Detailed financial statements for Pharvaris N.V. (PHVS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Pharvaris N.V., a late-stage biopharmaceutical company, focuses on the development and commercialization of therapies for rare diseases with unmet needs covering angioedema and other bradykinin-mediated diseases.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $37.55, PHVS has negative trailing earnings (P/E not meaningful) and an ROE of -61.24%. Market capitalisation stands at $2.6B.
Balance sheet quality for PHVS: current ratio of 10.1, net cash position of $290.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $614 | $8437 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | -$614 | -$8437 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $3.6M | $6.4M | $22.2M | $35.8M | $57.4M | $65.6M | $98.6M | $124.5M |
| Selling, General & Admin | $668121 | $2.6M | $6.3M | $18.3M | $29.3M | $31.3M | $47.1M | $45.3M |
| Operating Expenses | $4.3M | $9.0M | $28.5M | $54.1M | $86.7M | $96.9M | $145.7M | $169.8M |
| Operating Income | -$4.3M | -$9.0M | -$28.5M | -$54.1M | -$86.7M | -$96.9M | -$145.7M | -$169.8M |
| EBITDA | -$4.3M | -$9.0M | -$29.7M | -$42.3M | -$86.6M | -$99.6M | -$145.6M | -$173.3M |
| Interest Expense | 0 | 0 | $92470 | $278181 | $16105 | 0 | 0 | 0 |
| Pre-tax Income | -$4.3M | -$9.0M | -$29.7M | -$42.7M | -$75.7M | -$99.8M | -$132.4M | -$173.7M |
| Income Tax | $380 | 0 | -$94904 | $70117 | $679087 | $1.0M | $1.8M | $2.0M |
| Net Income | -$4.3M | -$9.0M | -$29.6M | -$42.7M | -$76.3M | -$100.9M | -$134.2M | -$175.7M |
| EPS | $-0.14 | $-0.25 | $-0.85 | $-1.41 | $-2.27 | $-2.63 | $-2.48 | $-2.97 |
| EPS (Diluted) | $-0.14 | $-0.25 | $-0.85 | $-1.41 | $-2.27 | $-2.63 | $-2.48 | $-2.97 |
| Shares Outstanding (Diluted) | $31.8M | $31.8M | $30.5M | $30.4M | $33.6M | $38.4M | $54.0M | $59.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$106447 | 0 |
| Operating Income | -$39.7M | -$47.6M | -$45.0M | -$50.8M |
| EBITDA | -$37.2M | -$45.0M | -$39.4M | -$50.7M |
| Net Income | -$37.1M | -$46.7M | -$39.8M | -$47.8M |
| EPS | $-0.60 | $-0.79 | $-0.61 | $-0.70 |
| EPS (Diluted) | $-0.60 | $-0.79 | $-0.61 | $-0.70 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $4.8M | $5.4M | $20.3M | $98.6M | $209.4M | $161.8M | $391.2M | $280.7M | $291.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1056 | 0 | $210843 | $569578 | $700079 | $382468 | $1.0M | $2.9M | $4.6M |
| Inventory | 0 | 0 | 0 | 0 | 0 | $4.0M | 0 | 0 | 0 |
| Total Current Assets | $4.8M | $5.4M | $20.6M | $101.0M | $211.6M | $166.8M | $397.9M | $289.4M | $299.2M |
| Property, Plant & Equipment | 0 | 0 | $12927 | $48503 | $351349 | $626439 | $455571 | $1.5M | $1.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $4.8M | $5.4M | $20.6M | $101.1M | $212.1M | $167.7M | $398.7M | $291.4M | $301.5M |
| Accounts Payable | $60472 | $246356 | $517771 | $656448 | $2.1M | $6.0M | $2.9M | $4.6M | $5.1M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $138836 | $481340 | $1.9M | $5.3M | $7.0M | $18.2M | $14.6M | $23.0M | $29.6M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $138836 | $481340 | $1.9M | $5.3M | $7.1M | $18.5M | $14.6M | $23.6M | $30.2M |
