Free cash flow remains deeply negative, with a historical peak outflow of $11.7 million in 2024Q1, highlighting a persistent reliance on external funding to cover operational burn.
| Cash from Operations | -20.2M | -24.59M | -33.54M | -28.32M | -18.96M | -10.67M | -4.07M | -218.44K | -1.07M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 98.97% | 26.68% | -18.43% | -49.39% | -77.73% | -162.34% | -1761.63% | 79.61% | - |
| Net Income | -16.63M | -19.86M | -29.92M | -39.26M | -24.34M | -8.52M | -3.78M | -846.83K | -1.68M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 591 | 645 | 17.72K |
| Stock-Based Compensation | 1.89M | 2.23M | 1.63M | 3.41M | 176.74K | 106.71K | 0 | 0 | 21.05K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 187.48K | -89.01K | -717.64K | 239.22K | -3.73M | -1.55M | 2.05M | -6.41K | 28.24K |
| Working Capital Changes | -5.65M | -6.87M | -4.54M | 7.28M | 8.93M | -702.17K | -2.33M | 634.15K | 541.98K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.82M | -3.41M | 2.29M | 328.84K | 3.01M | -498.46K | 775.1K | 158.17K | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 37.1M | 25.56M | 23.65M | 33.17M | 7.79M | 31.6M | 12.83M | 100K | 175K |
| Debt Issued (Net) | 58.25K | -51.28K | 458.15K | 0 | 0 | 0 | 3.11M | 0 | 0 |
| Equity Issued (Net) | 37.1M | 25.61M | 23.19M | 27.49M | 7.77M | 31.5M | 340.93K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -51.28K | 0 | 0 | 5.68M | 18.97K | 98.48K | 9.38M | 100K | 175K |
| Net Change in Cash | 16.9M | 962.46K | -9.89M | 4.85M | -11.17M | 20.93M | 8.76M | -118.44K | 118.64K |
| Free Cash Flow | -20.2M | -24.59M | -33.54M | -28.32M | -18.96M | -10.67M | -4.07M | -218.44K | -1.07M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 32.69% | 26.68% | -18.43% | -49.39% | -77.73% | -162.34% | -1761.63% | 79.61% | - |
| FCF per Share | -2.88 | -6.78 | -20.24 | -23.80 | -19.43 | -14.43 | -26.56 | -1.58 | -10.51 |
| FCF Conversion (FCF/Net Income) | 1.21x | 1.24x | 1.12x | 0.72x | 0.78x | 1.25x | 1.07x | 0.26x | 0.64x |
| Interest Paid | 9.9K | 13.4K | 18.5K | 30.62K | 0 | 0 | 327.08K | 0 | 0 |
| Taxes Paid | -400 | 3.37K | 3.42K | 19.75K | 16.48K | 2.4K | 800 | 0 | 0 |
Clinical trial funding shortfall
As reported in financial statements, Reviva's operating cash flow consistently exceeds net losses, with an OCF/NI ratio reaching 1.72 in 2025Q4, suggesting that non-cash expenses and working capital fluctuations are masking the true magnitude of the company's underlying cash burn during its clinical development phase.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses do not fully capture the immediate liquidity impact of its R&D-heavy operations. Investors should monitor this divergence, as it suggests that the firm's cash-based burn rate is more aggressive than the headline net loss figures might imply.
Based on quarterly data, Reviva's free cash flow remains deeply negative, with a peak outflow of $11.7 million in 2024Q1, highlighting the company's total dependence on external capital to sustain its clinical trial trajectory in the absence of any commercial revenue streams or self-funding capabilities.
The lack of positive free cash flow is a structural reality for a pre-revenue biotech, but the volatility in quarterly outflows suggests unpredictable timing in clinical trial expenditures. This trajectory warrants further investigation into whether the company can stabilize its burn rate as it approaches potential regulatory milestones.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $3.8 million inflow in 2024Q3 to a $4.2 million outflow in 2024Q1, which reflects the lumpy nature of payments to contract research organizations and other clinical trial service providers.
These fluctuations in working capital appear to be the primary driver of short-term liquidity stress rather than operational efficiency. The reliance on these timing-sensitive payments suggests that the company's cash position is highly sensitive to the payment schedules of its clinical partners.
Based on the provided financial data, stock-based compensation remains a consistent feature of the cash flow statement, peaking at $919.1K in 2025Q1, which effectively serves as a non-cash mechanism to preserve limited liquidity while simultaneously increasing the dilutive pressure on existing equity holders.
While stock-based compensation helps mitigate immediate cash outflows, it obscures the true cost of talent retention in a competitive biotech environment. Investors should consider the long-term impact of this dilution on earnings per share, especially if the company continues to rely on equity-based incentives to manage its cash constraints.
Quick answers to the most common questions about buying RVPH stock.
Reviva Pharmaceuticals Holdings, Inc. (RVPH) generated $-24.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Reviva Pharmaceuticals Holdings, Inc. (RVPH) reported negative free cash flow of $24.6M in 2025, indicating capital requirements exceeded cash from operations.
Reviva Pharmaceuticals Holdings, Inc. (RVPH) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.