an affiliate of Petra's sponsor,
that certain promissory note dated September 17, 2021 (the "
Pine Valley Note
"), pursuant to which, Pine Valley
agreed to advance certain contributions of cash into the Trust Account, for each share of common stock issued in the IPO that was not
redeemed in connection with the stockholder vote at the October 2021 Special Meeting to approve the Extensions (the "Extension
Loan"). On October 12, 2021, the first such contribution in the amount of $160,957 was deposited into the Trust Account. As
of the date of this proxy statement, in connection with the Extensions, a total of $482,871 has been deposited into the Trust Account.
Petra now has until January 13, 2022 to consummate a business combination.
On October 12, 2021 Petra
and Pine Valley, collectively agreed that it was in the best interest of both Petra and Pine Valley to replace Pine Valley as the lender
to Petra in connection with the Extension Loan. Accordingly, on October 13, 2021, Petra and Pine Valley entered into that certain
note cancellation agreement, dated as of October 13, 2021 (the "
Note Cancellation Agreement
"), pursuant to
which the Pine Valley Note was terminated and cancelled effective as of October 13, 2021, and, Petra issued promissory notes (the
"
Replacement Notes
") to each of T3 Investments, LLC, Miro Kesic and Jared Solomon (collectively, the "
New
Lenders
"), pursuant to which the New Lenders agreed to make certain advances to Petra in an aggregate amount of up to $750,000
(the "
New Loan Amounts
") for purposes of the Extension Loan. The Replacement Notes will bear interest at the rate of
2% per month on the outstanding New Loan Amounts and such amounts will be repayable by Petra to the New Lenders upon consummation of an
initial business combination. Any outstanding New Loan Amounts under the Replacement Notes will be forgiven if Petra is unable to consummate
an initial business combination except to the extent of any funds held outside of the Trust Account established by Petra in connection
with the IPO.
The New Lenders have agreed
that with respect to each Extension that is approved, they or their affiliates will contribute to the Company as a loan (each loan being
referred to herein as a "
Contribution
") $0.027 for each share of common stock issued in our IPO (the "public
shares") that is not redeemed in connection with the stockholder vote to approve such Extension. Accordingly, if the Company takes
the additional extensions, the New Lenders would make aggregate Contributions of approximately $750,000 (assuming no public shares were
redeemed). Each Contribution will be deposited in the Trust Account within two business days prior to the beginning of the additional
extension period (or portion thereof), other than the first Contribution which was made on October 12, 2021. Accordingly, if the
Company takes the full time through the Extended Termination Date to complete an initial business combination, the redemption price per
share at the meeting for such business combination or the Company's subsequent liquidation will be approximately $10.20 per share
(without taking into account any interest). The New Lenders will not make any Contribution unless the related Extension is approved and
the Extension is completed. The Contribution(s) will bear interest at the rate of 2.0% per month on the outstanding loan amount and
will be repayable by the Company to the New Lenders upon consummation of an initial business combination. The loans will be forgiven if
the Company is unable to consummate an initial business combination except to the extent of any funds held outside of the Trust Account.
The Company will have the sole discretion whether to continue extending for the additional periods until the Extended Termination Date
and if the Company determines not to continue extending for the additional periods, its obligation to make additional Contributions will
terminate. If this occurs, or if the Company's board of directors otherwise determines that the Company will not be able to consummate
an initial business combination by the Extended Termination Date and does not wish to seek an additional extension, the Company would
wind up the Company's affairs and redeem 100% of the outstanding public shares. The purpose of each Extension is to allow Petra
more time to complete its proposed business combination.
David Dobkin, one of our directors,
is a principal of LifeSci Capital, which (i) was one of the representatives of the underwriters in the IPO, (ii) is entitled
to certain fees upon the completion of the Business Combination under the terms of the BCMA, and (iii) is the exclusive financial
and mergers and acquisitions advisor to Petra in the Business Combination, under the terms of the LifeSci Engagement Letter.
In addition, LifeSci Venture
Partners II, LP ("LVP"), an affiliate of LifeSci Capital, together with other affiliates of LifeSci Capital, collectively
own approximately 11.2% of Revelation's total outstanding shares of capital stock prior to the Business Combination, which were
purchased in Revelation's Series Seed financing and Series A-1 financing. On May 11, 2020, LifeSci Venture Master
SPV, LLC ("LVPLLC") purchased 500,000 shares of Revelation's Series Seed Preferred Stock (the "Series Seed
Preferred Stock"), at a per share price of $1.00 per share, for an aggregate investment of $500,000, representing a $2 million
pre-money valuation. On August 27, 2020, pursuant to a statutory conversion of Revelation into a Delaware corporation, all of LVPLLC's
shares of Series Seed Preferred Stock were exchanged for 250,000 shares of Revelation's Class A common stock (the "Class A
Common Stock"). On December 23, 2020, LVPLLC transferred all of its shares of Class A Common Stock, to affiliates of LifeSci
Capital. On December 24, 2020 (i) LVP purchased 78,616 shares of Class A Common Stock at a price of $6.36 per share, for
an aggregate investment of $499,997.76, and (ii) another affiliate of LifeSci Capital purchased 31,446 shares of Class A Common
Stock at a price of $6.36 per share, for an aggregate investment of $199,996.56. On December 30, 2020, pursuant to an amendment of
Revelation's certificate of incorporation, all shares of Class A Common Stock, were converted on a one-for-one basis into shares
of Revelation's common stock. On January 31, 2021, affiliates of LifeSci Capital purchased an aggregate of 47,170 shares of
Revelation's Series A-1 preferred stock at a price of $6.36 per share, for an aggregate investment of $300,001.20. The
December 2020 and January 2021 financings were done roughly contemporaneously and at a pre-money valuation of $11.6 million.
120
Other than the repayment of
the $150,000
loan to the Sponsor, the loans evidenced by the Replacement Notes and the compensation payable to LifeSci described
above, no compensation or fees of any kind, including finder's, consulting fees and other similar fees, will be paid to the Sponsor,
initial stockholders, members of our management team or their respective affiliates, for services rendered prior to or in connection with
the consummation of the Merger. However, such individuals will receive reimbursement for any out-of-pocket expenses incurred by them
in connection with activities on our behalf, such as identifying potential target businesses, performing business due diligence on suitable
target businesses and business combinations as well as traveling to and from the offices, plants or similar locations of prospective target
businesses to examine their operations. There is no limit on the amount of out-of-pocket expenses reimbursable by us.
Backstop Agreements
On December 21, 2021,
Petra entered into certain backstop agreements (the "Backstop Agreements") with AXA Prime Impact Master Fund ("AXA")
(through a backstop agreement with Old Revelation, LifeSci Venture Partners ("LifeSci") and other Petra and Old Revelation
institutional, and individual investors, including Dr. Tidmarsh, chairman of the Company (such additional institutional and individual
investors, together with LifeSci and Old Revelation collectively, the "Backstop Subscribers"). Pursuant to the Backstop Agreements,
the Backstop Subscribers agreed to subscribe for and purchase, in the aggregate, up to $4.5 million of shares of Petra's common
stock, par value $0.001 per share (the "Petra Common Stock"), in the event that more than $31.5 million of shares of
Petra Common Stock are submitted for redemption in connection with Petra's proposed business combination with Old Revelation (the
"Business Combination"). On January 6, 2022, pursuant to the Backstop Agreements, the Backstop Subscribers purchased
an aggregate of 432,072 shares of Petra Common Stock.
Old Revelation obtained the
financing for its Backstop Agreement through a convertible note financing in an amount of up to $2.5 million from an AXA (the
"Convertible Note"), the proceeds of which may be used by Old Revelation solely to purchase shares of Petra Common Stock from
redeeming Petra stockholders who redeem shares of Petra Common Stock in connection with the Business Combination. On January 6, 2022,
Old Revelation purchased 245,019 shares of Petra Common Stock with the proceeds from the Convertible Note. Repayment of the Convertible
Note is in process in accordance with the exchange terms of the Convertible Note, by which the shares of Petra's Common Stock purchased
by Old Revelation are transferred to AXA.
Forward Share Purchase Agreement
On December 21, 2021,
Petra also entered into a forward share purchase agreement (the "Purchase Agreement") with Meteora Capital Partners and its
affiliates (collectively, "Meteora") pursuant to which Meteora has committed, subject to certain customary closing conditions,
to purchase additional shares of Petra Common Stock in open market transactions or from redeeming stockholders so that Meteora holds at
least 750,000 shares of Petra common stock as of the closing of the Business Combination, and to not redeem any of such 750,000 shares
of Petra Common Stock, in connection with the business combination.
The Purchase Agreement provides
that Meteora may elect to sell and transfer to Petra, and that Petra will purchase from Meteora, on the one month anniversary of the closing
of the Business Combination up to 750,000 shares of Petra Common Stock (the "Petra Share Repurchase") held by Meteora at the
time of closing of the Business Combination (the "Meteora Shares"). The price at which Meteora has the right to sell the Meteora
Shares to the Petra is $10.2031 per share. Meteora will notify the Petra in writing not less than five business days prior to the
closing date of the Petra Share Repurchase (the "Closing Date"), specifying the number of Meteora Shares that Petra will be
required to purchase.
Pursuant to the Purchase Agreement,
Meteora is also permitted at its election to sell any or all of the Meteora Shares in the open market commencing after the closing of
the Business Combination, so long as the sale price exceeds $10.2031 per share.
121
Pursuant to an escrow agreement
dated December 21, 2021 (the "Escrow Agreement"), by and among Petra, Continental Stock Transfer and Trust Co. ("Continental")
and Meteora, to secure its purchase obligation to Meteora, at the closing of the Business Combination, Petra will place into escrow with
Continental an aggregate amount of $7,652,325. If and when Meteora sells the Meteora Shares to any third party, an amount equal to Petra's
purchase price obligation for that portion of such Meteora Shares, which Meteora sells in the open market, will be released from escrow
to Petra.
Related Party Policy
Our Code of Ethics requires
us to avoid, wherever possible, all related party transactions that could result in actual or potential conflicts of interests, except
under guidelines approved by the board of directors (or the audit committee). Related-party transactions are defined as transactions
in which (1) the aggregate amount involved will or may be expected to exceed $120,000 in any calendar year, (2) we or any of
our subsidiaries is a participant, and (3) any (a) executive officer, director or nominee for election as a director, (b) greater
than 5% beneficial owner of our Shares of Common Stock, or (c) immediate family member, of the persons referred to in clauses (a) and
(b), has or will have a direct or indirect material interest (other than solely as a result of being a director or a less than 10% beneficial
owner of another entity). A conflict of interest situation can arise when a person takes actions or has interests that may make it difficult
to perform his or her work objectively and effectively. Conflicts of interest may also arise if a person, or a member of his or her family,
receives improper personal benefits as a result of his or her position.
Our audit committee, pursuant
to its written charter, will be responsible for reviewing and approving related-party transactions to the extent we enter into such
transactions. The audit committee will consider all relevant factors when determining whether to approve a related party transaction,
including whether the related party transaction is on terms no less favorable to us than terms generally available from an unaffiliated
third-party under the same or similar circumstances and the extent of the related party's interest in the transaction. No director
may participate in the approval of any transaction in which he is a related party, but that director is required to provide the audit
committee with all material information concerning the transaction. We also require each of our directors and executive officers to complete
a directors' and officers' questionnaire that elicits information about related party transactions.
These procedures are intended
to determine whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the
part of a director, employee or officer.
To further minimize conflicts
of interest, we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our sponsor,
officers or directors including (i) an entity that is either a portfolio company of, or has otherwise received a material financial
investment from, any private equity fund or investment company (or an affiliate thereof) that is affiliated with any of the foregoing,
(ii) an entity in which any of the foregoing or their affiliates are currently passive investors, (iii) an entity in which any
of the foregoing or their affiliates are currently officers or directors, or (iv) an entity in which any of the foregoing or their
affiliates are currently invested through an investment vehicle controlled by them, unless we have obtained an opinion from an independent
investment banking firm, or another independent entity that commonly renders valuation opinions, and the approval of a majority of our
disinterested independent directors that the business combination is fair to us and to our unaffiliated stockholders from a financial
point of view.
Revelation
Revelation has adopted a code
of ethics and it relies on its board to review related party transactions on an ongoing basis to prevent conflicts of interest. Revelation's
Board reviews a transaction in light of the affiliations of the director, officer or employee and the affiliations of such person's
immediate family. Transactions are presented to Revelation's Board for approval before they are entered into or, if this is not
possible, for ratification after the transaction has occurred. If Revelation's Board finds that a conflict of interest exists, then
it will determine the appropriate remedial action, if any. Revelation's Board approves or ratifies a transaction if it determines
that the transaction is consistent with the best interests of Revelation.
122
Director Independence
Our board of directors currently
consists of five members. Our board of directors has determined that all of our directors, other than Mr. Rolke, qualify as "independent"
directors in accordance with the rules of the SEC and the Nasdaq, Marketplace Rules, or the Nasdaq Listing Rules, which the Company has
adopted as its independence standards. Mr. Rolke is not considered independent because he is an executive officer of the Company.
Under the
Nasdaq Listing Rules, the
definition of independence includes a series of objective tests, such as that the director is not, and has not been for at least three years,
one of our employees and that neither the director nor any of his or her family members has engaged in various types of business dealings
with us. In addition, as required by the Nasdaq Listing Rules, our board of directors has made a subjective determination as to each independent
director that no relationships exist that, in the opinion of our board of directors, would interfere with the exercise of independent
judgment in carrying out the responsibilities of a director. In making these determinations, our board of directors reviewed and discussed
information provided by the directors and us with regard to each director's relationships as they may relate to us and our management.
INTERESTS
OF NAMED EXPERTS AND COUNSEL
No expert or counsel named
in this Prospectus as having prepared or certified any part of this Prospectus or having given an opinion upon the validity of the securities
being registered or upon other legal matters in connection with the registration or offering of the Shares of Common Stock was employed
on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the
registrant or any of its parents or subsidiaries. Nor was any such person connected with the registrant or any of its parents or subsidiaries
as a promoter, managing or principal underwriter, voting trustee, director, officer, or employee.
The financial statements of Revelation
Biosciences, Inc. for the year ended December 31, 2021 included in this Prospectus and Registration Statement have been so included in
reliance on the report of Baker Tilley US, LLP, an independent registered public accounting firm, given on the authority of said firm
as experts in auditing and accounting.
The validity of the issuance
of the Shares of Common Stock hereby will be passed upon for us by J.P. Galda & Co., 40 East Montgomery Avenue, LTW
220 Ardmore, PA 19003.
DISCLOSURE
OF COMMISSION POSITION OF INDEMNIFICATION FOR
SECURITIES ACT LIABILITIES
Delaware law allows a corporation
to indemnify its directors, officers, employees and agents against all reasonable expenses (including attorneys' fees and amounts
paid in settlement) and, provided that such individual, or indemnitee, acted in good faith and for a purpose which he or she reasonably
believed to be in, or not opposed to, the best interests of the corporation and, in the case of a criminal proceeding, had reasonable
grounds to believe his or her conduct was lawful. Delaware law authorizes a corporation to indemnify its directors, officers, employees
and agents against all reasonable expenses including amounts paid in settlement and attorneys' fees in connection with a lawsuit
by or in the right of the corporation to procure a judgment in its favor if such person acted in good faith and in a manner reasonably
believed to be in or not opposed to the best interest of the corporation, except that no indemnification may be paid as to any claim,
issue or matter as to which such person has been adjudged liable to the corporation unless it is determined by the court making such adjudication
of liability that, despite such finding, such person is fairly and reasonably entitled for such expenses deemed proper.
Delaware law also provides
for discretionary indemnification made by the corporation only as authorized in the specific case upon a determination that indemnification
of the director, officer, employee or agent is proper in the circumstances. The determination must be made either:
(i)
by
the stockholders;
(ii)
by
the board of directors by majority vote of a quorum consisting of directors who were not parties to the actions, suit or proceeding;
123
(iii)
if
a majority vote of a quorum consisting of directors who were not parties to the actions, suit or proceeding so orders, by independent
legal counsel in a written opinion; or
(iv)
if
a quorum consisting of directors who were not parties to the actions, suit or proceeding cannot be obtained, by independent legal counsel
in a written opinion.
