0000950170-23-011842 | 20-F | XBRL Viewer

Print Document View Excel Document

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	Pharvaris N.V.
Entity Central Index Key	0001830487
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding	33,816,459
Document Accounting Standard	International Financial Reporting Standards
Entity Incorporation, State or Country Code	P7
Entity File Number	001-40010
Entity Address, Address Line One	Emmy Noetherweg 2
Entity Address, Postal Zip Code	2333 BK
Entity Address, City or Town	Leiden
Entity Address Country	NL
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Registration Statement	false
Title of 12(b) Security	Ordinary shares, par value €0.12 per share
Trading Symbol	PHVS
Security Exchange Name	NASDAQ
Auditor Firm ID	1395
Auditor Name	PricewaterhouseCoopers Accountants N.V
Auditor Location	Amsterdam, The Netherlands
Business Contact [member]
Document Information [Line Items]
Entity Address, Address Line One	Emmy Noetherweg 2
Entity Address, Postal Zip Code	2333 BK
Entity Address, City or Town	Leiden
Entity Address Country	NL
Contact Personnel Name	Berndt Modig
City Area Code	+31
Local Phone Number	71 2036 410

Consolidated Statements of Loss and Comprehensive Loss - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Research and development expenses	€ (57,375,574)	€ (35,789,166)	€ (19,508,101)
General and administrative expenses	(29,339,034)	(18,349,460)	(5,498,491)
Total operating expenses	(86,714,608)	(54,138,626)	(25,006,592)
Finance income / (expenses)	11,061,138	11,477,964	(1,062,363)
Loss before income tax	(75,653,470)	(42,660,662)	(26,068,955)
Income tax (expense) / benefit	(679,087)	(70,117)	83,251
Net Loss	(76,332,557)	(42,730,779)	(25,985,704)
Other comprehensive loss
Exchange gain / (loss) arising on translation of foreign operations	0	30,293	(4,365)
Total comprehensive loss attributable to:
Equity holders of the Company	€ (76,332,557)	€ (42,700,486)	€ (25,990,069)
Basic and diluted loss per share	€ (2.27)	€ (1.40)	€ (5.36)

Consolidated Statements of Financial Position	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Non-current assets
Property, plant and equipment	€ 193,474	€ 108,098
Right of use assets	432,965	243,251
Deferred tax assets	259,803	172,053
Current assets
Receivables	382,468	700,079
Other current assets	4,626,844	1,513,452
Cash and cash equivalents	161,837,429	209,353,132
Total assets	167,732,983	212,090,065
Equity
Share capital	4,057,976	3,978,227
Share premium	289,177,197	278,742,900
Other reserves	20,169,459	9,774,416
Currency translation reserve	43,290	25,928
Accumulated loss	(164,188,892)	(87,568,401)
Total equity	149,259,030	204,953,070
Long term liabilities
Non-current lease liability	249,418	150,752
Current liabilities
Trade and other payables	6,685,080	2,490,572
Accrued liabilities	10,890,749	4,270,082
Current lease liability	187,404	99,432
Current tax payable	461,302	126,157
Total liabilities	18,473,953	7,136,995
Total equity and liabilities	€ 167,732,983	€ 212,090,065

Consolidated Statements of Changes in Shareholders' Equity	EUR (€)	USD ($)	Share capital [member] EUR (€)	Share premium [member] EUR (€)	Share premium [member] USD ($)	Other reserves [member] EUR (€)	Currency translation reserve [member] EUR (€)	Currency translation reserve [member] USD ($)	Accumulated losses [member] EUR (€)
Beginning balance at Dec. 31, 2019	€ 18,673,548		€ 130,962	€ 36,624,697		€ 392,139			€ (18,474,250)
Net loss	(25,985,704)								(25,985,704)
Issue of share capital	102,514,879		104,731	102,410,148
Transaction costs on issue of shares	(1,000,265)			(1,000,265)
Currency translation reserve	(4,365)						€ (4,365)
Share-based payments	1,587,736					1,587,736
Ending balance at Dec. 31, 2020	95,785,829		235,693	138,034,580		1,979,875	(4,365)		(44,459,954)
Net loss	(42,730,779)								(42,730,779)
Increase in par value			2,592,621	(2,592,621)
Issue of share capital	157,155,899		1,141,329	156,014,570
Transaction costs on issue of shares	(13,154,360)			(13,154,360)
Currency translation reserve	30,293						30,293
Settlement of share-based payments	(330,199)		8,584	440,731		(401,846)			(377,668)
Share-based payments	8,196,387					8,196,387
Ending balance at Dec. 31, 2021	204,953,070		3,978,227	278,742,900		9,774,416	25,928		(87,568,401)
Net loss	(76,332,557)								(76,332,557)
Issue of share capital	9,535,473		70,572	9,464,901
Transaction costs on issue of shares	(307,710)			(307,710)
Tax effect on transaction costs	257,734				$ 257,734			$ 0
Currency translation reserve \| $		$ 17,362						$ 17,362
Settlement of share-based payments	(213,542)		9,177	1,019,372		(954,157)	0		(287,934)
Share-based payments	11,349,200					11,349,200
Ending balance at Dec. 31, 2022	€ 149,259,030		€ 4,057,976	€ 289,177,197		€ 20,169,459	€ 43,290		€ (164,188,892)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Consolidated Statements of Cash Flows - EUR (€)	12 Months Ended
Consolidated Statements of Cash Flows - EUR (€)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Loss before tax	€ (75,653,470)	€ (42,660,662)	€ (26,068,955)
Non-cash adjustments to reconcile loss before tax to net cash flows/used in operations :
Share-based payment expense	11,349,200	8,196,387	1,587,736
Depreciation expense	152,941	77,370	7,401
Net foreign exchange (gain) / loss	(11,100,392)	(11,760,469)	1,350,592
Finance costs	39,254	267,700	98,678
Changes in working capital:
Decrease (increase) in receivables	317,612	(130,501)	(358,735)
(Increase) decrease in other current assets	(2,511,076)	239,875	(493,165)
Increase in trade and other payables	3,905,486	1,662,686	329,181
Increase (decrease) in accrued liabilities	6,664,878	(196,755)	2,094,322
Income taxes paid	(182,824)	(27,615)	0
Paid interest	(144,243)	(267,700)	(46,648)
Net cash flows used in operating activities	(67,162,634)	(44,599,684)	(21,499,593)
Investing activities
Purchase of property, plant and equipment	(124,296)	(130,032)	(42,977)
Net cash flows used in investing activities	(124,296)	(130,032)	(42,977)
Financing activities
Proceeds from issue of shares	9,609,865	156,825,699	102,514,879
Transaction costs	(839,970)	(13,154,360)	(1,314,078)
Payment of principal portion of lease liabilities	(119,527)	0	0
Net cash flows provided by financing activities	8,650,368	143,671,339	101,200,801
Net (decrease) increase in cash and cash equivalents	(58,636,562)	98,941,623	79,658,231
Cash and cash equivalents at the beginning of the year	209,353,132	98,628,871	20,326,372
Effect of exchange rate changes	11,120,859	11,782,638	(1,355,732)
Cash and cash equivalents at the end of the year	€ 161,837,429	€ 209,353,132	€ 98,628,871

Corporate and Group information

12 Months Ended

Dec. 31, 2022

Disclosure Of Corporate And Group Information [Abstract]

Corporate and Group information

1. Corporate and Group information

This section provides general corporate and group information about Pharvaris N.V. and its subsidiaries.

1.1 Corporate information

The consolidated financial statements of Pharvaris N.V. (the "Company" or "Pharvaris") and its subsidiaries (collectively, "The Group") for the year ended December 31, 2022 were authorized for issue in accordance with a resolution of the directors on April 5, 2023.

Pharvaris N.V. was incorporated on September 30, 2015 and is based in Leiden, the Netherlands. The Company’s registered office is located at Emmy Noetherweg 2, Leiden. The Company has been registered at the Chamber of Commerce under file number 64239411.

Pharvaris is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for rare diseases with significant unmet need, initially focused on angioedema and other bradykinin-mediated diseases.

1.2 Group information

Subsidiaries

The consolidated financial statements of the Group include:


			% of equity interest
Name	Legal seat	Country of incorporation	2022			2021
Pharvaris Holdings B.V.	Leiden	The Netherlands		100	%		100	%
Pharvaris Netherlands B.V.	Leiden	The Netherlands		100	%		100	%
Pharvaris, Inc.	Delaware	United States of America		100	%		100	%
Pharvaris GmbH	Zug	Switzerland		100	%		100	%

Pharvaris, Inc. and Pharvaris GmbH were incorporated on January 31, 2020 and March 27, 2020 respectively. Pharvaris, Inc. acts as a service provider to the principal Company of the Group. Pharvaris GmbH is the principal Company of the Group starting April 1, 2020. The principal Company faces the market/external parties and makes all operational group decisions.

The ultimate parent company

The ultimate parent company of the Group is Pharvaris N.V., which is based in the Netherlands.

