Pharvaris maintains a conservative capital structure with a 0.00 debt-to-equity ratio, though total assets have eroded from $398.7 million in 2023Q4 to $260.1 million by 2026Q1.
| Total Current Assets | 257.95M | 299.17M | 289.42M | 397.85M | 166.85M | 211.57M | 100.95M | 20.58M | 5.43M |
| Cash & Short-Term Investments | 247.22M | 291.68M | 280.73M | 391.23M | 161.84M | 209.35M | 98.63M | 20.33M | 5.39M |
| Cash Only | 247.22M | 291.68M | 280.73M | 391.23M | 161.84M | 209.35M | 98.63M | 20.33M | 5.39M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 4.98M | 4.55M | 2.94M | 1.04M | 382.47K | 700.08K | 569.58K | 210.84K | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 4.04M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 620.82K | 582.59K | 5.7K | 1.21M | 0 | 0 |
| Total Non-Current Assets | 2.11M | 2.29M | 1.96M | 843.1K | 886.24K | 523.4K | 147.84K | 12.93K | 0 |
| Property, Plant & Equipment | 1.36M | 1.4M | 1.48M | 455.57K | 626.44K | 351.35K | 48.5K | 12.93K | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 260.06M | 301.45M | 291.37M | 398.69M | 167.73M | 212.09M | 101.1M | 20.6M | 5.43M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Asset Growth % | -23.86% | 3.46% | -26.92% | 137.7% | -20.91% | 109.78% | 390.83% | 279.03% | - |
| Total Current Liabilities | 22.95M | 29.6M | 22.97M | 14.6M | 18.22M | 6.99M | 5.31M | 1.92M | 481.34K |
| Accounts Payable | 2.71M | 5.11M | 4.56M | 2.91M | 5.98M | 2.13M | 656.45K | 517.77K | 246.36K |
| Days Payables Outstanding | 13.06K | - | - | - | - | - | 28.4K | 307.56K | - |
| Short-Term Debt | 206.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 12.1M | 11.43M | 7.83M | 429.92K | 461.3K | 1.46M | 875.24K | 0 | 0 |
| Current Ratio | 11.24x | 10.11x | 12.60x | 27.25x | 9.16x | 30.28x | 19.00x | 10.70x | 11.29x |
| Quick Ratio | 11.24x | 10.11x | 12.60x | 27.25x | 8.93x | 30.28x | 19.00x | 10.70x | 11.29x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 533.13K | 576.59K | 639.04K | 43.56K | 249.42K | 150.75K | 0 | 0 | 246.36K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.02M | 576.59K | 639.04K | 43.56K | 249.42K | 150.75K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 |
| Total Liabilities | 23.48M | 30.18M | 23.61M | 14.65M | 18.47M | 7.14M | 5.31M | 1.92M | 481.34K |
| Total Debt | 739.66K | 776.8K | 861.47K | 238.91K | 436.82K | 250.18K | 0 | 0 | 0 |
| Net Debt | -246.48M | -290.9M | -279.87M | -390.99M | -161.4M | -209.1M | -98.63M | -20.33M | -5.39M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.43x | - | - | - | - | - | - | - | - |
| Interest Coverage | -1939.02x | - | - | - | -5384.33x | -194.62x | -321.38x | - | - |
| Total Equity | 236.58M | 271.27M | 267.76M | 384.05M | 149.26M | 204.95M | 95.79M | 18.67M | 4.95M |
| Equity Growth % | -33.1% | 1.31% | -30.28% | 157.3% | -27.17% | 113.97% | 412.95% | 277.01% | - |
| Book Value per Share | 3.62 | 4.59 | 4.96 | 10.00 | 4.44 | 6.74 | 3.14 | 0.59 | 0.16 |
| Total Shareholders' Equity | 236.58M | 271.27M | 267.76M | 384.05M | 149.26M | 204.95M | 95.79M | 18.67M | 4.95M |
| Common Stock | 7.86M | 7.83M | 6.53M | 6.27M | 4.06M | 3.98M | 235.69K | 130.96K | 100.93K |
| Retained Earnings | -620.18M | -579.6M | -402.26M | -265.92M | -164.19M | -87.57M | -44.46M | -18.47M | -10.45M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 52.78M | 50.5M | 39.85M | 27.88M | 20.21M | 9.8M | 1.98M | 392.14K | 275.99K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Single asset clinical failure
According to recent quarterly filings, Pharvaris has seen its total assets decline from $398.7 million in 2023Q4 to $260.1 million by 2026Q1, a trend that reflects the consistent consumption of capital to fund clinical trial programs in the absence of any commercial revenue generation.
The steady contraction of the asset base is a direct consequence of the company's pre-revenue status and the high cost of clinical development. Investors should monitor whether this trajectory necessitates further dilutive financing to maintain the current pace of R&D activity.
As reported in financial statements, the company maintains a current ratio of 11.24 as of 2026Q1, supported by $247.2 million in cash, which provides a substantial buffer against near-term operational burn despite the absence of incoming revenue streams from its clinical-stage pipeline.
While the current ratio appears robust, it is largely a function of the cash balance rather than operational efficiency. The liquidity position remains adequate for the immediate future, though the rate of cash depletion warrants close observation as clinical trials progress.
Based on Pharvaris's reported figures, the accumulated deficit in retained earnings has deepened significantly to -$620.2 million in 2026Q1, underscoring the substantial capital investment required to advance the PHA121 molecule through the regulatory and clinical development lifecycle without offsetting commercial income.
The widening deficit is a standard feature of a clinical-stage biotechnology firm, yet it highlights the long-term reliance on external equity financing. The quality of equity is heavily influenced by the ongoing dilution required to sustain these operations until potential commercialization.
Although the company reports a negligible debt-to-equity ratio of 0.00 as of 2026Q1, this lack of leverage is not a sign of financial strength but rather a reflection of the firm's inability to service debt given its pre-revenue, cash-burning operational model.
Investors should not interpret the absence of debt as a lack of risk, as the company's true financial exposure is tied to its clinical success rather than credit obligations. The reliance on equity markets for funding remains the primary structural vulnerability for the balance sheet.
Quick answers to the most common questions about buying PHVS stock.
As of 2025, Pharvaris N.V. (PHVS) had total assets of $301.5M including $299.2M in current assets.
Pharvaris N.V. (PHVS) carries total debt of $0.8M, offset by $291.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pharvaris N.V. (PHVS) has total shareholders' equity (book value) of $271.3M ($4.59 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pharvaris N.V. (PHVS) reported a current ratio of 10.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.