PHVS · Pharvaris N.V.

Pharvaris reported a Q1 2026 net loss of €39.2 million, improved 15% from €46.3 million in Q1 2025, primarily due to a €9.2 million swing in finance income from foreign exchange gains versus prior losses, alongside a 5% increase in operating loss to €44.3 million. R&D expenses held nearly flat at €30.2 million (down 2% YoY), with clinical costs dropping 16% to €14.6 million following RAPIDe-3 Phase 3 completion and earlier XR trials, offset by 19% higher personnel costs from hiring for regulatory and launch support, plus ramp-up in AAE-C1INH CREAATE trial and XR validation manufacturing (up 27%). Project breakdowns show On-Demand (IR) costs down 51% post-trial, Prophylaxis (XR) up 4%, and AAE surging meaningfully from startup. G&A expenses jumped 25% to €14.1 million, driven by 24% personnel growth (including €2.7M SBC) and higher professional fees/other for IR commercialization prep. Cash burn intensified with operating cash use at €48.8 million (up 27% YoY), ending at €247 million after Q1 outflows, bolstered by July 2025 €161M raise; a subsequent $132M offering extends runway into 2028. No revenues generated, as expected pre-commercialization. Management highlights disciplined execution toward H1 2026 FDA NDA for deucrictibant IR on-demand HAE (backed by positive RAPIDe-3 data), 3Q2026 CHAPTER-3 XR prophylaxis topline, and ongoing CREAATE/CHAPTER-4 studies, with commercial infrastructure build signaling launch readiness amid stable liquidity.