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: ten fiscal years free and up to 20 with Premium.
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 $33.53 (closing price, October 30, 2026), PHVS has negative trailing earnings (P/E not meaningful) and an ROE of -61.24%. Market capitalisation stands at $2.3B.
Balance sheet quality for PHVS: current ratio of 10.1, net cash position of 290.9M EUR. 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 EUR | 8,437 EUR | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | -614 EUR | -8,437 EUR | 0 | 0 | 0 | 0 | 0 |
| Research & Development | 3.6M EUR | 6.4M EUR | 22.2M EUR | 35.8M EUR | 57.4M EUR | 65.6M EUR | 98.6M EUR | 124.5M EUR |
| Selling, General & Admin | 668,121 EUR | 2.6M EUR | 6.3M EUR | 18.3M EUR | 29.3M EUR | 31.3M EUR | 47.1M EUR | 45.3M EUR |
| Operating Expenses | 4.3M EUR | 9.0M EUR | 28.5M EUR | 54.1M EUR | 86.7M EUR | 96.9M EUR | 145.7M EUR | 169.8M EUR |
| Operating Income | -4.3M EUR | -9.0M EUR | -28.5M EUR | -54.1M EUR | -86.7M EUR | -96.9M EUR | -145.7M EUR | -169.8M EUR |
| EBITDA | 0 | -9.0M EUR | -29.7M EUR | -42.3M EUR | -86.6M EUR | -99.6M EUR | -145.4M EUR | -173.3M EUR |
| Interest Expense | 0 | 0 | 92,470 EUR | 278,181 EUR | 16,105 EUR | 0 | 0 | 0 |
| Pre-tax Income | -4.3M EUR | -9.0M EUR | -29.7M EUR | -42.7M EUR | -75.7M EUR | -99.8M EUR | -132.4M EUR | -173.7M EUR |
| Income Tax | 380 EUR | 0 | -94,904 EUR | 70,117 EUR | 679,087 EUR | 1.0M EUR | 1.8M EUR | 2.0M EUR |
| Net Income | -4.3M EUR | -9.0M EUR | -29.6M EUR | -42.7M EUR | -76.3M EUR | -100.9M EUR | -134.2M EUR | -175.7M EUR |
| 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) | 31.8 M | 31.8 M | 30.5 M | 30.4 M | 33.6 M | 38.4 M | 54.0 M | 59.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -106,447 EUR | 0 |
| Operating Income | -39.7M EUR | -47.6M EUR | -45.0M EUR | -50.8M EUR |
| EBITDA | -37.2M EUR | -45.0M EUR | -39.4M EUR | -50.6M EUR |
| Net Income | -37.1M EUR | -46.7M EUR | -39.8M EUR | -47.8M EUR |
| 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 EUR | 5.4M EUR | 20.3M EUR | 98.6M EUR | 209.4M EUR | 161.8M EUR | 391.2M EUR | 280.7M EUR | 291.7M EUR |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 1,056 EUR | 0 | 210,843 EUR | 569,578 EUR | 700,079 EUR | 382,468 EUR | 1.0M EUR | 2.9M EUR | 4.6M EUR |
| Inventory | 0 | 0 | 0 | 0 | 0 | 4.0M EUR | 0 | 0 | 0 |
| Total Current Assets | 4.8M EUR | 5.4M EUR | 20.6M EUR | 101.0M EUR | 211.6M EUR | 166.8M EUR | 397.9M EUR | 289.4M EUR | 299.2M EUR |
| Property, Plant & Equipment | 0 | 0 | 12,927 EUR | 48,503 EUR | 351,349 EUR | 626,439 EUR | 455,571 EUR | 1.5M EUR | 1.4M EUR |
| 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 EUR | 5.4M EUR | 20.6M EUR | 101.1M EUR | 212.1M EUR | 167.7M EUR | 398.7M EUR | 291.4M EUR | 301.5M EUR |
