Pharvaris N.V. reported a net loss of €175.7 million for the full year 2025 and a quarterly loss of €46.7 million for the fourth quarter, a widening from the prior year’s figures. The company posted an earnings‑per‑share loss of €0.72 for Q4, missing the consensus estimate of €0.6333. Revenue remained at €0.0 million, reflecting the company’s pre‑commercial status, while cash and cash equivalents stood at €292 million, providing a strong liquidity buffer for upcoming regulatory milestones.
The company’s most significant clinical milestone was the successful readout of its first pivotal Phase 3 study, RAPIDe‑3, which met all primary and secondary endpoints for the on‑demand therapy deucrictibant. This achievement positions Pharvaris to file a New Drug Application for the immediate‑release capsule in the first half of 2026 and to present topline data from the CHAPTER‑3 prophylaxis study in the third quarter of 2026.
“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.” – Berndt Modig, Chief Executive Officer
“Across all our programs, Pharvaris remains committed to helping to improve standard of care for those living with bradykinin‑mediated angioedema. In addition to potentially bringing deucrictibant to those with HAE type 1 and type 2, we hope to also address unmet needs of those with HAE with normal C1 inhibitor and acquired angioedema with C1 inhibitor deficiency. Our team will continue to operate in a financially disciplined manner through these key inflection points.” – Berndt Modig, Chief Executive Officer
“The data reported in December build upon Pharvaris’ legacy in HAE drug development, and we believe demonstrate deucrictibant’s potentially differentiated profile and potential to become a new standard of care for on‑demand HAE treatment of attacks.” – Berndt Modig, Chief Executive Officer
“These clinically meaningful and statistically significant results demonstrate deucrictibant’s early‑onset treatment response, fast symptom relief and resolution, and well‑tolerated safety profile. This is an important step toward realizing deucrictibant’s potential to offer control of bradykinin‑mediated angioedema attacks.” – Peng Lu, Chief Medical Officer
The widening net loss is largely attributable to increased research and development spending associated with the pivotal trials and the expansion of the company’s global clinical operations. While the company’s cash position remains robust, the higher operating expenses underscore the capital intensity of late‑stage drug development. The successful RAPIDe‑3 readout and the planned NDA filing are expected to enhance the company’s long‑term commercial prospects, potentially offsetting the short‑term financial impact of intensified R&D investment.
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