Financial Performance - Reviva Pharmaceuticals has not generated any revenues from product sales and has an accumulated deficit of $74.2 million as of March 31, 2022[66]. - The net loss for the three months ended March 31, 2022, was approximately $7.4 million, compared to $0.9 million for the same period in 2021[66]. - The net loss for the three months ended March 31, 2022, was approximately $7.4 million, compared to a net loss of $949,000 for the same period in 2021[77]. - Net cash used in operating activities was approximately $6.3 million for the three months ended March 31, 2022, compared to $3.1 million for the same period in 2021, representing an increase of 101%[89]. - The gain on remeasurement of warrant liabilities decreased to approximately $89,000 for the three months ended March 31, 2022, from $923,000 in the same period of 2021, a decline of 90%[80]. Research and Development - The company expects significant expenses and increased operating losses for the next several years due to ongoing research and development activities[66]. - Research and development expenses are expected to increase significantly as the company advances its development programs and prepares for potential commercialization[69]. - Research and development expenses increased by approximately $5.4 million, or 1,390%, to $5.8 million for the three months ended March 31, 2022, compared to $0.4 million in the same period of 2021[78]. - The lead drug candidate, RP5063, is in Phase 3 clinical trials for acute schizophrenia, with approximately 400 patients expected to be enrolled[57][70]. - The company plans to continue the clinical development of RP1208 for depression and obesity, pending additional financing[58]. - The company expects to incur significant costs for the Phase 3 clinical study of RP5063, estimated at approximately $26.0 million, with $15.1 million payable in 2022[73]. - The company has completed Phase 1 studies for multiple indications of RP5063, including bipolar disorder, major depressive disorder, and ADHD[70]. Financial Position and Capital Needs - As of March 31, 2022, Reviva had cash of approximately $23.4 million, which is insufficient to complete the development of its product candidates without raising additional capital[67]. - As of March 31, 2022, the company had cash of approximately $23.4 million and anticipates continued operating losses as it advances its product candidates[83]. - The company completed a public offering on June 1, 2021, raising net proceeds of approximately $31.5 million[81]. - The company has entered into an At The Market Offering Agreement for gross proceeds of up to $12.9 million, but has not made any sales to date[82]. Administrative Expenses - General and administrative expenses rose by $0.1 million, or 9%, to $1.6 million for the three months ended March 31, 2022, from $1.5 million in the prior year[79]. - The company expects general and administrative expenses to increase as it expands infrastructure and continues clinical program development[75]. Impact of COVID-19 - Reviva Pharmaceuticals has taken precautionary measures in response to COVID-19, which may impact clinical trials and operations[60].
Reviva Pharmaceuticals (RVPH) - 2022 Q1 - Quarterly Report