Pharvaris N.V.
PHVS Nasdaq Pharmaceutical Preparations Financials FY2018–FY2025
Pharvaris N.V. had only $7.4M of revenue in fiscal 2025: it is still developing what it sells. It spent $140M on research and development, 69% of its operating costs.
- Today
- 0.2%
- Previous close
- $34.39
- Market cap
- $2.0B
- P/E
- —
- Day range
-
$34.05 $35.47
- 52-week range
-
$22.63 $38.86
Last close · Nov 9, 2026
$34.47
+$12.88 (+59.66%) past year
| Line | Q2 '24 | Q2 '25 | Change (y/y) |
|---|---|---|---|
| Net income | −$32.0M | −$51.5M | — |
| Diluted EPS | −$0.59 | −$0.94 | — |
Key numbers
Key numbers, fiscal 2025
Revenue and margins
Revenue and margins
KIRA summarises the numbers
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Pharvaris N.V. had only $7.4M of revenue in fiscal 2025: it is still developing what it sells.
It spent $140M on research and development, 69% of its operating costs.
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Its operating margin was −2,658.2%, down 237.5 pts: of every 100 in sales, about −2,658 is left after running the business.
Revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Net income
Net income and earnings per share
Loss periods are shown in red.
KIRA summarises the numbers
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Pharvaris N.V. lost $198M in fiscal 2025.
With no meaningful sales yet, it pays for its work from the cash it holds.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Cash flow
Cash flow
Cash from operations minus capital spending.
KIRA summarises the numbers
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Free cash flow was −$155M in fiscal 2025, −2,100.0% of revenue.
At that burn of $155M a year, its $343M of cash and short-term investments would last about 2.2 years.
Free cash flow
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends and buybacks
Dividends, buybacks and share count
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Insider trades
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
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In the last 12 months, insiders sold $32.7M of shares on the open market and bought none.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$32.7M
11 insiders
Of sales under plans
48%
$15.6M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 23, 2026 | Viviane MongesDirector | Sold | 11,969 | $33.05 | $0.4M | Form 4 |
| Sep 22, 2026 | Johannes Gerardus Christiaan Petrus SchikanDirector | Sold | 800 | $36.19 | $0.0M | Form 4 |
| Sep 21, 2026 | David W. NassifCFO / CLO | Sold | 6,000 | $36.47 | $0.2M | Form 4 |
| Sep 17, 2026 | Anne LesageChief Early Development | Sold | 20,000 | $38.27 | $0.8M | Form 4 |
| Sep 17, 2026 | Elisabeth BjorkDirector | Sold | 52,500 | $37.89 | $2.0M | Form 4 |
| Sep 17, 2026 | Johannes Gerardus Christiaan Petrus SchikanDirector | Sold | 200,000 | $35.00 | $7.0M | Form 4 |
| Sep 17, 2026 | Peng LuPresident | Sold | 100,000 | $35.00 | $3.5M | Form 4 |
| Sep 17, 2026 | Robert GlassmanDirector | Sold plan | 14,493 | $38.56 | $0.6M | Form 4 |
| Sep 15, 2026 | Robert GlassmanDirector | Sold plan | 8,667 | $38.27 | $0.3M | Form 4 |
| Sep 15, 2026 | Stefan Andreas AbeleChief Technical Ops Officer | Sold | 46,400 | $38.17 | $1.8M | Form 4 |
| Sep 15, 2026 | Wim SouverijnsChief Commercial Officer | Sold plan | 6,090 | $38.99 | $0.2M | Form 4 |
| Sep 14, 2026 | Berndt ModigChief Executive Officer, Director | Sold plan | 2,291 | $39.40 | $0.1M | Form 4 |
