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Reviva Pharmaceuticals Holdings Inc. (RVPH+13.51%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing next-generation therapeutics for central nervous system, inflammatory, and cardiometabolic diseases. Reviva's lead drug candidate, brilaroxazine, is in clinical development for several neuropsychiatric and respiratory indications, including schizophrenia, bipolar disorder, and pulmonary arterial hypertension.
Reviva announced positive topline results from its Phase 3 RECOVER-1 trial, which evaluated the efficacy, safety, and tolerability of brilaroxazine in adults with schizophrenia. The trial met its primary endpoint, showing a statistically significant reduction in the Positive and Negative Syndrome Scale total score.
The company is conducting an open-label extension trial to assess the long-term safety and efficacy of brilaroxazine in patients with stable schizophrenia. Preliminary data from this trial showed sustained efficacy over one year.
Reviva reported a net loss of $29.9 million for the year ended December 31, 2024, compared to a net loss of $39.3 million in the previous year. The decrease in net loss was primarily due to reduced research and development expenses following the completion of the RECOVER-1 trial.
The company had cash and cash equivalents of $13.5 million as of December 31, 2024, and anticipates the need for additional capital to fund ongoing development activities.
Reviva's financial statements reflect material weaknesses in internal control over financial reporting, which the company is actively working to remediate.
The filing also highlights Reviva's intellectual property portfolio, which includes patents for brilaroxazine and RP1208, the latter being a preclinical candidate for depression and obesity.
Reviva plans to continue the development of brilaroxazine for additional indications, subject to securing additional financing. The company is also preparing for a Phase 2 clinical trial of RP1208, pending further funding.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Reviva Pharmaceuticals Holdings Inc. annual 10-K report dated April 3, 2025. To report an error, please email earnings@qz.com.