Reviva Reports Third Quarter 2024 Financial Results and Recent Business Highlights
Reviva Pharmaceuticals reported Q3 2024 financial results and progress in its brilaroxazine clinical program for schizophrenia. The company announced that 108 patients have completed one year of treatment in the open-label extension (OLE) trial, with over 250 patients completing 6 months. Vocal biomarker speech latency data from the RECOVER trial supported brilaroxazine's efficacy for negative symptoms. The company reported a net loss of $8.4 million ($0.25 per share) for Q3 2024, compared to $11.3 million in Q3 2023. Cash position stood at $5.6 million as of September 30, 2024. Topline data from the OLE trial is expected in December 2024, with potential NDA submission targeted for Q2 2026.
Reviva Pharmaceuticals ha riportato i risultati finanziari del terzo trimestre 2024 e i progressi nel suo programma clinico di brilaroxazine per la schizofrenia. L'azienda ha annunciato che 108 pazienti hanno completato un anno di trattamento nello studio di estensione in aperto (OLE), con oltre 250 pazienti che hanno completato 6 mesi. I dati sui tempi di latenza del biomarker vocale dell'estudio RECOVER hanno sostenuto l'efficacia del brilaroxazine per i sintomi negativi. L'azienda ha riportato una perdita netta di 8,4 milioni di dollari (0,25 dollari per azione) per il terzo trimestre 2024, rispetto a 11,3 milioni di dollari nel terzo trimestre 2023. La posizione di liquidità si attestava a 5,6 milioni di dollari al 30 settembre 2024. I dati preliminari dallo studio OLE sono previsti per dicembre 2024, con una potenziale sottomissione di NDA prevista per il secondo trimestre 2026.
Reviva Pharmaceuticals informó sobre los resultados financieros del tercer trimestre de 2024 y los avances en su programa clínico de brilaroxazina para la esquizofrenia. La empresa anunció que 108 pacientes han completado un año de tratamiento en el estudio de extensión abierto (OLE), con más de 250 pacientes completando 6 meses. Los datos de latencia del biomarcador vocal del ensayo RECOVER respaldaron la eficacia de brilaroxazina para los síntomas negativos. La compañía reportó una pérdida neta de 8,4 millones de dólares (0,25 dólares por acción) para el tercer trimestre de 2024, en comparación con 11,3 millones de dólares en el tercer trimestre de 2023. La posición de efectivo se situó en 5,6 millones de dólares al 30 de septiembre de 2024. Se esperan datos preliminares del ensayo OLE en diciembre de 2024, con una posible presentación de NDA prevista para el segundo trimestre de 2026.
Reviva Pharmaceuticals는 2024년 3분기 재무 결과와 조현병을 위한 brilaroxazine 임상 프로그램의 진행 상황을 보고했습니다. 이 회사는 108명의 환자가 공개 연장 시험(OLE)에서 1년 치료를 완료했으며, 250명 이상의 환자가 6개월 치료를 완료했다고 발표했습니다. RECOVER 시험에서의 음성 바이오마커 지연 시간 데이터는 brilaroxazine의 음성 증상에 대한 효능을 지원했습니다. 이 회사는 2024년 3분기에 대해 840만 달러의 순손실(주당 0.25달러)를 보고했으며, 이는 2023년 3분기의 1130만 달러에 비해 감소한 수치입니다. 현금 잔고는 2024년 9월 30일 기준으로 560만 달러에 달했습니다. OLE 시험의 주요 데이터는 2024년 12월에 발표될 예정이며, NDA 제출은 2026년 2분기로 계획되어 있습니다.
Reviva Pharmaceuticals a rapporté les résultats financiers du troisième trimestre 2024 et les progrès de son programme clinique de brilaroxazine pour la schizophrénie. La société a annoncé que 108 patients ont terminé un an de traitement dans l'essai d'extension ouvert (OLE), avec plus de 250 patients complétant 6 mois. Les données de latence de biomarqueurs vocaux provenant de l'essai RECOVER ont soutenu l'efficacité de brilaroxazine pour les symptômes négatifs. La société a déclaré une perte nette de 8,4 millions de dollars (0,25 dollar par action) pour le troisième trimestre 2024, contre 11,3 millions de dollars au troisième trimestre 2023. La position de trésorerie s'élevait à 5,6 millions de dollars au 30 septembre 2024. Les données préliminaires de l'essai OLE sont attendues en décembre 2024, avec une soumission NDA potentielle prévue pour le deuxième trimestre 2026.