Summary of significant accounting policies	12 Months Ended
Summary of significant accounting policies	Dec. 31, 2022
Disclosure Of Summary Of Significant Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies 2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared on a historical cost basis. Unless otherwise stated, the consolidated financial statements are presented in Euro and all values are rounded to the nearest EUR (€), except per share amounts. 2.2 Going concern Pharvaris is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for rare diseases with significant unmet need, initially focused on angioedema and other bradykinin-mediated diseases. These therapies will need to go through clinical development trials to achieve regulatory approval for commercialization. Therefore, Pharvaris is incurring annual research and development and other operating costs, and has no revenues to date. As such, Pharvaris anticipates on-going negative operating cash flows for the foreseeable future before the company has a product candidate ready for commercialization, if at all. This makes the Group dependent on external capital sources, debt capital and equity capital. Historically, the Group has obtained financing primary through the offering of equity securities. As of December 31, 2022 and 2021, the Group had cash and cash equivalents of €161.8 million and €209.4 million, respectively. The Group incurred net losses of €76.3 million, €42.7 million and €26.0 million in 2022, 2021 and 2020, respectively, and negative operating cash flows of €67.2 million, €44.6 million and €21.5 million in 2022, 2021 and 2020 respectively. The Group does not expect positive operating cash flows in the foreseeable future and remains dependent on additional financing to fund its research and development expenses, general and administrative expenses and financing costs. The Group believes that the available cash balances are sufficient to execute the Group’s operating plan and strategies and to meet the anticipated working capital requirements and settle all expected liabilities for at least twelve months from the issuance date of these consolidated financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis. The future viability of the Group is dependent on its ability to successfully develop and commercialize its products and its ability to raise additional capital to finance its operations. The Group will need to finance its operations through public or private securities offerings, debt financings or other sources, which may include licensing, collaborations or other strategic transactions or arrangements. Although the Group has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing on terms acceptable to the Group, if at all. If the Group is unable to obtain funding, the Group could be forced to delay, reduce, or eliminate some or all of its research and development programs for product candidates, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Group may be unable to continue operations. 2.3 Basis of consolidation Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intra-group balances and transactions are eliminated in the consolidation. 2.4 Segment reporting Operating segments are identified based on whether the allocation of resources and/ or the assessment of performance of a particular component of Group’s activities are regularly reviewed as a separate operating segment by Group’s Chief Operating Decision Maker, or CODM. By these criteria, the activities of Pharvaris are considered to be one segment which comprises the discovery, development and commercialization of oral bradykinin B2 receptor antagonists and the segmental analysis is the same as the analysis for Pharvaris as a whole. The Board of directors is identified as the CODM and reviews the consolidated operating results regularly to make decisions about the resources and to assess overall performance. 2.5 Foreign currencies Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates. The Group’s consolidated financial statements are presented in Euro, which is also the functional currency of Pharvaris N.V. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Upon consolidation, the assets and liabilities of foreign operations are translated into Euro at the rate of exchange prevailing at the reporting date and their statements of operations are translated at the average exchange rate of the fiscal period. The exchange differences arising on translation for consolidation are recognized directly in other comprehensive income. 2.6 Notes to the cash flow statement The cash flow statement has been prepared using the indirect method. The cash and cash equivalents disclosed in the cash flow statement comprises of cash at bank. 2.7 Property, Plant and Equipment Property, plant and equipment comprises office equipment. Property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows: • Office equipment 3-5 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is larger than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognized in the consolidated statements of loss and comprehensive loss. 2.8 Financial instruments Recognition and measurement Financial assets Initial recognition and measurement Financial assets are initially measured at fair value. After the initial measurement, the gains and losses are either recognized in profit and loss, or recognized in other comprehensive income. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Financial assets are included in Group’s consolidated statements of financial position when Pharvaris becomes a party to the contractual provisions of the instrument. Transaction costs of equity transactions are either accounted for as a deduction from equity, but only to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided or are deferred on the balance sheet until the equity instrument is recognized. The costs of an equity transaction that is abandoned are recognized as an expense. Subsequent measurement Financial assets are subsequently measured at amortized cost. Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the consolidated statements of loss and comprehensive loss when the asset is derecognized, modified or impaired. For the year ended December 31, 2022, the Group had the following financial assets to be measured at amortized cost: • Cash and cash equivalents • Receivables Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and where the Group has transferred substantially all risks and rewards of ownership. Financial liabilities Initial recognition and measurement All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade payables and accrued liabilities. Subsequent measurement After initial recognition, trade payables and accrued liabilities are subsequently measured at amortized cost. Gains and losses are recognized in the consolidated statements of loss and comprehensive loss. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or is expired. 2.9 Receivables Receivables are recognized initially at fair value and subsequently measured at amortized cost. If payment of the receivable is postponed under an extended payment deadline, fair value is measured on the basis of the discounted value of the expected payments. When a receivable is uncollectible, it is written off against the allowance account for receivables. 2.10 Cash and cash equivalents Cash and cash equivalents comprise bank balances. 2.11 Equity The Group classifies an instrument, or its component parts, on initial recognition as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. An instrument is classified as a financial liability when it is either (i) a contractual obligation to deliver cash or another financial asset to another entity or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavorable to the Group; or (ii) a contract that will or may be settled in the Group’s own equity instruments and is a non-derivative for which the Group is or may be obliged to deliver a variable number of the Group’s own equity instruments or a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Group’s own equity instruments. An equity instrument is defined as any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. An instrument is an equity instrument only if the issuer has an unconditional right to avoid settlement in cash or another financial asset. Ordinary shares Ordinary shares are classified as equity. Preferred shares Preferred shares are equity classified as result of: • The lack of contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavorable to the Group. • No contractual obligation to transfer an amount (dividend) independent of the entity’s available economic resources. Pursuant to the shareholders’ agreement, all of the outstanding preferred shares were automatically converted into ordinary shares upon the consummation of the IPO. The conversion rate for the preferred shares is calculated by reference to the original issue price of relevant preferred shares, adjusted for certain anti-dilution protections. The Group issued three classes of preferred shares, convertible preferred shares A, the convertible preferred shares B and the convertible preferred shares C. The dividend preference is noncumulative and is only applicable when the general meeting of shareholder’s decides to make a profit distribution (Note 12). Convertible Preferred shares A, convertible preferred shares B and convertible preferred shares C Preferred shares A, preferred shares B and preferred shares C have a dividend preference over ordinary shares. In addition, preferred shares A, preferred shares B and preferred shares C have an anti-dilution protection that is not applicable for ordinary shares. The anti-dilution protection is under the full control of the Group and does not affect the equity classification of the preferred shares A, preferred shares B and preferred shares C. Per December 31, 2022 there were no outstanding preferred shares. Preferred shares A, preferred shares B and preferred shares C qualify as equity. Dividends paid on the preference shares are treated as profit appropriation. 2.12 Trade and other payables Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. 2.13 IFRS 16 Leases All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: • leases of low value assets; and • leases with a duration of 12 months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, using the Group’s incremental borrowing rate at commencement of the lease. On initial recognition, the carrying value of the lease liability also includes: • any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: • lease payments made at or before commencement of the lease; • initial direct costs incurred; and • the amount of any provision recognized where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease. When the Group revises its estimate of the term of any lease, it adjusts the carrying amount of the lease liability to reflect the payments to be made over the revised term, which are discounted using an updated discount rate 2.14 Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax effects are recognized in the consolidated statements of loss and comprehensive loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences and/or tax losses carried forward can be utilized. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Deferred tax balances are not discounted. 2.15 Share-based payment The Company operates an equity-settled share-based compensation plan, under which it receives services as consideration for equity instruments (options or restricted stock units) of the Company. The fair value of these equity instruments granted in exchange for the services received from the participants is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options or restricted stock units granted. The fair value is measured at the date of grant using the Black-Scholes formula. Service and non-market performance vesting conditions are included in the assumptions about the number of equity instruments that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. The Group recognizes the impact of the revision to previous estimates, if any, in the consolidated statements of loss and comprehensive loss, with a corresponding adjustment to equity. When options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. 2.16 Expenses Research and development expenses Research activities undertaken with the prospect of gaining new scientific knowledge and understanding are expensed as incurred. Development expenses are capitalized only if the cost involved can be measured reliably, the product or process under development is technically feasible, future economic benefits are probable and the Group has the intention and resources to complete development and use or sell it. Due to the regulatory environment and other types of uncertainty, management has determined that the criteria for capitalizing development costs to intangible assets, as set out in IAS 38, have not been met and therefore the Group has not capitalized any development expenses in 2022 or 2021. See Note 3 for information relating to research and development expenses incurred in the reporting period. At each balance sheet date, the Group estimates the level of services performed by the vendors and the associated cost incurred for the services performed. General and administrative expenses Expenses are recognized in Group’s consolidated statements of loss and comprehensive loss as expenses when incurred. Personnel expenses Wages and salaries, social security contributions, paid leave and bonuses, and other employee benefits are recognized in the financial year in which the employee provide the associated services. The group’s pension plans are classified as defined contribution plans, and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included in the income statement in the period in which they are incurred, and outstanding contributions are included in other payables. 2.17 New and amended standards and interpretations Reference to the Conceptual Framework – Amendments to IFRS 3 In May 2020, the IASB issued Amendments to IFRS 3 Business Combinations - Reference to the Conceptual Framework. The amendments are intended to replace a reference to a previous version of the IASB’s Conceptual Framework (the 1989 Framework) with a reference to the current version issued in March 2018 (the Conceptual Framework) without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. Effective for annual periods beginning on or after January 1, 2022. The Group assessed the amendment and found no material impact for the year ended December 31, 2022. Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment (PP&E), any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. Effective for annual periods beginning on or after January 1, 2022. The Group assessed the amendment and found no material impact for the year ended December 31, 2022. Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37 In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a ‘directly related cost approach’. The costs that relate directly to a contract to provide goods or services include both incremental costs (e.g., the costs of direct labor and materials) and an allocation of costs directly related to contract activities (e.g., depreciation of equipment used to fulfill the contract as well as costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. Effective for annual periods beginning on or after January 1, 2022. The Group assessed the amendment and found no material impact for the year ended December 31, 2022. 2.18 Standards issued but not yet effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. Non-current Liabilities with Covenants (Amendments to IAS 1) On October 31, 2022, the IASB issued amendments to IAS 1 - Non-current Liabilities with Covenants. The amendment clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendment is effective for reporting periods beginning on or after January 1, 2024. The amendments are not expected to have a material impact on the Group. IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts. In June 2020, the IASB issued amendments to IFRS 17. These amendments included changing the effective date to 2023. Effective for annual periods beginning on or after January 1, 2023. The amendments are not expected to have a material impact on the Group. Definition of Accounting Estimates - Amendments to IAS 8 In February 2021, the Board issued amendments to IAS 8, in which it introduces a new definition of ‘accounting estimates’. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. Effective for annual periods beginning on or after January 1, 2023. The amendments are not expected to have a material impact on the Group. Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. Examples of when an accounting policy is likely to be material are added. To support the amendment, the Board has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Deferred tax related to Assets and Liabilities arising from a single transaction On May 7, 2021 the IASB issued Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12), which specifies how companies should account for deferred tax on transactions such as leases and decommissioning obligations as of initial recognition. The amendments clarify that no deferred tax exemption applies on such transactions on initial recognition. Therefore, companies are required to recognize the deferred tax effects thereon to the extent that the related assets or liabilities provide for offsetting temporary differences upon recognition date. The amendments are effective for annual reporting periods beginning on or after January 1, 2023, with early application permitted. The Group does not intend to adopt the early application and the amendments are not expected to have a material impact on the Group. Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) On September 22, 2022, the IASB issued amendments to IFRS 16 - Leases. The amendment clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. The amendment is effective for reporting periods beginning on or after January 1, 2024. The amendments are not expected to have a material impact on the Group. Amendments to IAS 1: Classification of Liabilities as Current or Non-current In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement • That a right to defer must exist at the end of the reporting period • That classification is unaffected by the likelihood that an entity will exercise its deferral right • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The amendments are not expected to have a material impact on the Group. Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) On 31 October 2022, the IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)' to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments are effective for reporting periods beginning on or after 1 January 2024. On 31 October 2022, the IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)' to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments are effective for reporting periods beginning on or after 1 January 2024. 2.19 Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of expenses, income, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. In the process of applying the Group’s accounting policies, management has made various judgements. Those which management has assessed to have the most significant effect on the amounts recognized in the financial statements have been discussed below. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are also described in the individual notes. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Share-based payments The Group has adopted an equity-settled share-based compensation plan, pursuant to which certain participants are granted the right to acquire ordinary shares of the Company. The grants made under this plan are accounted for in accordance with the policy as stated in Note 2.15. The total amount to be expensed is determined by reference to the fair value of the options or restricted stock units granted. The fair value of the options is measured at the date of grant using the Black-Scholes formula as further explained in Note 18. The use of the Black-Scholes formula requires use of certain assumptions relating to the expected option life, the volatility of stock price, the determination of an appropriate risk-free interest rate and expected dividends. Research and development expenses Research and development expenses are currently not capitalized but are expensed because the criteria for capitalization are not met (Note 2.16 and Note 3). At each balance sheet date, the Group estimates the level of services performed by the vendors and the associated costs incurred for the services performed. Although we do not expect the estimates to be materially different from amounts actually incurred, the understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in reporting amounts that are too high or too low in any particular period.

Research and development expenses

12 Months Ended

Dec. 31, 2022

Disclosure Of Detailed Information Research And Development Expenses [Abstract]

Research and development expenses

3. Research and development expenses


	2022			2021			2020
	€			€			€
Personnel expenses (Note 5)		(13,334,350	)		(7,988,096	)		(2,951,323	)
Clinical expenses		(27,653,658	)		(16,944,557	)		(8,748,748	)
Nonclinical expenses		(4,853,822	)		(3,891,479	)		(3,322,590	)
Manufacturing costs		(11,181,355	)		(6,325,068	)		(4,311,958	)
License costs		—			(500,000	)		—
Intellectual Property costs		(352,389	)		(139,966	)		(173,482	)
		(57,375,574	)		(35,789,166	)		(19,508,101	)

Clinical expenses include costs of conducting and managing our sponsored clinical trials, including clinical investigator cost, costs of clinical sites, and costs for CRO’s assisting with the clinical development programs.

