Reviva Pharma stock plunges after FDA calls for new Phase 3 trial

Reviva Pharmaceuticals plunged over 50% after the FDA requested an additional Phase 3 trial for its schizophrenia drug, brilaroxazine. The agency said more efficacy and safety data are needed before an NDA filing. Reviva plans to start the RECOVER-2 Phase 3 trial in H1 2026, with estimated costs of about $60 million.