Reviva Pharmaceuticals reports Q2 EPS (55c), consensus (28c)

The Company reported a net loss of approximately $12.4M or (55c) per share, for the three months ended June 30 , compared to a net loss of approximately $5.3M or, (29c) per share, for the same period in 2022. The increase in net loss was primarily attributable to an increase in research and development expenses of approximately $4.5M and an increase in general and administrative expenses of approximately $2.1M for the three months ended June 30. As of June 30, the Company’s cash totaled approximately $11.2M compared to approximately $18.5M as of December 31, 2022. “We continued the momentum this quarter by further bolstering foundational support for the broad application of our new chemical entity brilaroxazine, highlighting a differentiated clinical pharmacology and safety profile at this year’s ASPET annual meeting, and the multifaceted activity and potential to treat inflammatory diseases like psoriasis at the International Societies for Investigative Dermatology Meeting, and idiopathic pulmonary fibrosis at the annual American Thoracic Society international conference,” said Laxminarayan Bhat, Ph.D., Founder, President, and CEO of Reviva. “Brilaroxazine continues to demonstrate a well-tolerated safety profile with a unique potential to improve multiple symptom domains and neuroinflammation in schizophrenia. This upcoming quarter will be an exciting time for Reviva with topline data from our pivotal global RECOVER Phase 3 trial expected in October 2023, potentially leading to significant inflection points in the clinical development of brilaroxazine for schizophrenia and expansion opportunities across other conditions driven by dysfunctional serotonin-dopamine signalling.”