There's already been a lot of scientific literature released on coronavirus and companies are already on the path of clinical trials to get a vaccine developed. A lot of your questions can be answered.
is there a risk of reinfection when someone tests negative?
Generally no. You cannot get SARS-CoV-2 again after already being sick with it because your body has built up antibodies against it. Coronavirus doesn't have high of a mutation rate so the chance of reinfection remains low, and there is no evidence right now that it's mutated into a more virulent disease.
Can the virus regenerate in the body system?
Yes? All viruses and bacterial disease regenerate in the body. It's what they're designed to do. Coronavirus was already known to replicate inside the human body because a virus is a virus no matter the type. They hijack cellular machinery to replicate and the generalized mechanism was already published.
How does it terminally affect body organs?
We won't know the exact affects long term which is a fair point to be concerned about. But keep in mind, the vast majority of coronavirus cases are asymptomatic.