Reviva Pharmaceuticals (RVPH) Q3 2026 earnings summary

Executive summary

• Late-stage clinical-stage drug development focused on CNS, inflammatory and cardiometabolic diseases; no product sales revenue to date. Brilaroxazine is advancing toward another Phase 3 schizophrenia trial.

• Q3 2026 net loss was $2.30 million; cash was $17.5 million at September 30, 2026, with substantial doubt about continuing as a going concern absent additional funding.

Financial highlights

• Q3 operating expenses were $2.43 million vs. $4.03 million YoY; R&D was $1.20 million vs. $2.13 million and G&A was $1.23 million vs. $1.90 million.

• 9M operating expenses were $8.32 million vs. $16.64 million; net loss was $7.94 million vs. $16.50 million. Lower external clinical costs as the OLE trial wound down drove lower R&D spending.

• Q3 basic and diluted loss per share was $0.17 vs. $1.09; 9M loss per share was $0.71 vs. $5.71.

Outlook and guidance

• FDA feedback on the proposed brilaroxazine formulation for RECOVER-2 and a potential NDA was expected in Q4 2026; bioequivalence study initiation was targeted for Q1 2027.

• RECOVER-2 enrollment is targeted for 1H 2027, subject to additional financing; study completion is expected in 2028.

• R&D and operating expenses are expected to increase with the bioequivalence study, RECOVER-2 and potential commercialization preparation.

• Additional schizophrenia publications were expected over the next six months; partnership opportunities were being pursued for pipeline development.

• Nasdaq relisting application was anticipated in 1H 2027.