Nonclinical expenses include costs of our outsourced discovery, preclinical and nonclinical development studies.

Manufacturing expenses include costs related to manufacturing of active pharmaceutical ingredients and manufacturing of the products used in our clinical trials and research and development activities.

License costs consist of a milestone payment of €500,000 during 2021, which was paid to AnalytiCon upon commencement of Phase 2 development.

General and administrative expenses

12 Months Ended

Dec. 31, 2022

Disclosure Of Detailed Information General And Administrative Expenses [Abstract]

General and administrative expenses

4. General and administrative expenses


	2022			2021			2020
	€			€			€
Personnel expenses (Note 5)		(13,484,996	)		(7,033,913	)		(1,490,674	)
Consulting fees		(898,435	)		(757,233	)		(1,042,195	)
Professional fees		(3,972,771	)		(2,868,684	)		(943,322	)
Accounting, tax and auditing fees		(1,652,995	)		(1,306,714	)		(1,275,842	)
Insurance, facilities and office expenses		(6,443,709	)		(5,648,763	)		(551,223	)
Travel expenses		(1,105,961	)		(143,582	)		(26,773	)
Other expenses		(1,780,167	)		(590,571	)		(168,462	)
		(29,339,034	)		(18,349,460	)		(5,498,491	)

In 2022 and 2021, the Group entered into a number of lease arrangements, which were assessed to be short-term leases (with a lease term of 12 months equaling its non-cancellable period).

Depreciation expenses of €38,920 (2021:€77,370; 2020:€7,401) related to property, plant and equipment and short-term leases is included in other expenses.

Personnel expenses

12 Months Ended

Dec. 31, 2022

Personnel Expenses [Abstract]

Personnel expenses

5. Personnel expenses


	2022			2021			2020
	€			€			€
Wages and salaries		(13,408,411	)		(6,080,098	)		(2,597,270	)
Pension charges		(803,460	)		(251,667	)		(72,153	)
Other social security charges		(1,258,275	)		(493,857	)		(184,838	)
Share-based payments		(11,349,200	)		(8,196,387	)		(1,587,736	)
		(26,819,346	)		(15,022,010	)		(4,441,997	)

The number of staff (in FTEs) employed by the Group at December 31, 2022 was 65 (2021:34, 2020:14).

Finance income

12 Months Ended

Dec. 31, 2022

Disclosure Of Financial Income [Abstract]

Finance Income

6. Finance income


	2022			2021			2020
	€			€			€
Foreign exchange differences		11,100,392			11,760,469			(963,685	)
Interest expense		(16,105	)		(267,510	)		(92,470	)
Other finance expenses		(23,149	)		(14,995	)		(6,208	)
		11,061,138			11,477,964			(1,062,363	)

Other finance expenses are mainly related to bank charges.

Income taxes

12 Months Ended

Dec. 31, 2022

Income Taxes Abstract

Income taxes

7. Income taxes


	2022			2021			2020
	€			€			€
Current income tax expense		(757,413	)		(131,921	)		(16,088	)
Deferred tax benefit		78,326			61,804			99,339
Income tax benefit / (expense)		(679,087	)		(70,117	)		83,251

The current tax expenses for the year ended December 31, 2022 relates to the Company's U.S. and Dutch subsidiaries as the result of a cost-plus agreement between the U.S. and Dutch entities and the Group's principal entity in Switzerland resulting in a taxable profit in the U.S. and the Netherlands. For December 31, 2021 and 2020 it is fully related to the Company's U.S. subsidiary. For the year ended December 31, 2022, a tax benefit of €257,734 is additionally directly recognized in equity (2021 and 2020: €Nil)

Reconciliation of income tax benefit / (expense) at statutory tax rate and the income tax benefit / (expense) as reported in the consolidated statement of profit or loss and other comprehensive income is as follows:


	2022			2021			2020
	€			€			€
Loss before income tax		(75,653,470	)		(42,660,662	)		(26,068,955	)
Income tax at statutory income tax rate in The Netherlands (25.8%)		19,518,595			10,665,166			6,517,239
Effect of tax rates in other countries		(10,823,383	)		(7,482,832	)		(4,855,980	)
Recognition of previously unrecognized deferred tax assets		(554,853	)		—			1,629,392
Current period losses for which no deferred tax asset has been recognized		(9,184,919	)		(2,910,890	)		(3,132,076	)
Nondeductible expenses		383,153			(353,543	)		(74,579	)
Other		(17,680	)		11,982			(745	)
Income tax benefit / (expense)		(679,087	)		(70,117	)		83,251

The effective tax rate for 2022 is (0.9)% (2021: (0.2)%; 2020:0.3%).

Pharvaris N.V. is the head of the fiscal unity including Pharvaris Netherlands B.V. and Pharvaris Holdings B.V.

The differences in the overseas tax rates are due to the higher tax rate in the USA and the lower tax rate in Switzerland compared to the statutory income tax rate in the Netherlands.

The Current period losses for which no deferred tax asset has been recognized consists of the unrecognized tax effect of losses incurred in Switzerland.

As a result of the profit incurred by the Dutch fiscal unity, losses previously not recognized are used, for which a recognition effect is considered.

Following discussions with the Dutch tax authorities in November 2022, the Company concluded that foreign exchange results should be allocated to the principal Company in Switzerland. As a result, the current losses for Switzerland are partly offset by the allocated foreign exchange results and the utilization of the previously unrecognized losses carry forward losses of the Dutch fiscal unity that are lower than estimated in the previous year. The Company did not recognize the tax benefit of the losses incurred in previous years.

The Group has tax loss carry-forwards as of December 31, 2022 of approximately €182.3 million (2021: €95.7 million; 2020: €43.3 million), that are available for offsetting against future taxable profits of the Companies in which the losses arose. A new Dutch tax law came into effect on January 1, 2022. Under the new tax law, profits in a given year can be offset against tax loss carry forwards for an unlimited period of time. The amount of the offset will be limited to 50% of taxable income (in excess of €1 million). Under Swiss law, losses can be offset against future income or capital gains for seven years.

Tax loss carry-forwards incurred in current and prior years will expire as follows:


	Switzerland		Netherlands		Tax losses
Year	€ million		€ million		€ million
2027		31.3		-		31.3
2028		57.5		-		57.5
2029		78.6				78.6
Unlimited		-		14.9		14.9
Total carry-forward losses		167.4		14.9		182.3

Deferred taxes

Deferred taxes have been recognized to the extent that management concludes that there is sufficient probability as per IAS 12 that there will be future taxable profits available in the foreseeable future against which the unused tax losses and deductible temporary differences can be utilized.

Deferred tax assets relating to losses carried forward have not been recognized, and deferred tax assets on deductible temporary differences in excess of deferred tax liabilities on taxable temporary differences have not been recognized in the consolidated statement of profit and loss and other comprehensive income for the Dutch fiscal unity.

As a result thereof Deferred taxes have been recognized to the extent that management concludes that there is sufficient probability as per IAS 12 that there will be future taxable profits available in the foreseeable future against which the unused tax losses can be utilized.

Movements in deferred tax balances


	R&D			Fixed			Non-current provisions
	expenses			assets			and liabilities			Total
Deferred tax assets	€			€			€
At January 1, 2022		1,909,916			—			238,508			2,148,424
(Charged)/credited
- Profit or loss		(117,534	)		—			49,354			(68,180	)
- Currency translation differences		—			—			13,990			13,990
At December 31, 2022		1,792,382			—			301,852			2,094,234
Deferred tax liability
At January 1, 2022		—			(66,456	)		(1,909,916	)		(1,976,372	)
(Charged)/credited
- Profit or loss		—			28,972			117,533			146,505
- Currency translation differences		—			(4,564	)		—			(4,564	)
At December 31, 2022		—			(42,048	)		(1,792,383	)		(1,834,431	)
Net deferred tax assets at December 31, 2022											259,803

The total unrecognized deferred tax assets from temporary differences amounts to €8.7 million (2021:€23.8 million; 2020:€0.9 million).

Property, plant and equipment

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about property, plant and equipment [abstract]

Property, plant and equipment

8. Property, plant and equipment


	Notes		2022			2021
Net book value			€			€
As of January 1,				108,098			48,503
Additions				124,296			78,251
Depreciation expenses		4		(38,920	)		(18,656	)
As of December 31,				193,474			108,098

			2022			2021
Cumulative depreciation			€			€
As of January 1,				(26,606	)		(7,950	)
Depreciation				(38,920	)		(18,656	)
As of December 31,				(65,526	)		(26,606	)

			2022			2021
Cumulative Costs			€			€
As of January 1,				134,704			56,453
Additions				124,296			78,251
As of December 31,				259,000			134,704

During 2022, the Group acquired assets with a cost of €124,296 (2021:€78,251). The investments in property, plant and equipment, relate to equipment, tools and installations.

Leases

12 Months Ended

Dec. 31, 2022

Disclosure Of Leases [Abstract]

Leases

9. Leases

The following table provides information about the Group’s right of use assets:


	2022			2021
	€			€
As of January 1,		243,251			—
Additions		303,734			301,965
Depreciation charges		(114,020	)		(58,715	)
As of December 31,		432,965			243,251

The following table provides information about the Group’s lease liabilities at December 31, 2022:


	2022			2021
	€			€
Office leases		(436,822	)		(250,184	)
Total lease liability		(436,822	)		(250,184	)
Current Portion		(187,404	)		(99,432	)
Non-current Portion		(249,418	)		(150,752	)

The following table provides information about the maturities of the Company’s lease liabilities at December 31, 2022:


Years ending December 31,		Operating Leases
	2023		221,651
	2024		160,576
	2025		96,228
Thereafter			-
Total lease payments			478,455
Less: imputed interest			41,633
Total lease liabilities			436,822
Current lease liabilities			187,404
Long-term lease liabilities			249,418

Office leases consists of a lease agreement entered into on June 1, 2021 for office space in Lexington, United States of America, or the U.S., and a lease entered into on December 1, 2022, for offices in Leiden, The Netherlands. Both leases have lease terms of three years and were assessed as being long-term.

The average incremental borrowing rate applied to the lease liabilities was 7.77% during the twelve months ended December 31, 2022 (December 31, 2021: 2.91%). Depreciation expense of €114,020 and €58,715 for the for the years ended December 31, 2022 and 2021 was incurred and is reflected in general and administrative expenses as determined by the underlying activities.

The total expense related to short-term and low-value leases in 2022 was €333,949 (2021: €275,052; 2020: €119,627) and is included in facility, communication, and office expenses

Cash outflows related to leases during the years ended December 31, 2022 and 2021 were €119,527 and €57,649, respectively.

Receivables

12 Months Ended

Dec. 31, 2022

Disclosure of acquired receivables [abstract]

Receivables

10. Receivables


	2022		2021
	€		€
Trade receivables		—		8,451
VAT receivables		382,468		691,628
		382,468		700,079

Other current assets

12 Months Ended

Dec. 31, 2022

Other Current Assets [Abstract]

Other current assets

11. Other current assets


	2022		2021
	€		€
Prepayments		4,044,255		1,507,753
Other assets		582,589		5,699
		4,626,844		1,513,452

Prepayments mainly relate to prepaid insurance, sign-on bonus to personnel, prepaid research and development expenses and rent.

