Pharvaris posted a Q4 2025 loss per share of €0.72 (approximately -$0.84), missing analyst consensus of -$0.69 by 21.7%. The company generated no product revenue as it remains pre-commercial. Cash on hand stood at €292 million at year-end. After-hours movement was not separately disclosed, but shares had reached a 52-week high of $29.80 in the days just before the April 2, 2026 announcement.
About Pharvaris
Pharvaris N.V. (Nasdaq: PHVS) is a late-stage biopharmaceutical company headquartered in Zug, Switzerland. Founded with a focus on rare diseases, the company develops novel, oral bradykinin B2 receptor antagonists to address the unmet needs of patients living with bradykinin-mediated diseases, primarily hereditary angioedema (HAE) and acquired angioedema due to C1 inhibitor deficiency (AAE-C1INH).
Its lead asset is deucrictibant, developed in two formulations: an immediate-release (IR) capsule for on-demand treatment of acute HAE attacks, and an extended-release (XR) tablet for daily prophylactic use. As of early April 2026, Pharvaris carried a market capitalization of approximately $1.6 billion. The company has no approved products and generates no product revenue, making it fully dependent on cash reserves and capital market access to fund operations.
The stock closed at $28.25 on April 1, 2026, having risen 5.5% over the prior four weeks and 23.1% over the prior year. Analysts hold a consensus Moderate Buy rating with an average price target of $41.70, and individual targets ranging from $30 (Bank of America, Neutral) to $60 (HC Wainwright, Buy).
Top Financial Highlights
- Q4 2025 Net Loss: €46.7 million, up from €34.8 million in Q4 2024 (+34% increase in quarterly loss)
- Full Year 2025 Net Loss: €176 million, versus €134 million for full year 2024 (+31% increase)
- Q4 2025 Basic and Diluted Loss Per Share: €0.72 (approximately -$0.84), compared to €0.64 in Q4 2024
- Full Year 2025 Basic and Diluted Loss Per Share: €2.97, compared to €2.48 in full year 2024 (+19.8% increase)
- Q4 2025 R&D Expenses: €34.1 million, versus €31.2 million in Q4 2024 (+9.3%)
- Full Year 2025 R&D Expenses: €124 million, versus €98.6 million in full year 2024 (+25.8%)
- Q4 2025 G&A Expenses: €13.5 million, versus €13.9 million in Q4 2024 (-2.9%)
- Full Year 2025 G&A Expenses: €45.3 million, versus €47.1 million in full year 2024 (-3.8%)
- Total Operating Expenses (Full Year 2025): ~€169 million (R&D + G&A combined)
- Cash and Cash Equivalents: €292 million as of December 31, 2025, up from €281 million at December 31, 2024
Beat or Miss?
Pharvaris is a pre-revenue, clinical-stage company, so traditional top-line revenue estimates are not applicable. The primary metric tracked by analysts is EPS.
| Metric | Reported | Estimated | Difference / Analysis |
| Q4 2025 EPS (USD) | ($0.84) | ($0.69) | Miss by $0.15 (-21.7%) |
| Q3 2025 EPS (USD) | ($0.70) | ($0.78) | Beat by $0.08 (+10.3%) |
| Q2 2025 EPS (USD) | ($0.94) | ($0.87) | Miss by $0.07 (-8.1%) |
| Q1 2025 EPS (USD) | ($0.89) | ($0.83) | Miss by $0.06 (-7.2%) |
| Revenue (Q4 2025) | N/A | N/A | No product revenue; pre-commercial stage |
| Cash on Hand (Dec 31, 2025) | €292 million | N/A | Up from €281M at year-end 2024 |
The Q4 2025 EPS miss of 21.7% was the largest quarterly miss of 2025, driven by accelerating R&D expenditure as the company ramped three simultaneous Phase 3 trials (RAPIDe-3, CHAPTER-3, and CREAATE).
What Leadership Is Saying?