| Sep 14, 2026 | Wim SouverijnsChief Commercial Officer | Sold plan | 20,000 | $39.31 | $0.8M | Form 4 |
| Sep 11, 2026 | Peng LuPresident | Sold plan | 15,000 | $40.13 | $0.6M | Form 4 |
| Sep 10, 2026 | Anne LesageChief Early Development | Sold plan | 30,000 | $38.30 | $1.1M | Form 4 |
| Sep 9, 2026 | Robert GlassmanDirector | Sold plan | 8,000 | $37.55 | $0.3M | Form 4 |
| Sep 8, 2026 | Peng LuPresident | Sold plan | 15,000 | $40.68 | $0.6M | Form 4 |
| Aug 14, 2026 | Berndt ModigChief Executive Officer, Director | Sold plan | 2,292 | $34.77 | $0.1M | Form 4 |
| Jul 13, 2026 | Berndt ModigChief Executive Officer, Director | Sold plan | 2,292 | $34.97 | $0.1M | Form 4 |
| Jun 30, 2026 | Anne LesageChief Early Development | Sold plan | 58,575 | $35.49 | $2.1M | Form 4 |
| Jun 30, 2026 | Johannes Gerardus Christiaan Petrus SchikanDirector | Sold plan | 30,712 | $35.49 | $1.1M | Form 4 |
| Jun 29, 2026 | Johannes Gerardus Christiaan Petrus SchikanDirector | Sold plan | 2,400 | $35.10 | $0.1M | Form 4 |
| Jun 29, 2026 | Johannes Gerardus Christiaan Petrus SchikanDirector | Sold plan | 6,888 | $35.05 | $0.2M | Form 4 |
| Jun 29, 2026 | Anne LesageChief Early Development | Sold plan | 17,597 | $35.06 | $0.6M | Form 4 |
| Jun 26, 2026 | Peng LuChief Medical Officer | Sold plan | 14,700 | $34.00 | $0.5M | Form 4 |
| Jun 25, 2026 | Anne LesageChief Early Development | Sold plan | 2,300 | $35.12 | $0.1M | Form 4 |
| Jun 25, 2026 | Peng LuChief Medical Officer | Sold plan | 15,000 | $34.60 | $0.5M | Form 4 |
| Jun 18, 2026 | Peng LuChief Medical Officer | Sold plan | 300 | $34.00 | $0.0M | Form 4 |
| Jun 15, 2026 | Berndt ModigChief Executive Officer, Director | Sold plan | 2,291 | $31.07 | $0.1M | Form 4 |
| Jun 4, 2026 | Anna NijdamPrincipal Accounting Officer | Sold | 2,670 | $30.87 | $0.1M | Form 4 |
| May 22, 2026 | Anna NijdamPrincipal Accounting Officer | Sold | 5,501 | $30.74 | $0.2M | Form 4 |
| May 21, 2026 | Viviane MongesDirector | Sold | 9,667 | $30.29 | $0.3M | Form 4 |
| May 21, 2026 | Anna NijdamPrincipal Accounting Officer | Sold | 1,829 | $30.60 | $0.1M | Form 4 |
| May 21, 2026 | David W. NassifCFO / CLO | Sold | 10,000 | $30.31 | $0.3M | Form 4 |
| May 20, 2026 | Elisabeth BjorkDirector | Sold plan | 10,000 | $29.32 | $0.3M | Form 4 |
| May 18, 2026 | Berndt ModigChief Executive Officer, Director | Sold plan | 2,292 | $29.22 | $0.1M | Form 4 |
| May 15, 2026 | Wim SouverijnsChief Commercial Officer | Sold plan | 10,000 | $29.92 | $0.3M | Form 4 |
| May 15, 2026 | Robert GlassmanDirector | Sold | 10,000 | $29.83 | $0.3M | Form 4 |
| May 15, 2026 | Stefan Andreas AbeleChief Technical Ops Officer | Sold | 8,748 | $29.82 | $0.3M | Form 4 |
| May 1, 2026 | Peng LuChief Medical Officer | Sold plan | 14,166 | $30.17 | $0.4M | Form 4 |
| Apr 30, 2026 | Peng LuChief Medical Officer | Sold plan | 15,000 | $30.24 | $0.5M | Form 4 |
| Apr 30, 2026 | Johannes Gerardus Christiaan Petrus SchikanDirector | Sold plan | 29,070 | $30.32 | $0.9M | Form 4 |
| Apr 30, 2026 | Anne LesageChief Early Development | Sold plan | 40,900 | $30.26 | $1.2M | Form 4 |
| Apr 29, 2026 | Peng LuChief Medical Officer | Sold plan | 3,733 | $30.06 | $0.1M | Form 4 |
| Apr 29, 2026 | Johannes Gerardus Christiaan Petrus SchikanDirector | Sold plan | 3,830 | $30.07 | $0.1M | Form 4 |
| Apr 29, 2026 | Anne LesageChief Early Development | Sold plan | 7,400 | $30.07 | $0.2M | Form 4 |