Reviva Pharmaceuticals berichtete über die finanziellen Ergebnisse des dritten Quartals 2024 und die Fortschritte in ihrem klinischen Programm für Brilaroxazin zur Behandlung von Schizophrenie. Das Unternehmen gab bekannt, dass 108 Patienten ein Jahr Behandlung in der offenen Verlängerungsstudie (OLE) abgeschlossen haben, wobei über 250 Patienten 6 Monate abgeschlossen haben. Die Latenzdaten des Sprachbiomarkers aus der RECOVER-Studie unterstützten die Wirksamkeit von Brilaroxazin bei negativen Symptomen. Das Unternehmen berichtete von einem Nettoverlust von 8,4 Millionen Dollar (0,25 Dollar pro Aktie) im dritten Quartal 2024, im Vergleich zu 11,3 Millionen Dollar im dritten Quartal 2023. Die Liquiditätsposition betrug 5,6 Millionen Dollar zum 30. September 2024. Die Hauptdaten aus der OLE-Studie werden für Dezember 2024 erwartet, mit einer möglichen NDA-Einreichung, die für das zweite Quartal 2026 angestrebt wird.
- Net loss decreased from $11.3M in Q3 2023 to $8.4M in Q3 2024
- 108 patients completed 1-year treatment milestone required for NDA submission
- Positive vocal biomarker data supporting drug efficacy in schizophrenia treatment
- Cash position decreased from $23.4M to $5.6M since December 2023
- Phase 3 RECOVER-2 trial initiation dependent on additional financing
- Continued operating losses with $23.7M net loss for first nine months of 2024
Insights
The Q3 results reveal concerning financial metrics for RVPH. Cash position has significantly deteriorated to
Key upcoming catalysts include December 2024 topline OLE trial data and Q1 2025 full analysis. However, the planned Phase 3 RECOVER-2 trial initiation is contingent on additional financing, indicating immediate capital needs. With a small market cap of
The clinical progress for brilaroxazine shows promise with 108 patients completing the 1-year OLE trial requirement for NDA submission. The vocal biomarker data provides objective validation of the drug's efficacy in treating negative symptoms of schizophrenia - a significant unmet need in the market. The planned expansion into psoriasis through a new formulation suggests broader therapeutic potential.
However, the NDA submission timeline of Q2 2026 is notably distant and the dependency on additional financing for the RECOVER-2 trial creates uncertainty in the development timeline. While the clinical data appears positive, the extended timeline to market and financial constraints pose significant risks to the program's advancement.
– 108 patients have completed 1-year of treatment in 1-year open-label extension (OLE) trial –
– Vocal biomarker speech latency data from RECOVER trial reinforce brilaroxazine’s improvement on negative symptoms and other key symptom domains of schizophrenia –
– Topline data from OLE trial expected in December 2024 –
CUPERTINO, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Reviva Pharmaceuticals Holdings, Inc. (NASDAQ: RVPH) (“Reviva” or the “Company”), a late-stage pharmaceutical company developing therapies that seek to address unmet medical needs in the areas of central nervous system (CNS), inflammatory and cardiometabolic diseases, today reported financial results for the third quarter ended September 30, 2024 and summarized recent business highlights.
“We continue to advance our late-stage brilaroxazine program with initial focus in schizophrenia and expansion potential across indications driven by underlying disruption in serotonin signaling,” said Laxminarayan Bhat, Ph.D., Founder, President, and CEO of Reviva. “Our global 1-year OLE trial is progressing well, and we have over 100 patients who have completed one year of treatment which is a requirement for New Drug Application (NDA) submission. Importantly, we expect topline data from the OLE trial in December 2024. In addition to long-term safety, tolerability and efficacy, the full data analysis of the OLE trial expected in the first quarter of 2025 will also include vocal and blood biomarker data designed to support the strong efficacy of brilaroxazine for negative symptoms and other key symptom domains of schizophrenia. We remain highly encouraged by the differentiated potential of once-daily brilaroxazine to address major unmet needs for patients with schizophrenia and are targeting a potential NDA submission for brilaroxazine in the second quarter of 2026.”
Third Quarter 2024 and Recent Business Highlights
Clinical Program Highlights
- Provided an enrollment update to the ongoing 1-year open-label extension (OLE) study evaluating the long-term safety and tolerability of brilaroxazine in patients with schizophrenia (November 2024).
