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Reviva Pharmaceuticals (RVPH) - 2021 Q2 - Quarterly Report

Financial Performance - Reviva Pharmaceuticals has an accumulated deficit of $60.9 million as of June 30, 2021, with a net loss of approximately $2.6 million for the six months ended June 30, 2021[103]. - The net loss for the six months ended June 30, 2021, was approximately $2.6 million, compared to a net loss of $1.6 million for the same period in 2020[122]. - Net cash used in operating activities for the six months ended June 30, 2021, was approximately $4.5 million, compared to $415,000 for the same period in 2020[134]. - Research and development expenses for Q2 2021 were approximately $374,000, a 926% increase from $36,000 in Q2 2020[116]. - General and administrative expenses for Q2 2021 were approximately $1.4 million, reflecting a 91% increase from $741,000 in Q2 2020[118]. - Research and development expenses for the six months ended June 30, 2021, were approximately $765,000, a 160% increase from $294,000 in the same period in 2020[123]. Future Outlook - The company expects significant expenses and increased operating losses for the next several years due to ongoing research, development, and commercialization activities[104]. - The company anticipates incurring significant expenses and operating losses as it continues its research and development efforts[128]. - Reviva intends to seek additional capital through public or private equity or debt financings to support its clinical development and commercialization efforts[105]. - The company expects general and administrative expenses to increase as it expands infrastructure and clinical programs[113]. Drug Development - Reviva's lead drug candidate, RP5063, is in Phase 2 for schizophrenia and has completed Phase 1 for multiple indications including bipolar disorder and major depressive disorder[108]. - The company has two drug candidates, RP5063 and RP1208, both of which have been granted composition of matter patents in the U.S. and Europe[94]. - The company plans to continue the clinical development of RP5063 for various neuropsychiatric and respiratory indications, subject to additional financing[96]. - The impact of the COVID-19 pandemic may adversely affect clinical trials, including patient recruitment and drug distribution[98]. Capital and Funding - As of June 30, 2021, Reviva had cash of approximately $35.8 million, which is expected to fund operations through at least September 2022[105]. - The company completed a public offering on June 1, 2021, raising approximately $31.5 million in net proceeds[127]. - Reviva has not generated any revenues from product sales and has never been profitable, indicating a reliance on external funding for future operations[103]. Other Financial Metrics - The gain on remeasurement of warrant liabilities for Q2 2021 was approximately $189,000, compared to no gain in Q2 2020[120].