Pharvaris N.V. reported a loss of €0.60 per share for the quarter ended September 30, 2025, a modest improvement over the consensus estimate of a €0.61 loss. The narrow beat reflects tighter cost control relative to expectations, as the company managed to keep operating expenses in line with its forecast while continuing to invest heavily in late‑stage clinical development.
The company’s cash position remains robust, with a $201 million public offering completed in July 2025 that extends its runway into the first half of 2027. This liquidity cushion provides Pharvaris with the financial flexibility to fund its pivotal Phase 3 trial and other strategic initiatives without immediate reliance on additional capital raises.
Pharvaris remains on track to deliver the pivotal RAPIDe‑3 data in the fourth quarter of 2025. The trial, which evaluates the oral bradykinin B2 receptor antagonist deucrictibant for hereditary angioedema, is a critical milestone that could pave the way for a U.S. FDA New Drug Application in early 2026 if the results are positive.
CEO Berndt Modig emphasized the company’s strong financial footing, stating, “We remain on track to report data from the pivotal Phase 3 trial, RAPIDe‑3, in the fourth quarter of 2025, and we are financed well into the first half of 2027, providing us with cash runway through these key inflection points.” The comment underscores management’s confidence in both the clinical and financial trajectory of the business.
Analysts have noted Pharvaris’s progress and the extended runway as positive signals, though they continue to monitor the outcomes of the upcoming trial and the company’s ability to convert clinical success into commercial viability. The market’s focus remains on the potential regulatory approval and the broader competitive landscape for oral angioedema therapies.
Overall, Pharvaris’s Q3 2025 results demonstrate disciplined cost management amid continued investment in a promising pipeline, positioning the company to capitalize on the forthcoming RAPIDe‑3 data while maintaining a solid cash foundation for the next 18 months.
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