The PREVAIL Act seeks to bolster the United States patent system, recognizing its foundational role in innovation, economic growth, and national security. Congress finds that past reforms led to unintended consequences, such as strategic filings to depress stock prices and repetitive challenges, which disincentivize innovation. This legislation aims to address these issues by making significant changes to the Patent Trial and Appeal Board (PTAB) and its review processes. The bill mandates a code of conduct for PTAB members and requires all appeals, derivation, post-grant, and inter partes reviews (IPR) to be heard by at least three members. Crucially, a PTAB member involved in the decision to institute an IPR or post-grant review (PGR) is made ineligible to hear that review . These provisions aim to enhance the impartiality and integrity of PTAB proceedings. For inter partes review (IPR) and post-grant review (PGR) , the bill introduces several key reforms. It broadens the definition of "real party in interest" to include anyone financially contributing to a review, ensuring transparency. Petitioners must now certify their purpose, such as being a specific type of non-profit, having a bona fide intent to engage in potentially infringing conduct, or having standing for a declaratory judgment of invalidity. The legislation also seeks to eliminate repetitive proceedings and forum shopping. If an IPR or PGR is instituted, the petitioner generally cannot challenge the patent's validity in federal court or before the International Trade Commission on the same grounds. Furthermore, the Director must reject petitions presenting substantially the same prior art or arguments previously considered by the Office, unless exceptional circumstances exist. Significant changes are made to the evidentiary standards and claim construction within IPRs and PGRs. The presumption of validity for previously issued claims is explicitly applied, and the petitioner now bears the burden of proving unpatentability by clear and convincing evidence . Claims will be construed using the ordinary and customary meaning, considering prosecution history, and prior court constructions must be considered. To ensure the USPTO has dedicated resources, the bill establishes a United States Patent and Trademark Office Innovation Promotion Fund . All patent and trademark fees will be deposited into this revolving fund and made available to the Director until expended, specifically for patent or trademark-related activities, respectively. This change aims to prevent fee diversion and ensure stable funding for the Office. Finally, the bill includes provisions to support specific groups. It expands the definition of "micro entity" for fee purposes to include certain applicants associated with institutions of higher education . It also directs the Small Business Administration to report on the impact of patent ownership and infringement actions on small businesses and mandates the free online availability of USPTO Public Search Facility materials.