Reviva Pharmaceuticals (RVPH) 10-Q 16 Aug 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 12, 2021
Document Information [Line Items]
Entity Central Index Key	0001742927
Entity Registrant Name	REVIVA PHARMACEUTICALS HOLDINGS, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-38634
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-4306526
Entity Address, Address Line One	19925 Stevens Creek Blvd., Suite 100
Entity Address, City or Town	Cupertino
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95014
City Area Code	408
Local Phone Number	501-8881
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,388,986
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase one share of Common Stock
Trading Symbol	RVPHW
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RVPH
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash	$ 35,800,941	$ 8,760,462
Prepaid expenses and other current assets	733,933	1,816
Total Assets	36,534,874	8,762,278
Liabilities
Accounts payable	358,257	1,008,046
Accrued expenses and other current liabilities	804,485	324,697
Total current liabilities	1,162,742	1,332,743
Warrant liabilities	851,160	1,963,785
Total Liabilities	2,013,902	3,296,528
Commitments and contingencies (Note 10)
Stockholders’ equity
Common stock, par value of $0.0001; 115,000,000 shares authorized; 13,388,986 and 9,231,737 shares issued and outstanding as of June 30, 2021, and December 31, 2020, respectively	1,338	923
Additional paid-in capital	95,387,434	63,774,920
Accumulated deficit	(60,867,800)	(58,310,093)
Total stockholders’ equity	34,520,972	5,465,750
Total Liabilities and Stockholders’ Equity	$ 36,534,874	$ 8,762,278

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	115,000,000	115,000,000
Common stock, shares issued (in shares)	13,388,986	9,231,737
Common stock, shares outstanding (in shares)	13,388,986	9,231,737

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses
Research and development	$ 374,329	$ 36,471	$ 765,490	$ 294,195
General and administrative	1,415,773	740,913	2,897,540	1,101,467
Total operating expenses	1,790,102	777,384	3,663,030	1,395,662
Loss from operations	(1,790,102)	(777,384)	(3,663,030)	(1,395,662)
Other income (expense)
Gain on remeasurement of warrant liabilities	189,146	0	1,112,626	0
Interest and other income (expense), net	(3,549)	25,004	(3,401)	25,004
Interest expense	0	(99,053)	0	(228,937)
Total other income (expense), net	185,597	(74,049)	1,109,225	(203,933)
Loss before provision for income taxes	(1,604,505)	(851,433)	(2,553,805)	(1,599,595)
Provision for income taxes	3,902	0	3,902	800
Net loss	$ (1,608,407)	$ (851,433)	$ (2,557,707)	$ (1,600,395)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.12)	$ (0.31)	$ (0.23)	$ (0.58)
Weighted average shares outstanding Basic and diluted (in shares)	12,874,961	2,768,346	10,961,449	2,768,346

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2019	1,597,585	2,768,346
Balance at Dec. 31, 2019	$ 29,069,974	$ 618	$ 18,644,683	$ (54,526,705)	$ (6,811,430)
Net loss	$ 0	$ 0	0	(1,600,395)	(1,600,395)
Balance (in shares) at Jun. 30, 2020	1,597,585	2,768,346
Balance at Jun. 30, 2020	$ 29,069,974	$ 618	18,644,683	(56,127,100)	(8,411,825)
Balance (in shares) at Mar. 31, 2020	1,597,585	2,768,346
Balance at Mar. 31, 2020	$ 29,069,974	$ 618	18,644,683	(55,275,667)	(7,560,392)
Net loss	$ 0	$ 0	0	(851,433)	(851,433)
Balance (in shares) at Jun. 30, 2020	1,597,585	2,768,346
Balance at Jun. 30, 2020	$ 29,069,974	$ 618	18,644,683	(56,127,100)	(8,411,825)
Balance (in shares) at Dec. 31, 2020		9,231,737
Balance at Dec. 31, 2020		$ 923	63,774,920	(58,310,093)	5,465,750
Issuance of Units in public offering, net (in shares)		4,133,400
Issuance of Units in public offering, net		$ 413	31,497,050	0	31,497,463
Common stock issued in connection with warrant exercises (in shares)		23,849
Common stock issued in connection with warrant exercises		$ 2	98,375	0	98,377
Stock-based compensation expense		0	17,089	0	17,089
Net loss		$ 0	0	(2,557,707)	(2,557,707)
Balance (in shares) at Jun. 30, 2021		13,388,986
Balance at Jun. 30, 2021		$ 1,338	95,387,434	(60,867,800)	34,520,972
Balance (in shares) at Mar. 31, 2021		9,231,737
Balance at Mar. 31, 2021		$ 923	63,774,920	(59,259,393)	4,516,450
Issuance of Units in public offering, net (in shares)		4,133,400
Issuance of Units in public offering, net		$ 413	31,497,050	0	31,497,463
Common stock issued in connection with warrant exercises (in shares)		23,849
Common stock issued in connection with warrant exercises		$ 2	98,375	0	98,377
Stock-based compensation expense		0	17,089	0	17,089
Net loss		$ 0	0	(1,608,407)	(1,608,407)
Balance (in shares) at Jun. 30, 2021		13,388,986
Balance at Jun. 30, 2021		$ 1,338	$ 95,387,434	$ (60,867,800)	$ 34,520,972

