Reviva Pharmaceuticals Holdings, Inc. (RVPH), a late-stage biopharmaceutical company, saw its shares rise by more than 6% in the pre-market after announcing the closing of its previously announced $10 million public offering on March 20, 2026.
Immediately following the closing of the offering, the company has cash and cash equivalents of approximately $23 million, which it believes will fund its operations through the first quarter of 2027.
In the offering, the firm sold 6.66 million shares, together with series G warrants to purchase up to 6.66 million shares and series H warrants to purchase up to 6.66 million shares, at a combined offering price of $1.50 per share. The Series G Warrants and the Series H Warrants have an exercise price of $1.50 per share.
The company intends to use the net proceeds from the offering to fund research and development activities, including its planned RECOVER-2 Phase 3 trial for Brilaroxazine in Schizophrenia, and for working capital and other general corporate purposes.
Reviva's current pipeline focuses on the central nervous system, inflammatory and cardiometabolic diseases and includes two drug candidates, Brilaroxazine or RP5063 and RP1208.
RVPH has traded between $1.82 and $23.4 in the last year. The stock closed Monday's trade at $0.89, up 11.63%.
In the premarket, RVPH is up 6.38% at $0.95.
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