The company remains in a pre-revenue phase with operating expenses reaching $45.0 million in 2026Q1, reflecting a lack of operating leverage as R&D spending continues to climb.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 106.45K | 0 | 0 | 0 | 0 | 0 | 8.44K | 614 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -106.45K | 0 | 0 | 0 | 0 | 0 | -8.44K | -614 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -1273.05% | - | - |
| Operating Expenses | 172.53M | 169.82M | 145.69M | 96.91M | 86.71M | 54.14M | 28.5M | 8.96M | 4.31M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 48.31M | 45.34M | 47.12M | 31.34M | 29.34M | 18.35M | 6.26M | 2.6M | 668.12K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 124.22M | 124.48M | 98.56M | 65.58M | 57.38M | 35.79M | 22.24M | 6.36M | 3.65M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -172.64M | -169.82M | -145.69M | -96.91M | -86.71M | -54.14M | -28.51M | -8.97M | -4.31M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -16.57% | -50.33% | -11.76% | -60.17% | -89.91% | -217.96% | -107.85% | - |
| EBITDA | -172.22M | -169.4M | -145.59M | -96.66M | -86.56M | -54.06M | -28.5M | -8.96M | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -121.12% | -16.35% | -50.63% | -11.66% | -60.12% | -89.7% | -217.89% | - | - |
| D&A (Non-Cash Add-back) | 419.5K | 418.35K | 95K | 257.55K | 152.94K | 77.37K | 8.44K | 614 | 4.31M |
| EBIT | -170.29M | -169.82M | -145.69M | -96.91M | -86.71M | -54.14M | -29.72M | -8.98M | -4.31M |
| Net Interest Income | 4.77M | 0 | 5.47M | 0 | -16.09K | -277.91K | -92.38K | 4 | 0 |
| Interest Income | 4.85M | 0 | 5.47M | 0 | 16 | 268 | 92 | 4 | 0 |
| Interest Expense | 87.82K | 0 | 0 | 0 | 16.11K | 278.18K | 92.47K | 0 | 0 |
| Other Income/Expense | 5.4M | -3.89M | 13.29M | -2.91M | 11.06M | 11.48M | -1.21M | -18.89K | -380 |
| Pretax Income | -167.24M | -173.71M | -132.4M | -99.83M | -75.65M | -42.66M | -29.72M | -8.98M | -4.31M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 1.96M | 1.99M | 1.83M | 1.05M | 679.09K | 70.12K | -94.9K | 0 | 380 |
| Effective Tax Rate % | -1.17% | -1.14% | -1.38% | -1.05% | -0.9% | -0.16% | 0.32% | 0% | -0.01% |
| Net Income | -169.2M | -175.7M | -134.22M | -100.88M | -76.33M | -42.73M | -29.62M | -8.98M | -4.31M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -9.26% | -30.9% | -33.06% | -32.15% | -78.64% | -44.25% | -229.72% | -108.25% | - |
| Net Income (Continuing) | -169.2M | -175.7M | -134.22M | -100.88M | -76.33M | -42.73M | -29.62M | -8.98M | -4.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.59 | -2.97 | -2.48 | -2.63 | -2.27 | -1.41 | -0.85 | -0.25 | -0.14 |
| EPS Growth % | -0.71% | -19.76% | 5.7% | -15.86% | -60.99% | -65.88% | -240% | -78.57% | - |
| EPS (Basic) | - | -2.97 | -2.48 | -2.63 | -2.27 | -1.41 | -0.85 | -0.25 | -0.14 |
| Diluted Shares Outstanding | 65.31M | 59.16M | 54.02M | 38.39M | 33.59M | 30.41M | 30.52M | 31.84M | 31.84M |
| Basic Shares Outstanding | 65.31M | 59.16M | 54.02M | 38.39M | 33.59M | 30.41M | 30.52M | 31.84M | 31.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Single asset clinical failure
As indicated by the company's quarterly financial disclosures, R&D expenditures have climbed from $18.5 million in 2024Q1 to $30.7 million by 2026Q1, reflecting the intensive capital requirements necessary to advance the CHAPTER and RAPIDe clinical trial programs toward critical late-stage data readouts.
The consistent upward trend in R&D spending highlights the company's reliance on clinical execution to validate its small-molecule platform. Investors should monitor whether this expense trajectory stabilizes as trials conclude or if administrative overhead continues to expand in anticipation of a commercial launch.
Based on reported income statements, Pharvaris consistently utilizes share-based compensation, with figures reaching $5.5 million in 2025Q2, which serves to mask the true cash-based operational burn rate while simultaneously diluting existing shareholders to retain specialized scientific talent in a highly competitive biotechnology labor market.
The reliance on equity-based incentives suggests management is prioritizing talent retention over immediate cash preservation. Analysts should adjust net loss figures to account for these non-cash charges to better understand the actual rate of capital depletion required to reach commercial viability.
According to the provided quarterly data, the company maintains a persistent operating loss, with 2026Q1 operating expenses of $45.0 million against zero revenue, demonstrating that the firm has yet to achieve any meaningful operating leverage as it remains entirely in the pre-revenue clinical development phase.
The absence of revenue means that every dollar of operating expense directly impacts the cash runway without the benefit of scale. Future analysis must focus on whether the eventual commercial infrastructure can be built with sufficient efficiency to avoid the high fixed-cost traps seen in other biotech peers.
As evidenced by the income statement's lack of revenue diversification, Pharvaris is almost entirely dependent on the success of the PHA121 molecule, creating a binary risk profile where any regulatory or clinical setback could fundamentally impair the company's long-term terminal value and future revenue potential.
While the small-molecule approach offers potential margin advantages, the lack of a secondary pipeline asset leaves the firm vulnerable to competitive shifts, such as the emergence of gene-editing therapies. Investors should consider whether the current valuation adequately discounts the risk of a single-point-of-failure in the clinical pipeline.
Quick answers to the most common questions about buying PHVS stock.
For fiscal year 2025, Pharvaris N.V. (PHVS) reported total revenue of $0.0M.
Pharvaris N.V. (PHVS) reported a net loss of $175.7M for the fiscal year ending 2025.