The articles of incorporation,
the bylaws or an agreement made by the corporation may provide that the expenses of officers and directors incurred in defending a civil
or criminal action, suit or proceeding must be paid by the corporation as they are incurred and in advance of the final disposition of
the actions, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is
ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by the corporation. The provisions
do not affect any right to advancement of expenses to which corporate personnel other than directors or officers may be entitled under
any contract or otherwise by law. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to Delaware
law does not exclude any other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles
of incorporation or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, for either an action in his official
capacity or an action in another capacity while holding office, except that indemnification, unless ordered by a court or for the advancement
of expenses, may not be made to or on behalf of any director or officer if his acts or omissions involved intentional misconduct, fraud
or a knowing violation of the law and was material to the cause of action. In addition, indemnification continues for a person who has
ceased to be a director, officer, employee or agent and inures to the benefit of the heirs, executors and administrators of such a person.
Insofar as indemnification
for liabilities arising under the Securities Act, as amended, may be permitted to directors, officers or persons controlling the Registrant
pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable.
124
WHERE
YOU CAN FIND MORE INFORMATION
We have filed with the Securities
and Exchange Commission, or the SEC, a registration statement on Form S-1, including exhibits and schedules, under the Securities
Act, with respect to the Shares of Common Stock being offered by this prospectus. This prospectus, which constitutes part of the registration
statement, does not contain all of the information in the registration statement and its exhibits. For further information with respect
to us and the common stock offered by this prospectus, we refer you to the registration statement and its exhibits. Statements contained
in this prospectus as to the contents of any contract or any other document referred to are not necessarily complete, and in each instance,
we refer you to the copy of the contract or other document filed as an exhibit to the registration statement. Each of these statements
is qualified in all respects by this reference.
You may read our SEC filings,
including this registration statement, over the Internet at the SEC's website at
www.sec.gov
. Upon the completion of this
offering, we will be subject to the information reporting requirements of the Exchange Act and we will file reports, proxy statements
and other information with the SEC. These reports, proxy statements and other information will be available for review at the SEC's
website referred to above. We also maintain a website at
www.ternspharma.com
, at which, following the completion of this offering,
you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished
to, the SEC. Information contained on or accessible through our website is not a part of this prospectus or the registration statement
of which it forms a part, and the inclusion of our website address in this prospectus is an inactive textual reference only.
125
INDEX TO FINANCIAL STATEMENTS
REVELATION BIOSCIENCES, INC.
Report of Independent Registered Public Accounting Firm
F-2
Balance Sheets
F-3
Statements of Operations
F-4
Statements of Changes in Stockholders' Equity (Deficit)
F-5
Statements of Cash Flows
F-6
Notes to the Financial Statements
F-7 – F-20
Condensed Consolidated Balance Sheets (unaudited)
F-21
Condensed Consolidated Statements of Operations (unaudited)
F-22
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (unaudited)
F-23
Condensed Consolidated Statements of Cash Flows (unaudited)
F-24
Notes to the Condensed Consolidated Financial Statements (unaudited)
F-25 – F-38
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Board of Directors and Stockholders of
Revelation Biosciences, Inc.
Opinion on the Financial Statements
We have audited the accompanying balance sheet
of Revelation Biosciences, Inc. (the Company) as of December 31, 2021 and 2020, the related statements of operations, changes in
stockholders' equity (deficit), and cash flows for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December
31, 2020, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results
of its operations and its cash flows for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31,
2020, in conformity with accounting principles generally accepted in the United States of America.
Going Concern Uncertainty
The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has
incurred recurring operating losses and has no revenue sources. These conditions raise substantial doubt about the Company's ability
to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ BAKER TILLY US, LLP
We have served as the Company's auditor
since 2021.
San Diego, California
April 15, 2022
F-
2
REVELATION BIOSCIENCES, INC.
Balance Sheets
December 31,
2021
December 31,
2020
Pro-Forma
December 31,
2021
(unaudited)
(See Note 2)
Assets
Current assets:
Cash and cash equivalents
$
1,274,729
$
4,492,400
Prepaid expenses
637,342
128,000
Total current assets
1,912,071
4,620,400
Property and equipment, net
115,181
—
Right-of-use lease asset
14,960
—
Total assets
$
2,042,212
$
4,620,400
Liabilities and stockholders' equity (deficit)
Current liabilities:
Accounts payable
$
596,261
$
865,901
Accrued payroll and related expenses
756,729
266,852
Accrued expenses
771,940
76,023
Lease liability
16,752
—
Total current liabilities
2,141,682
1,208,776
Total liabilities
2,141,682
1,208,776
Commitments and contingencies (Note 4)
Stockholders' equity (deficit):
Series A Preferred Stock, $
0.001
par value;
628,930
shares authorized;
628,930
shares issued and outstanding at December 31, 2021 and December 31, 2020; liquidation preference – $
3,999,995
3,903,730
403,733
—
Series A-1 Preferred Stock, $
0.001
par value;
1,100,000
shares authorized;
684,450
and zero shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively; liquidation preference – $
4,353,102
3,578,197
—
—
Common stock, $
0.001
par value;
11,000,000
shares authorized; 2,308,877 and
2,293,154
shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
2,309
2,293
3,622
Additional paid-in capital
6,933,593
5,536,060
14,414,207
Accumulated deficit
(
14,517,299
)
(
2,530,462
)
(
14,517,299
)
Total stockholders' equity (deficit)
(
99,470
)
3,411,624
$
(
99,470
)
Total liabilities and stockholders' equity (deficit)
$
2,042,212
$
4,620,400
See accompanying notes to the financial statements.
F-
3
REVELATION BIOSCIENCES, INC.
Statements of Operations
Year Ended December 31,
2021
Period from
May 4,
2020
(inception) to
December 31,
2020
Operating expenses:
Research and development
$
6,914,756
$
1,707,367
General and administrative
5,035,729
823,179
Total operating expenses
11,950,485
2,530,546
Loss from operations
(
11,950,485
)
(
2,530,546
)
Other income (expense):
Other income (expense)
(
36,352
)
84
Total other income (expense), net
(
36,352
)
84
Net loss
$
(
11,986,837
)
$
(
2,530,462
)
Net loss per share attributable to common stockholders, basic and diluted
$
(
5.19
)
$
(
1.58
)
Weighted-average shares used to compute net loss per share, basic and diluted
2,308,704
1,605,734
Pro-forma net loss per share attributable to common stockholders, basic and diluted (unaudited)
$
(
3.31
)
$
(
1.13
)
Pro-forma weighted-average shares used to compute pro-forma net loss per share, basic and diluted (unaudited)
3,622,084
2,234,664
See accompanying notes to the financial statements.
F-
4
REVELATION BIOSCIENCES, INC.
Statements of Changes in Stockholders'
Equity (Deficit)
Series A
Preferred Stock
Series A-1
Preferred Stock
Common Stock
Additional
Paid-in
Accumulated
Total
Stockholders'
Equity
Shares
Amount
Shares
Amount
Shares
Amount
Capital
Deficit
(Deficit)
Balance as of May 4, 2020 (inception)
—
$
—
—
$
—
—
$
—
$
—
$
—
$
—
Issuance of common stock, net of issuance costs of $
37,000
—
—
—
—
2,293,154
2,293
6,006,826
—
6,009,119
Issuance of Series A Preferred Stock, net of issuance costs of $
96,000
628,930
3,903,730
—
—
—
—
—
—
3,903,730
Subscription receivables
—
(
3,499,997
)
—
—
—
—
(
499,998
)
—
(
3,999,995
)
Stock-based compensation expense
—
—
—
—
—
—
29,232
—
29,232
Net loss
—
—
—
—
—
—
—
(
2,530,462
)
(
2,530,462
)
Balance as of December 31, 2020
628,930
403,733
—
—
2,293,154
$
2,293
5,536,060
(
2,530,462
)
3,411,624
Issuance of common stock
—
—
—
—
15,723
16
99,982
—
99,998
Issuance of Series A-1 Preferred Stock, net of issuance costs
—
—
684,450
3,904,872
—
—
—
—
3,904,872
Issuance of Warrants in connection with the issuance of the Series A-1 Preferred Stock
—
—
—
(326,67
)
—
—
326,675
—
—
Payment for Series A Preferred Stock subscribed
—
3,499,997
—
—
—
—
—
—
3,499,997
Payment for common stock subscribed
—
—
—
—
—
—
499,998
—
499,998
Stock-based compensation expense
—
—
—
—
—
—
470,878
—
470,878
Net loss
—
—
—
—
—
—
—
(
11,986,837
)
(
11,986,837
)
Balance as of December 31, 2021
628,930
$
3,903,730
684,450
$
3,578,197
2,308,877
$
2,309
$
6,933,593
$
(
14,517,299
)
$
(
99,470
)
See accompanying notes to the financial statements.
F-
5
REVELATION BIOSCIENCES, INC.
Statements of Cash Flows
Year Ended
December 31,
2021
Period from
May 4,
2020
(inception) to
December 31,
2020
Cash flows from operating activities:
Net loss
$
(
11,986,837
)
$
(
2,530,462
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense
470,878
29,232
Depreciation expense
16,782
—
Non-cash lease expense
52,384
—
Changes in operating assets and liabilities:
Prepaid expenses
(
509,342
)
(
128,000
)
Accounts payable
(
269,640
)
865,901
Accrued payroll and related expenses
489,877
266,852
Accrued expenses
695,917
76,023
Operating lease liability
(
50,592
)
—
Net cash used in operating activities.
(
11,090,573
)
(
1,420,454
)
Cash flows from investing activities:
Purchase of property and equipment
(
131,963
)
—
Net cash used in investing activities
(
131,963
)
—
Cash flows from financing activities:
Proceeds from issuance of Common Stock, net of issuance costs
599,996
5,509,121
Proceeds from issuance of Series A Preferred Stock, net of issuance costs
3,499,997
403,733
Proceeds from issuance of Series A-1 Preferred Stock, net of issuance costs
3,904,872
—
Net cash provided by financing activities
8,004,865
5,912,854
Net (decrease) increase in cash and cash equivalents
(
3,217,671
)
4,492,400
Cash and cash equivalents at beginning of period
4,492,400
—
Cash and cash equivalents at end of period
$
1,274,729
$
4,492,400
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of right-of-use asset through operating lease obligation
$
67,344
$
—
Issuance of warrants in connection with Series A-1 Preferred Stock
$
326,675
$
—
See accompanying notes to the financial statements.
F-
6
REVELATION BIOSCIENCES, INC.
Notes to the Financial Statements
1. Organization and Basis of Presentation
Revelation Biosciences, Inc.
(the "Company" or "Revelation") was formed as a Delaware limited liability company on May 4, 2020 under the
name Revelation Therapeutics, LLC. On August 27, 2020, the Company filed a statutory conversion with the Delaware Secretary
of State which converted the Company from a limited liability company to a corporation and changed the Company's name to Revelation
Biosciences, Inc. The Company's principal offices are in San Diego, California. The Company is a clinical-stage biopharmaceutical
company focused on the development and commercialization of immunologic therapeutics and diagnostics.
The Company has incurred recurring
losses since its inception, including a net loss of $
12.0
million for the year ending December 31, 2021. As of December 31, 2021 the Company
had an accumulated deficit of $
14.5
million, a stockholders' deficit of $
99,470
and available cash and cash equivalents of $
1.3
million. The Company expects to continue to incur significant operating and net losses, as well as negative cash flows from operations,
for the foreseeable future as it continues to complete all necessary product development or future commercialization efforts. The Company
has never generated revenue and does not expect to generate revenue from product sales unless and until it successfully completes development
and obtains regulatory approval for REVTx-99a/b, REVDx-501 or other product candidates, which the Company expects will not be for at least
several years, if ever. Additionally, taking into consideration the net proceeds of $
4.2
million received in connection with a business
combination in January 2022 and the gross proceeds of $
7.8
million received from a private placement financing subsequent to the business
combination, the Company does not anticipate that its current cash and cash equivalents balance will be sufficient to sustain operations
within one year after the date that the Company's audited financial statements for December 31, 2021 were issued, which raises substantial
doubt about its ability to continue as a going concern.
To continue as a going concern,
the Company will need, among other things, to raise additional capital resources. The Company plans to seek additional funding through
public or private equity or debt financings. The Company may not be able to obtain financing on acceptable terms, or at all. The terms
of any financing may adversely affect the holdings or the rights of the Company's stockholders. If the Company is unable to obtain
funding, it could be required to delay, reduce or eliminate research and development programs, product portfolio expansion or future commercialization
efforts, which could adversely affect the Company's business operations.
The audited financial statements
for December 31, 2021, have been prepared on the basis that the Company will continue as a going concern, and does not include any adjustments
to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities
that may result from the possible inability for the Company to continue as a going concern.
Merger with Petra Acquisition, Inc. (Unaudited)
On January 10, 2022 (the "Closing
Date"), Petra Acquisition, Inc., a Delaware corporation ("Petra"), consummated the business combination (the "Business
Combination"), pursuant to the terms of the agreement and plan of merger, dated as of August 29, 2021 (the "Business Combination
Agreement"), by and among Petra, Petra Acquisition Merger, Inc., a Delaware corporation and wholly-owned subsidiary of Petra ("Merger
Sub"), and Revelation Biosciences, Inc. ("Old Revelation"). Pursuant to the Business Combination Agreement, on the Closing
Date, (i) Merger Sub merged with and into Old Revelation (the "Merger"), with Old Revelation as the surviving company in the
Merger, and, after giving effect to such Merger, Old Revelation was renamed Revelation Biosciences Sub, Inc. and became a wholly-owned
subsidiary of Petra and (ii) Petra changed its name to "Revelation Biosciences, Inc."
F-
7
In accordance with the terms
and subject to the conditions of the Business Combination Agreement, at the effective time of the Merger (the "Effective Time"),
(i) each share of common stock and preferred stock of Old Revelation outstanding as of immediately prior to the Effective Time was exchanged
for shares of common stock, par value $
0.001
per share, of Revelation based on the agreed upon conversion rate of
2.725
(the "Common
Stock Exchange Ratio); (ii) each Old Revelation RSU award (as defined in the Business Combination Agreement) outstanding as of immediately
prior to the Effective Time was assumed by Revelation and was converted into that number of whole Revelation Rollover RSU awards (as defined
in the Business Combination Agreement) based on the Common Stock Exchange Ratio; and (iii) each Old Revelation Warrant (as defined in
the Business Combination Agreement) outstanding as of immediately prior to the Effective Time was assumed by Revelation and was converted
into that number of whole Revelation Rollover Warrants (as defined in the Business Combination Agreement) based on the Common Stock Exchange
Ratio, at an exercise price per share of common stock equal to (x) the exercise price per share of Old Revelation common stock of such
Old Revelation Warrant divided by (y) the Common Stock Exchange Ratio.
At the Closing Date, up to
10,500,000
shares of common stock were issuable constituting the merger consideration (the "Merger Consideration"), (i) an
aggregate of
9,871,343
shares of common stock were issued in exchange for the Old Revelation stock outstanding as of immediately prior
to the Effective Time, (ii)
167,867
shares of common stock were reserved for issuance for Revelation Rollover Warrants outstanding as
of immediately prior to the Effective Time and (iii)
460,706
shares of common stock were reserved for issuance for Revelation Rollover
Restricted Stock Unit ("RSU") awards outstanding as of immediately prior to the Effective Time.
Immediately after giving effect
to the Business Combination, there were
12,944,213
shares of common stock outstanding, and
1,294,421
shares of common stock reserved for
future issuance under the 2021 Equity Incentive Plan. The pre-merger stockholders of Petra retained an aggregate of
3,072,870
shares of
common stock of Petra, representing
23.7
% ownership of the post-Merger company. Therefore, upon consummation of the Business Combination,
there was a change in control of Petra, with the former owners of Revelation effectively acquiring control of Petra.
