Reviva Pharmaceuticals Files Q3 2024 10-Q

TL;DR

REVIVA PHARMACEUTICALS 10-Q FILED FOR Q3 2024 - CHECK FINANCIALS & OPERATIONS

AI Summary

Reviva Pharmaceuticals Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly Tenzing Acquisition Corp., is incorporated in Delaware and operates in the pharmaceutical preparations sector. Key financial details and operational updates are expected within this filing.

Why It Matters

This filing provides crucial insights into Reviva Pharmaceuticals' financial health and operational progress during the third quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Reviva faces inherent risks related to drug development, regulatory approvals, and market competition, which are typically detailed in 10-Q filings.

Key Numbers

• Q3 2024 — Reporting Period (The filing covers the third quarter of 2024.)
• 2024-09-30 — End of Fiscal Period (The financial data reported is as of this date.)

Key Players & Entities

• REVIVA PHARMACEUTICALS HOLDINGS, INC. (company) — Filer
• Tenzing Acquisition Corp. (company) — Former Company Name
• 20240930 (date) — Period of Report
• 20241114 (date) — Filing Date
• 10080 N WOLFE ROAD, SUITE SW3-200, CUPERTINO, CA 95014 (address) — Business and Mail Address

FAQ

Key Financial Figures

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

Filing Documents

• rvph20240930_10q.htm (10-Q) — 1198KB
• ex_741515.htm (EX-31.1) — 9KB
• ex_741516.htm (EX-31.2) — 9KB
• ex_741517.htm (EX-32.1) — 7KB
• 0001437749-24-035375.txt ( ) — 5797KB
• rvph-20240930.xsd (EX-101.SCH) — 52KB
• rvph-20240930_def.xml (EX-101.DEF) — 327KB
• rvph-20240930_lab.xml (EX-101.LAB) — 270KB
• rvph-20240930_pre.xml (EX-101.PRE) — 353KB
• rvph-20240930_cal.xml (EX-101.CAL) — 24KB
• rvph20240930_10q_htm.xml (XML) — 1030KB

Financial Statements (unaudited)

Financial Statements (unaudited) F-1 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 F-1 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 F-2 Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the three and nine months ended September 30, 2024 and 2023 F-3 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 17 Item 4.

Controls and Procedures

Controls and Procedures 17 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 19 Item 1A.

Risk Factors

Risk Factors 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 3. Defaults Upon Senior Securities 19 Item 4. Mine Safety Disclosures 19 Item 5. Other Information 19 Item 6. Exhibits 20

Signatures

Signatures 21 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 nine months ended September 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) September 30, 2024 and December 31, 2023 September 30, December 31, 2024 2023 Assets Cash and cash equivalents $ 5,558,817 $ 23,367,456 Prepaid clinical trial costs 925,526 78,295 Prepaid expenses and other current assets 325,808 254,637 Total current assets 6,810,151 23,700,388 Non-current prepaid clinical trial costs 819,721 — Total Assets $ 7,629,872 $ 23,700,388 Liabilities and Stockholders' Equity (Deficit) Liabilities Short-term debt $ 83,000 $ — Accounts payable 8,777,579 3,849,108 Accrued clinical expenses 7,362,666 11,966,812 Accrued compensation 881,830 958,607 Other accrued liabilities 428,801 400,490 Total current liabilities 17,533,876 17,175,017 Warrant liabilities 77,884 806,655 Total Liabilities 17,611,760 17,981,672 Commitments and contingencies (Note 6) Stockholders' Equity (Deficit) Common stock, par value of $ 0.0001 ; 115,000,000 shares authorized; 33,441,199 and 27,918,560 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 3,344 2,792 Preferred Stock, par value of $ 0.0001 ; 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Additional paid-in capital 148,028,341 140,070,172 Accumulated deficit ( 158,013,573 ) ( 134,354,248 ) Total stockholders' equity (deficit) ( 9,981,888 ) 5,718,716 Total Liabilities and Stockholders' Equity (Deficit) $ 7,629,872 $ 23,700,388 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. F-1 REVIVA PHARMACEUTICALS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three and Nine Months Ended September 30, 2024 and 2023 Three Months Ended Nine Months Ended