| Retained Earnings | -$6.1M | -$10.4M | -$18.5M | -$44.5M | -$87.6M | -$164.2M | -$265.9M | -$402.3M | -$579.6M |
| Total Equity | $4.7M | $5.0M | $18.7M | $95.8M | $205.0M | $149.3M | $384.0M | $267.8M | $271.3M |
| Total Debt | 0 | 0 | 0 | 0 | $250184 | $436822 | $238905 | $861470 | $776798 |
| Net Debt | -$4.8M | -$5.4M | -$20.3M | -$98.6M | -$209.1M | -$161.4M | -$391.0M | -$279.9M | -$290.9M |
| Working Capital | $4.7M | $5.0M | $18.7M | $95.6M | $204.6M | $148.6M | $383.2M | $266.4M | $269.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $329.3M | $291.7M | $247.0M | $318.3M |
| Total Assets | $338.9M | $301.5M | $259.8M | $328.7M |
| Total Liabilities | $26.7M | $30.2M | $23.5M | $27.9M |
| Total Equity | $312.2M | $271.3M | $236.3M | $300.8M |
| Total Debt | $578657 | $776798 | $738891 | $673728 |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$4.3M | -$8.0M | -$26.1M | -$42.7M | -$75.7M | -$99.8M | -$132.4M | -$173.7M |
| Depreciation & Amortization | 0 | $549 | $7401 | $77370 | $152941 | $257551 | $269562 | $418353 |
| Stock-based Compensation | $100745 | $116147 | $1.6M | $8.2M | $11.3M | $10.7M | $16.2M | $19.1M |
| Change in Working Capital | $291547 | $1.2M | $1.6M | $1.6M | $8.4M | -$5.9M | $5.9M | $7.6M |
| Operating Cash Flow | -$3.9M | -$6.7M | -$21.5M | -$44.6M | -$67.2M | -$93.0M | -$120.1M | -$137.1M |
| Capital Expenditure | 0 | -$13476 | -$42977 | -$130032 | -$124296 | -$89984 | -$538086 | -$164619 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.9M | -$6.7M | -$21.5M | -$44.7M | -$67.3M | -$93.1M | -$120.7M | -$137.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$30.7M | -$38.0M | -$49.6M | -$37.8M |
| Capital Expenditure | -$18714 | -$1538 | -$52953 | -$26907 |
| Free Cash Flow | -$30.7M | -$38.0M | -$49.6M | -$37.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.9M | $4.5M | 0 | $6.6M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -108.2% | -229.7% | -44.2% | -78.6% | -32.2% | -33.1% | -30.9% |
| EPS Growth (YoY) | | -78.6% | -240.0% | -65.9% | -61.0% | -15.9% | +5.7% | -19.8% |
| Shares Change (YoY) | | +0.0% | -4.1% | -0.4% | +10.4% | +14.3% | +40.7% | +9.5% |
| FCF Growth (YoY) | | -70.7% | -222.0% | -107.6% | -50.4% | -38.4% | -29.6% | -13.7% |
| Effective Tax Rate | -0.0% | -0.0% | 0.3% | -0.2% | -0.9% | -1.1% | -1.4% | -1.1% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.12 | $-0.21 | $-0.71 | $-1.47 | $-2.00 | $-2.43 | $-2.23 | $-2.32 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $31.8M | $31.8M | $30.5M | $30.4M | $33.6M | $38.4M | $54.0M | $59.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -61.24% |
| Return on Invested Capital | -60.72% |
| Return on Assets | -52.20% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 11.94 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | -180.63 | -103.44 | -27.92 | -8.97 | -4.63 | -9.65 | -7.46 | -7.95 |
| P/B | 0.00 | 162.56 | 44.09 | 7.56 | 1.88 | 2.36 | 2.54 | 3.73 | 5.15 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |