Quarterly ResultMay 13, 2026, 04:46 PM
Reviva Q1 Net Loss $3.2M; Brilaroxazine Patent to 2046; Nasdaq Delisting
AI Summary
Reviva Pharmaceuticals reported a reduced net loss of $3.2 million for Q1 2026, down from $6.4 million in Q1 2025, with cash and equivalents increasing to $22.2 million. The company filed a provisional patent for a new brilaroxazine form, aiming to extend exclusivity through 2046, and expects FDA feedback mid-2026. Patient enrollment for the RECOVER-2 Phase 3 trial is anticipated in Q3 2026. Additionally, Reviva completed a $10.0 million public equity offering and will transition its common stock from Nasdaq to the OTCQB Venture Market.
Key Highlights
- Q1 2026 net loss was $3.2 million ($0.46 per share), compared to $6.4 million ($2.61 per share) in Q1 2025.
- Cash and cash equivalents increased to $22.2 million as of March 31, 2026, from $14.4 million on December 31, 2025.
- Filed provisional patent application for a new brilaroxazine form, extending commercial exclusivity potentially through 2046.
- Expects FDA feedback on the new brilaroxazine form for the RECOVER-2 trial and future NDA in mid-2026.
- Initiation of patient enrollment in the RECOVER-2 registrational Phase 3 trial for schizophrenia expected Q3 2026.
- Completed a public equity offering in March 2026, raising gross proceeds of $10.0 million.
- Common stock will transition from Nasdaq listing to OTCQB Venture Market quotation on May 14, 2026.