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (2,557,707)	$ (1,600,395)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	0	322
Gain on remeasurement of warrant liabilities	(1,112,626)	0
Stock-based compensation expense	17,089	0
Changes in operating assets and liabilities
Prepaid expenses	(633,739)	(7,019)
Accounts payable	(649,789)	505,603
Accrued interest	0	228,937
Accrued expenses and other current liabilities	479,788	457,157
Net cash used in operating activities	(4,456,984)	(415,395)
Cash flows from financing activities
Proceeds from issuance of Units in public offering, net	31,497,463	0
Proceeds from issuance of convertible promissory notes	0	610,000
Net cash provided by financing activities	31,497,463	610,000
Net increase in cash	27,040,479	194,605
Cash, beginning of period	8,760,462	193
Cash, end of period	35,800,941	194,798
Supplemental disclosures of cash flow information:
Cash paid for taxes	1,600	0
Deferred offering costs included in accounts payable and other accrued expenses	$ 134,355	$ 0

Note 1 - Organization and Natur

Note 1 - Organization and Nature of Operations	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. ORGANIZATION AND NATURE OF OPERATIONS On December 14, 2020, July 20, 2020 Reviva Pharmaceuticals, Inc. was originally incorporated in the state of Delaware and commenced operations on May 1, 2006 2014.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 8 X. six June 30, 2021, not may December 31, 2021. The condensed consolidated balance sheet as of December 31, 2020, not 10 December 31, 2020, 10 May 7, 2021. Principles of consolidation The accompanying condensed consolidated financial statements include the accounts of the Reviva Pharmaceuticals Holdings, Inc. and its wholly owned subsidiary Reviva Pharmaceuticals, Inc. (together with its consolidated subsidiary). All transactions and balances between the parent and its subsidiary have been eliminated in consolidation. Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompany notes thereto. Actual results could differ materially from those estimates. Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. Substantially, all the Company’s cash is held in demand deposit form by one not The Company is subject to all of the risks inherent in an early-stage company developing new pharmaceutical products. These risks include, but are not may Cash As of June 30, 2021, two may, Leases In February 2016, 2016 2 no Research and development costs Research and development costs are charged to operating expenses as incurred. Research and development costs include, but are not General and Administrative costs General and administrative costs are charged to operating expenses as incurred. General and administrative costs include, but are not Income Taxes The Company utilizes FASB ASC 740, not” not The effective tax rate for the six June 30, 2021, zero June 30, 2021, Stock-based Compensation We measured stock-based compensation based on the fair value of the share-based awards on the date of grant and recognized the related costs on a straight-line basis over the requisite service period, which is generally the vesting period. The Company recognizes forfeitures as they occur. Fair Value of Financial Instruments Due to their short maturities, the carrying amounts for cash, accounts payable, and accrued expenses approximate their fair value. Fair Value Measurements of Warrants ASC 820 820 820 1 2 three 1 3 The three 820 • Level 1 — Quoted 1 ​ • Level 2 — Directly not 2 not ​ • Level 3 — Unobservable no ​ In determining the fair value of warrants, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

Note 3 - Public Offering

Note 3 - Public Offering	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	3. PUBLIC OFFERING On June 1, 2021, one one one one one one one no not one one one one