The Business Combination will
be accounted for as a reverse recapitalization, in accordance with U.S. GAAP. Under this method of accounting, although Petra will issue
shares for outstanding equity interests of Revelation in the Business Combination, Petra will be treated as the "acquired"
company for financial reporting purposes. Accordingly, the Business Combination will be treated as the equivalent of Revelation issuing
stock for the net assets of Petra, accompanied by a recapitalization. The net assets of Petra will be stated at historical cost, with
no goodwill or other intangible assets recorded. Operations prior to the Business Combination will be those of Revelation.
In connection with the Merger,
stockholders holding
3,480,692
shares of Petra common stock exercised their right to redeem such shares for cash at a price of approximately
$
10.20
per share for payments in the aggregate of approximately $
35.5
million. On the Closing Date, approximately $
7.6
million was escrowed
pursuant to the Forward Share Purchase Agreement entered into by and between Petra and Meteora Capital Partners and its affiliates (collectively,
"Meteora") and approximately $
4.2
million was released to Revelation.
In connection with the consummation
of the Business Combination, Petra adopted the third amended and restated certificate of incorporation, which became effective upon filing
with the Secretary of State of the State of Delaware on January 10, 2022.
As of December 31, 2021,
the Company has raised aggregate net proceeds of $
6.1
million in connection with the sale and issuance of
2,308,877
shares of
common stock, has raised aggregate net proceeds of $
3.9
million in connection with the sale and issuance of
628,930
shares of Series A
Preferred Stock and has raised aggregate net proceeds of $
3.9
million in connection with the sale and issuance of
684,450
shares
of Series A-1 Preferred Stock. As of December 31, 2021 and 2020, the Company had cash and cash equivalents of $
1.3
million and
$
4.5
million, respectively.
F-
8
The Company plans to seek
additional funding through public or private equity or debt financings. The Company may not be able to obtain financing on acceptable
terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company's stockholders. If the
Company is unable to obtain funding, the Company could be required to delay, reduce or eliminate research and development programs, product
portfolio expansion or future commercialization efforts, which could adversely affect its business operations.
The accompanying financial
statements are prepared in accordance U.S. generally accepted accounting principles ("GAAP").
2. Summary of Significant Accounting Policies
Use of Estimates
The preparation of the financial
statements in accordance with GAAP requires management to make estimates and assumptions about future events that affect the amounts of
assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of expenses. These estimates
and assumptions are based on the Company's best estimates and judgment. The Company regularly evaluates its estimates and assumptions
using historical and industry experience and other factors; however, actual results could differ materially from these estimates and could
have an adverse effect on the Company's financial statements.
Cash and Cash Equivalents
The Company considers all
highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents.
The Company maintains its cash in checking and savings accounts. Income generated from cash held in savings accounts is recorded as interest
income. The carrying value of the Company's savings accounts is included in cash and approximates the fair value.
Fair Value Measurements
Financial assets and liabilities
are recorded at fair value on a recurring basis in the balance sheet. The carrying values of the Company's financial assets and
liabilities, including cash and cash equivalents, subscription receivables, prepaid expenses, accounts payable and accrued expenses approximate
their fair value due to the short-term nature of these instruments. Fair value is defined as the price that would be received to sell
an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date.
Assets and liabilities recorded at fair value in the financial statements are categorized based upon the level of judgment associated
with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs
to the valuation of these assets or liabilities as follows:
Level 1
— Observable
inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level 2
— Inputs
(other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities.
These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar
assets or liabilities in markets that are not active;
Level 3
— Unobservable
inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
F-
9
Concentrations of Credit Risk
Financial instruments that
potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents. Bank deposits are held
by accredited financial institutions and these deposits may at times be in excess of federally insured limits. The Company limits its
credit risk associated with cash and cash equivalents by placing them with financial institutions that it believes are of high quality.
The Company has not experienced any losses on its deposits of cash or cash equivalents.
Property and Equipment, Net
Property and equipment are
stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives
of the assets, which is
five
years. Maintenance and repairs are charged to operating expense as incurred. When assets are sold, or
otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any gain or loss is included in
other income (expense).
Leases
The Company determines if
an arrangement is a lease at inception. Lease right-of-use assets represent the right to use an underlying asset for the lease term and
lease liabilities represent the obligation to make lease payments arising from the lease. For operating leases with an initial term greater
than 12 months, the Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value
of lease payments over the lease term at the commencement date. Operating lease right-of-use assets are comprised of the lease liability
plus any lease payments made and excludes lease incentives. Lease terms include options to renew or terminate the lease when the Company
is reasonably certain that the renewal option will be exercised or when it is reasonably certain that the termination option will not
be exercised. For an operating lease, if the interest rate used to determine the present value of future lease payments is not readily
determinable, the Company estimates the incremental borrowing rate as the discount rate for the lease. The Company's incremental
borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar
economic environments. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Research and Development Expenses
Research and development expenses
consist primarily of costs incurred for the development of the Company's lead product candidate, REVTx-99 and lead diagnostic product,
REVDx-501. Research and development costs are charged to expense as incurred. The Company records accrued expenses for estimated preclinical
and clinical study and research expenses related to the services performed but not yet invoiced pursuant to contracts with research institutions,
contract research organizations, and clinical manufacturing organizations that conduct and manage preclinical studies, clinical studies,
research services, and development services on the Company's behalf. Payments for these services are based on the terms of individual
agreements and payment timing may differ significantly from the period in which the services were performed. Estimates are based on factors
such as the work completed, including the level of patient enrollment. The Company monitors patient enrollment levels and related activity
to the extent reasonably possible and makes judgments and estimates in determining the accrued balance in each reporting period. The Company's
estimates of accrued expenses are based on the facts and circumstances known at the time. If the Company underestimates or overestimates
the level of services performed or the costs of these services, actual expenses could differ from estimates. As actual costs become known,
the Company adjusts accrued expenses. To date, the Company has not experienced significant changes in estimates of clinical study and
development services accruals.
F-
10
Patent Costs
Legal costs in connection
with approved patents and patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. These costs
are recorded in general and administrative expense in the statements of operations.
Stock-based Compensation
The Company recognizes compensation
expense related to RSU awards granted to employees, directors, officers and consultants, based on the estimated fair value of the awards
on the date of grant. The grant date fair value of the stock-based awards, which have graded vesting, is recognized using the straight-line
method over the requisite service period of each award, which is generally the vesting period of the respective awards. The Company recognizes
compensation expense related to warrants granted, based on the estimated fair value of the awards on the date of grant using a Black-Scholes
option pricing model. The Company recognizes forfeitures as they occur.
Determination of the Fair Value of Common
Stock
Given the absence of a public
trading market for the Company's shares of common stock, the board of directors exercises their judgment and considers a number
of objective and subjective factors to determine the best estimate of the fair value of the Company's shares of common stock, including
timely valuations of the Company's shares of common stock prepared by an unrelated third-party valuation firm, important developments
in the Company's operations, sales of common stock and preferred stock, actual operating results and financial performance, the
conditions in the biotechnology industry and the economy in general, the stock price performance and volatility of comparable public companies,
and the lack of liquidity of the Company's shares of common stock, among other factors. After the effectiveness of this registration
statement, the Company's board of directors will determine the fair value of each share of common stock based on the closing price
of the Company's shares of common stock as reported on the date of grant.
Income Taxes
Income taxes are accounted
for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax
bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applied
to taxable income in the years in which those temporary differences are expected to be realized. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized as income or loss in the period that includes the enactment date. A valuation allowance
is established when necessary to reduce deferred tax assets to the amount expected to be realized. Interest and penalties related to unrecognized
tax benefits are included within the provision of income tax. To date, there have been no unrecognized tax benefits balances.
Basic and Diluted Net Loss per Share
Basic net loss per share is
calculated by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration
of potential shares of common stock. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of shares
of common stock outstanding plus potential shares of common stock. Preferred Stock and unvested RSU awards are considered potential shares
of common stock and are included in the calculation of diluted net loss per share using the treasury stock method when their effect is
dilutive. Potential shares of common stock are excluded from the calculation of diluted net loss per share when their effect is anti-dilutive.
As of December 31, 2021 and 2020, there were
1,544,038
and
666,705
potential shares of common stock, respectively, (see Note 6),
that were excluded from the calculation of diluted net loss per share because their effect was anti-dilutive.
F-
11
Unaudited Pro-Forma Financial Information
At the Closing of the Business
Combination, all outstanding shares of the Series A Preferred Stock and Series A-1 Preferred Stock were converted into shares
of common stock.
The unaudited pro-forma balance
sheet information as of December 31, 2021 has been prepared to give effect to the exchange of all
628,930
outstanding shares of Series
A Preferred Stock and all
684,450
outstanding shares of Series A-1 Preferred Stock into
1,313,380
shares of common stock as if the exchange
had occurred on December 31, 2021. The shares of common stock issuable and the proceeds expected to be received in the Business Combination
are excluded from such pro-forma financial information.
The unaudited pro-forma net
loss per share for the year ended December 31, 2021 was computed using the weighted-average shares of common stock outstanding, including
the pro-forma effect as if the conversion of all outstanding shares of Series A Preferred Stock and Series A-1 Preferred Stock
into shares of common stock had occurred at the beginning of the period. The unaudited pro-forma net loss per share for the period from
May 4, 2020 (inception) to December 31, 2020 was computed using the weighted-average shares of common stock outstanding, including the
pro-forma effect as if the conversion of all outstanding shares of Series A Preferred Stock into shares of common stock had occurred at
the beginning of the period.
Comprehensive Loss
The Company has no components
of comprehensive loss other than net loss. Thus, comprehensive loss is the same as net loss for the period presented.
Segment Reporting
Operating segments are defined
as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker,
or decision-making group, in deciding how to allocate resources in assessing performance.
The Company has
one
operating
segment. The Company's chief operating decision maker, its Chief Executive Officer, manages the Company's operations for the
purposes of allocating resources and evaluating financial performance.
Recent Accounting Pronouncements
In December 2019, the
Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12,
Simplifying
the Accounting for Income Taxes (Topic 740) ("ASU 2019-12").
ASU 2019-12 issued guidance on the accounting
for income taxes that, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intra-period
tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for
outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its
effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of
recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets
and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate
in the period that includes the effective date of the tax law. This guidance is effective for fiscal years beginning after December 15,
2021, and interim periods within the fiscal years beginning after December 15, 2022. Early adoption is permitted. The adoption
of this guidance is not expected to have a material impact on the Company's financial statements.
F-
12
In February 2016, the
FASB issued ASU No. 2016-02,
Leases Topic 842 ("ASU 2016-02")
. The guidance in ASU 2016-02 supersedes
the lease recognition requirements in ASC Topic 840, Leases. ASU 2016-02 requires an entity to recognize assets and liabilities
arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02
is effective for fiscal years beginning after December 15, 2021 for non-public entities, with early adoption permitted. The
Company early adopted this standard on January 1, 2021, and the impact of its adoption on the Company's financial statements
was not material.
3. Balance Sheet Details
Prepaid Expenses
Prepaid expenses consisted
of the following:
December 31,
2021
December 31,
2020
Prepaid clinical costs
$
488,614
$
—
Other prepaid expenses
148,728
128,000
Total prepaid expenses
$
637,342
$
128,000
Property and Equipment, Net
Property and equipment, net
consisted of the following:
December 31,
2021
Lab Equipment
$
131,963
Total property and equipment, gross
131,963
Accumulated depreciation
(
16,782
)
Total property and equipment, net
$
115,181
Depreciation expense was $
16,782
for the year ended December 31, 2021.
Current Liabilities
Current liabilities consisted
of the following:
December 31,
2021
December 31,
2020
Accounts payable
$
596,261
$
865,901
Accrued payroll and related expenses
756,729
266,852
Accrued clinical study expenses
327,244
40,329
Accrued professional fees
294,130
23,216
Accrued clinical development costs
145,566
—
Accrued other expenses
5,000
12,478
Lease liability
16,752
—
Total current liabilities
$
2,141,682
$
1,208,776
Accrued payroll and related
expenses consisted of accrued annual corporate bonus expense as of December 31, 2021. There was no accrued deferred compensation recorded
as of December 31, 2021.
Accrued payroll and related
expenses consisted of deferred compensation as of December 31, 2020. During the fiscal year 2020 the Company entered into deferred
compensation arrangements with five employees to defer a certain portion of their base salary until such time the Company completed an
initial public offering. In connection with the Series A Preferred financing these agreements were amended to make the deferred compensation
payable upon the closing of the Series A Preferred financing which occurred on December 30, 2020. The accrued compensation of
$
266,852
as of December 31, 2020 was paid on January 6, 2021.
F-
13
4. Commitments and Contingencies
Lease Commitments
In February 2021, the
Company entered into an agreement to lease
2,140
square feet of laboratory space located at
11011
Torreyana Road, Suite 102, San Diego,
California (the "Original Lease"). The Original Lease has a term of 13 calendar months, plus any partial month at the
beginning of the Original Lease (the "Original Lease Term"). There is no option to extend the Original Lease and the expiration
date was March 31, 2022. In accordance with the Original Lease, the Company is required to maintain a security deposit of $
5,564
.
The Company will pay $
70,313
of rent expense over the life of the Lease. In October 2021, the Company amended the Original Lease to expire
on December 31, 2022, equal to an additional 9 calendar months with a base monthly rent equal to the 13
th
month of the Original
Lease (the "First Amendment"). The Company signed the First Amendment on October 14, 2021. The Company will pay $
51,578
of
rent expense over the life of the First Amendment. The Company has applied the short-term lease exception. In addition to rent, the Lease
requires the Company to pay certain taxes, insurance and operating costs relating to the leased premises. The Lease contains customary
default provisions, representations, warranties and covenants. The Lease is classified as an operating lease.
The Company recorded a lease
liability and right-of-use lease assets for the Original Lease based on the present value of Original Lease payments over the expected
Original Lease Term, discounted using the Company's incremental borrowing rate. As of December 31, 2021, the weighted-average remaining
Original Lease Term and the weighted-average discount rate for the Original Lease was less than
1
year and
7.73
%, respectively. Rent expense
under the Original Lease was $
55,246
for the year ended December 31, 2021.
Future minimum lease payments
under the operating lease as of December 31, 2021 are as follows:
2022
16,859
Total future minimum lease payments
16,859
Less discount
107
Total lease liability
$
16,752
Commitments
The Company enters into contracts
in the normal course of business with third party service providers and vendors. These contracts generally provide for termination on
notice and, therefore, are cancellable contracts and not considered contractual obligations and commitments.
Contingencies
From time to time, the Company
may become subject to claims and litigation arising in the ordinary course of business. The Company is not a party to any material legal
proceedings, nor is it aware of any material pending or threatened litigation.
5. Preferred Stock
In August 2020, the Company
authorized the sale and issuance of up to
2,000,000
shares of preferred stock, par value $
0.001
per share. At the Closing of the
Business Combination, all outstanding shares of the Series A Preferred Stock and Series A-1 Preferred Stock were converted into
shares of common stock (see Note 10. Subsequent Events – Business Combination).
F-
14
Series A Preferred Stock
On December 31, 2020,
the Company entered into a Series A Preferred Stock Purchase Agreement (the "Series A SPA"), pursuant to which the
Company issued
628,930
shares of Series A Preferred Stock at $
6.36
per share for net proceeds of $
3.9
million, of which $
0.4
million
was received as of December 31, 2020 and the remaining $
3.5
million was received in January 2021. As of December 31,
2020, the $
3.5
million of net proceeds for the Series A Preferred Stock was recorded as a subscription receivable on the Company's
statement of changes in stockholders' equity (deficit). Issuance costs were $
96,000
related to the sale and issuance of the Series A
Preferred Stock. The holders of the Series A Preferred Stock have various rights, preferences, and privileges as follows:
Conversion Rights
The Series A Preferred
Stock is convertible, at the option of the holder, at any time into shares of common stock. The number of shares is determined by dividing
the original issuance price by the conversion price, the shares of preferred stock convert on a one-for-one basis. Additionally, the Series A
Preferred Stock automatically converts into shares of common stock upon an underwritten public offering of the common stock on any tier
of the NASDAQ Stock Market or any tier of the New York Stock Exchange with a market price at listing equal to at least $
12.72
per share. No fractional shares will be issued.