| Accounts Payable | 60,472 EUR | 246,356 EUR | 517,771 EUR | 656,448 EUR | 2.1M EUR | 6.0M EUR | 2.9M EUR | 4.6M EUR | 5.1M EUR |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 138,836 EUR | 481,340 EUR | 1.9M EUR | 5.3M EUR | 7.0M EUR | 18.2M EUR | 14.6M EUR | 23.0M EUR | 29.6M EUR |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 138,836 EUR | 481,340 EUR | 1.9M EUR | 5.3M EUR | 7.1M EUR | 18.5M EUR | 14.6M EUR | 23.6M EUR | 30.2M EUR |
| Retained Earnings | -6.1M EUR | -10.4M EUR | -18.5M EUR | -44.5M EUR | -87.6M EUR | -164.2M EUR | -265.9M EUR | -402.3M EUR | -579.6M EUR |
| Total Equity | 4.7M EUR | 5.0M EUR | 18.7M EUR | 95.8M EUR | 205.0M EUR | 149.3M EUR | 384.0M EUR | 267.8M EUR | 271.3M EUR |
| Total Debt | 0 | 0 | 0 | 0 | 250,184 EUR | 436,822 EUR | 238,905 EUR | 861,470 EUR | 776,798 EUR |
| Net Debt | -4.8M EUR | -5.4M EUR | -20.3M EUR | -98.6M EUR | -209.1M EUR | -161.4M EUR | -391.0M EUR | -279.9M EUR | -290.9M EUR |
| Working Capital | 4.7M EUR | 5.0M EUR | 18.7M EUR | 95.6M EUR | 204.6M EUR | 148.6M EUR | 383.2M EUR | 266.4M EUR | 269.6M EUR |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | 329.3M EUR | 291.7M EUR | 247.0M EUR | 318.3M EUR |
| Total Assets | 338.9M EUR | 301.5M EUR | 259.8M EUR | 328.7M EUR |
| Total Liabilities | 26.7M EUR | 30.2M EUR | 23.5M EUR | 27.9M EUR |
| Total Equity | 312.2M EUR | 271.3M EUR | 236.3M EUR | 300.8M EUR |
| Total Debt | 578,657 EUR | 776,798 EUR | 738,891 EUR | 673,728 EUR |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -4.3M EUR | -8.0M EUR | -26.1M EUR | -42.7M EUR | -75.7M EUR | -99.8M EUR | -132.4M EUR | -173.7M EUR |
| Depreciation & Amortization | 4.3M EUR | 549 EUR | 7,401 EUR | 77,370 EUR | 152,941 EUR | 257,551 EUR | 269,562 EUR | 418,353 EUR |
| Stock-based Compensation | 100,745 EUR | 116,147 EUR | 1.6M EUR | 8.2M EUR | 11.3M EUR | 10.7M EUR | 16.2M EUR | 19.1M EUR |
| Change in Working Capital | 291,547 EUR | 1.2M EUR | 1.6M EUR | 1.6M EUR | 8.4M EUR | -5.9M EUR | 5.9M EUR | 7.6M EUR |
| Operating Cash Flow | -3.9M EUR | -6.7M EUR | -21.5M EUR | -44.6M EUR | -67.2M EUR | -93.0M EUR | -120.1M EUR | -137.1M EUR |
| Capital Expenditure | 0 | -13,476 EUR | -42,977 EUR | -130,032 EUR | -124,296 EUR | -89,984 EUR | -538,086 EUR | -164,619 EUR |
| 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 EUR | -6.7M EUR | -21.5M EUR | -44.7M EUR | -67.3M EUR | -93.1M EUR | -120.7M EUR | -137.2M EUR |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -30.7M EUR | -38.0M EUR | -49.6M EUR | -37.8M EUR |
| Capital Expenditure | -18,714 EUR | -1,538 EUR | -52,953 EUR | -26,907 EUR |
| Free Cash Flow | -30.7M EUR | -38.0M EUR | -49.6M EUR | -37.8M EUR |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 4.9M EUR | 4.5M EUR | 0 | 6.6M EUR |
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) | 31.8 M | 31.8 M | 30.5 M | 30.4 M | 33.6 M | 38.4 M | 54.0 M | 59.2 M |
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 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 24.30 |
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% |