Reviva Pharmaceutical Holdings Inc. (RVPH), a late-stage pharmaceutical company, on Wednesday reported its first quarter financial results, and highlighted developments in the advancement of Brilaroxazine.
The company specializes in developing therapies for the treatment of central nervous system (CNS) diseases, inflammatory, and cardiometabolic disorders.
Shares dropped to a 52-week low of $0.26 on Wednesday.
Q1 2026:
Reviva recorded a net loss of $3.19 million, or $0.46 per share in Q1 2026, while net income was $6.43 million, or $2.61 per share in the same period of 2025.
Other income amounted to $0.08 million in the first quarter, compared to $0.11 million in the previous year.
Cash and cash equivalents held by the company on March 31, 2026, amounted to $22.20 million.
The company completed a public equity offering in March with gross proceeds of $10 million.
Business Highlights:
Reviva is advancing Brilaroxazine for the treatment of schizophrenia in the Phase 3 RECOVER trial to support a future new drug application (NDA) and is seeking alignment with the U.S.FDA for this program.
Clinical biomarker data was published, and the company is seeking an accelerated review to extend the provisional patent granted for Brilaroxazine to 2046.
In parallel, Reviva is preparing to initiate RECOVER-2, its registrational Phase 3 trial in schizophrenia, with patient enrollment expected to begin in the third quarter of 2026.
RECOVER-2 is designed to further evaluate the efficacy and safety of Brilaroxazine in adults with schizophrenia and will serve as a key study supporting the company's planned NDA submission.
Initiation of enrollment in the registrational Phase 3 trial is expected in the third quarter of this year, and the FDA may provide feedback by mid-2026.
The company also noted that its common stock transition from Nasdaq to the OTCQB Venture Market on May 14, 2026, following Nasdaq's determination regarding continued listing compliance.
RVPH closed Wednesday at $0.35, down 55.73%.
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