The independent market assessment evaluated Gemini for the treatment of Stage 2 and Stage 3 Acute Kidney Injury (AKI), a major cause of morbidity and mortality, which according to publicly available data affects more than 10% of all hospitalized patients and more than 50% of patients admitted to intensive care units (ICUs).

To conduct the rigorous and unbiased assessment, Revelation engaged a top-tier biopharma consulting firm that specializes in drug market access, pricing, and commercial strategy. The firm has worked on over 500 launch-related projects and with more than 300 clients, including most of the top 20 biopharmaceutical companies. Its expertise is not just from its experienced internal team, but also from its close ties to a network of current and former payers across major markets. Revelation selected the firm for its reputation for producing independent findings and its experience evaluating market opportunities for treatments in the hospital inpatient setting.

"The analysis and feedback from key hospital leaders in the report reinforce our conviction in the potential market opportunity for Gemini as well as what it can do for patients and the hospitals treating them," said James Rolke, Chief Executive Officer, Revelation Biosciences.

Findings from the independent analysis based on interviews with key Pharmacy and Therapeutics (P&T) committee members across multiple hospitals include:

High unmet medical need and no FDA-approved treatment for AKI

AKI incurs the highest medical expenditure in the USA after oncology and cardiovascular

Severe AKI can cost hospitals $100,000 to over $300,000 per patient

AKI is a key driver of hospital readmissions with current standard of care

Medical professionals are highly interested in a new treatment for AKI

Gemini should gain wide hospital formulary adoption

Gemini's use in AKI would be supported by both clinicians and hospital economic decision makers

"This is probably third highest expenditure in the country after oncology and cardiovascular." - Critical Care Nephrologist

"There isn't really anything that treats this." - Regional Pharmacy Director of a large health system

Regarding what the cost of Gemini could be: "I'd say anywhere from $50,000 to $75,000 would be good." - Rev Cycle Manager at a midsize health system

"A new drug in development in this space would be a welcome drug." - Pharmacy Director of a large health system

"But the problem is there's missing tools in the toolbox." - COO of a midsize hospital

"After our productive and very successful meeting with the FDA in December 2025, we have begun building the infrastructure to begin our Phase 2/3 study. Similar to earlier studies that showed Gemini significantly reduced cellular inflammation and restored immunocompetence without immunosuppression, we believe Gemini has the potential to treat the problem, not just mask their symptoms," Mr. Rolke concluded.