Other assets per December 31, 2022 mainly consist of deferred transaction costs related to Group’s in-process equity financing (refer to note 13). The Company defers the transaction costs related to any in-process financing. Upon recognition of the equity instruments, the related transaction costs are deducted from share premium.

Cash and cash equivalents

12 Months Ended

Dec. 31, 2022

Cash and cash equivalents [abstract]

Cash and cash equivalents

12. Cash and cash equivalents


	2022		2021
	€		€
Cash and cash equivalents		161,837,429		209,353,132
		161,837,429		209,353,132

The Cash and cash equivalents consist of bank balances and are not subject to any restriction. Of the cash on hand, €65,567 relates to guarantees.

Equity

12 Months Ended

Dec. 31, 2022

Equity [abstract]

Equity

13. Equity

On December 31, 2022, the Company’s authorized share capital amounted to € 14,100,000 divided into 58,750,000 ordinary shares and 58,750,000 preferred shares, each with a nominal value of (€0.12). As at December 31, 2022, the total number of issued shares was 33,816,459 (2021: 33,151,881; 2020:23,569,276). On December 31, 2022, the issued share capital totaled €4,057,976 (2021: €3,978,227).

In March 2022, the Company filed a Form F-3 Registration Statement and prospectus with the Securities and Exchange Commission relating to an at-the-market program providing for the sales from time to time of up to $75,000,000 of its ordinary shares pursuant to a Sales Agreement with SVB Securities LLC. During the year ended December 31, 2022, the Company sold a total of 588,100 ordinary shares in two different transactions under the sales agreement generating total net proceeds of $9,698,504 (€9.2 million), after deducting $299,954 (€308,000), which was payable to SVB Securities as commission in respect of such sales.

Ordinary shares hold the right to one vote per share.

Issued shares

On February 5, 2021, the Company became public by listing its ordinary shares on the Nasdaq Stock Exchange. On the same date all Preferred shares A, Preferred shares B and Preferred shares C were automatically converted to ordinary shares and 9,511,075 ordinary shares were issued. Together with the issuance of the ordinary shares, the par value of each ordinary share was increased from €0.01 to €0.12.


	2022		2021
	Number of shares		Number of shares
Ordinary shares		33,816,459		33,151,881
		33,816,459		33,151,881

No dividend was distributed in 2022 or 2021.

The following describes the nature and purpose of each reserve within equity:

Share premium

The amount subscribed for share capital in excess of nominal value.

Other reserves

Other reserves consist of share-based payments reserve, which is used to recognize: the grant date fair value of options and RSUs issued to employees and consultants over the vesting period.

Trade and other payables

12 Months Ended

Dec. 31, 2022

Trade and other payables [abstract]

Trade and other payables

14. Trade and other payables


	2022		2021
	€		€
Trade payables		5,979,168		2,125,511
Tax and social security liabilities		705,912		365,061
		6,685,080		2,490,572

Financial assets and liabilities fair value

12 Months Ended

Dec. 31, 2022

Disclosure Of Financial Assets And Liabilities Fair Value [Abstract]

Financial assets and liabilities fair value

15. Financial assets and liabilities fair value

Fair values of cash, receivables, and current liabilities approximate their carrying amounts due to the short-term maturities of these instruments.

Accrued liabilities

12 Months Ended

Dec. 31, 2022

Disclosure Of Accrued Liabilities [Abstract]

Accrued liabilities

16. Accrued liabilities


	2022		2021
	€		€
Consulting, professional and audit liability		642,662		786,116
Clinical accrued liabilities		3,824,468		386,328
Manufacturing accrued liabilities		2,285,584		1,231,514
Pre-clinical accrued liabilities		885,030		398,468
Personnel related accruals		2,971,068		1,459,162
Other accrued liabilities		281,937		8,495
		10,890,749		4,270,082

Financial risk management

12 Months Ended

Dec. 31, 2022

Financial Risk Management [Abstract]

Financial risk management

17. Financial risk management

The Group’s principal financial instruments consist of cash and cash equivalents, receivables, trade and other trade payables. The financial instruments represent the Group’s working capital to serve the Group’s day-to-day operations.

The Group is exposed to market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group’s management manages each risk as discussed below.

Market risk

Currency risk

The Company is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the U.S. Dollar and Swiss Franc. We received the proceeds from our financings in U.S. Dollars. We seek to minimize our exchange rate risk in our cash positions by taking into considerations market conditions and keeping currencies in which we expect to incur the majority of our near future expenses and make related payments from those positions.

For the year ended December 31, 2022, the Group recognized a foreign exchange gain of €11.1 million (2021: €11.5 million). The foreign exchange gain was primarily related to the U.S. dollar cash holding of its subsidiary and the associated strengthening of the U.S. dollar compared to euro during the year.

While the Group benefited from changes in foreign exchange rates in 2022 and 2021, it is possible that foreign exchange losses could occur in the future. Any occurrences of foreign exchange losses would negatively affect the Group and the effect could be material.

At December 31, 2022, if the U.S. dollar had weakened / strengthened by 10% against the euro with all other variables held constant, the cash balance would have been $7.2 million higher / lower, mainly related to the translation of cash held in U.S. dollar in the Company’s subsidiary, Pharvaris Inc., whose functional currency is euro as explained in note 2, “Summary of significant accounting policies”. For the year ended December 31, 2021, the fluctuation would have been $17.4 million higher / lower due to the large cash balance that was retained directly after the initial public offering in February 2021.

The Group keeps an amount of $72.3 million and CHF20.1 million on its bank accounts as of December 31, 2022.

Price risk

The market prices for the provision of nonclinical and clinical materials and services, as well as external contracted research may vary over time. The commercial prices of any of the Group’s products or product candidates are currently uncertain. The Group is not exposed to commodity price risk.

Interest risk

The Group has no borrowings and is therefore not exposed to changes in the interest rates on loans and borrowings. The Group has €161.8 million of cash on the balance sheet at December 31, 2022. The Group is implementing its treasury strategy to monitor the impact of changes in interest rates.

Credit risk

Credit risk arises from cash and other financial assets, including deposits with banks and financial institutions. Cash deposits and investments are placed only with accredited financial institutions. Credit risk is further limited by investing only in liquid instruments. The Group’s maximum exposure to credit risk for the components of the statements of financial position on December 31, 2022 and 2021 are the carrying amounts as illustrated in Note 12. There are no financial assets past due date or impaired.

Concentration of Credit Risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash. Cash deposits are placed only with reputable financial institutions with a credit rating of not less than A- (Standard & Poor’s). Credit risk is further limited by investing only in liquid instruments. As of December 31, 2022, cash consists of cash deposited with four financial institutions and account balances may exceed insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of these institutions.

Liquidity risk

Liquidity risk is the risk that the Group might encounter difficulties in meeting the obligations associated with its financial liabilities, which are normally settled by delivering cash. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due.

As of December 31, 2022, the Company has cash and cash equivalents of €161.8 million.

On February 9, 2021, the Company completed its initial public offering (IPO) with total net proceeds of USD 176.9 million. On March 1, 2022, the Company entered into a sales agreement with SVB Securities LLC, or SVB Securities, pursuant to which the Company may sell ordinary shares having an aggregate offering price of up to $75 million from time to time through SVB Securities. As of December 31, 2022 the Company sold 588,100 shares under the sales agreement shares with a net proceeds of $9.7 million.

Based on the existing operating plan, anticipated working capital requirements and available capital sources, the Company believes that it can execute on strategy and realize liquidity planning and it is able to settle all expected liabilities for at least twelve months from the issuance date of these consolidated financial statements.

The Company may need additional funding in the future, which could possibly not be available to the Group at all or not at acceptable or favorable terms. This could lead to a situation where the Group would have to delay, reduce, or eliminate some or all of its research and development programs for product candidates, product portfolio expansion or commercialization efforts, which could adversely affect the business prospects, or continuation of operations.

The Group manages liquidity risks by holding appropriate reserves, taking timely action for future funding, as well as by monitoring forecasts and actual cash flows and reconciling the maturity profiles of financial assets and liabilities.

The below table summarizes the maturity profile of the Group’s accrued liabilities based on contractual undiscounted payments:


	Less than 12 months		1 to 5 years		Total
December 31, 2022	€		€		€
Trade and other payables		6,685,080		—		6,685,080
Accrued liabilities		10,890,749		—		10,890,749
	Less than 12 months		1 to 5 years		Total
December 31, 2021	€		€		€
Trade and other payables		2,490,572		—		2,490,572
Accrued liabilities		4,270,082		—		4,270,082

Share-based payments

12 Months Ended

Dec. 31, 2022

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share-based payments

18. Share-based payments

In 2016, the Group implemented an Equity Incentive Plan, or the Plan, in order to advance the interests of the Company’s shareholders by enhancing the Company’s ability to attract, retain and motivate persons who are expected to make important contributions to the Company and by providing such persons with performance-based incentives that are intended to better align the interests of such persons with those of the Company’s shareholders. This plan has been superseded by the 2021 long term incentive plan.

The main terms and conditions of the separate award agreements entered into under these Plans are provided below.

Stock Option Agreements

On January 1, 2021 the Company granted a total of 107,000 stock options to members of key management with an exercise price of €7,25 per share with a final exercise date of December 31, 2030 unless forfeited or exercised on an earlier date.

On February 4, 2021, a total of 873,000 stock options were granted to members of key management with an exercise price of $20 per share with a final exercise date of February 3, 2031 unless forfeited or exercised on an earlier date. 25% of the aggregate number of share options shall vest on the 12-month anniversary of the vesting commencement date, and thereafter 1/48th of the aggregate number of share options shall vest on each subsequent monthly anniversary of the vesting commencement date until either the option is fully vested or the option holders’ continuous service terminates.

On June 25, 2021, the grant date fair value was determined for 88,000 stock options granted to a member of key management with an exercise price of €2.38 per share with a final exercise date of February 2, 2030 unless forfeited or exercised on an earlier date. Each month, 1/48 of the options will vest, with final vesting on February 4, 2024.

On June 25, 2021, a total of 14,000 stock options were granted to a member of key management with an exercise price of $20 per share with a final exercise date of February 3, 2031 unless forfeited or exercised on an earlier date. 25% of the aggregate number of share options shall vest on February 3, 2022 and thereafter 1/48th of the aggregate number of share options shall vest on each subsequent monthly anniversary of the vesting commencement date until either the option is fully vested or the option holders’ continuous service terminates.

On July 1, 2021, a total of 150,000 stock options were granted to members of key management with an exercise price of $17.43 per share with a final exercise date of June 30, 2031 unless forfeited or exercised on an earlier date. 25% of the aggregate number of share options shall vest on June 30, 2022 and thereafter 1/48th of the aggregate number of share options shall vest on each subsequent monthly anniversary of the vesting commencement date until either the option is fully vested or the option holders’ continuous service terminates.

On January 1, 2022, a total of 70,000 stock options were granted to members of the board with an exercise price of $14.39 per share with a final exercise date of December 31, 2031 unless forfeited or exercised on an earlier date. 25% of the aggregate number of share options shall vest on December 31, 2022 and thereafter 1/48th of the aggregate number of share options shall vest on each subsequent monthly anniversary of the vesting commencement date until either the option is fully vested or the option holders’ continuous service terminates.

