Reviva Pharmaceuticals (RVPH) Q2 2026 earnings summary

Executive summary

• Advanced clinical and regulatory strategy for brilaroxazine, including a new formulation aimed at extending patent life and exclusivity through 2046, with plans for a new Phase 3 trial (RECOVER-2) and a bioequivalence study, aiming for FDA feedback in Q4 2026 and trial initiation in 1H 2027.

• Completed a 1-for-20 reverse stock split in March 2026 and was delisted from Nasdaq in May 2026, now trading on the OTCQB Venture Market.

• Raised $8.9M net from a March 2026 public offering and $2.5M from ATM sales in 1H 2026.

• Published first clinical vocal biomarker data from RECOVER Phase 3 trial, highlighting therapeutic potential in schizophrenia.

Financial highlights

• Net loss for Q2 2026 was $2.4M ($0.19 per share), down from $6.1M ($2.40 per share) in Q2 2025; net loss for 1H 2026 was $5.6M, down from $12.5M in 1H 2025.

• Research and development expenses fell 62.6% year-over-year to $1.4M in Q2 2026; general and administrative expenses fell 47.9% to $1.2M.

• Cash and cash equivalents were $19.9M as of June 30, 2026, up from $14.4M at year-end 2025.

• Working capital surplus was $15.2M as of June 30, 2026; total stockholders' equity rose to $15.2M from $8.6M at year-end 2025.

• Operating expenses for Q2 2026 were $2.6M, down from $6.1M in Q2 2025.

Outlook and guidance

• Current cash is expected to fund operations into July 2027, but additional fundraising will be needed before then.

• FDA feedback on new brilaroxazine formulation expected Q4 2026; bioequivalence study to initiate in Q4 2026.

• RECOVER-2 Phase 3 trial patient enrollment expected to begin in 1H 2027, subject to financing.

• Expenses are expected to increase as clinical development of brilaroxazine advances, including the planned RECOVER-2 Phase 3 trial and NDA submission.

• Substantial doubt exists about the ability to continue as a going concern for one year after the financial statements' issuance without additional capital.