Pharvaris Q2 2026: €318M Cash, Pivotal Data Imminent, NDA Under Review
PHVS sits 69% above its 52-week low of $19.56.
Summary
Pharvaris posted Q2 2026 financials with €318M cash and a €47.8M net loss. The pivotal CHAPTER-3 trial for deucrictibant XR in HAE prophylaxis will read out in Q3 2026, while the NDA for the IR formulation is under FDA review with an April 2027 PDUFA date.
Key Events · Earnings and Guidance · PHVS
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CHAPTER-3 Data Readout Imminent
Topline results from the pivotal Phase 3 trial of deucrictibant XR for HAE prophylaxis are expected in Q3 2026. Positive data would support a second NDA filing and significantly expand the market opportunity.
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Regulatory Milestones Advance
The FDA accepted the NDA for deucrictibant IR with a PDUFA date of April 23, 2027. In July 2026, the EMA validated the MAA, starting formal review. Both applications seek approval for on-demand treatment of HAE attacks.
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Strong Cash Position
Cash and cash equivalents stood at €318 million as of June 30, 2026, bolstered by a $132 million underwritten offering in May 2026. The runway extends into 2028, funding the company through potential launches.
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Q2 2026 Financials
A net loss of €47.8 million (€0.70 per share) was driven by increased R&D spend of €35.0 million, reflecting regulatory filing activities and the ongoing CREAATE trial in AAE-C1INH.
Analysis · PHVS · Life Sciences
A clean quarter leaves Pharvaris with €318 million in cash, extending its runway into 2028 after a $132 million raise in May. The real story, however, is the pipeline: CHAPTER-3 topline data for deucrictibant XR in HAE prophylaxis is due this quarter — a binary event that could double the company's addressable market. Meanwhile, the NDA for the immediate-release formulation is under FDA review with an April 2027 PDUFA date, and the EMA has validated the MAA. With both regulatory filings advancing and a pivotal data readout weeks away, this quarter marks a critical inflection point.
At the time of this filing, PHVS was trading at $33.05 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.4B. The 52-week trading range was $19.56 to $36.60. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.