After Reviva Pharmaceuticals (RVPH) announced that the FDA recommended a second Phase 3 clinical trial for brilaroxazine in patients with schizophrenia, Roth Capital analyst Boobalan Pachaiyappan estimates the company needs an additional $60M to $75M, or almost the size of its market cap, to execute such a study. Management guided that a second Phase 3 study is planned in the first half of 2026, subject to sufficient financing, notes the analyst, who has a Buy rating and $3 price target on Reviva shares. The stock is down 28c, or 47% to 31c in pre-market trading.
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