On April 1, 2022, a total of 552,500 stock options were granted of which 465,000 were granted to members of key management and 87,500 were granted to members of the board, with an exercise price of $18.14 per share with a final exercise date of March 31, 2031 unless forfeited or exercised on an earlier date. 25% of the aggregate number of share options shall vest on March 31, 2023 and thereafter 1/48th of the aggregate number of share options shall vest on each subsequent monthly anniversary of the vesting commencement date until either the option is fully vested or the option holders’ continuous service terminates.

On June 1, 2022, a total of 120,000 stock options were granted to members of key management with an exercise price of $17.98 per share with a final exercise date of May 31, 2031 unless forfeited or exercised on an earlier date. 25% of the aggregate number of share options shall vest on May 31, 2023 and thereafter 1/48th of the aggregate number of share options shall vest on each subsequent monthly anniversary of the vesting commencement date until either the option is fully vested or the option holders’ continuous service terminates.

The share-based payment expenses are recognized over the service period in the consolidated statements of loss and comprehensive loss. The share-based payment expense recorded for the years ended December 31, 2022, 2021 and 2020 that related to Options, amounted to €7,590,041, €7,008,923 and €1,410,101, respectively.

The following table illustrates the number and weighted average exercise prices of, and movements in, stock options during the year:


				Weighted					Weighted
				average					average
	2022			exercise price		2021			exercise price
	Number stock options			€		Number stock options			€
Outstanding January 1,		2,470,295			9.18		1,465,295			1.85
Granted		742,500			16.12		1,144,000			15.80
Exercised		(31,257	)		2.38		(34,000	)		2.38
Forfeited		—			—		(105,000	)		16.67
Outstanding December 31,		3,181,538			9.69		2,470,295			9.18

Out of the total outstanding stock options of 3,181,538 at December 31, 2022 (2021: 2,470,295), 1,585,404 stock options were exercisable (2021: 469,630). The options outstanding at December 31, 2022 had an exercise price in the range of €0.01 to €16.78 (2021: €0.01 to €16.67) and a weighted-average remaining contractual life of 7.5 years (2021 weighted-average remaining contractual life of 8.0 years).

A total of 31,257 share options were exercised during the period ended December 31, 2022 (2021: 34,000) and had a weighted-average share price of €11.74 (2021:€38.75) at the date of exercise.

Restricted Award Agreements

In 2021 the Company granted a total of 175,991 RSUs to employees with a final vesting date four years later unless forfeited on an earlier date. The RSUs shall vest equally over a four-year period on each of the four anniversaries of the vesting start date until either the RSUs are fully vested or the RSUs holders’ continuous service terminates. The fair value of the RSUs granted after the IPO is determined based on the closing share price on the grant date. The weighted-average grant date fair value of the RSUs granted in 2021 amounted to €17.0. The expenses are recognized over the service period in the consolidated statements of loss and comprehensive loss.

In 2022 the Company granted a total of 681,588 to employees with a final vesting date four years later unless forfeited on an earlier date. The RSUs shall vest equally over a four-year period on each of the four anniversaries of the vesting start date until either the RSUs are fully vested or the RSUs holders’ continuous service terminates. The fair value of the RSUs granted after the IPO is determined based on the closing share price on the grant date. The weighted-average grant date fair value of the RSUs granted in 2022 amounted to €11.84. The expenses are recognized over the service period in the consolidated statements of loss and comprehensive loss.

The share-based payment expense recorded for the years ended December 31, 2022, 2021 and 2020 that related to RSUs, amounted to €3,759,159, €1,187,463 and €177,635 respectively.

The following table illustrates the number and weighted average purchase prices of, and movements in, RSUs during the year:


				Weighted					Weighted
				average					average
	2022			purchase price		2021			purchase price
	Number RSUs			€		Number RSUs			€
Outstanding January 1,		259,714			—		153,595			—
Granted		681,588			—		175,991			—
Vested		(65,846	)		—		(57,372	)		—
Forfeited		(79,762	)		—		(12,500	)		—
Outstanding December 31,		795,694			—		259,714			—

Fair Value Measurement of the Company’s shares

For the pre-IPO grants, the fair value of ordinary shares is determined by the Board of directors and takes into account the most recently available valuation of ordinary shares performed by an independent valuation firm and the assessment of additional objective and subjective factors we believe are relevant and which may have changed from the date of the most recent valuation through the date of the grant.

The Board of directors consider numerous objective and subjective factors to determine their best estimate of the fair value of the ordinary shares as of each grant date, including:

•

The progress of the research and development programs

•

Contemporaneous third-party valuations of the ordinary shares for the share issuances in 2016, 2019 and 2020

•

The rights and preferences of the preferred shares relative to the ordinary shares

•

The likelihood of achieving a discrete liquidity event, such as a sale of the Company or an initial public offering given prevailing market conditions

•

External market and economic conditions impacting the industry sector

The inputs used in the measurement of the fair value per ordinary share pre-IPO at the grant/measurement date based upon the total equity value was as follows:


	January 1,
	2021

Expected volatility (%)		85	%
Expected life (years)		6.0
Risk-free interest rate (%)		-0.6	%
Expected dividend yield	$	—

The input used in the measurement of the fair value per option at each grant/measurements date using the Black-Scholes formula (including the related number of options and the fair value of the options) were as follows:


	June 1,			April 1,			January 1,			July 1,			June 25,			June 25,			February 4,			January 1,
	2022			2022			2022			2021			2021			2021			2021			2021
													Option 1			Option 2
Number of options		120,000			552,500			70,000			150,000			14,000			88,000			873,000			107,000
Fair value of the options	€	11.89		€	11.50		€	9.08		€	10.50		€	10.90		€	13.73		€	11.88		€	5.06
Fair value of the ordinary shares	€	16.88		€	16.42		€	12.65		€	14.67		€	15.46		€	15.46		€	16.69		€	7.25
Exercise price	€	16.88		€	16.42		€	12.65		€	14.67		€	16.74		€	2.38		€	16.69		€	7.25
Expected volatility (%)		80	%		80	%		85	%		85	%		85	%		85	%		85	%		85	%
Expected life (years)		6.1			6.1			6.1			6.1			6.1			4.6			6.1			6.0
Risk-free interest rate (%)		3.0	%		2.6	%		1.4	%		1.2	%		1.2	%		-0.5	%		0.8	%		-0.6	%
Expected dividend yield		-			-			-			-			-			-			-			-

Expected volatility was based on an evaluation of the historical volatilities of comparable listed biotech-companies over the most recent historical period that commensurate with the expected option life. The expected life is based on Management’s best estimate of when the options will be exercised. The risk-free interest rate is based on the yield on German government Strip bonds or US Government bonds depending on whether the exercise price is in euros or in US Dollars. The expected dividend yield is zero considering the stage of the Group.

On February 5, 2021, the Company’s ordinary shares began trading on the Nasdaq Stock Exchange. From that date, the shares of the Company were traded at a regulated stock exchange. For the determination of the fair value on the grant date, the closing price on the grant date is used.

Reference is made to Note 5 for allocation of expenses in lines of the consolidated statement of income or loss and other comprehensive income (loss).

Basic and diluted loss per share

12 Months Ended

Dec. 31, 2022

Basic And Diluted Earnings Per Share1 [Abstract]

Basic and diluted loss per share

19. Basic and diluted loss per share

Basic and diluted loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of issued and outstanding ordinary shares during the year.

All of the Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share attributable to ordinary stockholders as the effect of including them would be antidilutive.

Outstanding options are not included in the calculation of diluted earnings per share because they are antidilutive in 2022, 2021 and 2020.

Basic and diluted loss per share


	December 31,			December 31,			December 31,
	2022			2021			2020
	€			€			€
Net Loss		(76,332,557	)		(42,700,486	)		(25,990,069	)
Weighted average number of ordinary shares outstanding		33,585,976			30,411,902			4,850,000
Basic and diluted loss per share		(2.27	)		(1.40	)		(5.36	)

Related parties

12 Months Ended

Dec. 31, 2022

Disclosure of transactions between related parties [abstract]

Related parties

20. Related parties

Note 1.2 provides information about the Group’s structure, including details of the subsidiaries and the holding company. The following provides the total amount of transactions that have been entered into with related parties for the relevant financial year.

Charité Research Organisation GmbH (Charité CRO)

Dr. Knolle, who has served as Chief Scientific Officer and Chief Operating Officer since its inception, was a member of the board of Charité Research Organisation GmbH, or Charité CRO until February 28, 2022. The Company has entered into a service contract with Charité CRO according to which Charité CRO provides services supporting research for the Company. In fiscal years 2022, 2021 and 2020, payments to Charité CRO with respect to this service contract amounted to €372,858, €608 and €1,025,795, respectively.

Key management personnel compensation


	2022		2021		2020
	€		€		€
Short term employee benefits		3,461,860		2,517,211		1,834,423
Post employee benefits		148,678		80,482		34,934
Share-based payments		6,524,726		6,269,218		860,117
Total		10,135,264		8,866,911		2,729,474

At the end of financial year 2020 an amount of €120,000 of short-term employee benefits was capitalized on the consolidated statements of financial position. This amount was recognized in the Group’s statements of profit or loss and other comprehensive income in 2021. As at 31 December 2022 and 2021, no short-term employee benefits have been capitalized.

The Group engages several management entities for the purpose of providing key management services to the Group. These management entities are considered related parties, as they provide key management services and the key management personnel have key management functions within these entities. Certain key management personnel are also shareholders of the Company. The aggregate amount of expense recognized in the consolidated statements of loss and comprehensive loss related to these related parties were €1,156,715 (2021:€1,101,280; 2020: €724,897).

The aggregate amounts payable to the related parties were €1,162,963 (2021: €1,586,157; 2020: €398,489).

Commitments and contingencies

12 Months Ended

Dec. 31, 2022

Disclosure Of Commitments And Contingencies [Abstract]

Commitments and contingencies

21. Commitments and contingencies

This section provides additional information about items not recognized in the financial statements but could potentially have a significant impact on the Group’s financial position and performance.

Non-cancellable service contracts

The Group has entered into research and development commitments in relation to the developments of Group’s oral bradykinin B2 receptor antagonist.

Commitment for the minimum payments in relation to the non-cancellable service contracts are payable as follows:


	2023		2022
	€		€
Within one year		21,819,000		16,153,000
Later than one year but not later than five years		6,153,000		3,351,000
		27,972,000		19,504,000

On March 31, 2016, the Company entered into a license agreement (the “AnalytiCon License”) and a research agreement with AnalytiCon to collaborate for the development of an orally available bradykinin B2 receptor antagonist. Pursuant to the AnalytiCon

License, the Company acquired a worldwide, exclusive license from AnalytiCon to use (i) a certain proprietary substance class of bradykinin B2 receptor antagonists with the potential of oral activity (“OB2RA”) and (ii) any derivatives, improvements, analogs, isomers, metabolites, or conjugates therefrom (together “OB2RA Class”), in each case, for the purpose of developing, manufacturing and marketing compounds on a global basis from the OB2RA Class for the treatment of, among others, hereditary angioedema. Certain rights associated with deucrictibant, PHVS416 and PHVS719 are subject to the AnalytiCon License.

Under the AnalytiCon License, up to €10.5 million in aggregate potential milestone payments remain outstanding. In addition, the Company will be required to pay AnalytiCon low to medium single-digit tiered royalties on direct or indirect net sales of licensed products. The royalties that the Company is required to pay AnalytiCon under this agreement may be reduced on a country-by-country and product-by-product basis if sales of a generic version of a product account for 1% or more of the relevant market.

