Pharvaris NV (NASDAQ:PHVS) Reports Wider Q2 2025 Loss, Highlights Clinical Trial Progress

PHARVARIS NV (NASDAQ:PHVS) Reports Q2 2025 Earnings: Wider Loss Than Expected, Clinical Progress in Focus

Pharvaris NV (NASDAQ:PHVS) reported a second-quarter 2025 loss per share of €0.83, missing analyst estimates of a €0.79 loss. Revenue remained at €0.0, in line with expectations, as the company continues to focus on clinical development rather than commercialization. The market reaction has been muted in after-hours trading, with shares showing no immediate movement. Over the past month, the stock has declined by approximately 8.3%, reflecting broader investor caution ahead of the earnings release.

Key Financial Takeaways

• EPS Miss: Reported loss of €0.83 per share vs. an estimated €0.79 loss.
• Revenue In-Line: No revenue reported, matching expectations.
• Cash Position: Ended Q2 with €200 million in cash and equivalents, bolstered by a subsequent $201 million public offering in July, extending the runway into H1 2027.
• R&D Spend: Increased to €29.6 million (vs. €23.1 million in Q2 2024), reflecting ongoing Phase 3 trial costs.

Market Reaction and Context

The lack of a significant after-hours move suggests investors were largely prepared for the wider loss, given the company’s pre-revenue status and heavy investment in clinical trials. The stock’s recent underperformance (-8.3% over the past month) may reflect broader sector volatility or profit-taking after earlier gains. Analysts project continued losses for the full year, with estimated EPS of -€3.12 and no expected revenue in 2025.

Clinical and Business Highlights

The earnings report emphasized progress across multiple late-stage trials for deucrictibant, the company’s lead candidate for hereditary angioedema (HAE) and acquired angioedema (AAE-C1INH):

• RAPIDe-3 (On-Demand HAE Treatment): Topline data expected in Q4 2025.
• CHAPTER-3 (Prophylactic HAE Treatment): Enrollment ongoing, with results anticipated in H2 2026.
• CREAATE (AAE-C1INH Study): On track to initiate by year-end 2025.
• Upcoming Catalysts: Management will present at multiple investor conferences in September, potentially offering additional updates.

Outlook vs. Analyst Estimates

While the press release did not provide explicit financial guidance, the company’s extended cash runway suggests confidence in funding operations through key clinical milestones. Analysts currently estimate a Q3 2025 loss of €0.83 per share, slightly wider than Q2’s results.

Conclusion

Pharvaris remains squarely in execution mode, with investor focus on clinical trial readouts rather than near-term financials. The recent capital raise provides stability, but the stock’s trajectory will likely hinge on RAPIDe-3 data later this year.

For detailed earnings estimates and future projections, see Pharvaris NV Earnings & Estimates.

Disclaimer: This article is not investment advice. Investors should conduct their own research or consult a financial advisor before making decisions.