▸ Artificial intelligence is playing an increasingly important role in biotechnology which may have an effect on us.· · · ● 1 ▸ Changes in U.S. and international trade policies may adversely impact our business and operating results.· · · ● 1 ▸ Enhanced disclosures: We must provide expanded executive compensation disclosures and comply with new or revised accounting standards on the same timeline as non-EGC public companies.· · · ● 1 ▸ If the FDA’s operational capacity continues to be reduced or if further policy changes are implemented that affect the agency’s review processes, our business, financial condition, and results of operations could be materially and adversely affected.· · · ● 1 ▸ If we are unable to successfully integrate and manage AI within our business, or if AI fails to deliver the expected benefits, our ability to discover and develop new therapies could be materially adversely affected.· · · ● 1 ▸ Significant reductions in FDA staffing and changes in federal regulatory policy may delay or adversely affect the approval and commercialization of our Product Candidates.· · · ● 1 ▸ We are focused on the development of GEM-AKI and GEM-CKD which are in clinical development.· · · ● 1 ▸ group Loss of Emerging Grown Company Status· · ● ● 2 ▸ Reduced flexibility: We can no longer use EGC exemptions for test-the-waters communications or scaled executive compensation disclosures.· · ● ● 2 ▸ Ongoing healthcare legislative and regulatory reform measures may adversely affect our business, results of operations and financial condition.· ● ● ● 3 ▸ Our common stock warrants may be accounted for as warrant liabilities and the changes in value of our warrants could have a material effect on our financial results.· ● ● ● 3 ▸ We are focused on the development of GEM-AKI, GEM-CKD, and GEM-PSI which are in pre-clinical development working towards early clinical trials.· ● ● · 2 rw ▸ 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● · · · 1 ▸ 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.● · · · 1 ▸ Our financial condition will be adversely affected if we are unsuccessful in our defense in our litigation with LifeSci Capital LLC● ● · · 2 ▸ Our near-term focus is on the development of REVTx-300, REVTx-100 and REVTx-200, which are in pre-clinical development working towards early clinical trials.● · · · 1 ▸ 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.● ● ● · 3 ▸ To date, the primary focus of our product development has been on the development of REVTx-300, REVTx-100, REVTx-200 and REVTx-99a/b, our therapeutic products and REVDx-501, our diagnostic device.● · · · 1 ▸ 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.● ● · · 2 ▸ Anti-takeover provisions contained in our Charter and bylaws, as well as provisions of Delaware law, could impair a takeover attempt.● ● ● ● 4 ▸ As an organization, we have never conducted pivotal clinical studies, and we may be unable to do so for any product candidates we may develop.● ● ● ● 4 rw ▸ 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.● ● ● ● 4 ▸ Changes in United States and international patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.● ● ● ● 4 ▸ Changes in our effective income tax rate could adversely affect our results of operations.● ● ● ● 4 ▸ group Commercialization of Our Product Candidates● ● ● ● 4 rw ▸ Data collection is governed by restrictive regulations governing the collection, use, processing and cross-border transfer of personal information.● ● ● ● 4 ▸ Even if we obtain regulatory approval for a product candidate, our products and business will remain subject to ongoing regulatory obligations and review.● ● ● ● 4 ▸ FINRA has adopted sales practice requirements, which may also limit a stockholder’s ability to buy and sell our common stock.● ● ● ● 4 ▸ 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.● ● ● ● 4 ▸ If Revelation is not able to comply with the applicable continued listing requirements or standards of Nasdaq, Nasdaq could delist our common stock.● ● ● ● 4 ▸ 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.● ● ● ● 4 ▸ If preclinical studies or clinical studies for our Product Candidates are unsuccessful or delayed, we will be unable to meet our future development goals.● ● ● ● 4 rw ▸ If we are unable to maintain effective proprietary rights for our Product Candidates or any future product candidates, we may not be able to compete effectively in our markets.● ● ● ● 4 rw ▸ 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.● ● ● ● 4 ▸ 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.● ● ● ● 4 ▸ 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.● ● ● ● 4 ▸ Intellectual property rights do not necessarily address all potential threats.● ● ● ● 4 ▸ It may be difficult for us to profitably sell our Product Candidates, if and when approved, if coverage and reimbursement for these Product Candidates are limited by government authorities and/or third-party payor policies.● ● ● ● 4 rw ▸ Our business depends on the success of our Product Candidates, including obtaining regulatory approval to market our Product Candidates in the United States and/or other major foreign markets such as the EU.● ● ● ● 4 rw ▸ 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.● ● ● ● 4 ▸ Our common stock price may be volatile and as a result you could lose all or part of your investment.● ● ● ● 4 ▸ 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.● ● ● ● 4 ▸ 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.● ● ● ● 4 ▸ 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.● ● ● ● 4 ▸ Our inability to protect our trade secrets would harm our business and competitive position.● ● ● ● 4 ▸ Our insurance policies are expensive and protect us only from some business risks, which will leave us exposed to significant uninsured liabilities.● ● ● ● 4 ▸ 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.● ● ● ● 4 ▸ Product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.● ● ● ● 4 ▸ Revelation will continue to incur significant increased expenses and administrative burdens as a public company, which could negatively impact its business, financial condition and results of operations.● ● ● ● 4 ▸ group Risks Related to Commercialization of Our Product Candidates● ● ● ● 4 rw ▸ group Risks Related to Our Business● ● ● ● 4 ▸ group Risks Related to Our Business Operations● ● ● ● 4 ▸ group Risks Related to Our Intellectual Property● ● ● ● 4 ▸ group Risks Related to our Reliance on Third Parties● ● ● ● 4 rw ▸ Risks Related to the Product Development, Regulatory Approval, Manufacturing and● ● ● ● 4 ▸ Should any of these events occur, they could have a material adverse effect on our business, financial condition, results of operations and prospects.● ● ● ● 4 ▸ 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.● ● ● ● 4 ▸ The occurrence of any event or penalty described above may inhibit our ability to commercialize our products and generate product revenue.● ● ● ● 4 ▸ Unless the context otherwise requires, references herein to “Product Candidates” refers to Revelation’s GEM-AKI and GEM-CKD programs.● ● ● ● 4 rw ▸ Unstable market and economic conditions may have serious adverse consequences on our business and financial condition.● ● ● ● 4 ▸ We face risks related to compliance with corporate governance laws and financial reporting standards.● ● ● ● 4 ▸ We face the risk of product liability claims and may not be able to obtain insurance.● ● ● ● 4 ▸ We have no current plans to pay dividends on our shares of common stock.● ● ● ● 4 ▸ We may be involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time-consuming and unsuccessful.● ● ● ● 4 ▸ We may find it difficult to enroll patients in our clinical studies, which could delay or prevent us from proceeding with clinical studies.● ● ● ● 4 ▸ We may infringe the intellectual property rights of others, which could increase our costs and delay or prevent our development efforts.● ● ● ● 4 ▸ 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.● ● ● ● 4 ▸ We may not be able to protect our intellectual property rights throughout the world.● ● ● ● 4 ▸ We may not be successful in our efforts to identify, discover or license additional product candidates.● ● ● ● 4 ▸ We may not have sufficient patent lifespan to effectively protect our products and business.● ● ● ● 4 ▸ We may seek to establish commercial collaborations for our Product Candidates 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.● ● ● ● 4 rw ▸ We will need to expand our organization, and we may experience difficulties in managing this growth, which could disrupt our operations.● ● ● ● 4 
