Reviva Pharmaceuticals Holdings, Inc. reported its financial results for the third quarter ended September 30, 2026, and provided an update on its clinical development pipeline. The company reported a net loss of approximately $2.3 million, or $0.17 per share, for the three months ended September 30, 2026. This compares to a net loss of approximately $4.0 million, or $1.09 per share, for the same period in the prior year. The company noted that share and per share amounts have been retrospectively adjusted to reflect a one-for-twenty (1:20) reverse stock split of its common stock effected on March 9, 2026.
As of September 30, 2026, the company held $17.5 million in cash and cash equivalents, an increase from approximately $14.4 million as of December 31, 2025. The company’s balance sheet also included prepaid clinical trial costs of $819,721 and prepaid expenses and other current assets totaling $279,186.
In terms of business operations, Reviva announced that it expects to receive feedback from the U.S. Food and Drug Administration (FDA) in the fourth quarter of 2026 regarding the proposed use of a new formulation of its drug candidate brilaroxazine. This feedback is intended to inform the use of the formulation in the RECOVER-2 registrational Phase 3 trial and a future New Drug Application (NDA) submission for the treatment of schizophrenia. Following the FDA feedback, the company plans to initiate a bioequivalence study to confirm the comparability of the new formulation in the first quarter of 2027.
Reviva also disclosed that patient enrollment in the RECOVER-2 Phase 3 trial is expected to begin in the first half of 2027, subject to the receipt of additional financing. The company stated that it has filed a composition of matter patent application for the new formulation of brilaroxazine. The U.S. Patent and Trademark Office has granted priority examination (Track 1) for this application, which the company believes has the potential to extend patent protection through 2046.