Note 4 - Business Combination

Note 4 - Business Combination	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Business Combination Disclosure [Text Block]	4. BUSINESS COMBINATION On December 14, 2020, Upon the closing of the Business Combination, all shares of Reviva Pharmaceuticals, Inc. common stock and preferred stock issued and outstanding immediately prior to the Business Combination converted into common stock of Reviva Pharmaceuticals Holdings, Inc., with a par value of $0.0001 per share at an exchange rate of 0.152268 for common stock and 0.414647 for preferred stock. Each issued and outstanding warrant to acquire shares of Reviva Pharmaceuticals, Inc. common stock were assumed by Reviva Pharmaceuticals Holdings, Inc. and automatically converted into a warrant for Reviva Pharmaceuticals Holdings, Inc. common stock, with its price and number of shares adjusted based on the common stock exchange rate of 0.152268. 0.152268. In addition to the merger consideration set forth above, the Reviva Pharmaceuticals, Inc. security holders also have a contingent right to receive up to an additional 1,000,000 shares of Reviva Pharmaceuticals Holdings, Inc. (the “Earnout Shares”) based on the stock price performance of the common stock and the achievement by the Company of certain clinical trial milestones during the three ● the closing price of the Company’s common stock has to be equal to or greater than $15.00 per share for any 20 trading days within any 30 trading day period; and ● the Company must receive positive data from (i) its first 3 2 The Business Combination was accounted for as a reverse merger in accordance with GAAP. Under this method of accounting, Tenzing is treated as the “acquired” company for financial reporting purposes. This determination was primarily based on the holders of Reviva Pharmaceuticals, Inc. having a majority of the voting power of the post-combination company, Reviva Pharmaceuticals, Inc. senior management comprising substantially all of the senior management of the post-combination company, the relative size of Reviva compared to Tenzing, and Reviva Pharmaceuticals, Inc. operations comprising the ongoing operations of the post-combination company. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Reviva Pharmaceuticals, Inc. issuing stock for the net assets of Tenzing, accompanied by a recapitalization. The net assets of Tenzing are stated at historical cost, with no goodwill or other intangible assets recorded. The accompanying financial statements and related notes reflect the historical results of Reviva Pharmaceuticals, Inc. prior to the merger and do not

Note 5 - Employee Benefit Plan

Note 5 - Employee Benefit Plan	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	5. EMPLOYEE BENEFIT PLAN In 2014, 401 June 30, 2021.

Note 6 - Convertible Promissory

Note 6 - Convertible Promissory Notes	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	6. CONVERTIBLE PROMISSORY NOTES 2016 From June 2016 April 2017, “2016 On January 2, 2020, 2016 December 16, 2020, 2016 On December 10, 2020, 2016 2016 one no 2016 2018 From November 2018 January 2019, “2018 On December 10, 2020, 2018 2018 2018 $50,000 2018 2018 $50,000 2018 no 2018 2020 From March May 2020, “2020 On December 10, 2020, 2020 2020 2020 $50,000 2020 2020 $50,000 2020 no 2020 Between August 2020 October 2020, In addition, the Company entered into a contingent capital note agreement with certain investors for $2,000,000 on August 29, 2020. no

Note 7 - Loss Per Share

Note 7 - Loss Per Share	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	7. LOSS PER SHARE Loss per share calculations for all periods prior to the Business Combination have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the Business Combination to effect the reverse recapitalization. Subsequent to the Business Combination, earnings per share will be calculated based on the weighted average shares of common stock then outstanding. Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of common stock outstanding during the period. The weighted average shares of common stock outstanding is based on the 9,231,737 shares of common stock outstanding immediately after the reverse recapitalization in connection with the Business Combination and assumes these shares have been outstanding as of the beginning of the earliest period presented. For the three six June 30, 2021, 2020, not

