Reviva Pharmaceuticals Holdings, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Reviva Pharmaceuticals Holdings, Inc. filed its Q1 2024 10-Q, detailing financial instruments, lease obligations, and operational expenses.</b>

AI Summary

REVIVA PHARMACEUTICALS HOLDINGS, INC. (RVPH) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Reviva Pharmaceuticals Holdings, Inc. filed a 10-Q for the period ending March 31, 2024. The filing includes data related to private warrants, including exercise price, share price, price volatility, expected term, and risk-free interest rate as of March 31, 2024, and March 31, 2023. Fair value measurements recurring as of March 31, 2024, and December 31, 2023, are detailed, with inputs categorized as Level 1, Level 2, and Level 3. Information on corporate office leases is provided for the periods ending March 31, 2024, and March 31, 2023. Expenses related to agreements with clinical research organizations and general and administrative expenses for Q1 2024 and Q1 2023 are included.

Why It Matters

For investors and stakeholders tracking REVIVA PHARMACEUTICALS HOLDINGS, INC., this filing contains several important signals. The detailed breakdown of private warrant inputs and fair value measurements provides insight into the company's financial instrument valuations and associated risks. Disclosure of lease obligations and clinical research organization expenses highlights key operational commitments and potential future cash outflows.

Risk Assessment

Risk Level: medium — REVIVA PHARMACEUTICALS HOLDINGS, INC. shows moderate risk based on this filing. The company's financial disclosures, particularly regarding fair value measurements and warrant valuations, suggest a level of complexity and potential volatility that warrants careful scrutiny.

Analyst Insight

Investors should review the detailed fair value inputs and lease disclosures to understand the company's financial position and operational commitments.

Key Numbers

• 2024-03-31 — Period End Date (10-Q filing)
• 2023-03-31 — Prior Period End Date (Comparison data for warrants)
• Level 3 — Fair Value Input Level (Indicates unobservable inputs)
• Level 2 — Fair Value Input Level (Indicates observable inputs)
• Level 1 — Fair Value Input Level (Indicates quoted prices in active markets)

Key Players & Entities

• Reviva Pharmaceuticals Holdings, Inc. (company) — Filer
• Tenzing Acquisition Corp. (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-14 (date) — Filing date
• USD (currency) — Currency for financial values

FAQ

Risk Factors

• Fair Value Measurements [medium — financial]: The company's financial instruments are valued using various inputs, including Level 1, Level 2, and Level 3, which can introduce estimation uncertainties.
• Lease Obligations [low — operational]: The company has ongoing lease obligations for its corporate office, representing a recurring operational expense.
• Clinical Research Organization Agreements [medium — operational]: Agreements with clinical research organizations represent significant operational expenditures and dependencies.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q
• 2024-05-14: Filing Date — Date the 10-Q was submitted to the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a snapshot of the company's financial performance and position during the quarter.)

Fair Value Measurements

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. (Crucial for valuing financial instruments and understanding potential gains or losses.)

Key Financial Figures

• $0.0001 — registered Common Stock, par value $0.0001 per share RVPH The Nasdaq Capital M

Filing Documents

• rvph20240331_10q.htm (10-Q) — 709KB
• ex_670004.htm (EX-31.1) — 11KB
• ex_670005.htm (EX-31.2) — 11KB
• ex_670006.htm (EX-32.1) — 9KB
• 0001437749-24-016366.txt (&nbsp;) — 3639KB
• rvph-20240331.xsd (EX-101.SCH) — 35KB
• rvph-20240331_def.xml (EX-101.DEF) — 220KB
• rvph-20240331_lab.xml (EX-101.LAB) — 204KB
• rvph-20240331_pre.xml (EX-101.PRE) — 243KB
• rvph-20240331_cal.xml (EX-101.CAL) — 20KB
• rvph20240331_10q_htm.xml (XML) — 506KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited). REVIVA PHARMACEUTICALS HOLDINGS, INC. FORM 10-Q TABLE OF CONTENTS Page Part I Financial Information Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) F-1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 F-1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 F-2 Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the three months ended March 31, 2024 and 2023 F-3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 F-4 Notes to Condensed Consolidated Financial Statements F-5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 2 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 11 Item 4.

Controls and Procedures

Controls and Procedures 11 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 13 Item 1A.

Risk Factors

Risk Factors 13 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13 Item 3. Defaults Upon Senior Securities 13 Item 4. Mine Safety Disclosures 13 Item 5. Other Information 13 Item 6. Exhibits 14

Signatures

Signatures 15 EXPLANATORY NOTE As previously reported by Reviva Pharmaceuticals Holdings, Inc.(together with its consolidated subsidiaries, the "Company", "we" or "us"), the audit committee (the "audit committee") of the board of directors of the Company, after meeting with management, concluded that the Company's previously issued financial statements for the fiscal year ended December 31, 2022 included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, the interim financial statements for the quarterly period ended September 30, 2022 included in its Quarterly Report on Form 10-Q, and each of the interim financial statements for the quarterly periods in fiscal 2023 included in its Quarterly Reports on Form 10-Q (cumulatively, the "Restatement Periods") should be restated to correct historical errors related principally to the timing of recognition of the Company's estimated accrual of certain research and development expenses. Such restatement was reflected and included within the Company's annual financial statements for the fiscal year ended December 31, 2023 included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the Securities and Exchange Commission (the "SEC") on April 15, 2024. Please refer to the Explanatory Note to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on April 15, 2024, for more information regarding the restatement. For a more detailed discussion of the correction of historical errors in the Restatement Periods, including for the quarterly period ended March 31, 2023, refer to Notes 2 and 10 to the consolidated financial statements of the Company included in Part II, Item 8 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on April 15, 2024.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited). REVIVA PHARMACEUTICALS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2024 and December 31, 2023 March 31, December 31, 2024 2023 Assets Cash and cash equivalents $ 11,973,647 $ 23,367,456 Prepaid clinical trial costs 779,602 78,295 Prepaid expenses and other current assets 743,381 254,637 Total Assets $ 13,496,630 $ 23,700,388 Liabilities and Stockholders' Equity (Deficit) Liabilities Short-term debt $ 332,000 $ — Accounts payable 5,720,455 3,849,108 Accrued clinical expenses 6,845,910 11,966,812 Accrued compensation 1,216,237 958,607 Other accrued liabilities 377,367 400,490 Total current liabilities 14,491,969 17,175,017 Warrant liabilities 350,478 806,655 Total Liabilities 14,842,447 17,981,672 Commitments and contingencies (Note 6) Stockholders' Equity (Deficit) Common stock, par value of $ 0.0001 ; 115,000,000 shares authorized; 27,918,560 issued and outstanding as of March 31, 2024 and December 31, 2023 2,792 2,792 Preferred Stock, par value of $ 0.0001 ; 10,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Additional paid-in capital 140,439,247 140,070,172 Accumulated deficit ( 141,787,856 ) ( 134,354,248 ) Total stockholders' equity (deficit) ( 1,345,817 ) 5,718,716 Total Liabilities and Stockholders' Equity (Deficit) $ 13,496,630 $ 23,700,388 The accompanying notes are an integral part of these condensed consolidated financial statements. F-1 REVIVA PHARMACEUTICALS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months Ended March 31, 2024 and 2023 Three Months Ended March 31, 2024 2023 Operating expenses Research and development $ 5,783,865 $ 5,484,145 General and administrative 2,138,241 1,500,554 Total operating expenses 7,922,106 6