Contingent liabilities and contingent assets

12 Months Ended

Dec. 31, 2022

Disclosure of Contingent Liabilities and Contingent Assets [Abstract]

Contingent liabilities and contingent assets

22. Contingent liabilities and contingent assets

The Group had no contingent liabilities and no contingent assets at December 31, 2022 and 2021.

Events after the reporting period

12 Months Ended

Dec. 31, 2022

Disclosure of non-adjusting events after reporting period [abstract]

Events after the reporting period

23. Events after the reporting period

The Company has evaluated subsequent events through April 5, 2023, which is the date the consolidated financial statements were authorized for issuance, and did not identify any significant event after the reporting period that needs to be disclosed.

Summary of significant accounting policies (Policies)	12 Months Ended
Summary of significant accounting policies (Policies)	Dec. 31, 2022
Disclosure Of Summary Of Significant Accounting Policies [Abstract]
Basis of preparation	2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared on a historical cost basis. Unless otherwise stated, the consolidated financial statements are presented in Euro and all values are rounded to the nearest EUR (€), except per share amounts.
Going concern	2.2 Going concern Pharvaris is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for rare diseases with significant unmet need, initially focused on angioedema and other bradykinin-mediated diseases. These therapies will need to go through clinical development trials to achieve regulatory approval for commercialization. Therefore, Pharvaris is incurring annual research and development and other operating costs, and has no revenues to date. As such, Pharvaris anticipates on-going negative operating cash flows for the foreseeable future before the company has a product candidate ready for commercialization, if at all. This makes the Group dependent on external capital sources, debt capital and equity capital. Historically, the Group has obtained financing primary through the offering of equity securities. As of December 31, 2022 and 2021, the Group had cash and cash equivalents of €161.8 million and €209.4 million, respectively. The Group incurred net losses of €76.3 million, €42.7 million and €26.0 million in 2022, 2021 and 2020, respectively, and negative operating cash flows of €67.2 million, €44.6 million and €21.5 million in 2022, 2021 and 2020 respectively. The Group does not expect positive operating cash flows in the foreseeable future and remains dependent on additional financing to fund its research and development expenses, general and administrative expenses and financing costs. The Group believes that the available cash balances are sufficient to execute the Group’s operating plan and strategies and to meet the anticipated working capital requirements and settle all expected liabilities for at least twelve months from the issuance date of these consolidated financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis. The future viability of the Group is dependent on its ability to successfully develop and commercialize its products and its ability to raise additional capital to finance its operations. The Group will need to finance its operations through public or private securities offerings, debt financings or other sources, which may include licensing, collaborations or other strategic transactions or arrangements. Although the Group has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing on terms acceptable to the Group, if at all. If the Group is unable to obtain funding, the Group could be forced to delay, reduce, or eliminate some or all of its research and development programs for product candidates, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Group may be unable to continue operations.
Basis of consolidation	2.3 Basis of consolidation Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intra-group balances and transactions are eliminated in the consolidation.
Segment reporting	2.4 Segment reporting Operating segments are identified based on whether the allocation of resources and/ or the assessment of performance of a particular component of Group’s activities are regularly reviewed as a separate operating segment by Group’s Chief Operating Decision Maker, or CODM. By these criteria, the activities of Pharvaris are considered to be one segment which comprises the discovery, development and commercialization of oral bradykinin B2 receptor antagonists and the segmental analysis is the same as the analysis for Pharvaris as a whole. The Board of directors is identified as the CODM and reviews the consolidated operating results regularly to make decisions about the resources and to assess overall performance.
Foreign currencies	2.5 Foreign currencies Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates. The Group’s consolidated financial statements are presented in Euro, which is also the functional currency of Pharvaris N.V. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Upon consolidation, the assets and liabilities of foreign operations are translated into Euro at the rate of exchange prevailing at the reporting date and their statements of operations are translated at the average exchange rate of the fiscal period. The exchange differences arising on translation for consolidation are recognized directly in other comprehensive income.
Notes to the cash flow statement	2.6 Notes to the cash flow statement The cash flow statement has been prepared using the indirect method. The cash and cash equivalents disclosed in the cash flow statement comprises of cash at bank.
Property, Plant and Equipment	2.7 Property, Plant and Equipment Property, plant and equipment comprises office equipment. Property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows: • Office equipment 3-5 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is larger than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognized in the consolidated statements of loss and comprehensive loss.
Financial instruments Recognition and measurement	2.8 Financial instruments Recognition and measurement Financial assets Initial recognition and measurement Financial assets are initially measured at fair value. After the initial measurement, the gains and losses are either recognized in profit and loss, or recognized in other comprehensive income. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Financial assets are included in Group’s consolidated statements of financial position when Pharvaris becomes a party to the contractual provisions of the instrument. Transaction costs of equity transactions are either accounted for as a deduction from equity, but only to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided or are deferred on the balance sheet until the equity instrument is recognized. The costs of an equity transaction that is abandoned are recognized as an expense. Subsequent measurement Financial assets are subsequently measured at amortized cost. Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the consolidated statements of loss and comprehensive loss when the asset is derecognized, modified or impaired. For the year ended December 31, 2022, the Group had the following financial assets to be measured at amortized cost: • Cash and cash equivalents • Receivables Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and where the Group has transferred substantially all risks and rewards of ownership. Financial liabilities Initial recognition and measurement All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade payables and accrued liabilities. Subsequent measurement After initial recognition, trade payables and accrued liabilities are subsequently measured at amortized cost. Gains and losses are recognized in the consolidated statements of loss and comprehensive loss. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or is expired.
Receivables	2.9 Receivables Receivables are recognized initially at fair value and subsequently measured at amortized cost. If payment of the receivable is postponed under an extended payment deadline, fair value is measured on the basis of the discounted value of the expected payments. When a receivable is uncollectible, it is written off against the allowance account for receivables.
Cash and cash equivalents	2.10 Cash and cash equivalents Cash and cash equivalents comprise bank balances.
Equity	2.11 Equity The Group classifies an instrument, or its component parts, on initial recognition as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. An instrument is classified as a financial liability when it is either (i) a contractual obligation to deliver cash or another financial asset to another entity or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavorable to the Group; or (ii) a contract that will or may be settled in the Group’s own equity instruments and is a non-derivative for which the Group is or may be obliged to deliver a variable number of the Group’s own equity instruments or a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Group’s own equity instruments. An equity instrument is defined as any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. An instrument is an equity instrument only if the issuer has an unconditional right to avoid settlement in cash or another financial asset. Ordinary shares Ordinary shares are classified as equity. Preferred shares Preferred shares are equity classified as result of: • The lack of contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavorable to the Group. • No contractual obligation to transfer an amount (dividend) independent of the entity’s available economic resources. Pursuant to the shareholders’ agreement, all of the outstanding preferred shares were automatically converted into ordinary shares upon the consummation of the IPO. The conversion rate for the preferred shares is calculated by reference to the original issue price of relevant preferred shares, adjusted for certain anti-dilution protections. The Group issued three classes of preferred shares, convertible preferred shares A, the convertible preferred shares B and the convertible preferred shares C. The dividend preference is noncumulative and is only applicable when the general meeting of shareholder’s decides to make a profit distribution (Note 12). Convertible Preferred shares A, convertible preferred shares B and convertible preferred shares C Preferred shares A, preferred shares B and preferred shares C have a dividend preference over ordinary shares. In addition, preferred shares A, preferred shares B and preferred shares C have an anti-dilution protection that is not applicable for ordinary shares. The anti-dilution protection is under the full control of the Group and does not affect the equity classification of the preferred shares A, preferred shares B and preferred shares C. Per December 31, 2022 there were no outstanding preferred shares. Preferred shares A, preferred shares B and preferred shares C qualify as equity. Dividends paid on the preference shares are treated as profit appropriation.
Trade and other payables	2.12 Trade and other payables Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
IFRS 16 Leases	2.13 IFRS 16 Leases All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: • leases of low value assets; and • leases with a duration of 12 months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, using the Group’s incremental borrowing rate at commencement of the lease. On initial recognition, the carrying value of the lease liability also includes: • any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: • lease payments made at or before commencement of the lease; • initial direct costs incurred; and • the amount of any provision recognized where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease. When the Group revises its estimate of the term of any lease, it adjusts the carrying amount of the lease liability to reflect the payments to be made over the revised term, which are discounted using an updated discount rate
Current and deferred income tax	2.14 Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax effects are recognized in the consolidated statements of loss and comprehensive loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences and/or tax losses carried forward can be utilized. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Deferred tax balances are not discounted.
Share-based payment	2.15 Share-based payment The Company operates an equity-settled share-based compensation plan, under which it receives services as consideration for equity instruments (options or restricted stock units) of the Company. The fair value of these equity instruments granted in exchange for the services received from the participants is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options or restricted stock units granted. The fair value is measured at the date of grant using the Black-Scholes formula. Service and non-market performance vesting conditions are included in the assumptions about the number of equity instruments that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. The Group recognizes the impact of the revision to previous estimates, if any, in the consolidated statements of loss and comprehensive loss, with a corresponding adjustment to equity. When options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Expenses	2.16 Expenses Research and development expenses Research activities undertaken with the prospect of gaining new scientific knowledge and understanding are expensed as incurred. Development expenses are capitalized only if the cost involved can be measured reliably, the product or process under development is technically feasible, future economic benefits are probable and the Group has the intention and resources to complete development and use or sell it. Due to the regulatory environment and other types of uncertainty, management has determined that the criteria for capitalizing development costs to intangible assets, as set out in IAS 38, have not been met and therefore the Group has not capitalized any development expenses in 2022 or 2021. See Note 3 for information relating to research and development expenses incurred in the reporting period. At each balance sheet date, the Group estimates the level of services performed by the vendors and the associated cost incurred for the services performed. General and administrative expenses Expenses are recognized in Group’s consolidated statements of loss and comprehensive loss as expenses when incurred. Personnel expenses Wages and salaries, social security contributions, paid leave and bonuses, and other employee benefits are recognized in the financial year in which the employee provide the associated services. The group’s pension plans are classified as defined contribution plans, and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included in the income statement in the period in which they are incurred, and outstanding contributions are included in other payables.
New and amended standards and interpretations	2.17 New and amended standards and interpretations Reference to the Conceptual Framework – Amendments to IFRS 3 In May 2020, the IASB issued Amendments to IFRS 3 Business Combinations - Reference to the Conceptual Framework. The amendments are intended to replace a reference to a previous version of the IASB’s Conceptual Framework (the 1989 Framework) with a reference to the current version issued in March 2018 (the Conceptual Framework) without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. Effective for annual periods beginning on or after January 1, 2022. The Group assessed the amendment and found no material impact for the year ended December 31, 2022. Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment (PP&E), any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. Effective for annual periods beginning on or after January 1, 2022. The Group assessed the amendment and found no material impact for the year ended December 31, 2022. Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37 In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a ‘directly related cost approach’. The costs that relate directly to a contract to provide goods or services include both incremental costs (e.g., the costs of direct labor and materials) and an allocation of costs directly related to contract activities (e.g., depreciation of equipment used to fulfill the contract as well as costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. Effective for annual periods beginning on or after January 1, 2022. The Group assessed the amendment and found no material impact for the year ended December 31, 2022.
Standards issued but not yet effective	2.18 Standards issued but not yet effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. Non-current Liabilities with Covenants (Amendments to IAS 1) On October 31, 2022, the IASB issued amendments to IAS 1 - Non-current Liabilities with Covenants. The amendment clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendment is effective for reporting periods beginning on or after January 1, 2024. The amendments are not expected to have a material impact on the Group. IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts. In June 2020, the IASB issued amendments to IFRS 17. These amendments included changing the effective date to 2023. Effective for annual periods beginning on or after January 1, 2023. The amendments are not expected to have a material impact on the Group. Definition of Accounting Estimates - Amendments to IAS 8 In February 2021, the Board issued amendments to IAS 8, in which it introduces a new definition of ‘accounting estimates’. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. Effective for annual periods beginning on or after January 1, 2023. The amendments are not expected to have a material impact on the Group. Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. Examples of when an accounting policy is likely to be material are added. To support the amendment, the Board has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. Deferred tax related to Assets and Liabilities arising from a single transaction On May 7, 2021 the IASB issued Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12), which specifies how companies should account for deferred tax on transactions such as leases and decommissioning obligations as of initial recognition. The amendments clarify that no deferred tax exemption applies on such transactions on initial recognition. Therefore, companies are required to recognize the deferred tax effects thereon to the extent that the related assets or liabilities provide for offsetting temporary differences upon recognition date. The amendments are effective for annual reporting periods beginning on or after January 1, 2023, with early application permitted. The Group does not intend to adopt the early application and the amendments are not expected to have a material impact on the Group. Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) On September 22, 2022, the IASB issued amendments to IFRS 16 - Leases. The amendment clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. The amendment is effective for reporting periods beginning on or after January 1, 2024. The amendments are not expected to have a material impact on the Group. Amendments to IAS 1: Classification of Liabilities as Current or Non-current In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement • That a right to defer must exist at the end of the reporting period • That classification is unaffected by the likelihood that an entity will exercise its deferral right • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The amendments are not expected to have a material impact on the Group. Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) On 31 October 2022, the IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)' to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments are effective for reporting periods beginning on or after 1 January 2024. On 31 October 2022, the IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)' to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments are effective for reporting periods beginning on or after 1 January 2024.
Significant accounting judgements estimates and assumptions	2.19 Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of expenses, income, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. In the process of applying the Group’s accounting policies, management has made various judgements. Those which management has assessed to have the most significant effect on the amounts recognized in the financial statements have been discussed below. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are also described in the individual notes. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Share-based payments The Group has adopted an equity-settled share-based compensation plan, pursuant to which certain participants are granted the right to acquire ordinary shares of the Company. The grants made under this plan are accounted for in accordance with the policy as stated in Note 2.15. The total amount to be expensed is determined by reference to the fair value of the options or restricted stock units granted. The fair value of the options is measured at the date of grant using the Black-Scholes formula as further explained in Note 18. The use of the Black-Scholes formula requires use of certain assumptions relating to the expected option life, the volatility of stock price, the determination of an appropriate risk-free interest rate and expected dividends. Research and development expenses Research and development expenses are currently not capitalized but are expensed because the criteria for capitalization are not met (Note 2.16 and Note 3). At each balance sheet date, the Group estimates the level of services performed by the vendors and the associated costs incurred for the services performed. Although we do not expect the estimates to be materially different from amounts actually incurred, the understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in reporting amounts that are too high or too low in any particular period.