“The positive readout of our first pivotal Phase 3 study, RAPIDe-3, at the end of 2025 was a crucial moment for Pharvaris. With the momentum of this important milestone, we continue to execute in 2026 through the anticipated NDA submission of deucrictibant IR for the on-demand treatment of HAE attacks, topline data readout of CHAPTER-3, and enrollment in CREAATE. Across all our programs, Pharvaris remains committed to helping to improve standard of care for those living with bradykinin-mediated angioedema. Our team will continue to operate in a financially disciplined manner through these key inflection points.” – Berndt Modig, Chief Executive Officer, Pharvaris
No direct CFO quote was included in the Q4 2025 press release. The financial commentary from the company underscored key metrics: R&D expenses rose to €124 million for the full year 2025, compared to €98.6 million in 2024, reflecting the intensification of three simultaneous Phase 3 clinical programs. G&A expenses fell modestly to €45.3 million from €47.1 million, demonstrating cost control in administrative functions even as clinical spending grew. Cash and cash equivalents increased to €292 million from €281 million, extending the company’s operational runway.
Historical Performance
Pharvaris YoY: Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Net Loss | €46.7 million | €34.8 million | 34.20% |
| Loss Per Share (EUR) | €0.72 | €0.64 | 12.50% |
| R&D Expenses | €34.1 million | €31.2 million | 9.30% |
| G&A Expenses | €13.5 million | €13.9 million | -2.90% |
| Cash & Equivalents | €292 million (year-end) | €281 million (year-end) | 3.90% |
Pharvaris Full Year 2025 vs. Full Year 2024
| Category | Full Year 2025 | Full Year 2024 | Change (%) |
| Net Loss | €176 million | €134 million | 31.30% |
| Loss Per Share (EUR) | €2.97 | €2.48 | 19.80% |
| R&D Expenses | €124 million | €98.6 million | 25.80% |
| G&A Expenses | €45.3 million | €47.1 million | -3.80% |
| Cash & Equivalents | €292 million | €281 million | 3.90% |
Competitor Landscape
Pharvaris operates in the hereditary angioedema (HAE) treatment space, competing with commercial-stage and pipeline-stage companies. The HAE market was valued at approximately $5.33 billion in 2024 and is projected to exceed $17.34 billion by 2037 at a CAGR above 9.5%.
Competitor YoY Financial Comparison
| Company / Ticker | Key Product | Full Year 2025 Revenue | Full Year 2024 Revenue | YoY Change | Net Income 2025 |
| BioCryst (BCRX) | ORLADEYO (prophylaxis, oral) | $601.8 million | ~$435 million | 38% | First full-year GAAP profit |
| Pharming (PHARM / PHAR) | RUCONEST (on-demand, IV) | $376.1 million | ~$296 million | 27% | $2.5 million profit |
| KalVista (KALV) | EKTERLY (on-demand, oral) | $49.1 million (8-month period post-launch) | N/A (pre-launch) | N/A | Net loss (commercializing) |
| Pharvaris (PHVS) | Deucrictibant IR/XR (pre-NDA) | None | None | N/A | -€176 million |
BioCryst achieved full-year profitability for the first time in its corporate history in 2025, driven by strong ORLADEYO commercial execution with new patient prescriptions at record levels. Pharming grew RUCONEST revenues to $86.7 million in Q4 2025 alone (+9% YoY) and achieved its first operating profit in 2025.
KalVista launched EKTERLY (sebetralstat) – the first FDA-approved oral on-demand HAE treatment – in July 2025, collecting $49.1 million in net product revenue in roughly eight months. By contrast, Pharvaris remains pre-revenue, with deucrictibant targeting an NDA filing in H1 2026.
How the Market Reacted?
In the days leading up to the Q4 2025 earnings release on April 2, 2026, PHVS shares reached a new 52-week high of $29.80 on heavy trading volume, closing the prior session at $28.25. This pre-announcement rally was fueled by positive Phase 3 data from RAPIDe-3 released in December 2025, which sent the stock up nearly 22% in a single session.
Analyst sentiment remains constructive, with a consensus Moderate Buy rating from 10 Buy, 2 Hold, and 1 Sell ratings, and a mean price target of $41.70 – implying roughly 48% upside from pre-announcement levels. Despite Q4 EPS missing consensus by 21.7%, investor focus has shifted to the anticipated NDA submission for deucrictibant IR in the first half of 2026 and the CHAPTER-3 topline data readout expected in Q3 2026 – the two catalysts most likely to drive material re-rating.
