Pharvaris reports €318 million cash after $132.3 million offering

Pharvaris N.V. (Nasdaq: PHVS) reported second quarter 2026 results on August 12, 2026 in a 6-K exhibit. Cash and cash equivalents were €318 million at June 30, 2026, up from €292 million at December 31, 2025. The release lists a closed $132 million underwritten offering, described as $132.3 million of shares, among its business updates.

The release does not give the number of shares sold in the May offering, the price, or the names of the underwriters and counsel. The release does not say whether a placement agent or adviser was used.

Chief executive Berndt Modig says the financing lets Pharvaris prepare for the launch of deucrictibant and consider lifecycle management opportunities while maintaining capital discipline.

The loss behind the cash

Second quarter R&D expenses were €35.0 million, against €29.6 million a year earlier. General and administrative expenses were €15.8 million, against €10.8 million. The quarterly loss was €47.8 million, or €0.70 per share, compared with €45.5 million, or €0.83 per share, in the same quarter of 2025.

The 20-F filed April 2, 2026 gives the full-year picture. For 2025, research and development expense was €124.5 million, up from €98.6 million in 2024. The net loss was €175.7 million, up from €134.2 million. Cash used in operations was €137.1 million in 2025, compared with €120.1 million in 2024. The company ended 2025 with €291.7 million of cash and cash equivalents.

Those figures show losses widening year over year, from €134.2 million to €175.7 million for the full year. The company credits the May offering with extending its runway, and that claim holds only if spending stays within the plan the company describes.

The pipeline and the regulatory calendar

The company describes itself as a late-stage company developing oral bradykinin B2 receptor antagonists for bradykinin-mediated angioedema, including hereditary angioedema, or HAE, and acquired angioedema due to C1 inhibitor deficiency. Its New Drug Application for deucrictibant immediate-release capsules is under review at the FDA, with a PDUFA action date of April 23, 2027. The European Medicines Agency validated its marketing authorization application in July 2026.

The larger test is CHAPTER-3, a randomized, double-blind, placebo-controlled Phase 3 study of deucrictibant extended-release tablets for preventing HAE attacks. The study enrolled and randomized 85 participants in a 2:1 ratio to deucrictibant XR at 40 mg a day, the intended commercial dose, or placebo, once daily for 24 weeks. Pharvaris expects topline data in the third quarter of 2026.

That means the company's efficacy claim for the prevention product rests on a study whose results it has not yet released, and on 85 patients. The release does not report any efficacy result from CHAPTER-3. The on-demand immediate-release product is further along at the regulatory stage, and the release gives its review date only.

The company also has CREAATE, a pivotal study of deucrictibant for prophylactic and on-demand treatment of acquired angioedema due to C1 inhibitor deficiency, which is still enrolling. The release says enrollment is progressing and gives no timetable for results. CHAPTER-4, a long-term open-label extension of the XR product, is also enrolling.

What the company still has to show

The release describes a strong financial position, and the cash balance supports that description. The loss figures show the cost of getting to a launch. The runway into 2028 sits against the timing of CHAPTER-3 and the April 2027 action date, and a negative trial result or a delay would change the spending plan the cash figure depends on.

The release names no competing products and is the only company source for the launch plan, and the company does not state a launch date.

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