Reviva Pharmaceuticals Files Q2 2024 10-Q

TL;DR

REVIVA PHARMACEUTICALS HOLDINGS, INC. (RVPH) filed its Q2 2024 10-Q. Financials and operations detailed.

AI Summary

Reviva Pharmaceuticals Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial information and operational updates for the second quarter of 2024. Key financial metrics and business developments are presented for the company, which operates in the pharmaceutical preparations sector.

Why It Matters

This 10-Q filing provides investors with crucial financial and operational insights into Reviva Pharmaceuticals' performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Reviva Pharmaceuticals is subject to inherent risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

• REVIVA PHARMACEUTICALS HOLDINGS, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240814 (date) — Filing date of the 10-Q
• Tenzing Acquisition Corp. (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• rvph20240630_10q.htm (10-Q) — 1026KB
• ex_708377.htm (EX-31.1) — 11KB
• ex_708378.htm (EX-31.2) — 9KB
• ex_708379.htm (EX-32.1) — 7KB
• 0001437749-24-026571.txt ( ) — 4896KB
• rvph-20240630.xsd (EX-101.SCH) — 44KB
• rvph-20240630_def.xml (EX-101.DEF) — 279KB
• rvph-20240630_lab.xml (EX-101.LAB) — 233KB
• rvph-20240630_pre.xml (EX-101.PRE) — 304KB
• rvph-20240630_cal.xml (EX-101.CAL) — 24KB
• rvph20240630_10q_htm.xml (XML) — 825KB

Financial Statements (unaudited)

Financial Statements (unaudited) F-1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 F-1 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 F-2 Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the three and six months ended June 30, 2024 and 2023 F-3 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 F-4 Notes to Condensed Consolidated Financial Statements F-6 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 1 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 14 Item 4.

Controls and Procedures

Controls and Procedures 14 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 17

Signatures

Signatures 18 EXPLANATORY NOTE As previously reported by Reviva Pharmaceuticals Holdings, Inc. (together with its consolidated subsidiary, 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 three and six months ended June 30, 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) June 30, 2024 and December 31, 2023 June 30, December 31, 2024 2023 Assets Cash and cash equivalents $ 6,178,180 $ 23,367,456 Prepaid clinical trial costs 528,947 78,295 Prepaid expenses and other current assets 525,826 254,637 Total current assets 7,232,953 23,700,388 Non-current prepaid clinical trial costs 819,721 — Total Assets $ 8,052,674 $ 23,700,388 Liabilities and Stockholders' Equity (Deficit) Liabilities Short-term debt $ 207,500 $ — Accounts payable 4,693,360 3,849,108 Accrued clinical expenses 7,301,782 11,966,812 Accrued compensation 1,295,978 958,607 Other accrued liabilities 445,371 400,490 Total current liabilities 13,943,991 17,175,017 Warrant liabilities 150,205 806,655 Total Liabilities 14,094,196 17,981,672 Commitments and contingencies (Note 6) Stockholders' Equity (Deficit) Common stock, par value of $ 0.0001 ; 115,000,000 shares authorized; 29,817,294 and 27,918,560 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 2,982 2,792 Preferred Stock, par value of $ 0.0001 ; 10,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Additional paid-in capital 143,603,271 140,070,172 Accumulated deficit ( 149,647,775 ) ( 134,354,248 ) Total stockholders' equity (deficit) ( 6,041,522 ) 5,718,716 Total Liabilities and Stockholders' Equity (Deficit) $ 8,052,674 $ 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 and Six Months Ended June 30, 2024 and 2023 Three Months Ended June 30, Six Months Ended June 30, 2024 202