- Global trial progressing well
- 108 patients have completed 1-year (12-month) of treatment
- Over 250 patients have completed 6-months of treatment
- Blood and digital biomarkers designed to independently support efficacy
- Long-term safety data from 100 patients who have completed 12 months of treatment is a requirement for brilaroxazine’s NDA submission to the FDA
- 12 months long-term safety study expected to complete in Q1 2025
- Presented vocal biomarker data from Phase 3 RECOVER trial of brilaroxazine in schizophrenia during a virtual key opinion leader event hosted by the Company featuring Brian Kirkpatrick, MD, MSPH (Professor, Psychiatric Research Institute, University of Arkansas for Medical Sciences, Arkansas) and Mark Opler, PhD, MPH (Chief Research Officer at WCG Inc., Executive Director of the PANSS Institute, New York) (September 2024).
- Speech latency is an emerging objective vocal biomarker that can help validate scale-based assessments completed by human raters
- Brilaroxazine demonstrated a strong efficacy for negative symptoms and other key symptoms of schizophrenia such as total and positive symptoms, disorganization, and social functioning in the pivotal phase 3 RECOVER trial in schizophrenia
- Statistically significant results of the vocal biomarker speech latency data analysis from the RECOVER trial further support the strong efficacy of brilaroxazine for negative symptoms and other key symptom domains of schizophrenia
Corporate Highlights
- Positive speech latency data for brilaroxazine in schizophrenia from the Phase 3 RECOVER trial presented as a poster presentation at the Central Nervous System (CNS) Summit 2024 on Tuesday, November 12th in Boston, Massachusetts
Anticipated Milestones and Events
- Topline data from 1-year OLE trial expected in December 2024
- Full data analysis of the OLE trial including long-term safety, tolerability and efficacy, as well as vocal and blood biomarker data expected in Q1 2025
- Initiation of registrational Phase 3 RECOVER-2 trial evaluating brilaroxazine for the treatment of schizophrenia expected in Q1 2025, subject to receipt of additional financing
- Potential NDA submission for brilaroxazine in schizophrenia targeted for Q2 2026
- Investigational new drug application (IND) submission for liposomal-gel formulation of brilaroxazine in psoriasis expected in 2025
- Pursue partnership opportunities for the development of our pipeline
Third Quarter 2024 Financial Results
The Company reported a net loss of approximately
The Company reported a net loss of approximately
As of September 30, 2024, the Company’s cash totaled approximately
About Brilaroxazine
Brilaroxazine is an in-house discovered new chemical entity with potent affinity and selectivity against key serotonin and dopamine receptors implicated in the pathobiology of several conditions including schizophrenia, psoriasis and interstitial lung diseases like pulmonary hypertension, pulmonary arterial hypertension (PAH) and idiopathic pulmonary fibrosis (IPF).
Positive topline data from the global Phase 3 RECOVER-1 trial in schizophrenia demonstrated the trial successfully met all primary and secondary endpoints with statistically significant and clinically meaningful reductions across all major symptom domains including reduction in key proinflammatory cytokines implicated in the pathobiology of schizophrenia and comorbid inflammatory conditions at week 4 with 50 mg of brilaroxazine vs. placebo with a generally well-tolerated side effect profile comparable to placebo and discontinuation rates lower than placebo. Positive data from a clinical drug-drug interaction (DDI) study investigating the potential effect of CYP3A4 enzyme on brilaroxazine in healthy subjects supports no clinically significant interaction when combined with a CYP3A4 inhibitor. Reviva believes that a full battery of regulatory compliant toxicology and safety pharmacology studies has been completed for brilaroxazine. Reviva intends to develop brilaroxazine for other neuropsychiatric indications including bipolar disorder, major depressive disorder (MDD) and attention-deficit/hyperactivity disorder (ADHD).
Additionally, brilaroxazine has shown promising nonclinical activity for inflammatory diseases psoriasis, pulmonary arterial hypertension (PAH) and idiopathic pulmonary fibrosis (IPF) with mitigation of fibrosis and inflammation in translational animal models. Brilaroxazine has already received Orphan Drug Designation by the U.S. FDA for the treatment of PAH and IPF conditions.
To learn more about the clinical and preclinical data available for brilaroxazine, please visit revivapharma.com/publications.
About Reviva
Reviva is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. Reviva’s current pipeline focuses on the central nervous system (CNS), inflammatory and cardiometabolic diseases. Reviva’s pipeline currently includes two drug candidates, brilaroxazine (RP5063) and RP1208. Both are new chemical entities discovered in-house. Reviva has been granted composition of matter patents for both brilaroxazine and RP1208 in the United States, Europe, and several other countries.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act, as amended, including those relating to the Company’s 1-year open label extension (OLE) trial evaluating the long-term safety and tolerability for brilaroxazine in schizophrenia, the registrational Phase 3 RECOVER-2 trial, the Company’s expectations regarding the anticipated clinical profile of its product candidates, including statements regarding anticipated efficacy or safety profile, and those relating to the Company’s expectations, intentions or beliefs regarding matters including product development and clinical trial plans, clinical and regulatory timelines and expenses, planned or intended additional trials or studies and the timing thereof, planned or intended regulatory submissions and the timing thereof, trial results, market opportunity, ability to raise sufficient funding, competitive position, possible or assumed future results of operations, business strategies, potential opportunities for development including partnerships, growth or expansion opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential, “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Company’s other filings from time to time with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Corporate Contact:
Reviva Pharmaceuticals Holdings, Inc.
