Pharvaris (PHVS) Cash Flow: Operating & Free Cash Flow

Pharvaris Cash Flow Statement Analysis

Values in millions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Pharvaris N.V. (PHVS) - Annual data in millions EUR
Breakdown	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023	FY 2023	FY 2022	FY 2022	FY 2021	FY 2020	FY 2020	FY 2019	FY 2018
Period ending	Mar 2026	Dec 2025	Mar 2025	Dec 2024	Mar 2024	Dec 2023	Mar 2023	Dec 2022	Dec 2021	Mar 2021	Dec 2020	Dec 2019	Dec 2018
Operating Activities
Net Income	-173.71	-173.71	-132.40	-132.40	-99.83	-99.83	-75.65	-75.65	-42.66	-26.07	-25.99	-8.03	-4.31
Depreciation & Amortization	0.42	0.42	0.27	0.27	0.26	0.26	0.15	0.15	0.08	0.01	0.01	0.00	0.00
Stock Based Compensation	19.05	19.05	16.21	16.21	10.66	10.66	11.35	11.35	8.20	1.59	1.59	0.12	0.10
Change in Working Capital	7.62	7.62	5.89	5.89	-5.86	-5.86	8.38	8.38	1.58	1.57	1.57	1.24	0.29
Change in Accounts Receivable	-0.33	-0.33	-0.03	-0.03	-0.04	-0.04	0.32	0.32	-0.13	-0.36	-0.36	-0.21	-0.05
Change in Inventory	0.00	-	0.00	-	0.00	-	0.00	-	0.00	0.00	-	0.00	0.00
Change in Accounts Payable	0.00	-0.03	0.00	1.65	0.00	-4.17	0.00	3.91	1.66	0.00	0.33	0.27	0.19
Change in Other Working Capital	7.96	2.16	5.92	-5.42	-5.82	-0.72	8.06	-2.66	-0.03	1.93	1.60	1.17	0.16
Other Operating Activities	9.54	11.30	-10.10	-5.42	1.72	2.59	-11.39	-11.06	-11.49	1.40	1.32	0.00	0.00
Net Cash from Operating Activities	-137.07	-137.07	-120.13	-120.13	-93.05	-93.05	-67.16	-67.16	-44.60	-21.50	-21.50	-6.68	-3.92
Investing Activities
Capital Expenditures	-0.16	-0.16	-0.54	-0.54	-0.09	-0.09	-0.12	-0.12	-0.13	-0.04	-0.04	-0.01	0.00
Net Cash from Investing Activities	-0.16	-0.16	-0.54	-0.54	-0.09	-0.09	-0.12	-0.12	-0.13	-0.04	-0.04	-0.01	0.00
Financing Activities
Debt Repayment	-0.22	-0.22	-0.16	-0.16	-0.22	-0.22	-0.12	-0.12	0.00	0.00	-	0.00	0.00
Common Stock Issued	171.74	160.83	2.24	2.24	342.91	325.61	9.61	8.77	143.67	102.51	102.51	22.47	4.51
Other Financing Activities	-10.91	-10.91	0.59	0.59	-17.30	-17.30	-0.84	-0.84	-13.15	-1.31	-1.31	-0.84	0.00
Net Cash from Financing Activities	160.61	160.61	2.68	2.68	325.39	325.39	8.65	8.65	143.67	101.20	101.20	21.63	4.51
Summary
Effect of Forex Changes on Cash	-12.42	-12.42	7.49	7.49	-2.86	-2.86	11.12	11.12	11.78	-1.36	-	0.00	0.00
Net Change in Cash	10.95	10.95	-110.50	-117.99	229.39	229.39	-47.52	-47.52	110.72	78.30	78.30	14.94	0.59
Cash at Beginning of Period	280.73	280.73	391.23	391.23	161.84	161.84	209.35	209.35	98.63	20.33	-	5.39	4.80
Cash at End of Period	291.68	291.68	280.73	280.73	391.23	391.23	161.84	161.84	209.35	98.63	-	20.33	5.39
Free Cash Flow	-137.24	-137.24	-120.67	-120.67	-93.14	-93.14	-67.29	-67.29	-44.73	-21.54	-21.54	-6.69	-3.92
Supplemental Disclosures
Interest Paid	-	-	-	-	-	-	-	-	-	-	0.05	-	-
Income Taxes Paid	-	-	-	2.77	-	1.11	-	0.18	0.03	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Pharvaris Cash Flow

What is Pharvaris's free cash flow?

Pharvaris had negative free cash flow of EUR 137.24M in fiscal 2025 (fiscal year ended Mar 31, 2026), operating cash flow of −EUR 137.07M minus EUR 164.62K of capital expenditures.

How much does Pharvaris spend on capital expenditures?

Pharvaris spent EUR 164.62K on capital expenditures in fiscal 2025, compared with EUR 538.09K a year earlier.

Does Pharvaris pay dividends or buy back shares?

Pharvaris's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition