Pharvaris (PHVS) Q4 2025 earnings summary

Executive summary

• Completed enrollment in CHAPTER-3, a pivotal Phase 3 study of deucrictibant XR for prophylactic HAE treatment; topline data expected in 3Q2026.

• NDA submission for deucrictibant IR for on-demand HAE treatment remains on track for 1H2026.

• Enrollment ongoing in CREAATE, a pivotal Phase 3 study for AAE-C1INH attacks.

• RAPIDe-3 Phase 3 study met all primary and secondary endpoints, supporting a differentiated profile for deucrictibant.

Financial highlights

• Cash and cash equivalents were €291.7 million as of December 31, 2025, up from €281 million a year earlier.

• R&D expenses rose to €34.1 million in Q4 and €124.5 million for 2025, compared to €31.2 million and €98.6 million in 2024.

• G&A expenses were €13.5 million in Q4 and €45.3 million for 2025, slightly down from €13.9 million and €47.1 million in 2024.

• Net loss for 2025 was €175.7 million (€2.97 per share), compared to €134.2 million (€2.48 per share) in 2024.

Outlook and guidance

• Topline data from CHAPTER-3 expected in Q3 2026.

• NDA submission for deucrictibant IR for on-demand HAE treatment anticipated in 1H2026.

• Ongoing enrollment in CREAATE and CHAPTER-4 studies.