| Apr 23, 2026 | Peng LuChief Medical Officer | Sold plan | 100 | $30.03 | $0.0M | Form 4 |
| Apr 23, 2026 | Johannes Gerardus Christiaan Petrus SchikanDirector | Sold plan | 100 | $30.03 | $0.0M | Form 4 |
| Apr 23, 2026 | Anne LesageChief Early Development | Sold plan | 100 | $30.03 | $0.0M | Form 4 |
| Apr 22, 2026 | Johannes Gerardus Christiaan Petrus SchikanDirector | Sold plan | 7,000 | $30.05 | $0.2M | Form 4 |
| Apr 22, 2026 | Anne LesageChief Early Development | Sold plan | 7,500 | $30.05 | $0.2M | Form 4 |
| Apr 22, 2026 | Peng LuChief Medical Officer | Sold plan | 7,001 | $30.05 | $0.2M | Form 4 |
| Apr 16, 2026 | Berndt ModigChief Executive Officer, Director | Sold plan | 2,292 | $28.60 | $0.1M | Form 4 |
| Apr 9, 2026 | Berndt ModigChief Executive Officer, Director | Sold plan | 23,333 | $27.75 | $0.6M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Balance sheet
Balance sheet
Cash, debt and the ratios that show how comfortably Pharvaris N.V. can carry it.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $237M | $173M | $432M | $292M | $343M |
| Interest coverage | −159.5x | −4,704.9x | — | — | — |
| Total assets | $240M | $179M | $441M | $303M | $354M |
| Total liabilities | $8.1M | $19.7M | $16.2M | $24.5M | $35.5M |
| Shareholders' equity | $232M | $159M | $424M | $278M | $319M |
| Net debt (− = net cash) | — | — | — | — | — |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Returns on capital
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
F-score
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| F-score | — / 5 | — / 6 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | 1.2% | −4.6% | −2.7% | −4.1% | −13.3% |
| Altman Z'' | — | — | — | — | — |
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | ✓ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — |
| Current ratio rose | — | — | — | — | — |
| Share count didn't rise | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✓ |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
All figures
8 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | — | — | — | −$0.3M | −$0.0M | $0.2M | $5.9M | $7.4M |
| Net interest income | — | — | — | −$0.3M | −$0.0M | $0.2M | $5.9M | $7.4M |
| Research and development | $4.3M | $6.4M | $22.2M | $42.3M | $60.3M | $70.9M | $107M | $140M |
| Operating income | −$5.1M | −$9.0M | −$29.7M | −$50.5M | −$79.5M | −$108M | −$143M | −$196M |
| Interest expense | $0.0M | $0.0M | $0.1M | $0.3M | $0.0M | — | — | — |
| Pretax income | −$5.1M | −$9.0M | −$29.7M | −$50.5M | −$79.5M | −$108M | −$143M | −$196M |
| Income tax | $0.0M | $0.0M | −$0.1M | $0.1M | $0.7M | $1.1M | $2.0M | $2.2M |
| Net income | −$5.1M | −$9.0M | −$29.6M | −$50.5M | −$80.2M | −$109M | −$145M | −$198M |
| Net income to common | — | — | −$29.6M | −$50.5M | — | — | — | — |
| Diluted EPS | −$1.05 | −$1.86 | −$6.11 | −$1.66 | −$2.39 | −$2.84 | −$2.68 | −$3.35 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.03B | 0.03B | 0.04B | 0.05B | 0.06B |
| Cash flow | ||||||||
| Cash from operations | −$4.6M | −$7.5M | −$24.5M | −$52.7M | −$70.6M | −$101M | −$130M | −$155M |
| Capital expenditure | $0.0M | $0.0M | $0.0M | $0.2M | $0.1M | $0.1M | $0.6M | $0.2M |
| Free cash flow | −$4.6M | −$7.5M | −$24.6M | −$52.9M | −$70.7M | −$101M | −$131M | −$155M |
| Stock-based compensation | $0.1M | $0.1M | $1.8M | $9.7M | $11.9M | $11.5M | $17.5M | $21.5M |
