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Jun 30, 2025
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Pharvaris Q2 2025 Earnings Report
Pharvaris reported a wider net loss in Q2 2025 due to increased R&D spending while maintaining a solid cash position.
Key Takeaways
Pharvaris delivered Q2 2025 results with increased investment in R&D as multiple Phase 3 trials advanced. Despite a growing net loss, the company remains well-funded, especially after a public offering completed in July, which extended its cash runway into 1H 2027.
R&D expenses rose to €29.6 million from €23.1 million in Q2 2024.
Net loss widened to €45.5 million, with EPS at €0.83.
G&A expenses slightly declined to €10.8 million versus €11.3 million a year ago.
Cash and cash equivalents stood at €200 million at quarter-end, with a $201 million offering completed post-Q2.
Forward Guidance
Pharvaris expects topline RAPIDe-3 results in Q4 2025 and initiation of the CREAATE Phase 3 trial by year-end, while its extended cash runway offers financial stability for executing its development strategy.
Positive Outlook
- Topline RAPIDe-3 results expected in Q4 2025.
- CHAPTER-3 Phase 3 trial progressing with topline data due in 2H 2026.
- CREAATE Phase 3 study on track to initiate by end of 2025.
- Public offering raised $201 million, extending cash runway into 1H 2027.
- Multiple scientific presentations strengthen deucrictibant’s profile.
Challenges Ahead
- Widening quarterly loss due to increased R&D investment.
- Zero revenue as product candidates remain in clinical stages.
- Delayed profitability until after Phase 3 outcomes.
- FX exposure due to euro reporting and USD funding.
Historical Earnings Impact
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