Pharvaris N.V. Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Pharvaris N.V. has submitted its annual 20-F report detailing financial performance and operational data for the fiscal year 2023.</b>

AI Summary

Pharvaris N.V. (PHVS) filed a Foreign Annual Report (20-F) with the SEC on April 10, 2024. Pharvaris N.V. filed its 20-F annual report for the fiscal year ending December 31, 2023. The company's business address is J.H. Oortweg 21, 2333 CH Leiden, Netherlands. The filing includes data related to various financial statement items such as Accumulated Depreciation, Other Reserves, and Share Premium for different periods. Specific financial metrics like Interest Rate Risk and Currency Risk are noted for the fiscal year 2023. The report details information on Share Options Vesting and Black-Scholes Formula calculations for stock-based compensation.

Why It Matters

For investors and stakeholders tracking Pharvaris N.V., this filing contains several important signals. This 20-F filing provides a comprehensive overview of Pharvaris N.V.'s financial position and operational activities for the fiscal year 2023, which is crucial for investors to assess the company's performance and outlook. The detailed financial disclosures, including information on assets, liabilities, equity, and risk management, allow stakeholders to make informed investment decisions regarding Pharvaris N.V.

Risk Assessment

Risk Level: low — Pharvaris N.V. shows low risk based on this filing. The filing is a standard annual report (20-F) for a publicly traded company, indicating routine disclosure rather than immediate significant events.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to understand Pharvaris N.V.'s financial health and strategic direction.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240410 — Filing Date (Filed as of date)
• 42,730,779 — FY (Fiscal Year value)

Key Players & Entities

• Pharvaris N.V. (company) — Filer name
• 20-F (regulator) — Form type
• J.H. OORTWEG 21 (location) — Business address street
• LEIDEN (location) — Business address city
• 31 (0)71 203 6410 (phone_number) — Business phone
• Pharvaris, B.V. (company) — Former company name
• 20201029 (date) — Date of name change

FAQ

Industry Context

Pharvaris N.V. operates within the pharmaceutical preparations industry, focusing on the development and commercialization of innovative therapies.

Regulatory Implications

As a foreign private issuer, Pharvaris N.V. is subject to SEC reporting requirements, including the annual filing of Form 20-F.

What Investors Should Do

1. Analyze the financial statements within the 20-F for revenue, expenses, and cash flow trends.
2. Review disclosures on share options and equity to understand potential dilution and compensation structures.
3. Examine any mentioned risk factors or forward-looking statements to assess potential challenges and opportunities.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 20-F filing.
• 2024-04-10: Filing Date — Date the 20-F report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 20-F report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $ — mmunity, as amended. All references to "$," "US
  quot; or "U.S. dollars" are to the la

Filing Documents

• phvs-20231231.htm (20-F) — 4249KB
• phvs-ex2_1.htm (EX-2.1) — 178KB
• phvs-ex8_1.htm (EX-8.1) — 6KB
• phvs-ex12_1.htm (EX-12.1) — 13KB
• phvs-ex12_2.htm (EX-12.2) — 12KB
• phvs-ex13_1.htm (EX-13.1) — 4KB
• phvs-ex13_2.htm (EX-13.2) — 4KB
• phvs-ex15_1.htm (EX-15.1) — 4KB
• phvs-ex97_1.htm (EX-97.1) — 35KB
• img88843734_0.jpg (GRAPHIC) — 35KB
• img88843734_1.jpg (GRAPHIC) — 65KB
• img88843734_2.jpg (GRAPHIC) — 17KB
• img88843734_3.jpg (GRAPHIC) — 16KB
• img88843734_4.jpg (GRAPHIC) — 8KB
• img88843734_5.jpg (GRAPHIC) — 24KB
• img88843734_6.jpg (GRAPHIC) — 16KB
• img88843734_7.jpg (GRAPHIC) — 57KB
• img88843734_8.jpg (GRAPHIC) — 34KB
• img88843734_9.jpg (GRAPHIC) — 115KB
• img88843734_10.jpg (GRAPHIC) — 13KB
• 0000950170-24-043358.txt (&nbsp;) — 13679KB
• phvs-20231231.xsd (EX-101.SCH) — 1290KB
• phvs-20231231_htm.xml (XML) — 2359KB

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 4 A. Directors and senior management 4 B. Advisers 4 C. Auditors 4

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 4 A. Offer statistics 4 B. Method and expected timetable 4

KEY INFORMATION

ITEM 3. KEY INFORMATION 4 A. Reserved 4 B. Capitalization and indebtedness 4 C. Reasons for the offer and use of proceeds 4 D.

