Pharvaris N.V. (PHVS)

Price$35.25Cached quoteAs of 2026-09-05 01:38 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because a strong clinical outlook offsets years of losses and approval risk.

Using the recent closing quote and roughly 70 million shares after May’s offering implies an equity value near $2.6 billion. Pharvaris had no revenue and lost €175.7 million in 2025; operating cash flow, the cash consumed by normal operations, was negative €137.1 million. The company held €318 million cash at June 30, 2026, so enterprise value, equity value less cash plus debt, is roughly $2.2 billion after currency conversion. This mainly assumes successful approvals and commercial uptake. With positive Phase 3 data but no sales, Fair-priced is balanced.

Big picturePharvaris is a cash-funded, pre-launch rare-disease company whose value depends on one medicine, not current profits.

Revenue was zero in every supplied year through 2025 and every quarterly period shown. Net loss widened from €134.2 million in 2024 to €175.7 million in 2025, while operating cash burn rose from €120.1 million to €137.1 million. This is not a cyclical earnings story: hereditary angioedema attacks create year-round medical need, but sales remain dependent on approval, launch execution, insurance coverage and patient adoption. The bull case is two oral formulations serving treatment and prevention; the bear case is single-product failure.

Business strengthThe balance sheet buys time, while unusually strong trial results improve the chance of eventual durable cash generation.

Cash and equivalents were €291.7 million at 2025 year-end and €318 million at June 30, 2026, against less than €1 million debt in the supplied history. Management says May’s $132.3 million share sale extends runway into 2028, giving time for a potential on-demand launch and prevention filing. The financing is directed toward trials and commercial preparation; the supplied history shows no dividends or buybacks. CHAPTER-3 then showed an 83% attack-rate reduction versus placebo across 85 people. Cash is a cushion, not proof of product economics.

What could change the storyApproval and launch traction could make today’s valuation attractive, but delays, weaker demand, or new shares could erase that upside.

The value rises if the Food and Drug Administration approves the immediate-release capsule by its April 23, 2027 target date, the extended-release prevention filing follows in the first half of 2027, and insurers accept pricing that supports broad use. The strongest bear case is failure at either regulatory step or weak adoption despite trial efficacy, forcing more fundraising. Shares outstanding increased from 54.4 million in 2024 to 65.2 million in 2025, and May added 4.46 million more; future dilution would reduce each holder’s share of success.

AI: News

CHAPTER-3 SuccessA pivotal prevention trial cut hereditary angioedema attacks sharply, strengthening the case for a second product launch.

On September 8, Pharvaris reported Phase 3 results for the extended-release tablet: mean monthly attacks fell 83% versus an inactive comparison, with a probability value below 0.0001; the Type 1 and Type 2 subgroup showed an 87% reduction. All secondary measures were statistically significant, and no treatment-related serious adverse events were reported. Shares rose 7.35% on 6.33 million shares, supporting the trial as a plausible catalyst, not proving causation. The 85-person, 24-week study supports a prevention filing in the first half of 2027, but review remains ahead.

FDA Review AcceptedAmerican regulators accepted Pharvaris’s on-demand application, moving its lead medicine closer to a possible first approval.

On July 6, the Food and Drug Administration accepted the 20-milligram immediate-release capsule application and set an April 23, 2027 action date. Pharvaris said the filing includes data from more than 1,300 treated hereditary angioedema attacks; in RAPIDe-3, median symptom relief began in 1.28 hours and complete resolution took 11.95 hours. Acceptance means the regulator will review the application, not that it will approve the drug. The milestone reduces filing uncertainty but leaves approval, labeling, pricing and launch execution unresolved.

Cash Runway ExtendedQuarterly results showed rising spending, but new financing lifted cash and pushed expected funding needs beyond the next launch milestones.

On August 12, Pharvaris reported €318 million of cash at June 30, up from €292 million at year-end, while second-quarter research spending rose to €35.0 million and general expenses to €15.8 million. The quarter’s loss was €47.8 million. Separately, the May 11 offering sold 4,455,863 shares for $132.3 million gross, and management said the proceeds extend runway into 2028. That improves financing flexibility, but it also increases the ownership base.

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Revenue

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	€0	€0	€0	€0	—	—	—	—
Research & development	€124.5M	€98.6M	€65.6M	€57.4M	€35.8M	€19.5M	€5.7M	€3.6M
Operating expenses	€169.8M	€145.7M	€96.9M	€86.7M	€54.1M	€25.0M	€8.0M	€4.3M
Operating income	−€173.7M	−€132.4M	−€99.8M	−€75.7M	−€42.7M	−€26.1M	−€8.0M	−€4.3M
EBITDA	−€173.3M	−€132.1M	−€99.6M	−€75.5M	−€42.6M	−€26.1M	−€8.0M	−€4.3M
Net income	−€175.7M	−€134.2M	−€100.9M	−€76.3M	−€42.7M	−€26.0M	−€8.0M	−€4.3M
Basic EPSper basic share	-€2.97	-€2.48	-€2.63	-€2.27	-€1.40	-€5.36	-€1.66	-€0.89
Diluted EPSper diluted share	-€2.97	-€2.48	-€2.63	-€2.27	-€1.40	-€5.36	-€1.66	-€0.89

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of PHVS
Holder	Shares held
FMR LLC	6.57M
GENERAL ATLANTIC, L.P.	6.55M
Foresite Capital Management IV, LLC	4.78M
venBio Partners LLC	4.64M
VIKING GLOBAL INVESTORS LP	3.65M
EQT Fund Management S.a r.l.	3.42M
DEERFIELD MANAGEMENT COMPANY, L.P.	3.38M
Bain Capital Life Sciences Investors, LLC	2.68M
WELLINGTON MANAGEMENT GROUP LLP	2.39M
Polar Capital Holdings Plc	2.33M
Point72 Asset Management, L.P.	1.64M
Commodore Capital LP	1.43M
NOVO HOLDINGS A/S	1.4M
Saturn V Capital Management LP	1.31M
Modig Berndt	1.09M
TCG Crossover Management, LLC	1.01M
Sofinnova Investments, Inc.	881.3K
5AM Venture Management, LLC	797.6K
Seven Fleet Capital Management LP	774.5K
BlackRock, Inc.	771.45K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)44$8.50M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 29, 2026Form 4 · 10b5-1	Schikan Johannes Gerardus Christiaan PetrusDirector	SellCommon Stock	2.4K	$35.10	$84.2K	352.8K
Jun 26, 2026Form 4 · 10b5-1	Lu PengChief Medical Officer	SellCommon Stock	14.7K	$34.00	$499.8K	65.6K
Jun 25, 2026Form 4 · 10b5-1	Lesage AnneChief Early Development	SellCommon Stock · indirect	2.3K	$35.12	$80.8K	131.7K
Jun 25, 2026Form 4 · 10b5-1	Lesage AnneChief Early Development	SellCommon Stock	2.3K	$35.12	$80.8K	56.5K
Jun 25, 2026Form 4 · 10b5-1	Lu PengChief Medical Officer	SellCommon Stock	3.4K	$35.09	$119.3K	65.6K