Pharvaris Extends Cash Runway to 2028 with €247M and $132M Raise
PHVS•Pharvaris held €247 million in cash as of March 31, 2026 and completed a $132.3 million underwritten share offering, extending its cash runway into 2028. The firm remains on schedule for a first half 2026 NDA submission for deucrictibant IR and anticipates Phase 3 CHAPTER-3 topline data in 3Q2026.
1. Clinical Pipeline Progress
Pharvaris is on track to submit its New Drug Application for deucrictibant IR in the first half of 2026 based on RAPIDe-3 and RAPIDe-2 data. Topline results from the pivotal Phase 3 CHAPTER-3 study of deucrictibant XR for HAE prophylaxis are expected in the third quarter of 2026, while enrollment continues in CHAPTER-4 and the global CREAATE trial for AAE-C1INH.
2. Cash Position and Financing
As of March 31, 2026, Pharvaris held €247 million in cash and equivalents, down from €292 million at year-end 2025. The company closed a $132.3 million underwritten equity offering, funding late-stage development, U.S. commercial build-out and ensuring operational runway into 2028.
3. Operating Expenses and Q1 Loss
Research and development expenses for Q1 2026 were €29.9 million, slightly below last year’s €30.9 million, while general and administrative costs rose to €14.0 million from €11.3 million. The net loss for the quarter narrowed to €38.8 million, or €0.59 per share, compared with a €46.3 million loss a year earlier.
4. Upcoming Milestones and Investor Events
Pharvaris plans to present data and engage investors at the BofA Securities Health Care Conference May 12–14 and the RBC Capital Markets Healthcare Conference May 19–20. The company’s focus remains on delivering CHAPTER-3 topline data in 3Q2026 and preparing for the commercial launch of deucrictibant IR.