Note 8 - Warrants

Note 8 - Warrants	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Warrants [Text Block]	8. WARRANTS As of June 30, 2021, Each public warrant entitles the holder thereof to purchase one of $11.50 No We may not of $0.01 ● if, and only if, the reported last sale price of the common stock equals or exceeds $21.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period ending on the third ● if, and only if, there is a current registration statement in effect with respect to the issuance of the shares of Common Stock underlying such Public Warrants at the time of redemption and for the entire 30 ● at any time while the public warrants are exercisable ● upon not 30 The private warrants are substantially similar to the public warrants except such private warrants; ● are exercisable for cash or on a cashless basis, at the holder’s option ● cannot be redeemed by us, so long as they are still held by the initial purchasers or their affiliates. ● The redemption price is to be calculated as the 10 one In no The Company classified the private warrants pursuant to ASC 815 June 30, 2021 three six June 30, 2021, The exercise price and number of shares of common stock issuable on exercise of the warrants may Further, there were assumed warrants outstanding to purchase an aggregate of 126,268 shares of common stock. These warrants were classified as equity as of June 30, 2021, December 31, 2020. In connection with the Offering, the Company issued Pre-Funded Warrants exercisable for 5,066,600 shares of common stock. Total proceeds from the sale of Units including the Pre-Funded Warrants were approximately $19.0 million and the Pre-Funded Warrants are exercisable into one share of common stock at an exercise price of $0.0001 per share at any time after issuance. Additionally, in connection with the Offering, the Company issued Investor Warrants exercisable for 6,900,000 shares of common stock with an exercise price of $4.125 per share of common stock any time after issuance. The Investor Warrants expire on June 1, 2026. three June 30, 2021, no

Note 9 - Stock Option Plans and

Note 9 - Stock Option Plans and Stock-based Compensation	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	9. STOCK OPTION PLANS AND STOCK-BASED COMPENSATION 2006 Reviva’s board of directors adopted and the stockholders approved the Reviva Pharmaceuticals, Inc. 2006 August 2006. 2006 422 not 2016, no 2006 Upon the Business Combination, the Reviva Pharmaceuticals, Inc. 2006 2006 “2006 2006 2006 no 2006 2020 On December 14, 2020, 2020 “2020 2020 may As of June 30, 2021, 2020 June 30, 2021, 2020 January 1st not ten January 1st 2020 January 1, 2030, ten December 31st 2020 may Stock-Based Compensation Expense The Company records stock-based compensation expense in connection with the amortization of the fair value of stock options granted to employees, non-employee consultants and non-employee directors. During the three June 30, 2021 2020, six June 30, 2021, 2020, June 30, 2021, 2020, Determining Fair Value Valuation and Recognition – The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes pricing model utilizes the following assumptions: Expected Term – Expected life of an option award is the average length of time over which the Company expects employees will exercise their options, which is based on historical experience with similar grants. Expected Volatility - Expected volatility is based on the Company’s historical stock volatility data over the expected term of the awards. Risk-Free Interest Rate - The Company bases the risk-free interest rate on the implied yield currently available on U.S. Treasury zero Dividend Yield – The Company has not not The assumptions used in estimating the fair value of options granted in 2021 Expected Term in years - 5.75 - 6.08 Volatility - 91.4% - 92.2% Risk-free interest rate – 0.95% - 1.10% Dividend Yield – 0.00% Activity under the stock plans for the six June 30, 2021, Weighted Average Shares Number of Exercise available for Options price per Grant Outstanding share Balance, January 1, 2021 1,384,761 65,471 $ 16.86 Granted 81,227 81,227 4.38 Balance, June 30, 2021 1,303,534 146,698 $ 9.95 Vested, June 30, 2021 — 65,471 $ 16.86 Vested and expected to vest, June 30, 2021 — 146,698 $ 9.95 Options outstanding under the stock plans are as follows as of June 30, 2021: Weighted average Weighted remaining Average Options contractual Options Exercise Outstanding life (years) Exercisable Prices 48,724 1.35 48,724 $ 11.89 16,747 3.44 16,747 31.33 65, 227 9.79 — 4.30 16,000 9.96 — $ 4.73 146,698 6.28 65,471 $ 9.95

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. COMMITMENTS AND CONTINGENCIES Clinical trials Since 2010, 2 may third not may 30 Indemnification From time to time, in its normal course of business, the Company may may third may not no may Operating Leases The Company adopted ASC 842 January 1, 2020. one twelve 19925 100, 95014. February 1, 2021,

