Why did RVPH's EPS remain flat throughout 2024?

The EPS of Reviva Pharmaceuticals Holdings, Inc. (RVPH) remained flat throughout 2024 due to a combination of factors that balanced each other, resulting in no significant change in the company's earnings per share.

1. **Financial Improvements and Cost Reduction Efforts**: Reviva Pharmaceuticals has made significant financial improvements, as evidenced by a reduction in net losses and a decrease in loss per share over the past quarters. The company's cost reduction efforts, reflected in the decrease of total operating expenses, have also contributed to this improvement.
2. **Clinical Development Progress and Positive Trial Results**: The company's ongoing clinical development progress, particularly with its lead drug candidate, brilaroxazine, has been a key factor. Positive top-line results from the Phase 3 RECOVER-1 trial for schizophrenia have met its primary endpoint, indicating significant improvements in key symptom domains. This suggests that the drug has the potential to address unmet medical needs, which could lead to future revenue streams.
3. **Strategic Initiatives**: Reviva Pharmaceuticals has gained registrational clarity from the FDA on the requirements for an NDA submission for brilaroxazine, which is expected to complete in the fourth quarter of 2025. The company is also planning to initiate the registrational RECOVER-2 trial, with topline data expected in the third quarter of 2025. These strategic initiatives indicate a promising pipeline that could lead to future earnings potential.
4. **Patent Securitization and Orphan Drug Designation**: The company has secured a U.S. patent for the use of brilaroxazine in treating certain lung diseases, which could provide exclusivity and revenue opportunities. Additionally, the drug has been designated as an Orphan Drug by the FDA for the treatment of IPF, a rare disease, which could further enhance its market potential.

In conclusion, Reviva Pharmaceuticals' flat EPS in 2024 can be attributed to a combination of financial improvements, strategic initiatives, and positive clinical trial results, which have offset any potential challenges and resulted in a stable earnings per share.