| Balance sheet | ||||||||
| Cash and short-term investments | $6.2M | $22.8M | $121M | $237M | $173M | $432M | $292M | $343M |
| Property and equipment, net | $0.0M | $0.0M | $0.1M | $0.1M | $0.2M | $0.2M | $0.7M | $0.8M |
| Total assets | — | $23.1M | $124M | $240M | $179M | $441M | $303M | $354M |
| Total liabilities | — | $2.2M | $6.5M | $8.1M | $19.7M | $16.2M | $24.5M | $35.5M |
| Shareholders' equity | $5.7M | $21.0M | $118M | $232M | $159M | $424M | $278M | $319M |
| Margins | ||||||||
| Operating margin | — | — | — | 15,946.1% | 470,491.7% | −44,461.4% | −2,420.6% | −2,658.2% |
| Net margin | — | — | — | 15,961.0% | 474,714.8% | −44,928.5% | −2,454.0% | −2,688.6% |
| FCF margin | — | — | — | 16,719.5% | 418,459.8% | −41,483.0% | −2,206.2% | −2,100.0% |
| Net interest share of revenue | — | — | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Returns | ||||||||
| Return on equity | −89.8% | −67.4% | −42.8% | −28.9% | −41.0% | −37.4% | −41.3% | −66.4% |
| Return on assets | — | −38.8% | −40.2% | −27.7% | −38.3% | −35.2% | −39.1% | −60.3% |
| Return on tangible equity | −89.8% | −42.8% | −25.2% | −21.8% | −50.4% | −25.7% | −52.2% | −62.2% |
| Growth | ||||||||
| Revenue growth | — | — | — | — | — | — | 2,336.9% | 24.5% |
| Share count change | — | 0.0% | 0.0% | 527.0% | 10.4% | 14.3% | 40.7% | 9.5% |
| Financial health | ||||||||
| Interest coverage | −12,726.0x | −475.4x | −281.9x | −159.5x | −4,704.9x | — | — | — |
| Capital allocation | ||||||||
| Capex / revenue | — | — | — | −48.6% | −772.8% | 40.1% | 9.8% | 2.5% |
| Stock comp / revenue | — | — | — | −3,063.7% | −70,581.1% | 4,749.3% | 296.3% | 291.5% |
| Quality scores | ||||||||
| Accruals ratio | — | −6.5% | −7.0% | 1.2% | −4.6% | −2.7% | −4.1% | −13.3% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
News and filings
Latest SEC filings
The original documents every number on this page comes from.
KIRA analysis
KIRA’s summary AI analyst
Hi! I read Pharvaris N.V.’s latest annual report (fiscal 2025). Here is what stands out:
Pharvaris N.V. in 30 seconds
Good So-so Weak
Are shareholders being diluted?
+9.5%
Somewhat. The share count rose 9.5% last year, so each share owns a little less.
Does it make a profit?
$140M R&D
Not yet: it has no meaningful sales. It spent $140M on research and development, 69% of its operating costs.
How long would its cash last?
2.2 yrs
Comfortably. It burns $155M a year and holds $343M, about 2.2 years at that pace.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Sales and profit
1 3 notes
- Pharvaris N.V. had only $7.4M of revenue in fiscal 2025: it is still developing what it sells. It spent $140M on research and development, 69% of its operating costs.
- Its operating margin was −2,658.2%, down 237.5 pts: of every 100 in sales, about −2,658 is left after running the business.
- Pharvaris N.V. lost $198M in fiscal 2025. With no meaningful sales yet, it pays for its work from the cash it holds.
Cash and shareholders
1 2 notes
- Free cash flow was −$155M in fiscal 2025, −2,100.0% of revenue. At that burn of $155M a year, its $343M of cash and short-term investments would last about 2.2 years.
- In the last 12 months, insiders sold $32.7M of shares on the open market and bought none.
Source: SEC EDGAR XBRL filings (CIK 0001830487). Data updated November 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in EUR under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.