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 8 X. six June 30, 2021, not may December 31, 2021. The condensed consolidated balance sheet as of December 31, 2020, not 10 December 31, 2020, 10 May 7, 2021.
Consolidation, Policy [Policy Text Block]	Principles of consolidation The accompanying condensed consolidated financial statements include the accounts of the Reviva Pharmaceuticals Holdings, Inc. and its wholly owned subsidiary Reviva Pharmaceuticals, Inc. (together with its consolidated subsidiary). All transactions and balances between the parent and its subsidiary have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompany notes thereto. Actual results could differ materially from those estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. Substantially, all the Company’s cash is held in demand deposit form by one not The Company is subject to all of the risks inherent in an early-stage company developing new pharmaceutical products. These risks include, but are not may
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash As of June 30, 2021, two may,
Lessee, Leases [Policy Text Block]	Leases In February 2016, 2016 2 no
Research and Development Expense, Policy [Policy Text Block]	Research and development costs Research and development costs are charged to operating expenses as incurred. Research and development costs include, but are not
Selling, General and Administrative Expenses, Policy [Policy Text Block]	General and Administrative costs General and administrative costs are charged to operating expenses as incurred. General and administrative costs include, but are not
Income Tax, Policy [Policy Text Block]	Income Taxes The Company utilizes FASB ASC 740, not” not The effective tax rate for the six June 30, 2021, zero June 30, 2021,
Share-based Payment Arrangement [Policy Text Block]	Stock-based Compensation We measured stock-based compensation based on the fair value of the share-based awards on the date of grant and recognized the related costs on a straight-line basis over the requisite service period, which is generally the vesting period. The Company recognizes forfeitures as they occur.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments Due to their short maturities, the carrying amounts for cash, accounts payable, and accrued expenses approximate their fair value. Fair Value Measurements of Warrants ASC 820 820 820 1 2 three 1 3 The three 820 • Level 1 — Quoted 1 ​ • Level 2 — Directly not 2 not ​ • Level 3 — Unobservable no ​ In determining the fair value of warrants, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

Note 9 - Stock Option Plans a_2

Note 9 - Stock Option Plans and Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Weighted Average Shares Number of Exercise available for Options price per Grant Outstanding share Balance, January 1, 2021 1,384,761 65,471 $ 16.86 Granted 81,227 81,227 4.38 Balance, June 30, 2021 1,303,534 146,698 $ 9.95 Vested, June 30, 2021 — 65,471 $ 16.86 Vested and expected to vest, June 30, 2021 — 146,698 $ 9.95
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]	Weighted average Weighted remaining Average Options contractual Options Exercise Outstanding life (years) Exercisable Prices 48,724 1.35 48,724 $ 11.89 16,747 3.44 16,747 31.33 65, 227 9.79 — 4.30 16,000 9.96 — $ 4.73 146,698 6.28 65,471 $ 9.95

Note 3 - Public Offering (Detai

Note 3 - Public Offering (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Jun. 01, 2021	Jun. 30, 2021	Jun. 30, 2021
Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		4,133,400	4,133,400
Public Offering [Member]
Number of Units, One, Issued (in shares)	4,133,400
Number of Units, Two, Issued (in shares)	5,066,600
Shares Issued, Price Per Share, One (in dollars per share)	$ 3.75
Shares Issued, Price Per Share, Two (in dollars per share)	$ 3.7499
Proceeds from Issuance or Sale of Equity, Net	$ 31.5
Payments of Stock Issuance Costs	$ 3
Public Offering [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)	4,133,400
Over-Allotment Option [Member]
Number of Units, One, Issued (in shares)	1,200,000
Pre-Funded Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.0001
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	5,066,600
Investor Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 4.125
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	0.75
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	6,900,000

Note 4 - Business Combination (

Note 4 - Business Combination (Details Textual) $ / shares in Units, $ in Thousands	Dec. 14, 2020USD ($)$ / sharesshares	Jun. 30, 2021$ / shares	Dec. 31, 2020$ / shares
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.0001	$ 0.0001
Reviva Pharmaceuticals, Inc. [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001
Additional Shares to be Issued to Security Holders, Contingent on Stock Price Performance (in shares) | shares	1,000,000
Stock Price Performance, Milestone Period (Year)	3 years
Threshold Closing Price for Specified Number of Trading Days (in dollars per share)	$ 15
Threshold Trading Days for Sale of Shares (Day)	20 days
Threshold Consecutive Trading Days for Sale of Shares (Day)	30 days
Goodwill, Ending Balance | $	$ 0
Reviva Pharmaceuticals, Inc. [Member] | Conversion of Reviva Common Stock into Company's Common Stock [Member]
Conversion of Stock, Conversion Rate	0.152268
Reviva Pharmaceuticals, Inc. [Member] | Conversion of Reviva Preferred Stock into Company's Common Stock [Member]
Conversion of Stock, Conversion Rate	0.414647

Note 5 - Employee Benefit Plan

Note 5 - Employee Benefit Plan (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0

