Reviva Pharmaceuticals Holdings, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in cash and cash equivalents, which decreased to $5.6 million from $23.4 million at the end of 2023. Total current assets also fell to $6.8 million from $23.7 million, while total assets dropped to $7.6 million from $23.7 million. This decline in liquidity is concerning, as the company indicated that its current cash is insufficient to meet operating needs for the next 12 months.

Total current liabilities increased slightly to $17.5 million from $17.2 million, with accounts payable rising significantly to $8.8 million from $3.8 million. The company reported a total stockholders' equity deficit of approximately $10 million, a stark contrast to the equity of $5.7 million reported at the end of 2023.

In terms of operational performance, Reviva's research and development expenses for the three months ended September 30, 2024, were $6.9 million, down from $9.6 million in the same period of 2023. For the nine-month period, R&D expenses decreased to $18.2 million from $23.3 million. Total operating expenses also declined to $8.5 million for the quarter, compared to $11.6 million in the prior year, and to $24.5 million for the nine months, down from $29.9 million.

The company reported a net loss of $8.4 million for the three months ended September 30, 2024, an improvement from a net loss of $11.3 million in the same period of 2023. For the nine months, the net loss was $23.7 million, compared to $29.9 million in the previous year. The loss per share for the quarter improved to $(0.25) from $(0.48), and for the nine months, it decreased to $(0.75) from $(1.32).

Reviva raised capital through registered offerings in May and August 2024, generating approximately $2.8 million and $3.1 million, respectively. The company also modified existing warrants, which resulted in an increase in their fair value. However, there remains substantial doubt regarding the company's ability to continue as a going concern.

The company has been actively involved in clinical trials and has entered into multiple agreements for patient enrollment in various regions. Despite the financial challenges, Reviva continues to focus on its clinical development efforts while managing its operational costs.