Liquidation Preference
While the Series A Preferred
Stock is not redeemable, the holders of the convertible preferred shares would be entitled to available proceeds in certain change of
control events that are fully in control of the Company. In the event of any liquidation or deemed liquation event (as defined in the
Company's amended and restated certificate of incorporation), the Series A Preferred Stock shall have a liquidation preference
equal to the original Series A purchase price plus any declared and unpaid dividends only if the shares of common stock are redeemed
for cash. In the event of a deemed liquidation event, if the assets of the Company available for distribution are insufficient to pay
the preferred stockholders in the full amount they are entitled, the preferred stockholders shall share ratably in any distribution of
the assets available for distribution in proportion to the number of shares of preferred stock that they hold. Additionally, the holders
of Series A Preferred Stock are entitled to be paid out prior to the holders of common stock.
Dividends
The holders of the Series A
Preferred Stock shall be entitled to receive non-cumulative cash dividends in preference to any dividend on the common stock and any junior
preferred stock at the rate of eight percent (
8
%) per annum of the original Series A purchase price, when, and if declared by the
board of directors. No dividends have been declared through December 31, 2021.
Voting Rights
Each holder of outstanding
shares of Series A Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of common stock
into which the shares of Series A preferred stock held by such holder are convertible as of the record date for determining stockholders
entitled to vote on such matter. Series A preferred stockholders and common stockholders vote together as a single class.
F-
15
Protective Provisions
The holders of the Series A
Preferred Stock have certain protective provisions that limit the Company's ability to take action without the consent of the holders
of the Series A Preferred Stock. The following is a list of events for which the Company requires written consent or the affirmative
vote of the Series A preferred stockholder:
●
liquidate,
dissolve or wind-up the business and affairs of the Company;
●
amend,
alter or repeal any provision of the amended and restated certificate of incorporation or bylaws that affects the Series A Preferred
stockholders;
●
create,
authorize or issue shares of capital stock that are not junior to the Series A Preferred Stock or authorize additional shares of
Series A preferred stock or capital stock that is not junior to the Series A Preferred Stock;
●
authorize
or incur debt over $
2.0
million;
●
prior to June 30, 2021, authorize the issuance of common stock outstanding exceeding
4,576,572
shares.
Series A-1 Preferred Stock
On January 27, 2021,
the Company entered into a Series A-1 Preferred Stock Purchase Agreement (the "Series A-1 SPA"), pursuant to which
the Company issued
684,450
shares of Series A-1 Preferred Stock at $
6.36
per share for net proceeds of $
3.9
million received
in January 2021 and February 2021. Issuance costs were $
448,000
related to the sale and issuance of the Series A-1 Preferred
Stock. The Series A-1 Preferred Stock is identical to the Series A Preferred Stock except that the Series A-1 Preferred
Stock is subordinate to the Series A Preferred Stock and senior to common stock as to dividends and liquidation preference and does
not have any protective provisions like the Series A Preferred Stock. Additionally, the Series A-1 Preferred Stock automatically
converts into shares of common stock, upon an effective registration statement under the Securities Act of 1933, as amended,
together with approval by OTC Markets LLC for quotation on the OTCQX or OTCQB or the listing of the common stock on any tier of the NASDAQ
Stock Market or any tier of the New York Stock Exchange or upon the occurrence of an event specified by vote or written consent of
the Series A-1 Preferred stockholders.
6. Common Stock
In August 2020, the Company
authorized the sale and issuance of up to
11,000,000
shares of common stock, par value $
0.001
per share. As of December 31, 2021
and 2020,
2,308,877
and
2,293,154
shares of common stock were issued and outstanding, respectively. The Company entered into multiple
Common Stock Purchase Agreements (the "Common SPA") with closings on October 30, 2020, November 18, 2020, December 24,
2020 and January 4, 2021. As of December 31, 2021, the Company has raised net proceeds of $
6.1
million in connection with the
sale and issuance of common stock, of which $
5.5
million was received as of December 31, 2020 and the remaining $
0.6
million
was received in January 2021. As of December 31, 2020, the $
0.5
million of net proceeds for common stock was recorded as
a subscription receivable on the Company's balance sheet. Issuance costs were $
37,000
related to the sale and issuance of common
stock.
The voting, dividend and liquidation
rights of the holders of the Company's common stock are subject to and qualified by the rights, powers and preference of the holders
of the Series A Preferred Stock and Series A-1 Preferred Stock set forth in Note 5.
Each share of common stock
entitles the holder to one vote, together with the holders of Series A Preferred Stock and Series A-1 Preferred Stock, on all
matters submitted to the stockholders for a vote. As of December 31, 2021, no cash dividends have been declared or paid.
The total shares of common
stock reserved for issuance are summarized as follows:
December 31,
2021
December 31,
2020
Series A Preferred Stock
628,930
628,930
Series A-1 Preferred Stock
684,450
—
Warrants
61,600
—
Unvested RSU awards
169,058
37,775
Total common stock reserved for issuance
1,544,038
666,705
F-
16
7. Stock-Based Compensation
2020 Equity Incentive Plan
The Company adopted the Revelation
Biosciences, Inc. 2020 Equity Incentive Plan (the "2020 Plan") on October 1, 2020 for the issuance of stock stock-based
awards. Originally, the 2020 Plan authorized
150,000
shares of the Company's common stock to be granted as stock-based awards. On
December 30, 2020, the 2020 Plan was amended to increase the number of shares of common stock authorized to be granted as stock-based
awards to
325,000
. Shares that are expired, terminated, surrendered or canceled under the 2020 Plan without having been fully vested will
be available for future awards. As of December 31, 2021, there were
155,942
shares available for future grant under the 2020 Plan.
The 2020 Plan is administered
by the board of directors. Vesting periods and other restrictions for RSU awards under the 2020 Plan are determined at the discretion
of the board of directors. Shares of RSU awards granted to employees, officers, board of directors, advisors, and consultants of the Company
typically vest over
one
to
four
years.
Restricted Stock Units
The Company has granted RSU
awards with time-based and milestone-based vesting conditions. Under time-based vesting conditions, the RSU awards vest quarterly over
one year
for grants to the board of directors and quarterly over
four
years or
25
% on the one
year
anniversary and the remainder
vesting monthly thereafter for grants to officers, employees and consultants. Under the milestone-based vesting conditions, the RSU awards
will automatically vest when the Company's shares of common stock are publicly traded on any over-the-counter market or national
stock exchange. As of December 31, 2021, there were no vested or released shares of RSU awards.
During the year ended December
31, 2021, the Company granted
131,283
RSU awards for shares of common stock, each RSU award converts to
one
share of common stock, with
a total grant date fair value of $
834,960
.
The Company recorded stock-based
compensation expense for RSU awards of $
470,878
and $
29,232
during the years ended December 31, 2021 and 2020, respectively. As of December
31, 2021, there was $
575,100
of unrecognized stock-based compensation expense related to unvested RSU awards. The unrecognized stock-based
compensation expense is estimated to be recognized over a period of
2.1
years as of December 31, 2021.
Stock-Based Compensation Expense
The Company recorded stock-based
compensation expense for the period indicated as follows:
Year Ended
December 31,
2021
Year Ended
December 31,
2020
General and administrative
$
412,214
27,446
Research and development
58,664
1,786
Total share-based compensation expense
$
470,878
29,232
F-
17
8. Warrants
In connection with the issuance
of the Series A-1 Preferred Stock through a private placement, the Company issued warrants to the placement agent to purchase an
aggregate of
61,600
shares of common stock at an exercise price of $
7.31
per share, valued on the issuance date of the Series A-1
Preferred Stock in the aggregate at $
326,675
and included in the issuance costs of the Series A-1 Preferred Stock. The warrants were
exercisable immediately upon issuance, provide for a cashless exercise right and are exercisable for a period of
six
years from January 31,
2021. As of December 31, 2021,
no
warrants were exercised or exchanged.
The fair value of the warrants
was estimated using the Black-Scholes option pricing model with the following assumptions:
Volatility
115
%
Expected term (years)
6
Risk-free interest rate
0.85
Expected dividend yield
—
9. Income Taxes
The Company did not record
a provision for income taxes for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020
due to a full valuation allowance against its deferred tax assets.
The difference between the
provision for income taxes and income taxes computed using the effective U.S. federal statutory rate is as follows:
Year Ended
December 31,
2021
Period from
May 4,
2020
(inception) to
December 31,
2020
Federal tax statutory rate
21.0
%
21.0
%
State tax, net of federal benefit
7.1
6.9
Research and development credits
1.9
4.1
Non-deductible expenses
(
2.3
)
—
Change in valuation allowance
(
27.7
)
(
32.0
)
Effective tax rate
—
%
—
%
Significant components of
the Company's deferred tax assets are as follows:
Year Ended
December 31,
2021
Period from
May 4,
2020
(inception) to
December 31,
2020
Net operating loss carryforwards
$
3,524,526
$
583,157
Research and development credits
255,656
121,535
Other, net
351,836
104,129
Total gross deferred tax assets
4,132,018
808,821
Valuation allowance
(
4,132,018
)
(
808,821
)
Net deferred tax assets
$
—
$
—
As of December 31, 2021
and 2020, a full valuation allowance of $
4,132,018
and $
808,821
, respectively, was established against its deferred tax assets due to
the uncertainty surrounding the realization of such assets.
As of December 31, 2021,
the Company had federal and state net operating loss carryforwards of $
12,468,027
and $
13,221,253
, respectively. Federal net operating
losses carryforward indefinitely. State net operating loss carryforwards will begin to expire in 2026.
F-
18
In addition, the Company had
estimated federal and state research and development credit carryforwards of $
91,217
and $
208,150
, respectively. The federal research
tax credit carryforwards will begin to expire in 2040 and 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 analysis 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 31, 2021 and 2020.
The Company does not expect that uncertain tax benefits will materially change in the next 12 months.
The Company's policy
is to record estimated interest and penalties related to uncertain tax benefits as income tax expense. As of December 31, 2021 and
December 31, 2020 , the Company had no accrued interest or penalties recorded related to uncertain tax positions.
The Company is subject to
taxation in the U.S. and various state jurisdictions. The Company's tax returns since inception are subject to examination
by the U.S. and various state tax authorities. The Company is not currently undergoing a tax audit in any federal or state jurisdiction.
On March 27, 2020, the
Coronavirus Aid, Relief and Economic Security ("CARES") Act was enacted and signed into law and GAAP requires recognition
of the tax effects of new legislation during the reporting period that includes the enactment date. The CARES Act includes changes to
the tax provisions that benefits business entities and makes certain technical corrections to the 2017 Tax Cuts and Jobs Act. The tax
relief measures for businesses in the CARES Act include a
five
-year net operating loss carryback for certain net operating losses, suspension
of the annual deduction limitation of
80
% of taxable income for certain net operating losses, changes in the deductibility of interest,
acceleration of alternative minimum tax credit refunds, payroll tax relief, and a technical correction to allow accelerated deductions
for qualified improvement property. The CARES Act also provides other non-tax benefits to assist those impacted by the pandemic. The Company
evaluated the impact of the CARES Act and determined that there is no material impact to the income tax provision for the
years
ended
December 31, 2021 and 2020.
The Consolidated Appropriation
Act ("CAA") of 2021 was signed into law, December 27, 2020, containing the most recent COVID-19 relief provisions as
well as many tax provisions including renewals of several popular tax extenders. The Company evaluated the impact of the CAA and determined
that there is no material impact to the income tax provision for the years ended December 31, 2021 and 2020.
10. Subsequent Events
Convertible Note Financing
On January 4, 2022 Revelation
entered into a convertible note financing in an amount of up to $
2.5
million with a fixed
10
% annual interest rate from AXA IM Prime Impact
Fund (the "Convertible Note"), the proceeds of which may be used by Old Revelation solely to purchase shares of Petra common
stock from redeeming Petra stockholders who redeem shares of Petra common stock in connection with the Business Combination. On January
6, 2022, Old Revelation purchased
245,019
shares of Petra common stock with the proceeds from the Convertible Note. Repayment of the Convertible
Note is in process in accordance with the exchange terms of the Convertible Note, by which the shares of Petra's common stock purchased
by Old Revelation are transferred to AXA.
F-
19
Business Combination
On the Closing Date, Petra
consummated the Business Combination, pursuant to the terms of the Business Combination Agreement, by and among Petra, Petra Merger Sub,
and Old Revelation. Pursuant to the Business Combination Agreement, on the Closing Date, (i) Merger Sub merged with and into Old Revelation,
with Old Revelation as the surviving company in the Merger, and, after giving effect to such Merger, Old Revelation was renamed Revelation
Biosciences Sub, Inc. and became a wholly-owned subsidiary of Petra and (ii) Petra changed its name to "Revelation Biosciences,
Inc.".
In accordance with the terms
and subject to the conditions of the Business Combination Agreement, at the Effective Time, (i) each share of common stock and preferred
stock of Old Revelation outstanding as of immediately prior to the Effective Time was exchanged for shares of common stock, par value
$
0.001
per share, of Revelation based on the agreed upon the Common Stock Exchange Ratio; (ii) each Old Revelation RSU award (as defined
in the Business Combination Agreement) outstanding as of immediately prior to the Effective Time was assumed by Revelation and was converted
into that number of whole Revelation Rollover RSU awards (as defined in the Business Combination Agreement) based on the Common Stock
Exchange Ratio; and (iii) each Old Revelation Warrant (as defined in the Business Combination Agreement) outstanding as of immediately
prior to the Effective Time was assumed by Revelation and was converted into that number of whole Revelation Rollover Warrants (as defined
in the Business Combination Agreement) based on the Common Stock Exchange Ratio, at an exercise price per share of common stock equal
to (x) the exercise price per share of Old Revelation common stock of such Old Revelation Warrant divided by (y) the Common Stock Exchange
Ratio.
At the Closing Date, up to
10,500,000
shares of common stock were to be issued constituting the Merger Consideration, (i) an aggregate of 9,871,343 shares of common
stock, including conversion of all outstanding shares of the Series A Preferred Stock and Series A-1 Preferred Stock, were issued
in exchange for the Old Revelation stock outstanding as of immediately prior to the Effective Time, (ii) 167,867 shares of common stock
were reserved for issuance for Revelation Rollover Warrants outstanding as of immediately prior to the Effective Time and (iii) 460,706
shares of common stock were reserved for issuance for Revelation Rollover RSU's outstanding as of immediately prior to the Effective
Time.
Immediately after giving effect
to the Business Combination, there were 12,944,213 shares of common stock outstanding, and 1,294,421 shares of common stock reserved for
future issuance under the 2021 Equity Incentive Plan. The pre-merger stockholders of Petra retained an aggregate of 3,072,870 shares of
common stock of Petra, representing 23.7% ownership of the post-Merger company. Therefore, upon consummation of the Business Combination,
there was a change in control of Petra, with the former owners of Revelation effectively acquiring control of Petra.
Additionally, in connection
with the Business Combination, stockholders holding 3,480,692 shares of Petra common stock exercised their right to redeem such shares
for cash at a price of approximately $10.20 per share for payments in the aggregate of approximately $35.5 million. On the Closing Date,
approximately $7.6 million was escrowed pursuant to the Forward Share Purchase Agreement entered into by and between Petra and Meteora
and approximately $4.2 million was released to Revelation.
On December 21, 2021, Petra
entered into certain backstop agreements (the "Backstop Agreements") with AXA Prime Impact Master Fund ("AXA")
(through a backstop agreement with Old Revelation, LifeSci Venture Partners ("LifeSci") and other Petra and Old Revelation
institutional, and individual investors, including Dr. Tidmarsh, chairman of Revelation (such additional institutional and individual
investors, together with LifeSci and Old Revelation collectively, the "Backstop Subscribers"). Pursuant to the Backstop Agreements,
the Backstop Subscribers agreed to subscribe for and purchase, in the aggregate, up to $
4.5
million of shares of Petra's common
stock, par value $
0.001
per share (the "Petra Common Stock"), in the event that more than $
31.5
million of shares of Petra
Common Stock are submitted for redemption in connection with Petra's proposed business combination with Old Revelation (the "Business
Combination"). On January 6, 2022, pursuant to the Backstop Agreements, the Backstop Subscribers purchased an aggregate of
432,072
shares of Petra Common Stock.