Corporate and Group information (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Corporate And Group Information [Abstract]

Summary of Subsidiaries

The consolidated financial statements of the Group include:


			% of equity interest
Name	Legal seat	Country of incorporation	2022			2021
Pharvaris Holdings B.V.	Leiden	The Netherlands		100	%		100	%
Pharvaris Netherlands B.V.	Leiden	The Netherlands		100	%		100	%
Pharvaris, Inc.	Delaware	United States of America		100	%		100	%
Pharvaris GmbH	Zug	Switzerland		100	%		100	%

Research and development expenses (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Detailed Information Research And Development Expenses [Abstract]

Schedule of Breakdown of Research and Development Expenses


	2022			2021			2020
	€			€			€
Personnel expenses (Note 5)		(13,334,350	)		(7,988,096	)		(2,951,323	)
Clinical expenses		(27,653,658	)		(16,944,557	)		(8,748,748	)
Nonclinical expenses		(4,853,822	)		(3,891,479	)		(3,322,590	)
Manufacturing costs		(11,181,355	)		(6,325,068	)		(4,311,958	)
License costs		—			(500,000	)		—
Intellectual Property costs		(352,389	)		(139,966	)		(173,482	)
		(57,375,574	)		(35,789,166	)		(19,508,101	)

General and administrative expenses (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Detailed Information General And Administrative Expenses [Abstract]

Breakdown of General and Administrative Expenses


	2022			2021			2020
	€			€			€
Personnel expenses (Note 5)		(13,484,996	)		(7,033,913	)		(1,490,674	)
Consulting fees		(898,435	)		(757,233	)		(1,042,195	)
Professional fees		(3,972,771	)		(2,868,684	)		(943,322	)
Accounting, tax and auditing fees		(1,652,995	)		(1,306,714	)		(1,275,842	)
Insurance, facilities and office expenses		(6,443,709	)		(5,648,763	)		(551,223	)
Travel expenses		(1,105,961	)		(143,582	)		(26,773	)
Other expenses		(1,780,167	)		(590,571	)		(168,462	)
		(29,339,034	)		(18,349,460	)		(5,498,491	)

Personnel expenses (Tables)

12 Months Ended

Dec. 31, 2022

Personnel Expenses [Abstract]

Summary of Personnel Expenses


	2022			2021			2020
	€			€			€
Wages and salaries		(13,408,411	)		(6,080,098	)		(2,597,270	)
Pension charges		(803,460	)		(251,667	)		(72,153	)
Other social security charges		(1,258,275	)		(493,857	)		(184,838	)
Share-based payments		(11,349,200	)		(8,196,387	)		(1,587,736	)
		(26,819,346	)		(15,022,010	)		(4,441,997	)

Finance income (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Financial Income [Abstract]

Summary of Finance Income


	2022			2021			2020
	€			€			€
Foreign exchange differences		11,100,392			11,760,469			(963,685	)
Interest expense		(16,105	)		(267,510	)		(92,470	)
Other finance expenses		(23,149	)		(14,995	)		(6,208	)
		11,061,138			11,477,964			(1,062,363	)

Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes Abstract

Summary of Income Tax Expense


	2022			2021			2020
	€			€			€
Current income tax expense		(757,413	)		(131,921	)		(16,088	)
Deferred tax benefit		78,326			61,804			99,339
Income tax benefit / (expense)		(679,087	)		(70,117	)		83,251

Summary of Reconciliation of Income Tax Benefit / (Expense) And The Accounting Loss


	2022			2021			2020
	€			€			€
Loss before income tax		(75,653,470	)		(42,660,662	)		(26,068,955	)
Income tax at statutory income tax rate in The Netherlands (25.8%)		19,518,595			10,665,166			6,517,239
Effect of tax rates in other countries		(10,823,383	)		(7,482,832	)		(4,855,980	)
Recognition of previously unrecognized deferred tax assets		(554,853	)		—			1,629,392
Current period losses for which no deferred tax asset has been recognized		(9,184,919	)		(2,910,890	)		(3,132,076	)
Nondeductible expenses		383,153			(353,543	)		(74,579	)
Other		(17,680	)		11,982			(745	)
Income tax benefit / (expense)		(679,087	)		(70,117	)		83,251

Summary of Tax Loss Carry-forwards Incurred In Current And Prior Years

Tax loss carry-forwards incurred in current and prior years will expire as follows:


	Switzerland		Netherlands		Tax losses
Year	€ million		€ million		€ million
2027		31.3		-		31.3
2028		57.5		-		57.5
2029		78.6				78.6
Unlimited		-		14.9		14.9
Total carry-forward losses		167.4		14.9		182.3

Summary of Movements in Deferred Tax Balances


	R&D			Fixed			Non-current provisions
	expenses			assets			and liabilities			Total
Deferred tax assets	€			€			€
At January 1, 2022		1,909,916			—			238,508			2,148,424
(Charged)/credited
- Profit or loss		(117,534	)		—			49,354			(68,180	)
- Currency translation differences		—			—			13,990			13,990
At December 31, 2022		1,792,382			—			301,852			2,094,234
Deferred tax liability
At January 1, 2022		—			(66,456	)		(1,909,916	)		(1,976,372	)
(Charged)/credited
- Profit or loss		—			28,972			117,533			146,505
- Currency translation differences		—			(4,564	)		—			(4,564	)
At December 31, 2022		—			(42,048	)		(1,792,383	)		(1,834,431	)
Net deferred tax assets at December 31, 2022											259,803

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about property, plant and equipment [abstract]

Summary of Property, Plant and Equipment


	Notes		2022			2021
Net book value			€			€
As of January 1,				108,098			48,503
Additions				124,296			78,251
Depreciation expenses		4		(38,920	)		(18,656	)
As of December 31,				193,474			108,098

			2022			2021
Cumulative depreciation			€			€
As of January 1,				(26,606	)		(7,950	)
Depreciation				(38,920	)		(18,656	)
As of December 31,				(65,526	)		(26,606	)

			2022			2021
Cumulative Costs			€			€
As of January 1,				134,704			56,453
Additions				124,296			78,251
As of December 31,				259,000			134,704

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Leases [Abstract]

Summary of information about right of use assets

The following table provides information about the Group’s right of use assets:


	2022			2021
	€			€
As of January 1,		243,251			—
Additions		303,734			301,965
Depreciation charges		(114,020	)		(58,715	)
As of December 31,		432,965			243,251

Summary of information about lease lease liabilities

The following table provides information about the Group’s lease liabilities at December 31, 2022:


	2022			2021
	€			€
Office leases		(436,822	)		(250,184	)
Total lease liability		(436,822	)		(250,184	)
Current Portion		(187,404	)		(99,432	)
Non-current Portion		(249,418	)		(150,752	)

Schedule of Maturities of Lease Liabilities

The following table provides information about the maturities of the Company’s lease liabilities at December 31, 2022:


Years ending December 31,		Operating Leases
	2023		221,651
	2024		160,576
	2025		96,228
Thereafter			-
Total lease payments			478,455
Less: imputed interest			41,633
Total lease liabilities			436,822
Current lease liabilities			187,404
Long-term lease liabilities			249,418

Receivables (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of acquired receivables [abstract]

Summary of Receivables


	2022		2021
	€		€
Trade receivables		—		8,451
VAT receivables		382,468		691,628
		382,468		700,079

Other current assets (Tables)

12 Months Ended

Dec. 31, 2022

Other Current Assets [Abstract]

Summary of Other Current Assets


	2022		2021
	€		€
Prepayments		4,044,255		1,507,753
Other assets		582,589		5,699
		4,626,844		1,513,452

Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2022

Cash and cash equivalents [abstract]

Summary of Cash And Cash Equivalents


	2022		2021
	€		€
Cash and cash equivalents		161,837,429		209,353,132
		161,837,429		209,353,132

Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [abstract]

Summary of Share Capital

Issued shares


	2022		2021
	Number of shares		Number of shares
Ordinary shares		33,816,459		33,151,881
		33,816,459		33,151,881

Trade and other payables (Tables)

12 Months Ended

Dec. 31, 2022

Trade and other payables [abstract]

Summary of Trade and Other Liabilities


	2022		2021
	€		€
Trade payables		5,979,168		2,125,511
Tax and social security liabilities		705,912		365,061
		6,685,080		2,490,572

Accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Accrued Liabilities [Abstract]

