Free cash flow remains deeply negative at -$49.6 million for 2026Q1, exacerbated by a $10.8 million working capital outflow that highlights the volatility of the firm's liquidity profile.
| Cash from Operations | -148.17M | -137.07M | -120.13M | -93.05M | -67.16M | -44.6M | -21.5M | -6.68M | -3.92M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -37.93% | -14.1% | -29.1% | -38.54% | -50.59% | -107.44% | -221.99% | -70.39% | - |
| Net Income | -169.2M | -173.71M | -132.4M | -99.83M | -75.65M | -42.66M | -26.07M | -8.03M | -4.31M |
| Depreciation & Amortization | 419.5K | 418.35K | 269.56K | 257.55K | 152.94K | 77.37K | 7.4K | 549 | 0 |
| Stock-Based Compensation | 14.92M | 19.05M | 16.21M | 10.66M | 11.35M | 8.2M | 1.59M | 116.15K | 100.75K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.88M | 9.54M | -10.1M | 1.72M | -11.39M | -11.79M | 1.4M | -3.69K | 2.97K |
| Working Capital Changes | -872.67K | 7.62M | 5.89M | -5.86M | 8.38M | 1.58M | 1.57M | 1.24M | 291.55K |
| Change in Receivables | -496.92K | -331.34K | -34.32K | -41.05K | 317.61K | -130.5K | -358.74K | -208.73K | -49.52K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.58K | 0 |
| Change in Payables | -4.81M | 0 | 0 | 0 | 0 | 0 | 0 | 273.69K | 188.45K |
| Cash from Investing | -56.57K | -164.62K | -538.09K | -89.98K | -124.3K | -130.03K | -42.98K | -13.48K | 0 |
| Capital Expenditures | -56.57K | -164.62K | -538.09K | -89.98K | -124.3K | -130.03K | -42.98K | -13.48K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 160.62M | 160.61M | 2.68M | 325.39M | 8.65M | 143.67M | 101.2M | 21.63M | 4.51M |
| Debt Issued (Net) | -114.48K | -219.01K | -159.66K | -220.51K | -119.53K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 171.71M | 171.74M | 2.24M | 342.91M | 9.61M | 156.83M | 102.51M | 22.47M | 4.51M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -10.97M | -10.91M | 592K | -17.3M | -839.97K | -13.15M | -1.31M | -836.18K | 0 |
| Net Change in Cash | 4.78M | 10.95M | -110.5M | 229.39M | -47.52M | 110.72M | 78.3M | 14.94M | 590.2K |
| Free Cash Flow | -148.23M | -137.24M | -120.67M | -93.14M | -67.29M | -44.73M | -21.54M | -6.69M | -3.92M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -9.77% | -13.73% | -29.56% | -38.42% | -50.43% | -107.63% | -221.99% | -70.73% | - |
| FCF per Share | -2.27 | -2.32 | -2.23 | -2.43 | -2.00 | -1.47 | -0.71 | -0.21 | -0.12 |
| FCF Conversion (FCF/Net Income) | 0.88x | 0.78x | 0.90x | 0.92x | 0.88x | 1.04x | 0.73x | 0.74x | 0.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Single asset clinical failure
As reported in recent financial statements, Pharvaris exhibits a persistent disconnect between net losses and operating cash flow, with the company recording a $49.6 million cash outflow in 2026Q1, a figure that significantly exceeds the $39.8 million net loss for the same period.
The OCF/NI ratio of 1.24 in 2026Q1 suggests that cash burn is accelerating beyond the accounting losses, likely driven by aggressive working capital requirements or timing differences in clinical trial payments. This divergence indicates that the company's cash-based operational requirements are more intensive than the headline net loss suggests, warranting close monitoring of liquidity as clinical milestones approach.
Based on the company's quarterly filings, Pharvaris maintains a consistent pattern of negative free cash flow, with outflows reaching $49.6 million in 2026Q1, reflecting the heavy capital intensity required to sustain late-stage clinical development without any offsetting commercial revenue streams.
The trajectory of FCF shows a clear deterioration, moving from a $23.8 million outflow in 2023Q4 to nearly double that amount in the most recent quarter. This trend underscores the company's total reliance on external financing to fund its R&D-heavy business model, leaving little room for operational error.
According to the provided cash flow data, Pharvaris experienced a significant $10.8 million working capital outflow in 2026Q1, which contrasts sharply with the positive working capital contributions observed in several prior quarters, such as the $4.9 million inflow recorded in 2025Q4.
This volatility in working capital suggests that the company's cash position is highly sensitive to the timing of clinical trial-related payables and vendor settlements. Investors should interpret these fluctuations as a reflection of the lumpy nature of biotech R&D spending rather than a fundamental shift in operational efficiency.
As evidenced by the company's quarterly cash flow statements, share-based compensation has consistently reached levels as high as $5.5 million in 2025Q2, effectively obscuring the true magnitude of the cash-based operational burn required to retain specialized scientific talent.
While SBC is a non-cash expense, its prevalence suggests that the company's actual cost of operations is higher than the cash flow statement might imply to a casual observer. This reliance on equity-based incentives is a standard but significant factor that dilutes shareholders while keeping the cash-based burn rate artificially lower than the economic cost of talent.
Quick answers to the most common questions about buying PHVS stock.
Pharvaris N.V. (PHVS) generated $-137.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pharvaris N.V. (PHVS) reported negative free cash flow of $137.2M in 2025, indicating capital requirements exceeded cash from operations.
Pharvaris N.V. (PHVS) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.