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 42 A. History and development of the company 42 B. Business Overview 42 C. Organizational structure 74 D. Property, plants and equipment 74

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 74

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 74 A. Operating results 74 B. Liquidity and capital resources 79 C. Research and development, patents and licenses, etc. 82 D. Trend information 82 E. Critical accounting estimates 82

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 83 A. Directors and senior management 83 B. Compensation 86 C. Board practices 90 D. Employees 92 E. Share ownership 92 F. Disclosure of a registrant's action to recover erroneously awarded compensation 92

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 92 A. Major shareholders 92 B. Related party transactions 95 C. Interests of Experts and Counsel 97

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 97 A. Consolidated statements and other financial information 97 B. Significant changes 98

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 98 A. Offering and listing details 98 B. Plan of distribution 98 C. Markets 98 D. Selling shareholders 98 E.

Dilution

Dilution 98 F. Expenses of the issue 98

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 98 A. Share capital 98 B. Memorandum and Articles of Association 98 C. Material contracts 98 D. Exchange controls 98 E. Taxation 99 F. Dividends and paying agents 106 G. 106 H. Documents on display 106 I. Subsidiary information 106 J. Annual Report to Security Holders 106

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 106 i Table of Contents

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 106 A. Debt securities 106 B. Warrants and rights 106 C. Other securities 106 D. American Depositary Shares 106 PART II 106

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 106 A. Defaults 106 B. Arrears and delinquencies 106

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 106 A. Material modifications to instruments 106 B. Material modifications to rights 107 C. Withdrawal or substitution of assets 107 D. Change in trustees or paying agents 107 E.

Use of Proceeds

Use of Proceeds 107

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 107 A. Disclosure Controls and Procedures 107 B. Management's Annual Report on Internal Control over Financial Reporting 108 C. Attestation Report of the Registered Public Accounting Firm 108 D. Changes in Internal Control over Financial Reporting 108

RESERVED

ITEM 16. RESERVED 108

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 108

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 109

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 110 A. Audit Fees 110 B. Audit-Related Fees 110 C. Tax Fees 110 D. All Other Fees 110 E. Audit Committee's Pre-Approval Policies and Procedures 110 F. Audit Work Performed by Other Than Principal Accountant if Greater than 50% 110

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 110

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 110

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 110

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 110

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 110

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 110

CYBER SECURITY

ITEM 16K. CYBER SECURITY 111 PART III 112

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 112

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 112

Exhibits

ITEM 19. Exhibits 112 Index to Consolidated Financial Statements F- 1 ii Table of Contents Unless otherwise indicated or the context otherwise requires, all references in this Annual Report on Form 20-F, or this Annual Report, to "Pharvaris N.V.," "Pharvaris," the "Company," "we," "our," "ours," "us" or similar terms refer to Pharvaris N.V. and its subsidiaries. Presentation of Financial and Other Information We report under IFRS Accounting Standards, or IFRS, as issued by the International Accounting Standards Board, or the IASB. None of the consolidated financial statements in this Annual Report were prepared in accordance with generally accepted accounting principles in the United States, or United States Generally Accepted Accounting Principles, or U.S. GAAP. We present our consolidated financial statements in euros and in accordance with IFRS, as issued by the IASB. We have made rounding adjustments to some of the figures included in this Annual Report. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them. Unless otherwise indicated, all references in this Annual Report to "," "euro," "EUR" or "cents" are to the currency introduced at the start of the third stage of the European Economic and Monetary Union pursuant to the treaty establishing the European Community, as amended. All references to "$," "US

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS A. Directors and se nior management Not applicable. B. Advi sers Not applicable. C. Audit ors Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE A. Offer st atistics Not applicable. B. Method and expe cted timetable Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. Reserved B. Capitalization a nd indebtedness Not applicable. C. Reasons for the offer and use of proceeds Not applicable. D. Risk fa ctors You should carefully consider the risks and uncertainties described below and the other information in this Annual Report before making an investment in our ordinary shares. Our business, financial condition or results of operations could be materially and adversely affected if any of these risks occurs, and as a result, the market price of our ordinary shares could decline and you could lose all or part of your investment. This Annual Report also contains forward-looking statements that involve risks and uncertainties. See "Cautionary Statement Regarding Forward-Looking Statements." Our actual results could differ materially and adversely from those anticipated in these forward-looking statements as a result of certain factors. Summary Risk Factors We have a limited operating history, have generated no revenues to date and have incurred significant losses since our inception. We expect to incur losses over the next several years, will not generate revenues until we are able to commercialize our products and may never achieve profitability, while our net losses are expected to fluctuate significantly. If we are unable to raise capital when needed or on acceptable terms, we may need to delay, reduce or terminate our product development programs and may be unable to continue as a going concern and could ultimately go into insolvency. Our business and operations may be adversely affected by a variety of events outside our control, including, but not limited to, outbreaks of infectious diseases such as the COVID-19 pandemic and political instability such as the current conflict between Russia and Ukraine and the Hamas attack against Israel and the ensuing war. We are heavily dependent on the success of our product candidates PHVS416 and PHVS719, which are in late-stage development. W

View Full Filing

View this 20-F filing on SEC EDGAR