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Reviva Pharmaceuticals Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of approximately $8.4 million for the three months ended September 30, 2024, compared to a net loss of $11.3 million for the same period in 2023.
Research and development expenses decreased to $6.9 million from $9.6 million in the prior year, primarily due to the completion of the RECOVER-1 Trial.
General and administrative expenses were approximately $1.6 million, down from $2.0 million in the prior year, with reductions in employee-related expenses and other administrative costs.
The company reported a gain of $72,321 from the remeasurement of warrant liabilities, compared to a gain of $139,079 in the prior year.
Interest income decreased to $53,248 from $91,763 due to lower cash balances, despite higher market interest rates.
Cash and cash equivalents were $5.6 million as of September 30, 2024, compared to $23.4 million as of December 31, 2023.
The company raised approximately $6.6 million through financing activities during the nine months ended September 30, 2024, including proceeds from stock and warrant issuances.
Reviva Pharmaceuticals plans to continue its development efforts for brilaroxazine, with a focus on completing the OLE Trial and initiating the RECOVER-2 Trial, subject to additional financing.
The company acknowledges material weaknesses in its internal controls over financial reporting and clinical trial expenses and is working on remediation efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Reviva Pharmaceuticals Holdings Inc. Warrants quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.