Note 6 - Convertible Promisso_2

Note 6 - Convertible Promissory Notes (Details Textual) - USD ($)	Dec. 14, 2020	Dec. 10, 2020	Jan. 02, 2020	Oct. 31, 2020	Dec. 15, 2020	Aug. 29, 2020	Aug. 01, 2020	Mar. 01, 2020	Nov. 01, 2018	Jun. 30, 2016
Conversion of 2016 Notes into Common Stock [Member] | Closing [Member]
Conversion of Stock, Shares Issued (in shares)	576,836
Conversion of 2018 Notes into Common Stock [Member] | Closing [Member]
Conversion of Stock, Shares Issued (in shares)	56,461
Conversion of 2020 Notes into Common Stock [Member] | Closing [Member]
Conversion of Stock, Shares Issued (in shares)	113,422
Conversion of Reviva Contingent Interim Period Note into Common Stock [Member] | Closing [Member]
Conversion of Stock, Shares Issued (in shares)	261,626
Conversion of 2016 Notes into Common Stock [Member]
Debt Conversion, Converted Instrument, Shares Issued (in shares)		3,788,461
Debt Instrument, Convertible, Conversion Price (in dollars per share)		$ 1.329698
Conversion of 2018 Notes into Common Stock [Member]
Debt Conversion, Converted Instrument, Shares Issued (in shares)		370,811
Conversion of 2018 Notes into Common Stock with Aggregate Principal Amount of at Least $50,000 [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share)		$ 0.831018
Conversion of 2018 Notes into Common Stock with Aggregate Principal Amount Less Than $50,000 [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share)		$ 1.330045
Conversion of 2020 Notes into Common Stock [Member]
Debt Conversion, Converted Instrument, Shares Issued (in shares)		744,916
Conversion of 2020 Notes into Common Stock with Aggregate Principal Amount of at Least $50,000 [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share)				$ 0.831009
Conversion of 2020 Notes into Common Stock with Aggregate Principal Amount Less Than $50,000 [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share)		$ 1.329770
Conversion of August 2020 to October 2020 Notes into Common Stock [Member]
Debt Conversion, Converted Instrument, Shares Issued (in shares)				601,632
Debt Instrument, Convertible, Conversion Price (in dollars per share)				$ 0.831063
The 2016 Notes [Member]
Debt Instrument, Face Amount										$ 4,795,088
Convertible Notes Payable, Total		$ 1,200,000
The 2016 Notes [Member] | One Investor [Member]
Interest Payable, Current			$ 242,236		$ 79,840
Debt Instrument, Fee Amount			5,000
Repayments of Convertible Debt			$ 1,447,236
Debt Instrument, Interest Rate, Stated Percentage			5.50%
The 2018 Notes [Member]
Debt Instrument, Face Amount									$ 275,000
The 2020 Notes [Member]
Debt Instrument, Face Amount								$ 610,000
August 2020 to October 2020 Notes [Member]
Debt Instrument, Face Amount							$ 500,000
Reviva Contingent Interim Period Note [Member]
Debt Instrument, Face Amount						$ 2,000,000

Note 7 - Loss Per Share (Detail

Note 7 - Loss Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020
Common Stock, Shares, Outstanding, Ending Balance (in shares)	13,388,986		13,388,986		9,231,737	9,231,737
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	13,883,732	13,883,732	1,603,403	1,603,403
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	146,698	146,698	65,471	65,471
Earn-out Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			1,000,000	1,000,000

Note 8 - Warrants (Details Text

Note 8 - Warrants (Details Textual)	Jun. 01, 2021USD ($)$ / sharesshares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Derivative Liability, Noncurrent | $		$ 851,160		$ 851,160		$ 1,963,785
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $		$ 189,146	$ 0	$ 1,112,626	$ 0
Public Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)		6,325,000		6,325,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)		1		1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares		$ 11.50		$ 11.50
Class of Warrant or Right, Redemption Price Per Share (in dollars per share) | $ / shares		0.01		0.01
Threshold Closing Price for Specified Number of Trading Days (in dollars per share) | $ / shares		$ 21		$ 21
Threshold Trading Days for Sale of Shares (Day)				20 days
Threshold Consecutive Trading Days for Sale of Shares (Day)				30 days
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		126,268		126,268
Warrants and Rights Outstanding | $		$ 1,279,182		$ 1,279,182		$ 1,279,182
Private Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)		556,313		556,313
Derivative Liability, Noncurrent | $		$ 851,160		$ 851,160
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $		$ 189,146		$ 1,112,626
Private Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member]
Derivative Liability, Measurement Input		0.0076		0.0076
Private Warrants [Member] | Measurement Input, Price Volatility [Member]
Derivative Liability, Measurement Input		0.658		0.658
Private Warrants [Member] | Measurement Input, Expected Term [Member]
Derivative Liability, Measurement Input		4.46		4.46
Private Warrants [Member] | Measurement Input, Exercise Price [Member]
Derivative Liability, Measurement Input		11.50		11.50
Private Warrants [Member] | Measurement Input, Share Price [Member]
Derivative Liability, Measurement Input		4.86		4.86
Pre-Funded Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 0.0001
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	5,066,600
Proceeds from Issuance of Warrants | $	$ 19,000,000
Investor Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	0.75
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 4.125
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	6,900,000
Class of Warrant or Right, Exercised During Period (in shares)		23,849
Proceeds from Warrant Exercises | $		$ 98,377