The Business Combination will
be accounted for as a reverse recapitalization, in accordance with U.S. GAAP. Under this method of accounting, although Petra will issue
shares for outstanding equity interests of Revelation in the Business Combination, Petra will be treated as the "acquired"
company for financial reporting purposes. Accordingly, the Business Combination will be treated as the equivalent of Revelation issuing
stock for the net assets of Petra, accompanied by a recapitalization. The net assets of Petra will be stated at historical cost, with
no goodwill or other intangible assets recorded. Operations prior to the Business Combination will be those of Revelation.
At the Closing Date of the
Business Combination, Petra adopted the third amended and restated certificate of incorporation, which became effective upon filing with
the Secretary of State of the State of Delaware on January 10, 2022.
F-
20
REVELATION BIOSCIENCES, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
March 31,
2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents
$
7,186,261
$
1,274,729
Prepaid expenses and other current assets
684,780
637,342
Total current assets
7,871,041
1,912,071
Property and equipment, net
108,919
115,181
Right-of-use lease asset
—
14,960
Total assets
$
7,979,960
$
2,042,212
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
1,460,845
$
596,261
Accrued expenses
3,706,366
1,528,669
Lease liability
—
16,752
Deferred underwriting commissions
2,911,260
—
Total current liabilities
8,078,471
2,141,682
Total liabilities
8,078,471
2,141,682
Commitments and Contingencies (Note 5)
STOCKHOLDERS' EQUITY (DEFICIT)
Series A Preferred Stock, $
0.001
par value; zero and 628,930 shares authorized, issued and outstanding at March 31, 2022 and December 31, 2021, respectively; liquidation preference of $0 and $3,999,995 at March 31, 2022 and December 31, 2021, respectively
—
3,903,730
Series A-1 Preferred Stock, $
0.001
par value; zero and 1,100,000 shares authorized and zero and 684,450 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively; liquidation preference of $0 and $4,353,102 at March 31, 2022 and December 31, 2021, respectively
—
3,578,197
Common Stock, $
0.001
par value;
100,000,000
and 29,977,303 shares authorized and
15,082,771
and 12,944,213 issued and outstanding at March 31, 2022 and December 31, 2021, respectively
15,083
2,309
Additional paid-in-capital
21,020,246
6,933,593
Accumulated deficit
(
21,133,840
)
(14,517,299
)
Total stockholders' equity (deficit)
(
98,511
)
(99,470
)
Total liabilities and stockholders' equity (deficit)
$
7,979,960
$
2,042,212
See accompanying notes to the condensed consolidated
financial statements.
F-
21
REVELATION BIOSCIENCES, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
March 31,
2022
2021
Operating expenses:
Research and development
$
3,680,280
$
1,557,039
General and administrative
2,906,020
1,050,672
Total operating expenses
6,586,300
2,607,711
Loss from operations
(
6,586,300
)
(
2,607,711
)
Other income (expense):
Other income (expense)
(
30,241
)
(
4,642
)
Total other income (expense), net
(
30,241
)
(
4,642
)
Net loss
$
(
6,616,541
)
$
(
2,612,353
)
Net loss per share, basic and diluted
$
(
0.47
)
$
(
0.42
)
Weighted-average shares used to compute net loss per share, basic and diluted
14,201,955
6,290,262
See accompanying notes to the condensed consolidated
financial statements.
F-
22
REVELATION BIOSCIENCES, INC.
Condensed Consolidated Statement of Changes
in Stockholders' Equity (Deficit)
(Unaudited)
Series A
Preferred Stock
Series A-1
Preferred Stock
Common Stock
Additional
Paid-in
Accumulated
Total
Stockholders'
Equity
Shares
Amount
Shares
Amount
Shares
Amount
Capital
Deficit
(Deficit)
Balance as of December 31, 2020
628,930
$
403,733
—
$
—
2,293,154
$
2,293
$
5,536,060
$
(
2,530,462
)
$
3,411,624
Issuance of common stock
—
—
—
—
15,723
16
99,982
—
99,998
Issuance of Series A-1 Preferred Stock, net of issuance costs
—
—
684,450
3,904,872
—
—
—
—
3,904,872
Issuance of Warrants in connection with the issuance of the Series A-1 Preferred Stock
—
—
—
(
326,675
)
—
—
326,675
—
—
Payment for Series A Preferred Stock subscribed
—
3,499,997
—
—
—
—
—
—
3,499,997
Payment for common stock subscribed
—
—
—
—
—
—
499,998
—
499,998
Stock-based compensation expense
—
—
—
—
—
—
102,325
—
102,325
Net loss
—
—
—
—
—
—
—
(
2,612,353
)
(
2,612,353
)
Balance as of March 31, 2021
628,930
$
3,903,730
684,450
$
3,578,197
2,308,877
$
2,309
$
6,565,040
$
(
5,142,815
)
$
8,906,461
Balance as of December 31, 2021
628,930
$
3,903,730
684,450
$
3,578,197
2,308,877
$
2,309
$
6,933,593
$
(
14,517,299
)
$
(
99,470
)
Conversion of Series A Preferred Stock to common stock
(
628,930
)
(
3,903,730
)
—
—
—
—
—
—
(
3,903,730
)
Conversion of Series A-1 Preferred Stock to common stock
—
—
(
684,450
)
(
3,578,197
)
—
—
—
—
(
3,578,197
)
Issuance of common stock in connection with the Business Combination, net of issuance costs
—
—
—
—
10,635,336
10,635
14,335,619
—
14,346,254
Equity Issuance for fees in connection with the Business Combination
—
—
—
—
300,000
300
—
—
300
Proceeds from the PIPE Investment, net issuance costs
—
—
—
—
1,293,126
1,293
7,260,926
—
7,262,219
Issuance of Common Warrants in connection with the PIPE Investment - $
3,634,262
—
—
—
—
—
—
—
—
—
Issuance of Placement Agent Warrants in connection with PIPE Investment - $
508,797
—
—
—
—
—
—
—
—
—
Rollover Warrant exercise
—
—
—
—
1,891
2
5,072
—
5,074
Repurchase for the Forward Share Purchase Agreement exercise
—
—
—
—
(
750,000
)
(
750
)
(
7,651,575
)
—
(
7,652,325
)
Pre-Funded Warrants exercise
—
—
—
—
1,293,541
1,294
(
1,281
)
—
13
Stock-based compensation expense
—
—
—
—
—
—
137,892
—
137,892
Net loss
—
—
—
—
—
—
—
(
6,616,541
)
(
6,616,541
)
Balance as of March 31, 2022
—
$
—
—
$
—
15,082,771
$
15,083
$
21,020,246
$
(
21,133,840
)
$
(
98,511
)
See accompanying notes to the condensed consolidated
financial statements.
F-
23
REVELATION BIOSCIENCES, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
2022
2021
Cash flows from operating activities:
Net loss
$
(
6,616,541
)
$
(
2,612,353
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense
137,892
102,325
Depreciation expense
6,262
642
Non-cash lease expense
14,960
9,330
Changes in operating assets and liabilities:
Prepaid expenses and other current assets
(
42,604
)
1,144
Accounts payable
258,515
218,754
Accrued expenses
1,391,282
(
93,667
)
Operating lease liability
(
16,752
)
(
8,227
)
Accrued interest on Promissory Notes Payable & Convertible Note
36,920
—
Net cash used in operating activities
(
4,830,066
)
(
2,382,052
)
Cash flows from investing activities:
Purchase of property and equipment
—
(
99,101
)
Net cash used in investing activities
—
(
99,101
)
Cash flows from financing activities:
Proceeds from the Convertible Note
2,500,000
—
Repayment of the Convertible Note
(
2,500,000
)
—
Proceeds from the Business Combination, net of issuance costs
11,923,499
—
Proceeds from the PIPE Investment, net of issuance costs
7,262,219
—
Rollover Warrant exercise
5,074
—
Repurchase for the Forward Share Purchase Agreement exercise
(
7,652,325
)
—
Repayments of Promissory Notes Payable, including interest expense
(
796,882
)
—
Pre-Funded Warrants exercise
13
—
Proceeds from issuance of common stock, net of issuance costs
—
599,996
Proceeds from issuance of Series A Preferred Stock, net of issuance costs
—
3,499,997
Proceeds from issuance of Series A-1 Preferred Stock, net of issuance costs
—
3,904,872
Net cash provided by financing activities
10,741,598
8,004,865
Net increase in cash and cash equivalents
5,911,532
5,523,712
Cash and cash equivalents at beginning of period
1,274,729
4,492,400
Cash and cash equivalents at end of period
$
7,186,261
$
10,016,122
Supplemental disclosure of non-cash investing and financing activities:
Current liabilities assumed in the Business Combination
$
2,149,432
$
—
Deferred underwriting commissions assumed in the Business Combination
$
2,911,260
$
—
Conversion of Series A Preferred Stock to common stock
$
3,903,730
$
—
Conversion of Series A-1 Preferred Stock to common stock
$
3,578,197
$
—
Equity Issuance for fees in connection with the Business Combination
$
300
$
—
Issuance of Common Warrants in connection with the PIPE Investment
$
3,634,262
$
—
Issuance of Placement Agent Warrants in connection with the PIPE Investment
$
508,797
$
—
Premium Financing Agreement
$
513,333
$
—
Acquisition of right-of-use asset through operating lease obligation
$
—
$
67,344
Issuance of warrants in connection with Series A-1 Preferred Stock
$
—
$
326,675
Deferred offering costs included in accounts payable and accrued expenses
$
—
$
155,452
See accompanying notes to the condensed consolidated
financial statements.
F-
24
REVELATION BIOSCIENCES, INC.
Notes to the Condensed Consolidated Financial
Statements
(Unaudited)
1. Organization and Basis of Presentation
Revelation Biosciences, Inc.
(collectively with its wholly-owned subsidiaries, the "Company" or "Revelation"), formerly known as Petra Acquisition,
Inc. ("Petra"), was incorporated in Delaware on November 20, 2019. The Company was formed for the purpose of entering into
a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one
or more businesses or entities. On January 10, 2022 (the "Closing Date") the Company consummated its business combination,
with Revelation Biosciences Sub, Inc. ("Old Revelation" or "Revelation Sub"), the Company's wholly owned subsidiary
(the "Business Combination"). Since the Business Combination, the Company is a clinical-stage biopharmaceutical company and
has been focused on the development and commercialization of immunologic therapeutics and diagnostics.
The Business Combination was
accounted for as a reverse recapitalization with Revelation Sub as the accounting acquirer and Petra as the acquired company for accounting
purposes. Accordingly, all historical financial information presented in the unaudited condensed consolidated financial statements represents
the accounts of Revelation Sub as if Revelation Sub is the predecessor to the Company. The common stock and net loss per share, prior
to the Merger, have been retroactively restated as common stock and net loss per share reflecting the exchange ratio established in the
Business Combination (
2.725
shares of common stock for 1 share of Revelation Sub common stock (the "Common Stock Exchange Ratio")).
Petra's Common Stock,
Public Warrants and Units were historically listed on the Nasdaq Capital Market under the symbols "PAIC," "PAICW"
and "PAICU," respectively. On January 10, 2022, the Company's units, common stock and warrants were listed on the Nasdaq
Capital Market under the symbols "REVBU", "REVB" and "REVBW", respectively, (see Note 3).
The Company has incurred recurring
losses since its inception, including a net loss of $
6.6
million for the three months ended March 31, 2022. As of March 31, 2022, the
Company had an accumulated deficit of $
21.1
million, a stockholders' deficit of $
98,511
and available cash and cash equivalents
of $
7.2
million. The Company expects to continue to incur significant operating and net losses, as well as negative cash flows from operations,
for the foreseeable future as it continues to complete all necessary product development or future commercialization efforts. The Company
has never generated revenue and does not expect to generate revenue from product sales unless and until it successfully completes development
and obtains regulatory approval for REVTx-99a, REVTx-99b, REVDx-501 or other product candidates, which the Company expects will not be
for at least several years, if ever. The Company does not anticipate that its current cash and cash equivalents balance will be sufficient
to sustain operations within one year after the date that the Company's unaudited financial statements for March 31, 2022 were issued,
which raises substantial doubt about its ability to continue as a going concern.
To continue as a going concern,
the Company will need, among other things, to raise additional capital resources. The Company plans to seek additional funding through
public or private equity or debt financings. The Company may not be able to obtain financing on acceptable terms, or at all. The terms
of any financing may adversely affect the holdings or the rights of the Company's stockholders. If the Company is unable to obtain
funding, it could be required to delay, reduce or eliminate research and development programs, product portfolio expansion or future commercialization
efforts, which could adversely affect the Company's business operations.
The unaudited condensed consolidated
financial statements for March 31, 2022, have been prepared on the basis that the Company will continue as a going concern, and does not
include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification
of liabilities that may result from the possible inability for the Company to continue as a going concern.
The accompanying financial
statements are prepared in accordance U.S. generally accepted accounting principles ("GAAP"). All inter-company transactions
and balances have been eliminated in consolidation. Certain amounts previously reported in the financial statements have been reclassified
to conform to the current year presentation. Such reclassifications did not affect net loss, stockholders' deficit or cash flows.
F-
25
2. Summary of Significant Accounting Policies
Unaudited Interim Condensed Consolidated
Financial Statements
The unaudited interim condensed
consolidated financial statements have been prepared on the same basis as the audited financial statements as of December 31, 2021 and
for the year ended December 31, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments,
necessary to present fairly the Company's financial position as of March 31, 2022, and its results of operations, cash flows and
stockholders' equity (deficit) for the three months ended March 31, 2022. The financial data and the other financial information
contained in these notes to the condensed consolidated financial statements related to the three months ended March 31, 2022 are unaudited.
The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the
year ending December 31, 2022 or for any other future annual or interim period. The condensed consolidated financial statements and notes
thereto should be read in conjunction with the Company's audited financial statements and notes thereto for the year ended December
31, 2021 included on Form 8-K/A, as filed with the SEC on April 22, 2022. The accompanying condensed consolidated balance sheet as of
March 31, 2022 has been derived from the audited balance sheet at December 31, 2021 contained in the above referenced Form 8-K/A.
Use of Estimates
The preparation of the condensed
consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions about future events that
affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of expenses.
These estimates and assumptions are based on the Company's best estimates and judgment. The Company regularly evaluates its estimates
and assumptions using historical and industry experience and other factors; however, actual results could differ materially from these
estimates and could have an adverse effect on the Company's condensed consolidated financial statements.
Cash and Cash Equivalents
The Company considers all
highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. The
Company maintains its cash in checking and savings accounts. Income generated from cash held in savings accounts is recorded as interest
income. The carrying value of the Company's savings accounts is included in cash and approximates the fair value.
Fair Value Measurements
The carrying values of the
Company's financial assets and liabilities, including cash and cash equivalents, subscription receivables, prepaid expenses, accounts
payable and accrued expenses approximate their fair value due to the short-term nature of these instruments. Fair value is defined as
the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market
participants at the reporting date. Assets and liabilities recorded at fair value in the financial statements are categorized based upon
the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount
of subjectivity with the inputs to the valuation of these assets or liabilities as follows:
Level 1 —
Observable
inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level 2
— Inputs
(other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities.
These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar
assets or liabilities in markets that are not active;
Level 3
— Unobservable
inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
F-
26
Concentrations of Credit Risk
Financial instruments that
potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents. Bank deposits are held
by accredited financial institutions and these deposits may at times be in excess of federally insured limits. The Company limits its
credit risk associated with cash and cash equivalents by placing them with financial institutions that it believes are of high quality.
The Company has not experienced any losses on its deposits of cash or cash equivalents.
Property and Equipment, Net
Property and equipment are
stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives
of the assets, which is
five years
. Maintenance and repairs are charged to operating expense as incurred. When assets are sold, or otherwise
disposed of, the cost and related accumulated depreciation are removed from the accounts, and any gain or loss is included in other income
(expense).
