Workflow
Reviva Pharmaceuticals (RVPH) - 2021 Q4 - Annual Report

Financial Performance - The company has an accumulated deficit of 66.8millionasofDecember31,2021,withanetlossof66.8 million as of December 31, 2021, with a net loss of 8.5 million for the year ended December 31, 2021[349]. - The net loss for the year ended December 31, 2021, was 8.5million,comparedtoanetlossof8.5 million, compared to a net loss of 3.8 million in 2020[374]. - Net cash used in operating activities for 2021 was 10.7million,anincreaseof16210.7 million, an increase of 162% from 4.1 million in 2020[387]. - General and administrative expenses also saw a substantial increase, reaching approximately 5.3millionin2021,up1465.3 million in 2021, up 146% from 2.1 million in 2020, primarily due to higher consulting and insurance costs[376]. - For the year ended December 31, 2021, operating expenses increased significantly, with research and development expenses rising to 4.9millionfrom4.9 million from 0.3 million in 2020, representing a 1544% increase[375]. Cash Position and Capital Needs - As of December 31, 2021, the company had cash and cash equivalents of approximately 29.7million,whichisinsufficienttocompletethedevelopmentofitsproductcandidateswithoutraisingadditionalcapital[350].AsofDecember31,2021,thecompanyhadcashandcashequivalentsofapproximately29.7 million, which is insufficient to complete the development of its product candidates without raising additional capital[350]. - As of December 31, 2021, the company had cash and cash equivalents of approximately 29.7 million, with expectations of incurring significant expenses and operating losses in the foreseeable future[379]. - The company anticipates needing to raise additional capital to fund operations, including clinical trials, and may face dilution of existing stockholders' interests[383]. - The company completed a public offering on June 1, 2021, raising approximately 31.5millioninnetproceedsfromthesaleof4,133,400Unitsand5,066,600PreFundedWarrants[381].Netcashprovidedbyfinancingactivitiesin2021was31.5 million in net proceeds from the sale of 4,133,400 Units and 5,066,600 Pre-Funded Warrants[381]. - Net cash provided by financing activities in 2021 was 31.6 million, primarily from a public offering, compared to 12.8millionin2020[390].ThecompanyhasenteredintoanAtTheMarketOfferingAgreementinJanuary2022,allowingforthepotentialsaleofsharesforgrossproceedsofupto12.8 million in 2020[390]. - The company has entered into an At The Market Offering Agreement in January 2022, allowing for the potential sale of shares for gross proceeds of up to 12.9 million[382]. Research and Development - The company plans to invest significantly in research and development, including clinical trials for RP5063 and pre-clinical research for RP1208[351]. - The estimated initial costs for conducting the Phase 3 clinical study for RP5063 are approximately 25.5million,with25.5 million, with 1.0 million paid in 2021 and $12.0 million expected in 2022[357]. - RP1208 has completed pre-clinical development studies and is ready for IND enabling studies for depression and obesity[355]. - The company is advancing RP5063 through a Phase 3 trial for schizophrenia, with topline data anticipated in mid-2023[355]. - The successful development of the company's product candidates is highly uncertain, and there is no assurance of achieving marketing approval[357]. Future Outlook - The company expects significant expenses and increased operating losses for the next several years due to ongoing research, development, and commercialization activities[349]. - General and administrative expenses are expected to increase as the company expands its infrastructure and clinical programs[360]. - A valuation allowance of 100% has been established for deferred tax assets due to uncertainty regarding their realization[370]. - The company has not generated any revenues from product sales and has never been profitable[349].