Reviva Pharmaceuticals (RVPH) Q4 2025 earnings summary

Executive summary

• FDA provided written recommendations requiring a second Phase 3 trial for brilaroxazine in schizophrenia before NDA submission, with RECOVER-2 trial initiation planned for mid-2026.

• Brilaroxazine demonstrated durable efficacy, favorable safety, and strong adherence in up to one year of treatment, with broad-spectrum clinical activity.

• Published peer-reviewed data and completed a successful Phase 3 open-label extension study, supporting the clinical profile of brilaroxazine.

Financial highlights

• Reported net loss of approximately $19.9 million ($5.48 per share) for 2025, an improvement from a net loss of $29.9 million ($17.73 per share) in 2024.

• Cash and cash equivalents totaled $14.4 million as of December 31, 2025, up from $13.5 million at year-end 2024.

• Completed three public equity offerings in June and September 2025 and March 2026, raising a total of $29 million gross proceeds.

• Cash position post-March 2026 offering is approximately $23 million (unaudited), expected to fund operations into Q1-2027.

Outlook and guidance

• RECOVER-2 Phase 3 trial for brilaroxazine in schizophrenia to begin mid-2026, with trial activities starting Q2-2026 and U.S. patient enrollment in Q3-2026.

• Additional publications on brilaroxazine expected in 2026; pursuing partnership opportunities for pipeline development.