Leases
The Company determines if
an arrangement is a lease at inception. Lease right-of-use assets represent the right to use an underlying asset for the lease term and
lease liabilities represent the obligation to make lease payments arising from the lease. For operating leases with an initial term greater
than 12 months, the Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value
of lease payments over the lease term at the commencement date. Operating lease right-of-use assets are comprised of the lease liability
plus any lease payments made and excludes lease incentives. Lease terms include options to renew or terminate the lease when the Company
is reasonably certain that the renewal option will be exercised or when it is reasonably certain that the termination option will not
be exercised. For an operating lease, if the interest rate used to determine the present value of future lease payments is not readily
determinable, the Company estimates the incremental borrowing rate as the discount rate for the lease. The Company's incremental
borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar
economic environments. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Research and Development Expenses
Research and development expenses
consist primarily of costs incurred for the development of the Company's lead product candidates, REVTx-99a/b and lead diagnostic
product, REVDx-501. Research and development costs are charged to expense as incurred. The Company records accrued expenses for estimated
preclinical, clinical study and research expenses related to the services performed but not yet invoiced pursuant to contracts with research
institutions, contract research organizations, and clinical manufacturing organizations that conduct and manage preclinical studies, clinical
studies, research services, and development services on the Company's behalf. Payments for these services are based on the terms
of individual agreements and payment timing may differ significantly from the period in which the services were performed. Estimates are
based on factors such as the work completed, including the level of patient enrollment. The Company monitors patient enrollment levels
and related activity to the extent reasonably possible and makes judgments and estimates in determining the accrued balance in each reporting
period. The Company's estimates of accrued expenses are based on the facts and circumstances known at the time. If the Company underestimates
or overestimates the level of services performed or the costs of these services, actual expenses could differ from estimates. As actual
costs become known, the Company adjusts accrued expenses. To date, the Company has not experienced significant changes in estimates of
clinical study and development services accruals.
F-
27
Patent Costs
Legal costs in connection
with approved patents and patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. These costs
are recorded in general and administrative expense in the statements of operations.
Stock-based Compensation
The Company recognizes compensation
expense related to stock options, third-party warrants, and Restricted Stock Unit ("RSU") awards granted, based on the estimated
fair value of the stock-based awards on the date of grant. The fair value of employee stock options and third-party warrants are generally
determined using the Black-Scholes option-pricing model using various inputs, including estimates of expected volatility, term, risk-free
rate, and future dividends. The grant date fair value of the stock-based awards, which have graded vesting, is recognized using the straight-line
method over the requisite service period of each stock-based award, which is generally the vesting period of the respective stock-based
awards. The Company recognizes forfeitures as they occur.
Income Taxes
Income taxes are accounted
for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax
bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applied
to taxable income in the years in which those temporary differences are expected to be realized. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized as income or loss in the period that includes the enactment date. A valuation allowance
is established when necessary to reduce deferred tax assets to the amount expected to be realized. Interest and penalties related to unrecognized
tax benefits are included within the provision of income tax. To date, there have been no unrecognized tax benefits balances.
Basic and Diluted Net Loss per Share
Basic net loss per share is
calculated by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration
of potential shares of common stock. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of shares
of common stock outstanding plus potential shares of common stock. Convertible preferred stock on an as converted basis, unvested and
unissued RSU awards, warrants and stock options outstanding are considered potential shares of common stock and are included in the calculation
of diluted net loss per share using the treasury stock method when their effect is dilutive. Potential shares of common stock are excluded
from the calculation of diluted net loss per share when their effect is anti-dilutive. As of March 31, 2022 and 2021, there were
14,441,532
and
4,207,776
potential shares of common stock, respectively, (see Note 9), that were excluded from the calculation of diluted net loss
per share because their effect was anti-dilutive.
Comprehensive Loss
The Company has no components
of comprehensive loss other than net loss. Thus, comprehensive loss is the same as net loss for the periods presented.
Segment Reporting
Operating segments are defined
as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker,
or decision-making group, in deciding how to allocate resources in assessing performance.
The Company has
one
operating
segment. The Company's chief operating decision maker, its Chief Executive Officer, manages the Company's operations for the
purposes of allocating resources and evaluating financial performance.
F-
28
Recent Accounting Pronouncements
In December 2019, the Financial
Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12,
Simplifying the Accounting
for Income Taxes (Topic 740) ("ASU 2019-12").
ASU 2019-12 issued guidance on the accounting for income taxes that, among
other provisions, eliminates certain exceptions to existing guidance related to the approach for intra-period tax allocation, the methodology
for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This
guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the
first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted
tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance,
an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective
date of the tax law. This guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within the fiscal
years beginning after December 15, 2022. Early adoption is permitted. The adoption of this guidance is not expected to have a material
impact on the Company's financial statements.
3. Business Combination
As disclosed in Note 1, the
Company consummated the Business Combination, pursuant to the terms of the agreement and plan of merger, dated as of August 29, 2021 (the
"Business Combination Agreement"), by and among Petra, Petra Acquisition Merger, Inc., a Delaware corporation and wholly-owned
subsidiary of Petra ("Merger Sub"), and Old Revelation. Pursuant to the Business Combination Agreement, on the Closing Date,
(i) Merger Sub merged with and into Old Revelation (the "Merger"), with Old Revelation as the surviving company in the Merger,
and, after giving effect to such Merger, Old Revelation was renamed Revelation Biosciences Sub, Inc. and became a wholly-owned subsidiary
of the Company and (ii) the Company changed its name to "Revelation Biosciences, Inc."
In accordance with the terms
and subject to the conditions of the Business Combination Agreement, at the effective time of the Merger (the "Effective Time"),
(i) each share of common stock and preferred stock of Old Revelation outstanding as of immediately prior to the Effective Time was exchanged
for shares of common stock, par value $
0.001
per share, of Revelation based on the agreed upon Common Stock Exchange Ratio; (ii) each
Old Revelation RSU award outstanding as of immediately prior to the Effective Time was assumed by Revelation and was converted into that
number of whole rollover RSU awards based on the Common Stock Exchange Ratio ("Rollover RSU"); and (iii) each Old Revelation
warrant outstanding as of immediately prior to the Effective Time was assumed by Revelation and was converted into that number of whole
rollover warrants based on the Common Stock Exchange Ratio, at an exercise price per share of common stock equal to (x) the exercise price
per share of Old Revelation common stock of such Old Revelation warrant divided by (y) the Common Stock Exchange Ratio ("Rollover
Warrant").
At the Closing Date, up to
10,500,000
shares of common stock were to be issued constituting the merger consideration, (i) an aggregate of
9,871,343
shares of common
stock, including conversion of all outstanding shares of the Series A Preferred Stock and Series A-1 Preferred Stock of Old Revelation,
were issued in exchange for the Old Revelation stock outstanding as of immediately prior to the Effective Time, (ii)
167,867
shares of
common stock were reserved for issuance for Rollover Warrants outstanding as of immediately prior to the Effective Time and (iii)
460,706
shares of common stock were reserved for issuance for Rollover RSU awards outstanding as of immediately prior to the Effective Time.
Immediately after giving effect
to the Business Combination, there were
12,944,213
shares of common stock outstanding, and
1,294,421
shares of common stock reserved for
future issuance under the 2021 Equity Incentive Plan. The pre-merger stockholders of Petra retained an aggregate of
3,072,870
shares of
common stock of Petra, representing
23.7
% ownership of the post-Merger company. Therefore, upon consummation of the Business Combination,
there was a change in control of Petra, with the former owners of Revelation Sub acquiring control of Petra.
F-
29
Prior to the Closing date,
on December 21, 2021, Petra entered into certain backstop agreements (the "Backstop Agreements") with AXA Prime Impact Master
Fund ("AXA") (through a backstop agreement with Old Revelation), LifeSci Venture Partners ("LifeSci") and other
Petra and Old Revelation institutional, and individual investors, including Dr. Tidmarsh, Chairman of Old Revelation and present Chairman
of the Company (such additional institutional and individual investors, together with LifeSci and Old Revelation collectively, the "Backstop
Subscribers"). Pursuant to the Backstop Agreements, the Backstop Subscribers agreed to purchase, in the aggregate, up to $
4.5
million
of shares of Petra's common stock, par value $
0.001
per share, in the event that more than $
31.5
million was redeemed from the trust
account in connection with the Business Combination. On January 6, 2022, pursuant to the Backstop Agreements, the Backstop Subscribers
purchased an aggregate of
432,072
shares of Petra Common Stock that had been surrendered for redemption totaling $
4.5
million. Petra also
entered into a forward share purchase agreement (the "Forward Share Purchase Agreement") with Meteora Capital Partners and
its affiliates (collectively, "Meteora") pursuant to which Meteora committed, to purchase additional shares of the Company's
common stock in open market transactions or from redeeming stockholders so that Meteora held at least
750,000
shares of common stock as
of the closing of the Business Combination. The Forward Share Purchase Agreement provides that Meteora may elect to sell and transfer
to the Company, on the one month anniversary of the closing of the Business Combination up to
750,000
shares of common stock held by Meteora
at the time of closing of the Business Combination at a price of $
10.2031
per share.
Additionally, in connection
with the Business Combination, stockholders holding
3,480,692
shares of Petra common stock exercised their right to redeem such shares
for cash at a price of approximately $
10.20
per share for payments in the aggregate of approximately $
35.5
million. On the Closing Date,
approximately $
7.7
million was escrowed pursuant to the Forward Share Purchase Agreement entered into by and between Petra and Meteora
and approximately $
4.2
million was released to Revelation. On February 4, 2022, Meteora exercised the Forward Share Purchase Agreement
entered into by and between the Company.
750,000
shares were repurchased by the Company and approximately $
7.7
million that was escrowed
was paid to Meteora.
At the Closing Date of the
Business Combination, Petra adopted the third amended and restated certificate of incorporation, which became effective upon filing with
the Secretary of State of the State of Delaware on the Closing Date.
Subsequent to the Closing
Date on February 10, 2022 and February 22, 2022 the Company paid $
105,490
and $
691,392
, respectively, to the three holders of promissory
notes made to Petra in connection with the Business Combination ("Promissory Notes Payable"). The Promissory Notes Payable
had a total principal of $
750,000
, and had accrued interest of $
46,882
at the time of repayment.
The Business Combination has
been accounted for as a reverse recapitalization, in accordance with U.S. GAAP. Under this method of accounting, although Petra issued
shares for outstanding equity interests of Old Revelation in the Business Combination, Petra was treated as the "acquired"
company for financial reporting purposes. Accordingly, the Business Combination was treated as the equivalent of Old Revelation issuing
stock for the net assets of Petra, accompanied by a recapitalization. The net assets of Petra have been stated at historical cost, with
no
goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of Revelation.
4. Balance Sheet Details
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted
of the following:
March 31,
2022
December 31,
2021
Prepaid clinical costs
$
—
$
488,614
Prepaid insurance
618,750
—
Other prepaid expenses & current assets
66,030
148,728
Total prepaid expenses & current assets
$
684,780
$
637,342
F-
30
Property and Equipment, Net
Property and equipment, net consisted of the following:
March 31,
2022
December 31,
2021
Lab equipment
$
131,963
$
131,963
Total property and equipment, gross
131,963
131,963
Accumulated depreciation
$
(
23,044
)
$
(
16,782
)
Total property and equipment, net
108,919
115,181
Depreciation expense was $
6,262
for the three months ended March 31, 2022 and $
16,782
for the year ended December 31, 2021.
Accrued Expenses
Accrued expenses consisted of the following:
March 31,
2022
December 31,
2021
Accrued payroll and related expenses
$
978,343
$
756,729
Accrued clinical study expenses
1,255,901
327,244
Accrued professional fees
848,223
294,130
Accrued clinical development costs
110,566
145,566
Accrued other expenses
—
5,000
Premium Finance Agreement
513,333
—
Total accrued expenses
$
3,706,366
$
1,528,669
5. Commitments and Contingencies
Lease Commitments
In February 2021, Revelation
Sub entered into an agreement to lease
2,140
square feet of laboratory space located at
11011
Torreyana Road, Suite 102, San Diego, California
(the "Original Lease"). The Original Lease had a term of 13 calendar months, plus any partial month at the beginning of the
Original Lease (the "Original Lease Term"). There was no option to extend the Original Lease and the expiration date was March
31, 2022. In accordance with the Original Lease, Revelation Sub is required to maintain a security deposit of $
5,564
. Revelation Sub will
pay $
70,313
of rent expense over the life of the Lease. In October 2021, Revelation Sub amended the Original Lease to expire on December
31, 2022, equal to an additional nine calendar months with a base monthly rent equal to the 13
th
month of the Original Lease
(the "First Amendment"). Revelation Sub signed the First Amendment on October 14, 2021. In connection the Business Combination,
the First Amendment was assumed by the Company. The Company will pay $
51,578
of rent expense over the life of the First Amendment. The
Company has applied the short-term lease exception as the First Amendment is less than twelve months. In addition to rent, the Lease requires
the Company to pay certain taxes, insurance and operating costs relating to the leased premises. The Lease contains customary default
provisions, representations, warranties and covenants. The Lease is classified as an operating lease.
Revelation Sub recorded a
lease liability and right-of-use lease assets for the Original Lease based on the present value of Original Lease payments over the expected
Original Lease Term, discounted using Revelation Sub's incremental borrowing rate. As of March 31, 2022, the weighted-average discount
rate for the Original Lease was
7.73
% and the remaining Original Lease Term expired. Rent expense under the Original Lease was $
15,067
for the three months ended March 31, 2022.
Future minimum lease payments
under the First Amendment of the operating lease as of March 31, 2022 is $
51,578
.
F-
31
Convertible Note Financing
On January 4, 2022, Revelation
Sub entered into a convertible note financing in an amount of up to $
2.5
million with a fixed
10
% annual interest rate from AXA IM Prime
Impact Fund (the "Convertible Note"), the proceeds of which may be used by Revelation Sub to purchase shares of Petra common
stock from redeeming Petra stockholders who redeem shares of Petra common stock in connection with the Business Combination. On January
6, 2022, Old Revelation purchased
245,019
shares of Petra common stock with the proceeds from the Convertible Note. Repayment of the Convertible
Note was made on January 4, 2022 in accordance with the exchange terms of the Convertible Note by which
245,019
shares of Petra's
common stock that had been purchased by Revelation Sub were transferred to AXA.
Total interest incurred under
the Convertible Note was $
14,383
during the three months ended March 31, 2022.
Premium Finance Agreement
In order to obtain a public
company directors and officers insurance policy ("D&O Insurance"), the Company entered into an agreement with a premium
financing lender, where by the lender paid the D&O Insurance premium for the company ("Premium Finance Agreement"). If
the Company were to not pay the lender monthly installment payments, the lender would cancel the D&O Insurance and the remaining D&O
Insurance premium would be returned to the lender. In addition, if the Company were to cancel the D&O Insurance, the remaining D&O
Insurance premium would be returned to the lender.
The Premium Finance Agreement
is for $
825,000
and accrues interest at a fixed rate of
3.57
% per annum payable monthly for a total of $
9,856
over the term of the Premium
Finance Agreement. Monthly payments of $
74,428
, are to be paid in nine monthly installments, which commenced on February 10, 2022 with
a maturity date of
October 10, 2022
. Upon entering into the Premium Finance Agreement, an upfront payment of $
165,000
was due and paid
on February 14, 2022.
Total expense incurred under
the Finance Agreement for upfront, monthly and interest payments was $
208,440
during the three months ended March 31, 2022. Total cash
paid under these the Finance Agreement for upfront, monthly and interest payments was $
313,857
during the three months ended March 31,
2022. Future possible obligations under the Premium Finance Agreement could be a total of $
520,999
in aggregate during the remainder of
fiscal year 2022.
Commitments
The Company enters into contracts
in the normal course of business with third party service providers and vendors. These contracts generally provide for termination on
notice and, therefore, are cancellable contracts and not considered contractual obligations and commitments.
Contingencies
From time to time, the Company
may become subject to claims and litigation arising in the ordinary course of business. The Company is not a party to any material legal
proceedings, nor is it aware of any material pending or threatened litigation other than described below.
