Reviva Pharmaceuticals (RVPH) 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 11, 2022
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	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		15,133,286
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 ($)	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash	$ 23,421,237	$ 29,687,944
Prepaid expenses and other current assets	1,847,165	1,716,057
Total Assets	25,268,402	31,404,001
Liabilities
Accounts payable	1,425,834	509,583
Accrued expenses and other current liabilities	2,197,640	1,835,228
Total current liabilities	3,623,474	2,344,811
Warrant liabilities	283,720	372,730
Total Liabilities	3,907,194	2,717,541
Commitments and contingencies (Note 8)
Stockholders' equity
Common stock, par value of $0.0001; 115,000,000 shares authorized; 15,133,286 and 14,433,286 shares issued and outstanding as of March 31, 2022, and December 31, 2021, respectively	1,513	1,443
Additional paid-in capital	95,556,672	95,516,986
Accumulated deficit	(74,196,977)	(66,831,969)
Total stockholders' equity	21,361,208	28,686,460
Total Liabilities and Stockholders' Equity	$ 25,268,402	$ 31,404,001

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	15,133,286	14,433,286
Common stock, shares outstanding (in shares)	15,133,286	14,433,286

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses
Research and development	$ 5,830,018	$ 391,161
General and administrative	1,620,139	1,480,967
Total operating expenses	7,450,157	1,872,128
Loss from operations	(7,450,157)	(1,872,128)
Other income (expense)
Gain on remeasurement of warrant liabilities	89,010	923,480
Interest and other income (expense), net	(232)	148
Total other income (expense), net	88,778	923,628
Loss before provision for income taxes	(7,361,379)	(948,500)
Provision for income taxes	3,629	800
Net loss	$ (7,365,008)	$ (949,300)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.40)	$ (0.10)
Weighted average shares outstanding
Basic and diluted (in shares)	18,466,586	9,231,737

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
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
Net loss	$ 0	0	(949,300)	(949,300)
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
Balance (in shares) at Dec. 31, 2021	14,433,286
Balance at Dec. 31, 2021	$ 1,443	95,516,986	(66,831,969)	28,686,460
Common stock issued in connection with warrant exercises (in shares)	700,000
Common stock issued in connection with warrant exercises	$ 70	0	0	70
Stock-based compensation expense	0	39,686	0	39,686
Net loss	$ 0		(7,365,008)	(7,365,008)
Balance (in shares) at Mar. 31, 2022	15,133,286
Balance at Mar. 31, 2022	$ 1,513	$ 95,556,672	$ (74,196,977)	$ 21,361,208

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (7,365,008)	$ (949,300)
Adjustments to reconcile net loss to net cash used in operating activities
Change in fair value of warrant liabilities	(89,010)	(923,480)
Stock-based compensation expense	39,686	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	110,213	(1,012,064)
Accounts payable	674,930	(536,743)
Accrued expenses and other current liabilities	362,412	305,344
Net cash used in operating activities	(6,266,777)	(3,116,243)
Cash flows from financing activities
Proceeds from exercise of warrants	70	0
Net cash provided by financing activities	70	0
Net increase (decrease) in cash	(6,266,707)	(3,116,243)
Cash, beginning of period	29,687,944	8,760,462
Cash, end of period	23,421,237	5,644,219
Supplemental disclosures of cash flow information:
Cash paid for taxes	675	1,600
Cash paid for interest	$ 0	$ 0

Note 1 - Organization and Natur

Note 1 - Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
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. three March 31, 2022, not may December 31, 2022. The condensed consolidated balance sheet as of December 31, 2021, not 10 December 31, 2021, 10 March 15, 2022. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting periods covered by the financial statements and accompanying notes. Significant areas requiring the use of management estimates include, but are not 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

Note 3 - Public Offering

Note 3 - Public Offering	3 Months Ended
	Mar. 31, 2022
IPO [Member]
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 - At the Market Offering

Note 4 - At the Market Offering	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
At the Market Offering [Text BLock]	4. AT THE MARKET OFFERING In January 2022, may March 31, 2022, not

Note 5 - Loss Per Share

Note 5 - Loss Per Share	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	5. LOSS PER SHARE 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. For the three March 31, 2022 2021, not

Note 6 - Warrants

Note 6 - Warrants	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Warrants [Text Block]	6. WARRANTS As of March 31, 2022, 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 March 31, 2022 three March 31, 2022, 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 March 31, 2022, December 31, 2021. 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 March 31, 2022. no

Note 7 - Stock Option Plan and

Note 7 - Stock Option Plan and Stock-based Compensation	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	7. STOCK OPTION PLANS AND STOCK-BASED COMPENSATION 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 March 31, 2022 2021, March 31, 2022 2021, 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 There were no options granted during the first 2022. Activity under the stock plans for the three March 31, 2022, Shares available for Grant Number of Options Outstanding Weighted Average Exercise price per share Balance, December 31, 2021 1,257,334 192,898 $ 8.46 Balance, March 31, 2022 1,257,334 192,898 $ 8.46 Vested and expected to vest, March 31, 2022 192,898 $ 8.46 Options outstanding under the stock plans are as follows as of March 31, 2022: Options Outstanding Weighted average remaining contractual life (years) Options Exercisable Weighted Average Exercise Prices 48,724 0.60 48,724 $ 11.89 16,747 2.68 16,747 $ 31.33 81,227 9.07 20,957 $ 4.38 46,200 9.65 15,625 $ 3.72 192,898 6.51 102,053 $ 8.46

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. 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 2021 February 1, 2022,