Note 9 - Stock Option Plans a_3

Note 9 - Stock Option Plans and Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)	146,698		146,698		65,471
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	1,303,534		1,303,534		1,384,761
Share-based Payment Arrangement, Expense	$ 17,089	$ 0	$ 17,089	$ 0
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 248,266	$ 0	248,266	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments			$ 0
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Dividend Rate			0.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)			6 years 29 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			92.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			1.10%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)			5 years 9 months
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			91.40%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			0.95%
Equity Incentive Plan 2006 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)	65,471		65,471
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	1,384,761		1,384,761
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	1,303,534		1,303,534
Equity Incentive Plan 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Percent of Increase			10.00%
Equity Incentive Plan 2020 [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	461,587		461,587

Note 9 - Stock Option Plans a_4

Note 9 - Stock Option Plans and Stock-based Compensation - Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Beginning balance, number of shares available for grant (in shares)	1,384,761
Granted, number of shares available for grant (in shares)	81,227
Ending balance, number of shares available for grant (in shares)	1,303,534
Beginning balance, options outstanding (in shares)	65,471
Options granted (in shares)	81,227
Ending balance, options outstanding (in shares)	146,698
Options vested (in shares)	65,471
Options vested and expected to vest (in shares)	146,698
Beginning balance, options outstanding, weighted average exercise price per share (in dollars per share) | $ / shares	$ 16.86
Options granted, weighted average exercise price per share (in dollars per share) | $ / shares	4.38
Ending balance, options outstanding, weighted average exercise price per share (in dollars per share) | $ / shares	9.95
Options vested, weighted average exercise price per share (in dollars per share) | $ / shares	16.86
Options vested and expected to vest, weighted average exercise price per share (in dollars per share) | $ / shares	$ 9.95

Note 9 - Stock Option Plans a_5

Note 9 - Stock Option Plans and Stock-based Compensation - Shares Outstanding Under Option Plan (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Options outstanding (in shares)	146,698	65,471
Weighted average remaining contractual life (Year)	6 years 3 months 10 days
Shares exercisable (in shares)	65,471
Weighted average exercise price (in dollars per share)	$ 9.95
Range 1 [Member]
Options outstanding (in shares)	48,724
Weighted average remaining contractual life (Year)	1 year 4 months 6 days
Shares exercisable (in shares)	48,724
Weighted average exercise price (in dollars per share)	$ 11.89
Range 2 [Member]
Options outstanding (in shares)	16,747
Weighted average remaining contractual life (Year)	3 years 5 months 8 days
Shares exercisable (in shares)	16,747
Weighted average exercise price (in dollars per share)	$ 31.33
Range 3 [Member]
Options outstanding (in shares)	65,227
Weighted average remaining contractual life (Year)	9 years 9 months 14 days
Shares exercisable (in shares)	0
Weighted average exercise price (in dollars per share)	$ 4.30
Range 4 [Member]
Options outstanding (in shares)	16,000
Weighted average remaining contractual life (Year)	9 years 11 months 15 days
Shares exercisable (in shares)	0
Weighted average exercise price (in dollars per share)	$ 4.73

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual)	6 Months Ended
	Jun. 30, 2021USD ($)
Corporate Office Lease [Member]
Lessee, Operating Lease, Term of Contract (Month)	12 months
Lessee, Operating Lease, Monthly Lease Payment	$ 1,200
Lessee, Operating Lease, Renewal Term (Month)	12 months
Minimum [Member]
General Product Liability Insurance	$ 5,000,000