REVBWHIGH SIGNALFINANCIAL10-K

REVBW executed two reverse stock splits within seven months while dramatically improving its cash position from $6.5M to $10.7M, but continues to face going concern qualification.

The dual reverse stock splits (1-for-3 in July 2025, then 1-for-4 in January 2026) signal severe stock price distress, yet the company managed to raise significant capital during this period. The going concern qualification indicates management believes current cash won't sustain operations for a full year, creating urgency despite the improved liquidity position.

Comparing 2026-02-26 vs 2025-03-06View on EDGAR →
FINANCIAL ANALYSIS

The company's financial position improved substantially with total assets growing 75% to $11.6M and stockholders' equity nearly doubling to $8.9M, primarily driven by a 65% increase in cash to $10.7M. Operating performance also strengthened significantly with net losses narrowing 41% to -$8.9M and operating cash flow burn improving 55% to -$8.3M, though R&D expenses increased 15% and operating losses worsened slightly. Despite these improvements, the going concern qualification suggests the enhanced cash position may still be insufficient for long-term sustainability.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+88.2%
$4.7M→$8.9M

Equity base grew 88.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Capital Expenditure
Cash Flow
-85.5%
$132K→$19K

Capex reduced 85.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Assets
Balance Sheet
+74.9%
$6.6M→$11.6M

Asset base grew 74.9% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+64.7%
$6.6M→$10.8M

Current assets grew 64.7% — improving short-term liquidity or inventory/receivables build.

Cash & Equivalents
Balance Sheet
+64.6%
$6.5M→$10.7M

Cash position surged 64.6% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
+54.9%
-$18.3M→-$8.3M

Operating cash flow surged 54.9% — exceptional cash generation, highest quality earnings signal.

Total Liabilities
Balance Sheet
+42.2%
$1.9M→$2.7M

Liabilities grew 42.2% — significant increase in debt or obligations, assess impact on financial flexibility.

Net Income
P&L
+40.7%
-$15.0M→-$8.9M

Net income grew 40.7% — bottom-line growth signals improving overall business health.

R&D Expense
P&L
+14.5%
$3.5M→$4.1M

R&D investment increased 14.5% — signals commitment to future product development, though near-term margin impact.

Operating Income
P&L
-13.7%
-$8.0M→-$9.1M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-06
ADDED
As of February 23, 2026, the registrant had 3,720,420 shares of common stock, $0.001 par value per share, outstanding.
EXPLANATORY NOTE On January 28, 2026, we effected the approved 1-for-4 reverse stock split of our outstanding shares of common stock.
On July 7, 2025, we effected the approved 1-for-3 reverse stock split of our outstanding shares of common stock.
Unless otherwise indicated, all share and per-share amounts in this filing reflect the reverse stock splits.
Risk Factors Summary Risks Related to Our Business We are a clinical stage biotechnology company and have no products approved for commercial sale.
Our audited financial statements contain a going concern qualification as we do not anticipate that our current cash and cash equivalents will be sufficient to sustain operations within one year after the date our audited financial statements for December 31, 2025 were issued, and we will need additional funding to continue our business.
If we are unable to secure additional funding, we may be forced to delay, reduce or discontinue our development programs.
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 the Product Development, Regulatory Approval, Manufacturing and Commercialization of Our Product Candidates If preclinical studies or clinical studies for our product candidates GEM-AKI and GEM-CKD ( Product Candidates ) are unsuccessful or delayed, we will be unable to meet our future development goals.
Significant reductions in FDA staffing and changes in federal regulatory policy may delay or adversely affect the approval and commercialization of our Product Candidates.
REMOVED
As of March 3, 2025, the registrant had 905,228 shares of common stock, $0.001 par value per share, outstanding.
On February 1, 2023, we effected the approved 1-for-35 reverse stock split of our outstanding shares of common stock.
Risk Factors Summary Risks Related to Our Business We have a limited operating history and no products approved for commercial sale.
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 product candidates GEM-AKI, GEM-CKD, and GEM-PSI ( Program Products ) are unsuccessful or delayed, we will be unable to meet our future development goals.
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.
We may not be able to protect our intellectual property rights throughout the world.
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.
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.
We have multiple ongoing programs to evaluate Gemini, including GEM-AKI as a prevention for acute kidney injury ( AKI ), GEM-CKD as a treatment for chronic kidney disease ( CKD ), and GEM-PSI as a prevention for post surgical infection ( PSI ).
On January 22, 2024, we filed the Certificate of Amendment which effected a 1-for-30 reverse stock split of our outstanding shares of common stock as of 12:01 a.m.
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