Cupertino, California-based Reviva Pharmaceuticals Holdings, Inc. (NASDAQ: RVPH) announced the closing of a public offering raising approximately USD 10 million in gross proceeds before placement agent fees and other expenses. The Reviva Pharmaceuticals public offering was conducted to fund research and development activities, including the planned RECOVER-2 Phase III trial of brilaroxazine in schizophrenia, as well as working capital and general corporate purposes. Following the closing on March 20, 2026, the company reported cash and cash equivalents of approximately USD 23 million (unaudited), which it estimates will fund operations into Q1 2027.
The offering consisted of 6,666,667 shares of common stock (or common stock equivalents in lieu thereof) paired with two series of warrants at a combined price of USD 1.50 per share and accompanying warrants. Each share was accompanied by a Series G warrant and a Series H warrant, each entitling the holder to purchase one additional share of common stock. Both the Series G and Series H warrants carry an exercise price of USD 1.50 per share. The Series G warrants are exercisable immediately and expire five years from the issuance date, while the Series H warrants are exercisable immediately and expire 12 months from issuance. The investors were described as healthcare-focused institutional investors, though no specific names were disclosed. A.G.P./Alliance Global Partners acted as the sole placement agent. No insider participation was disclosed in the press release. This RVPH stock offering follows a pattern of sequential equity raises by the company, including an approximately USD 18 million underwritten public offering in December 2024 and an approximately USD 5 million at-the-market offering in August 2024.
Company overview and pipeline
Reviva Pharmaceuticals Holdings is a late-stage pharmaceutical company headquartered in Cupertino, California, focused on developing therapies for central nervous system, inflammatory, and cardiometabolic diseases. The company's lead asset is brilaroxazine (RP5063), a serotonin-dopamine modulator being developed for the treatment of schizophrenia. Brilaroxazine is a new chemical entity discovered in-house, with composition of matter patents granted in the United States, Europe, and several other countries. The company's first Phase III trial, RECOVER (NCT05184335), met all primary and secondary endpoints, demonstrating statistically significant reductions in schizophrenia symptoms at week four with brilaroxazine 50 mg versus placebo. Long-term open-label extension data showed sustained efficacy and tolerability over one year with no new safety signals. In December 2025, the FDA requested a second Phase III trial prior to NDA submission. Reviva plans to initiate this confirmatory study, designated RECOVER-2, in the first half of 2026, with proceeds from the current RVPH public offering 2026 directed toward funding this trial. The company's second pipeline asset is RP1208, also a new chemical entity discovered in-house, though its current development stage and target indication were not detailed in the available materials. Reviva has not disclosed any licensing agreements or partnership deals; its business development activity to date has been limited to capital raises through public equity offerings. The company originally listed on NASDAQ in December 2020 following a reverse merger with Tenzing Acquisition Corp., a special purpose acquisition company.
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