Legal Proceedings
On February 18, 2022, LifeSci
Capital LLC filed an action against the Company in the U.S. District Court for the Southern District of New York seeking damages in the
amount of approximately $
2.7
million in cash and $
2.6
million in equity for unpaid banking and advisory fees. These fees arise under contracts
which were entered into prior to the Business Combination and the Company is disputing the amount owed under those contracts and has asserted
affirmative defenses including the defense that the amount of the fees sought exceeded the $
8.5
million cap on transaction expenses in
the Business Combination Agreement. This action remains pending as of the date of this Report. $
1.5
million of the claim relates to deferred
underwriting fees from the Petra initial public offering, which are recorded as a current liability in the financial statements under
deferred underwriting commissions. No other liabilities are reflected in the financial statements as the amount of any additional liability
can not be determined at this time.
F-
32
6. PIPE Investment
On January 23, 2022, the Company
entered into a securities purchase agreement with an institutional investor ("the Purchaser") pursuant to which the Purchaser
agreed to purchase, and the Company agreed to issue and sell to the Purchaser in a private placement,
1,293,126
shares of common stock
at a gross purchase price of $
3.00
per share (the "Shares") (the "PIPE Investment"),
1,293,541
unregistered pre-funded
warrants to purchase common stock (the "Pre-Funded Warrants") and
2,586,667
unregistered warrants to purchase common stock
(the "Common Warrants"). The closing was consummated on January 25, 2022. The net proceeds to the Company was $
7.3
million.
Each Pre-Funded Warrant was
funded to the amount of $
3.00
, with $
0.00001
per share of common stock payable upon exercise, was immediately exercisable, could have
been exercised at any time until exercised in full and is subject to customary adjustments. The Pre-Funded Warrants may not be exercised
if the aggregate number of shares of the Company's common stock beneficially owned by the holder (together with its affiliates)
would exceed
9.99
% of the Company's outstanding common stock immediately after exercise. On February 22, 2022, the Company received
a notice of cash exercise for the total outstanding Pre-Funded Warrants issued in connection with the PIPE Investment for
1,293,541
shares
of common stock at purchase price of $
12.94
.
Each Common Warrant has an
exercise price of $3.29 per share of common stock, is exercisable at any time after the sixth month anniversary of the date of issuance,
will expire five and one-half years from the date of issuance and is subject to customary adjustments.
The Common Warrants may not be
exercised if the aggregate number of shares of the Company's common stock beneficially owned by the holder (together with its affiliates)
would exceed
4.99
% of the Company's outstanding common stock immediately after exercise. However, the holder may increase (upon
61 days' prior notice from the holder to the Company) or decrease such percentages, provided that in no event such percentage exceeds
9.99
%.
Also on January 23, 2022 and
in connection with the private placement, the Company entered into a registration rights agreement (the "Registration Rights Agreement")
with the Purchaser, pursuant to which the Company agreed to use its best efforts to file a registration statement on Form S-1 (the "Registration
Statement") to register for resale the Shares and any shares of the Company's common stock issuable upon exercise of the Pre-Funded
Warrants and Common Stock Warrants by January 31, 2022, but in no event later than February 4, 2022. The company filed the Registration
Statement on January 28, 2022 and it became effective on February 7, 2022.
Roth Capital Partners, LLC
(the "Placement Agent") was engaged by the Company to act as its exclusive placement agent for the private placement. The
Company agreed to pay the Placement Agent a cash fee equal to
6.0
% of the gross proceeds received by the Company in the private placement,
totaling approximately $
465,600
. In addition, the Company agreed to issue to the Placement Agent warrants to purchase up to
362,134
shares
of common stock (representing
7.0
% of the aggregate number of shares of common stock sold in the private placement (including shares of
common stock issuable upon the exercise of any of the Pre-Funded Warrants and Common Warrants) (the "Placement Agent Warrants").
The Placement Agent Warrants have substantially the same terms as the Common Warrants.
Using the Black-Scholes option
pricing model, the Common Warrants were valued in the aggregate at $
3.6
million and the Placement Agent Warrants were valued in the aggregate
at $
0.5
million. Both were included in the issuance costs of the private placement (see Note 11).
7. Preferred Stock
Prior to the Merger, in August
2020, Revelation Sub authorized the sale and issuance of up to
2,000,000
shares of preferred stock, par value $
0.001
per share. At the
Closing Date of the Business Combination, all outstanding shares of the Series A Preferred Stock and Series A-1 Preferred Stock were converted
into
1,713,965
and
1,865,238
, respectively, of shares of common stock at an exchange ratio of
2.725
(see Note 3).
F-
33
The third amended and restated
certificate of incorporation of the Company authorizes up to
5,000,000
shares of preferred stock, $
0.001
par value per share, which may
be issued as designated by the Board of Directors without stockholder approval. As of March 31, 2022 and as of the date of this Report,
there was no preferred stock designated nor any such shares issued and outstanding.
Series A Preferred Stock
Prior to the Merger, in December
2020, Revelation Sub sold and issued
628,930
shares of Series A Preferred Stock at $
6.36
per share for net proceeds of $
3.9
million. All
shares of the Series A Preferred Stock were exchanged on the Closing Date for common stock in connection with the Business Combination.
Series A-1 Preferred Stock
Prior to the Merger, in January
2021, Revelation Sub sold and issued
684,450
shares of Series A-1 Preferred Stock at $
6.36
per share for net proceeds of $
3.9
million.
All shares of the Series A-1 Preferred Stock were exchanged on the Closing Date for common stock in connection with the Business Combination.
8. Units
In connection with the Company's
IPO, in October of 2020, the Company issued unit's that consists of one share of common stock and one warrant with an exercise price of
$
11.50
(the "Public Warrants").
As of March 31, 2022 there
were
21,136
units outstanding, which trade on the Nasdaq Capital Market under the ticker symbol REVBU. The Company includes each share
of common stock and Public Warrant from the unit's in its calculation of common stock and Public Warrants outstanding, respectively.
9. Common Stock
Prior to the Business Combination,
in December 2020, Revelation Sub authorized the sale and issuance of up to
29,977,303
shares of common stock, par value $
0.001
per share.
During 2020 Revelation Sub entered into multiple common stock purchase agreements that resulted in the issuance of
6,292,140
shares and
raised net proceeds of $
6.1
million. Issuance costs were $
37,000
related to the sale and issuance of common stock.
Business Combination Transaction
At the Closing Date, the Company
authorized the sale and issuance of up to
100,000,000
shares of common stock, $
0.001
par value per share. Additionally, an aggregate of
9,871,343
shares of common stock, were issued in exchange for the Revelation Sub stock, outstanding as of immediately prior to the Effective
Time.
Immediately after giving effect
to the Business Combination, there were
12,944,213
shares of common stock outstanding.
On the Closing Date, the Company
received net proceeds from the Business Combination of $
11.9
million, of which $
7.7
million was escrowed pursuant to a Forward Share Purchase
Agreement entered into by Petra and $
4.2
million was released to Revelation.
Subsequent to Business Combination
On January 23, 2022, the Company
issued
1,293,126
shares of common stock in connection with the PIPE Investment. The Company received net proceeds of $
7.3
million.
On January 31, 2022, the Company
issued
300,000
shares of common stock as collateral to Loeb & Loeb, LLP as part of a payment deferral of legal fees in connection
with the Business Combination.
On February 4, 2022, the Company
cancelled
750,000
shares in connection with the exercise of the Forward Share Purchase Agreement and approximately $
7.7
million that was
in escrow was paid to Meteora.
F-
34
On February 22, 2022, the
Company issued
1,293,541
shares of common stock in connection with the notice of cash exercise for the Pre-Funded Warrants issued in connection
with the PIPE Investment with a total purchase price of $
12.94
.
On February 2, 2022, the Company
issued
1,891
shares of common stock in connection with a notice of cash exercise for the Company's Rollover Warrants with a total
purchase price of $
5,073
.
As of March 31, 2022 and 2021,
15,082,771
and
12,944,213
shares of common stock were issued and outstanding, respectively. As of March 31, 2022, no cash dividends have
been declared or paid.
The total shares of common stock reserved for issuance
are summarized as follows:
March 31,
2022
March 31,
2021
Series A Preferred Stock
—
1,713,965
Series A-1 Preferred Stock
—
1,865,238
Public Warrants
7,278,151
—
Private Warrants
3,233,446
—
Common Warrants
2,586,667
—
Placement Agent Warrants
362,134
—
Rollover Warrants
165,976
167,867
Unvested and unissued Rollover RSU awards
460,706
460,706
Stock options outstanding
354,452
—
Dilutive shares reserved for issuance
14,441,532
4,207,776
Shares available for future stock grants under the 2021 Equity Incentive Plan
939,969
—
Total common stock reserved for issuance
15,381,501
4,207,776
10. Stock-Based Compensation
2020 Equity Incentive Plan and 2021 Equity
Incentive Plan
Prior to the Merger, Revelation
Sub adopted the Revelation Biosciences, Inc. 2020 Equity Incentive Plan (the "2020 Plan") on October 1, 2020 for the issuance
of stock stock-based awards. There was a total of
885,693
shares available for stock-based awards under the 2020 Plan of which
460,706
shares had been used for RSU grants. On the Closing Date of the Business Combination, the outstanding RSU grants from the 2020 Plan where
exchanged for Rollover RSU's and the 2020 Plan was cancelled and there are no additional shares available for grant under the 2020 Plan.
In January 2022, in connection
with the Business Combination, the Board of Directors adopted the 2021 Equity Incentive Plan (the "2021 Plan") and reserved
1,294,421
authorized shares of common stock the Company could issue. As of March 31, 2022, there were
939,969
shares available for future
grant under the 2021 Plan.
Under the 2021 Plan, stock
options and stock appreciation rights are granted at exercise prices determined by the Board of Directors which cannot be less than
100
%
of the estimated fair market value of the common stock on the grant date. Incentive stock options granted to any stockholders holding
10
% or more of the Company's equity cannot be granted with an exercise price of less than
110
% of the estimated fair market value of the
common stock on the grant date and such options are not exercisable after
five years
from the grant date.
The 2021 Plan is administered
by the Board of Directors. Vesting periods and other restrictions for grants under the 2021 Plan are determined at the discretion of the
Board of Directors. Grants to employees, officers, directors, advisors, and consultants of the Company typically vest over
one
to
four
years
.
Restricted Stock Units
At the Closing Date of the
Business Combination, all Revelation RSU holders received a Rollover RSU in exchange for each RSU of Revelation Sub at an exchange ratio
of
2.725
that vest in accordance with the original terms of the award. The Company determined this to be a Type I modification but did
not record any incremental stock-based compensation expense since the fair value of the modified awards immediately after the modification
was not greater than the fair value of the original awards immediately before the modification.
F-
35
Prior to the Merger, Revelation
Sub granted the RSU awards with time-based and milestone-based vesting conditions.
Under time-based vesting conditions, the RSU awards
vest quarterly over one year for grants to the Board of Directors and quarterly over four years or
25
% on the
one
year anniversary and
the remainder vesting monthly thereafter for grants to officers, employees and consultants.
Under the milestone-based vesting conditions,
the RSU awards will automatically vest when the Company's shares of common stock are publicly traded on any over-the-counter market
or national stock exchange. On January 10, 2022, the milestone-based vesting condition was achieved with the consummation of the Business
Combination.
As of March 31, 2022, the
Company granted
460,706
Rollover RSU awards for shares of common stock, each Rollover RSU award converts to
one
share of common stock,
with a total grant date fair value of $
1,075,244
.
The Company recorded stock-based
compensation expense for Rollover RSU awards of $
73,871
and $
102,325
during the three months ended March 31, 2022 and 2021, respectively.
As of March 31, 2022, there was $
501,229
of unrecognized stock-based compensation expense related to unvested Rollover RSU awards. The
unrecognized stock-based compensation expense is estimated to be recognized over a period of
1.9
years as of March 31, 2022.
Stock Options
The Company has granted stock
options with time-based vesting conditions.
Under time-based vesting conditions, the stock options vest
25
% on the one year anniversary
and the remainder vesting quarterly thereafter for grants to employees.
As of March 31, 2021, there were no vested shares of stock option
grants.
During the three months ended
March 31, 2022, the Company granted
354,452
stock options for shares of common stock, each stock option converts to
one
share of common
stock, with a total grant date fair value of $
741,766
.
The Company recorded stock-based
compensation expense for stock options of $
64,021
during the three months ended March 31, 2022. As of March 31, 2022, there was $
677,745
of unrecognized stock-based compensation expense related to unvested stock options. The unrecognized stock-based compensation expense
is estimated to be recognized over a period of
3.7
years as of March 31, 2022.
The fair value of the stock
options was estimated using the Black-Scholes option pricing model with the following assumptions:
Volatility
70.5
%
Expected term (years)
6.11
Risk-free interest rate
1.92
Expected dividend yield
0.0
Expected volatility is based
on the historical volatility of shares of the Company's common stock. In determining the expected term of stock options, the Company
uses the "simplified" method. Under this method, the expected term is presumed to be the midpoint between the average vesting
date and the end of the contractual term. The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with
the expected term of the stock options in effect at the time of the grants. The dividend yield assumption is based on the expectation
of no future dividend payments by the Company. In addition to assumptions used in the Black-Scholes model, the Company reduces stock-based
compensation expense based on actual forfeitures in the period that each forfeiture occurs.
The weighted-average remaining
contractual term of stock options is
10
years. There were no equity awards exercised or vested as of the three months ended March 31,
2022.
F-
36
Stock-Based Compensation Expense
For the three months ended
March 31, 2022 and 2021, the Company recorded stock-based compensation expense for the period indicated as follows:
Three
Months
Ended
March 31,
2022
Three
Months
Ended
March 31,
2021
General and administrative
$
80,084
94,040
Research and development
57,808
8,285
Total stock-based compensation expense
$
137,892
102,325
11. Warrants
Public Warrants
In connection with the Company's
IPO, the Company issued
7,278,151
Public Warrants to purchase a share of common stock at an exercise price of $
11.50
per share and expire
on
January 10, 2027
. The Public Warrants trade on the Nasdaq Capital Market under the ticker symbol REVBW.
No Public Warrants will be
exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock issuable
upon exercise of the Public Warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing,
if a registration statement covering the shares of common stock issuable upon exercise of the Public Warrants is not effective within
a specified period following the consummation of a Business Combination, Public Warrant holders may, until such time as there is an effective
registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise
Public Warrants on a cashless basis pursuant to the exemption provided by Section 3(a) (9) of the Securities Act, provided that such exemption
is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their Public Warrants on
a cashless basis.
The Company may redeem the
Public Warrants at a price of $
0.01
per Public Warrant upon not less than 30 days' prior written notice of redemption if, and only
if, the reported last sale price of the Company's common stock equals or exceeds $
18.00
per share for any 20 trading days within
a 30-trading day period ending on the third business day prior to the notice of redemption to the Public Warrant holders; and if, and
only if, there is a current registration statement in effect with respect to the shares of common stock underlying the Public Warrants.
If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise
the Public Warrants to do so on a "cashless basis," as described in the warrant agreement.
Private Warrants
In connection with the Company's
IPO, the Company issued
3,233,446
Private Warrants to purchase a share of common stock at an exercise price of $
11.50
per share and expire
on
January 10, 2027
. Additionally, the Private Warrants are exercisable on a cashless basis at the holder's option, and non-redeemable
so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than
the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such
holders on the same basis as the Public Warrants. Historically, there were certain features in the Private Warrants that created a warrant
liability. At the Closing of the Business Combination, the features that created the warrant liability were removed.
Rollover Warrants
Prior to the Merger, in connection
with the issuance of the Series A-1 Preferred Stock through a private placement, Revelation Sub issued warrants to the placement agent
to purchase an aggregate of
167,867
shares of common stock at an exercise price of $
2.68
per share, valued on the issuance date of the
Series A-1 Preferred Stock in the aggregate at $
326,675
and included in the issuance costs of the Series A-1 Preferred Stock. The warrants
were exercisable immediately upon issuance, provide for a cash or cashless exercise right and expire on
January 31, 2027
.
At the Closing Date of the
Business Combination, all warrant holders received a Rollover Warrant with an exchange ratio of
2.725
, which had already vested upon original
issuance.
On February 2, 2022, the Company
received a notice of cash exercise for the Company's Rollover Warrants for
1,891
shares of common stock at a purchase price of $
5,073
.