Laxminarayan Bhat, PhD
www.revivapharma.com
Investor Relations Contact:
LifeSci Advisors, LLC
Bruce Mackle
bmackle@lifesciadvisors.com
REVIVA PHARMACEUTICALS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, 2024 and December 31, 2023
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 5,558,817 | $ | 23,367,456 | ||||
| Prepaid clinical trial costs | 925,526 | 78,295 | ||||||
| Prepaid expenses and other current assets | 325,808 | 254,637 | ||||||
| Total current assets | 6,810,151 | 23,700,388 | ||||||
| Non-current prepaid clinical trial costs | 819,721 | — | ||||||
| Total Assets | $ | 7,629,872 | $ | 23,700,388 | ||||
| Liabilities and Stockholders' Equity (Deficit) | ||||||||
| Liabilities | ||||||||
| Short-term debt | $ | 83,000 | $ | — | ||||
| Accounts payable | 8,777,579 | 3,849,108 | ||||||
| Accrued clinical expenses | 7,362,666 | 11,966,812 | ||||||
| Accrued compensation | 881,830 | 958,607 | ||||||
| Other accrued liabilities | 428,801 | 400,490 | ||||||
| Total current liabilities | 17,533,876 | 17,175,017 | ||||||
| Warrant liabilities | 77,884 | 806,655 | ||||||
| Total Liabilities | 17,611,760 | 17,981,672 | ||||||
| Commitments and contingencies (Note 6) | ||||||||
| Stockholders' Equity (Deficit) | ||||||||
| Common stock, par value of | 3,344 | 2,792 | ||||||
| Preferred Stock, par value of | — | — | ||||||
| Additional paid-in capital | 148,028,341 | 140,070,172 | ||||||
| Accumulated deficit | (158,013,573 | ) | (134,354,248 | ) | ||||
| Total stockholders' equity (deficit) | (9,981,888 | ) | 5,718,716 | |||||
| Total Liabilities and Stockholders' Equity (Deficit) | $ | 7,629,872 | $ | 23,700,388 | ||||
REVIVA PHARMACEUTICALS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three and Nine Months Ended September 30, 2024 and 2023
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses | (as restated) | (as restated) | ||||||||||||||
| Research and development | $ | 6,858,285 | $ | 9,572,180 | $ | 18,226,497 | $ | 23,312,661 | ||||||||
| General and administrative | 1,604,249 | 1,991,774 | 6,287,786 | 6,571,629 | ||||||||||||
| Total operating expenses | 8,462,534 | 11,563,954 | 24,514,283 | 29,884,290 | ||||||||||||
| Loss from operations | (8,462,534) | (11,563,954) | (24,514,283) | (29,884,290) | ||||||||||||
| Other income (expense) | ||||||||||||||||
| Gain (loss) on remeasurement of warrant liabilities | 72,321 | 139,079 | 728,771 | (305,972) | ||||||||||||
| Interest expense | (5,146) | (5,901) | (13,786) | (20,414) | ||||||||||||
| Interest income | 53,248 | 91,763 | 313,956 | 341,854 | ||||||||||||
| Other income (expense), net | (23,687) | 5,194 | (159,202) | (15,220) | ||||||||||||
| Total other income, net | 96,736 | 230,135 | 869,739 | 248 | ||||||||||||
| Loss before provision for income taxes | (8,365,798) | (11,333,819) | (23,644,544) | (29,884,042) | ||||||||||||
| Provision for income taxes | — | 12,117 | 14,781 | 21,531 | ||||||||||||
| Net loss | $ | (8,365,798) | $ | (11,345,936) | $ | (23,659,325) | $ | (29,905,573) | ||||||||
| Net loss per share: | ||||||||||||||||
| Basic and diluted | $ | (0.25) | $ | (0.48) | $ | (0.75) | $ | (1.32) | ||||||||
| Weighted average shares outstanding | ||||||||||||||||
| Basic and diluted | 33,804,693 | 23,637,367 | 31,424,395 | 22,655,737 | ||||||||||||
FAQ
What were Reviva's (RVPH) Q3 2024 financial results?
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