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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. three March 31, 2022, not may December 31, 2022. The condensed consolidated balance sheet as of December 31, 2021, not 10 December 31, 2021, 10 March 15, 2022.
Use of Estimates, Policy [Policy Text Block]	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting periods covered by the financial statements and accompanying notes. Significant areas requiring the use of management estimates include, but are not
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

Note 7 - Stock Option Plan an_2

Note 7 - Stock Option Plan and Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Shares available for Grant Number of Options Outstanding Weighted Average Exercise price per share Balance, December 31, 2021 1,257,334 192,898 $ 8.46 Balance, March 31, 2022 1,257,334 192,898 $ 8.46 Vested and expected to vest, March 31, 2022 192,898 $ 8.46
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]	Options Outstanding Weighted average remaining contractual life (years) Options Exercisable Weighted Average Exercise Prices 48,724 0.60 48,724 $ 11.89 16,747 2.68 16,747 $ 31.33 81,227 9.07 20,957 $ 4.38 46,200 9.65 15,625 $ 3.72 192,898 6.51 102,053 $ 8.46

Note 3 - Public Offering (Detai

Note 3 - Public Offering (Details Textual) $ / shares in Units, $ in Millions	Jun. 01, 2021USD ($)$ / sharesshares
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) | $ / shares	$ 3.75
Shares Issued, Price Per Share, Two (in dollars per share) | $ / shares	$ 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) | $ / shares	$ 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) | $ / shares	$ 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 - At the Market Offeri_2

Note 4 - At the Market Offering (Details Textual) - H.C. Wainwright & Co [Member] - The Market Offering Agreement "ATM Agreement" [Member] - USD ($) shares in Thousands, $ in Millions	1 Months Ended
	Jan. 31, 2022	Mar. 31, 2022
Sale of Stock Agreement, Maximum Aggregate Gross Proceeds	$ 12.9
Shares, Issued (in shares)		0

Note 5 - Loss Per Share (Detail

Note 5 - Loss Per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	13,883,732	7,007,581
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	192,898	65,471
Earn-out Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,000,000

Note 6 - Warrants (Details Text

Note 6 - Warrants (Details Textual)	Jun. 01, 2021USD ($)$ / sharesshares	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $		$ 89,010	$ 923,480
Public Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)		6,325,000
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		$ 11.50
Class of Warrant or Right, Redemption Price Per Share (in dollars per share) | $ / shares		0.01
Threshold Closing Price for Specified Number of Trading Days (in dollars per share) | $ / shares		$ 21
Threshold Trading Days for Sale of Shares (Day)		20 days
Threshold Consecutive Trading Days for Sale of Shares (Day)		30 days
Warrants and Rights Outstanding | $				$ 1,279,182
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $		$ 89,010
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		126,268
Private Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)		556,313
Warrants and Rights Outstanding | $		$ 283,720
Private Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member]
Derivative Liability, Measurement Input		2.42
Private Warrants [Member] | Measurement Input, Price Volatility [Member]
Derivative Liability, Measurement Input		74.6
Private Warrants [Member] | Measurement Input, Expected Term [Member]
Derivative Liability, Measurement Input		3.71
Private Warrants [Member] | Measurement Input, Exercise Price [Member]
Derivative Liability, Measurement Input		11.50
Private Warrants [Member] | Measurement Input, Share Price [Member]
Derivative Liability, Measurement Input		2.46
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)		0

Note 7 - Stock Option Plan an_3

Note 7 - Stock Option Plan and Stock-based Compensation (Details Textual) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Payment Arrangement, Expense	$ 39,686	$ 0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 241,712	$ 0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years	0 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	0

Note 7 - Stock Option Plan an_4

Note 7 - Stock Option Plan and Stock-based Compensation - Stock Option Activity (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Options outstanding (in shares)	192,898	192,898
Beginning balance, weighted average exercise price per share (in dollars per share)	$ 8.46	$ 8.46
Vested and expected to vest (in shares)	192,898
Vested and expected to vest, weighted average exercise price per share (in dollars per share)	$ 8.46
Share-Based Payment Arrangement, Option [Member]
Beginning balance, number of shares available for grant (in shares)	1,257,334	1,257,334

Note 7 - Stock Option Plans and

Note 7 - Stock Option Plans and Stock-based Compensation - Shares Outstanding Under Option Plan (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Options outstanding (in shares)	192,898	192,898
Weighted average remaining contractual life (Year)	6 years 6 months 3 days
Shares exercisable (in shares)	102,053
Weighted average exercise price (in dollars per share)	$ 8.46
Range 1 [Member]
Options outstanding (in shares)	48,724
Weighted average remaining contractual life (Year)	7 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)	2 years 8 months 4 days
Shares exercisable (in shares)	16,747
Weighted average exercise price (in dollars per share)	$ 31.33
Range 3 [Member]
Options outstanding (in shares)	81,227
Weighted average remaining contractual life (Year)	9 years 25 days
Shares exercisable (in shares)	20,957
Weighted average exercise price (in dollars per share)	$ 4.38
Range 4 [Member]
Options outstanding (in shares)	46,200
Weighted average remaining contractual life (Year)	9 years 7 months 24 days
Shares exercisable (in shares)	15,625
Weighted average exercise price (in dollars per share)	$ 3.72

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Details Textual)	3 Months Ended
	Mar. 31, 2022USD ($)
Corporate Office Lease [Member]
Lessee, Operating Lease, Term of Contract (Month)	12 months
Lessee, Operating Lease, Monthly Lease Payment	$ 1,300
Lessee, Operating Lease, Renewal Term (Month)	12 months
Minimum [Member]
General Product Liability Insurance	$ 5,000,000