As of March 31, 2022, there were
165,976
Rollover Warrants remaining to be exercised or exchanged.
F-
37
The fair value of the Rollover
Warrants was estimated using the Black-Scholes option pricing model with the following assumptions:
Volatility
115
%
Expected term (years)
6
Risk-free interest rate
0.85
Expected dividend yield
—
Common Warrants
In connection with the PIPE
Investment, the Company issued warrants to the Purchaser to purchase an aggregate of
2,586,667
shares of common stock at an exercise price
of $
3.29
per share, valued on the PIPE Investment purchase date in the aggregate at $
3,634,262
and included in the issuance costs of the
PIPE Investment. The warrants were exercisable immediately upon issuance, provide for a cash or cashless exercise right and expire on
January 25, 2027
.
The fair value of the warrants
was estimated using the Black-Scholes option pricing model with the following assumptions:
Volatility
47
%
Expected term (years)
5
Risk-free interest rate
1.54
Expected dividend yield
—
Pre-Funded Warrants
In connection with the PIPE
Investment, the Company issued warrants to the Purchaser to purchase an aggregate of
1,293,541
shares of common stock at an exercise price
of $
0.00001
per share.
On February 22, 2022, the
Company received a notice of cash exercise for the Pre-Funded Warrants issued in connection with the PIPE Investment for
1,293,541
shares
of common stock at purchase price of $
12.94
.
Placement Agent Warrants
In connection with the PIPE
Investment, the Company issued warrants to the Placement Agent to purchase an aggregate of
362,134
shares of common stock at an exercise
price of $
3.29
per share, valued on the PIPE Investment purchase date in the aggregate at $
508,797
and included in the issuance costs
of the PIPE Investment. The warrants were exercisable immediately upon issuance, provide for a cash or cashless exercise right and expire
on January 25, 2027.
The fair value of the warrants
was estimated using the Black-Scholes option pricing model with the following assumptions:
Volatility
47
%
Expected term (years)
5
Risk-free interest rate
1.54
Expected dividend yield
—
12. Income Taxes
For the three months ended
March 31, 2022 and 2021, the Company did not recognize a provision for income taxes due to having recorded a full valuation allowance
against its deferred tax assets. As of March 31, 2022 and December 31, 2021, the Company established a full valuation allowance against
its deferred tax assets due to the uncertainty surrounding the realization of such assets. As of March 31, 2022 and December 31, 2021,
the Company had no unrecognized tax benefits. The Company does not anticipate there will be a significant change in unrecognized tax benefits
within the next 12 months.
13. Subsequent Events
In preparing these condensed
consolidated financial statements, the Company has evaluated and determined there are no events and transactions for potential recognition
or disclosure through May 13, 2022, the date the financial statements were available to be issued.
F-
38
REVELATION BIOSCIENCES, INC.
Shares of Common Stock
Warrants to Purchase up to               
Shares of Common Stock
Pre-Funded Warrants to Purchase up to               
Shares of Common Stock
Placement Agent Warrants to Purchase up to               Shares
of Common Stock
PROSPECTUS
Roth Capital Partners
July , 2022
PART II. INFORMATION NOT REQUIRED
IN PROSPECTUS
Item 13. Other Expenses of Issuance and
Distribution.
The estimated expenses of
the offering (assuming all shares are sold), all of which are to be paid by the Registrant, are as follows:
Amount
SEC Registration Fee
$
Printing Expenses
Accounting Fees and Expenses
Legal Fees and Expenses
TOTAL
$
Item 14. Indemnification of Directors
and Officers.
As permitted by Section 102
of the Delaware General Corporation Law, we have adopted provisions in our Charter and amended and restated bylaws that limit or eliminate
the personal liability of our directors for a breach of their fiduciary duty of care as a director. The duty of care generally requires
that, when acting on behalf of the corporation, directors exercise an informed b
usiness
judgment based on all material information reasonably available to them. Consequently, a director will not be personally liable to us
or our stockholders for monetary damages for breach of fiduciary duty as a director, except for liability for:
●
any breach of the director's
    duty of loyalty to us or our stockholders;
●
any act or omission not
    in good faith or that involves intentional misconduct or a knowing violation of law;
●
any act related to unlawful
    stock repurchases, redemptions or other distributions or payment of dividends; or
●
any transaction from which
    the director derived an improper personal benefit.
These
limitations of liability do not affect the availability of equitable remedies such as injunctive relief or rescission. Our amended and
restated c
ertificate of incorporation also authorizes us to indemnify our officers, directors and other agents to the fullest
extent permitted under Delaware law.
II-
1
As permitted by Section 145
of the Delaware General Corporation Law, our amended and restated bylaws provide that:
●
we may indemnify our directors, officers and employees to the fullest extent permitted by the Delaware General Corporation Law, subject to limited exceptions;
●
we may advance expenses to our directors, officers and employees in connection with a legal proceeding to the fullest extent permitted by the Delaware General Corporation Law, subject to limited exceptions; and
●
the rights provided in our amended and restated bylaws are not exclusive.
Our Charter and our amended
and restated bylaws provide for the indemnification provisions described above and elsewhere herein. We have entered or will enter into,
and intend to continue to enter into, separate indemnification agreements with our directors and officers that may be broader than the
specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements generally require
us, among other things, to indemnify our officers and directors against certain liabilities that may arise by reason of their status or
service as directors or officers, other than liabilities arising from willful misconduct. These indemnification agreements also generally
require us to advance any expenses incurred by the directors or officers as a result of any proceeding against them as to which they could
be indemnified. These indemnification provisions and the indemnification agreements may be sufficiently broad to permit indemnification
of our officers and directors for liabilities, including reimbursement of expenses incurred, arising under the Securities Act of 1933,
as amended, or the Securities Act.
We have purchased and currently
intend to maintain insurance on behalf of each and every person who is or was a director or officer of the company against any loss arising
from any claim asserted against him or her and incurred by him or her in any such capacity, subject to certain exclusions.
Item 15. Recent Sales of Unregistered
Securities
On January 25, 2022, the Company
issued 1,293,126 shares of common stock at a gross purchase price of $3.00 per share, 1,293,541 unregistered pre-funded warrants to purchase
common stock (the "Pre-Funded Warrants") and 2,586,667 unregistered warrants to purchase common stock (the "Common Warrants"
and together with the Pre-Funded Warrants, collectively, the "Warrants") pursuant to a Securities Purchase Agreement dated
January 23, 2022 with an institutional investor ("Purchaser"). The gross proceeds to the Company, before deducting placement
agent fees and other offering expenses, were approximately $7.76 million.
Each Pre-Funded Warrant has
been funded to the amount of $3.00, with $0.00001 per share of common stock payable upon exercise, is immediately exercisable, may be
exercised at any time until exercised in full and is subject to customary adjustments. Each Common Warrant has an exercise price of $3.29
per share of common stock, is exercisable at any time after the sixth month anniversary of the date of issuance, will expire five and
one-half years from the date of issuance and is subject to customary adjustments. The Pre-Funded Warrants may not be exercised if
the aggregate number of shares of the Company's common stock beneficially owned by the holder (together with its affiliates) would
exceed 9.99% of the Company's outstanding common stock immediately after exercise. The Common Warrants may not be exercised if the
aggregate number of shares of the Company's common stock beneficially owned by the holder (together with its affiliates) would exceed
4.99% of the Company's outstanding common stock immediately after exercise. However, in each case, the holder may increase (upon
61 days' prior notice from the holder to the Company) or decrease such percentages, provided that in no event such percentage
exceeds 9.99%.
Roth Capital Partners, LLC
(the "Placement Agent') was engaged by the Company to act as its exclusive placement agent for the offering of the above described
securities (the "Offering"). The Company agreed to pay the Placement Agent a cash fee equal to 6.0% of the gross proceeds
received by the Company in the Offering, totaling approximately $465,600. In addition, the Company agreed to issue to the Placement Agent
warrants to purchase up to 362,134 shares of common stock (representing 7.0% of the aggregate number of shares of common stock sold in
the Offering (including shares of common stock issuable upon the exercise of any of the Warrants)) (the "Placement Agent Warrants").
The Placement Agent Warrants have substantially the same terms as the Common Warrants.
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The sales of these securities
were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act and/or
Regulation D promulgated thereunder. The purchasers of the securities acquired the securities for investment purposes only and not
with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the stock certificates
issued in these transactions. The registrant believes that all recipients of securities in these transactions were accredited investors,
sophisticated investors, or had adequate access, through their relationships with the registrant, to information about the registrant.
The sales of these securities were made without any general solicitation or advertising.
ITEM 16.
Exhibits
.
The following documents are
filed as part of this Registration Statement:
Exhibit
Description
2.1
(3)
Agreement and Plan of Merger, dated as of August 29, 2021 by and among Petra Acquisition, Inc., Petra Acquisition Merger Inc., and Revelation Biosciences, Inc.
3.1
(3)
Third Amended and Restated Certificate of Incorporation
3.2
(3)
Second Amended and Restated Bylaws.
4.1
(3)
Specimen Unit Certificate
4.2
(3)
Specimen Common Stock Certificate
4.3
(3)
Specimen Warrant Certificate
4.4
(3)
Specimen Common Stock Certificate of the Combined Entity
4.5
(2)
Warrant Agreement, dated October 7, 2020, between Continental Stock Transfer & Trust Company and the Company
4.6
(5)
Form of Unregistered Pre-Funded Common Stock Purchase Warrant dated January 25, 2022
4.7
(5)
Form of Unregistered Common Stock Purchase Warrant dated January 25, 2022
4.8
(5)
Form of Unregistered Placement Agent Warrant dated January 25, 2022
4.9*
Form of C
ommon Stock Purchase Agreem
ent
4.10*
Form of Pre-Funded Common
    Stock Purchase Warrant
4.11*
Form of Placement Agent
    Common Stock Purchase Warrant
5.1**
Opinion of
    J.P. Galda & Co. as to the validity of the shares of Common Stock of Revelation Biosciences, Inc.
10.1
(1)
Form of Letter Agreement from each of the Registrant's sponsor, initial stockholder, officers and directors.
10.2
(2)
Registration Rights Agreement, dated October 7, 2020, between the Company and Investors.
10.3
(2)
Subscription Agreement, dated October 7, 2020, between the Company and Petra Investment Holdings LLC
10.4
(2)
Business Combination Marketing Agreement, dated October 7, 2020, by and among the Company, LifeSci Capital LLC, Ladenburg Thalmann & Co. Inc., Northland Securities, Inc., and Ingalls & Snyder LLC
10.5
(2)
Escrow Agreement, dated October 7, 2020, by and among the Company, Continental Stock Transfer & Trust Company and the Company's Initial Stockholders.
10.6
(1)
Promissory Note
10.7†
(3)
Revelation Biosciences, Inc. 2021 Equity Incentive Plan.
10.8
(3)
Global Health Agreement by and between Revelation and AXA IM Prime Impact Fund dated December 31, 2020
10.9
(3)
Executive Employment Agreement between Revelation Biosciences, Inc. and James Rolke, effective July 27, 2021
10.10
(3)
Executive Employment Agreement between Revelation Biosciences, Inc. and Chester S. Zygmont, III, effective July 27, 2021
10.11
(3)
Revelation Common Stock Warrant Issued to National Securities Corporation
10.12
(5)
Securities Purchase Agreement dated January 23, 2022 by and between the Company and Armistice Capital Master Fund Ltd.
10.13
(5)
Registration Rights Agreement dated January 23, 2022 by and between the Company and Armistice Capital Master Fund Ltd.
10.14*
Form of Securities Purchase Agreement
10.15*
Form of Lock-Up Agreement
10.16*
Form of Placement Agency Agreement
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3
14
(1)
Code of Ethics
21.1
(4)
List of Subsidiaries.
23.1*
Consent of Baker Tilly US, LLP, independent registered public accounting firm of Revelation Biosciences, Inc.
23.2**
Consent of J.P. Galda & Co. (included as part of the opinion filed as Exhibit 5.1 hereto and incorporated herein by reference).
24.1*
Power of Attorney (contained on signature page to the registration statement).
99.1
(1)
Audit Committee Charter
99.2
(1)
Compensation Committee Charter
99.3
(1)
Nominating Committee Charter
107*
Registration fee table
101.INS*
XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*
Inline XBRL Taxonomy Extension Scema Document
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
The annexes, schedules, and
certain exhibits to the Agreement and Plan of Merger have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Revelation
hereby agrees to furnish supplementally a copy of any omitted annex, schedule or exhibit to the SEC upon request.
(1)
Previously filed as an exhibit to Petra Acquisition Inc.'s Registration Statement on Form S-1, as amended (File No. 333-240175).
(2)
Previously filed as an exhibit to Petra Acquisition Inc.'s Current Report on Form 8-K filed on October 13, 2020.
(3)
Previously filed as an exhibit to Petra Acquisition Inc.'s Current Report on Form S-4 filed, as amended (File No. 333- 259638).
(4)
Previously filed as an exhibit to Revelation Biosciences, Inc.'s Current Report on Form 8-K filed on January 14, 2022.
(5)
Previously filed as an exhibit to Revelation Biosciences, Inc.'s Current Report on Form 8-K filed on January 27, 2022.
*
Filed herewith.
**
To be filed by amendment.
†
Indicates a management contract or compensatory plan.
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Item 17. Undertakings.
A.
The undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a posteffective amendment to this Registration Statement to:
(a)
include any prospectus required by Section 10(a)(3) of the Securities Act;
(b)
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) under the Securities Act if, in the aggregate, the changes in volume and price represent no more than a 20% change in maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and
(c)
include any additional or changed material information with respect
to the plan of distribution.
(2)
That, for the purpose of determining any liability under the Securities Act, each such posteffective amendment shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a posteffective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4)
For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of a registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of the Registration Statement as of the time it was declared effective.
(5)
For the purpose of determining any liability under the Securities Act, each posteffective amendment that contains a form of prospectus shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(6)
For the purpose of determining liability under the Securities Act to any purchaser:
Each prospectus filed pursuant to Rule 424(b) under
the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B
or other than prospectuses filed in reliance on Rule 430A (§§230.430A of this chapter), shall be deemed to be part of and
included in the Registration Statement as of the date it is first used after effectiveness. Provided however, that no statement made in
a registration statement or prospectus that is part of the Registration Statement or made in a document incorporated or deemed incorporated
by reference into the registration statement or prospectus that is part of the Registration Statement will, as to a purchaser with a time
of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus
that was part of the Registration Statement or made in any such document immediately prior to such date of first use.
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(7)
For the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:
The Registrant undertakes that in a
primary offering of securities of the Registrant pursuant to this Registration Statement, regardless of the underwriting method used to
sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications,
the Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(a)
Any preliminary prospectus or prospectus of the Registrant relating to the offering required to be filed pursuant to Rule 424 of this chapter;
(b)
Any free writing prospectus relating to the offering prepared by or on behalf of the Registrant or used or referred to by the Registrant;
(c)
The portion of any other free writing prospectus relating to the offering containing material information about the Registrant or its securities provided by or on behalf of the Registrant; and
(d)
Any other communication that is an offer in the offering made by the Registrant to the purchaser.
B.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the small business issuer of expenses incurred or paid by a director, officer or controlling person of the small business issuer in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
C.
The undersigned Registrant hereby undertakes that:
(1)
For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective.
(2)
For the purpose of determining any liability under the Securities Act of 1933, each posteffective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
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SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of San Diego, California, on July 13, 2022.
Revelation Biosciences, Inc.
By:
/s/ James Rolke
James Rolke
Chief Executive Officer
POWER OF ATTORNEY
Each person whose signature
appears below hereby constitutes and appoints Chester S. Zygmont, III. and Joseph P. Galda, and each of them, as his true
and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him and in his name, place and stead,
in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed, as of July 13, 2022, by the following persons in
the capacities indicated below.
BY:
/s/ James Rolke
Chief Executive Officer and Director
BY:
/s/ George Tidmarsh
Chairman and Director
BY:
/s/ Chester S. Zygmont, III.
Chief Financial Officer and Principal Accounting Officer
BY:
/s/ Jennifer Carver
Director
BY:
/s/ Jess Roper
Director
BY:
/s/ Curt LaBelle
Director
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