Summary of Accrued Liabilities


	2022		2021
	€		€
Consulting, professional and audit liability		642,662		786,116
Clinical accrued liabilities		3,824,468		386,328
Manufacturing accrued liabilities		2,285,584		1,231,514
Pre-clinical accrued liabilities		885,030		398,468
Personnel related accruals		2,971,068		1,459,162
Other accrued liabilities		281,937		8,495
		10,890,749		4,270,082

Financial risk management (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Maturity Profile Of Accrued Liabilities Based On Contractual Undiscounted Payments [Abstract]

Summary of Maturity Profile of Accrued Liabilities Based on Contractual Undiscounted Payments

The below table summarizes the maturity profile of the Group’s accrued liabilities based on contractual undiscounted payments:


	Less than 12 months		1 to 5 years		Total
December 31, 2022	€		€		€
Trade and other payables		6,685,080		—		6,685,080
Accrued liabilities		10,890,749		—		10,890,749
	Less than 12 months		1 to 5 years		Total
December 31, 2021	€		€		€
Trade and other payables		2,490,572		—		2,490,572
Accrued liabilities		4,270,082		—		4,270,082

Share-based payments (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Summary of the Number and Weighted Average Exercise Prices Movements in Stock Options

The following table illustrates the number and weighted average exercise prices of, and movements in, stock options during the year:


				Weighted					Weighted
				average					average
	2022			exercise price		2021			exercise price
	Number stock options			€		Number stock options			€
Outstanding January 1,		2,470,295			9.18		1,465,295			1.85
Granted		742,500			16.12		1,144,000			15.80
Exercised		(31,257	)		2.38		(34,000	)		2.38
Forfeited		—			—		(105,000	)		16.67
Outstanding December 31,		3,181,538			9.69		2,470,295			9.18

Summary of the Number and Weighted Average Purchase Prices Movements in RSU

The following table illustrates the number and weighted average purchase prices of, and movements in, RSUs during the year:


				Weighted					Weighted
				average					average
	2022			purchase price		2021			purchase price
	Number RSUs			€		Number RSUs			€
Outstanding January 1,		259,714			—		153,595			—
Granted		681,588			—		175,991			—
Vested		(65,846	)		—		(57,372	)		—
Forfeited		(79,762	)		—		(12,500	)		—
Outstanding December 31,		795,694			—		259,714			—

Summary of Fair Value Per Ordinary Share Pre-IPO at the Grant Based Upon Equity Value

The inputs used in the measurement of the fair value per ordinary share pre-IPO at the grant/measurement date based upon the total equity value was as follows:


	January 1,
	2021

Expected volatility (%)		85	%
Expected life (years)		6.0
Risk-free interest rate (%)		-0.6	%
Expected dividend yield	$	—

Summary of Fair Value Per Option at Each Grant/Measurements Date Using the Black-Scholes Formula


	June 1,			April 1,			January 1,			July 1,			June 25,			June 25,			February 4,			January 1,
	2022			2022			2022			2021			2021			2021			2021			2021
													Option 1			Option 2
Number of options		120,000			552,500			70,000			150,000			14,000			88,000			873,000			107,000
Fair value of the options	€	11.89		€	11.50		€	9.08		€	10.50		€	10.90		€	13.73		€	11.88		€	5.06
Fair value of the ordinary shares	€	16.88		€	16.42		€	12.65		€	14.67		€	15.46		€	15.46		€	16.69		€	7.25
Exercise price	€	16.88		€	16.42		€	12.65		€	14.67		€	16.74		€	2.38		€	16.69		€	7.25
Expected volatility (%)		80	%		80	%		85	%		85	%		85	%		85	%		85	%		85	%
Expected life (years)		6.1			6.1			6.1			6.1			6.1			4.6			6.1			6.0
Risk-free interest rate (%)		3.0	%		2.6	%		1.4	%		1.2	%		1.2	%		-0.5	%		0.8	%		-0.6	%
Expected dividend yield		-			-			-			-			-			-			-			-

Basic and diluted loss per share (Tables)

12 Months Ended

Dec. 31, 2022

Basic And Diluted Earnings Per Share1 [Abstract]

Summary of Earnings Per Share

Basic and diluted loss per share


	December 31,			December 31,			December 31,
	2022			2021			2020
	€			€			€
Net Loss		(76,332,557	)		(42,700,486	)		(25,990,069	)
Weighted average number of ordinary shares outstanding		33,585,976			30,411,902			4,850,000
Basic and diluted loss per share		(2.27	)		(1.40	)		(5.36	)

Related parties (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of transactions between related parties [abstract]

Summary of Compensation to Key Management Personnel

Key management personnel compensation


	2022		2021		2020
	€		€		€
Short term employee benefits		3,461,860		2,517,211		1,834,423
Post employee benefits		148,678		80,482		34,934
Share-based payments		6,524,726		6,269,218		860,117
Total		10,135,264		8,866,911		2,729,474

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Detailed Information About Future Aggregate Minimum Payments Under Research And Development Commitments [Abstract]

Summary of Future Aggregate Minimum Payments Under Research and Development Commitments

Commitment for the minimum payments in relation to the non-cancellable service contracts are payable as follows:


	2023		2022
	€		€
Within one year		21,819,000		16,153,000
Later than one year but not later than five years		6,153,000		3,351,000
		27,972,000		19,504,000

Corporate and Group information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022
Corporate And Group Information Line Items
Entity incorporation, date of incorporation	Sep. 30, 2015
Pharvaris Inc [member]
Corporate And Group Information Line Items
Entity incorporation, date of incorporation	Jan. 31, 2020
Pharvaris GmbH [member]
Corporate And Group Information Line Items
Entity incorporation, date of incorporation	Mar. 27, 2020

Corporate and Group information - Summary of Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pharvaris Holdings BV [member]
Disclosure Of Significant Investments In Subsidiaries Line Items
Name	Pharvaris Holdings B.V.
Legal seat	Leiden
Country of incorporation	The Netherlands
% of equity interest	100.00%	100.00%
Pharvaris Netherlands BV [member]
Disclosure Of Significant Investments In Subsidiaries Line Items
Name	Pharvaris Netherlands B.V.
Legal seat	Leiden
Country of incorporation	The Netherlands
% of equity interest	100.00%	100.00%
Pharvaris Inc [member]
Disclosure Of Significant Investments In Subsidiaries Line Items
Name	Pharvaris, Inc.
Legal seat	Delaware
Country of incorporation	United States of America
% of equity interest	100.00%	100.00%
Pharvaris GmbH [member]
Disclosure Of Significant Investments In Subsidiaries Line Items
Name	Pharvaris GmbH
Legal seat	Zug
Country of incorporation	Switzerland
% of equity interest	100.00%	100.00%

Summary of significant accounting policies - Additional Information (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	€ 161,837,429	€ 209,353,132	€ 98,628,871	€ 20,326,372
Net loss	(76,332,557)	(42,730,779)	(25,985,704)
Cash flows from (used in) operations	€ 67,200,000	€ 44,600,000	€ 21,500,000
Office equipment [member] \| Bottom of range [member]
Disclosure Of Significant Accounting Policies [Line Items]
Useful life , property, plant and equipment	3 years
Office equipment [member] \| Top Of Range [Member]
Disclosure Of Significant Accounting Policies [Line Items]
Useful life , property, plant and equipment	5 years

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2022-03-24
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2022-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2022-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2022-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2022-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2022-03-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2022-03-24
-Paragraph 39L
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2022-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2022-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_23&doctype=Standard
-URIDate 2022-03-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2022-03-24
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2022-03-24

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2023-01-01
-Name IFRS
-Number 17
-IssueDate 2022-03-24
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2022-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2022-03-24

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2022-03-24

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2022-03-24

+ Details

Research and development expenses - Breakdown of Research and Development Expenses (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	€ (57,375,574)	€ (35,789,166)	€ (19,508,101)
Personnel expenses [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	(13,334,350)	(7,988,096)	(2,951,323)
Clinical expenses [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	(27,653,658)	(16,944,557)	(8,748,748)
Nonclinical expenses [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	(4,853,822)	(3,891,479)	(3,322,590)
Manufacturing costs [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	(11,181,355)	(6,325,068)	(4,311,958)
License costs [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses		(500,000)
Intellectual Property costs [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	€ (352,389)	€ (139,966)	€ (173,482)

Research and development expenses - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 EUR (€)
Analyti Con [Member] \| Phase2 Development [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
License costs consist milestone payment	€ 500,000

General and administrative expenses - Breakdown of General and Administrative Expenses (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information General And Administrative Expenses [Abstract]
Personnel expenses	€ (13,484,996)	€ (7,033,913)	€ (1,490,674)
Consulting fees	(898,435)	(757,233)	(1,042,195)
Professional fees	(3,972,771)	(2,868,684)	(943,322)
Accounting, tax and auditing fees	(1,652,995)	(1,306,714)	(1,275,842)
Insurance, facilities and office expenses	(6,443,709)	(5,648,763)	(551,223)
Travel expenses	(1,105,961)	(143,582)	(26,773)
Other expenses	(1,780,167)	(590,571)	(168,462)
Total	€ (29,339,034)	€ (18,349,460)	€ (5,498,491)

General and administrative expenses - Additional Information (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information General And Administrative Expenses [Abstract]
Depreciation expenses related to property, plant and equipment and short-term leases	€ 38,920	€ 77,370	€ 7,401

Personnel expenses - Summary of Personnel Expenses (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Expenses By Nature [Abstract]
Wages and salaries	€ (13,408,411)	€ (6,080,098)	€ (2,597,270)
Pension charges	(803,460)	(251,667)	(72,153)
Other social security charges	(1,258,275)	(493,857)	(184,838)
Share-based payments	(11,349,200)	(8,196,387)	(1,587,736)
Total	€ (26,819,346)	€ (15,022,010)	€ (4,441,997)

Personnel expenses - Additional Information (Detail) - Staff	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Expenses By Nature [Abstract]
Number of employees	65	34	14

Finance income - Summary of Finance Income (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Financial Expenses [Abstract]
Foreign exchange differences	€ 11,100,392	€ 11,760,469	€ (963,685)
Interest expense	(16,105)	(267,510)	(92,470)
Other finance expenses	(23,149)	(14,995)	(6,208)
Total finance (expenses)/income	€ 11,061,138	€ 11,477,964	€ (1,062,363)

Income taxes - Summary of Income Tax Expense (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Major components of tax expense (income) [abstract]
Current income tax expense	€ (757,413)	€ (131,921)	€ (16,088)
Deferred tax benefit	78,326	61,804	99,339
Income tax (expense) / benefit	€ (679,087)	€ (70,117)	€ 83,251

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Income taxes - Summary of Reconciliation of Income Tax Benefit / (Expense) And The Accounting Loss (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Loss before income tax	€ (75,653,470)	€ (42,660,662)	€ (26,068,955)
Income tax at statutory income tax rate in The Netherlands (25.8%)	19,518,595	10,665,166	6,517,239
Effect of tax rates in other countries	(10,823,383)	(7,482,832)	(4,855,980)
Recognition of previously unrecognized deferred tax assets	554,853		1,629,392
Current period losses for which no deferred tax asset has been recognized	(9,184,919)	(2,910,890)	(3,132,076)
Nondeductible expenses	(383,153)	(353,543)	(74,579)
Other	(17,680)	11,982	(745)
Income tax benefit / (expense)	€ (679,087)	€ (70,117)	€ 83,251

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Income taxes - Summary of Reconciliation of Income Tax Benefit / (Expense) And The Accounting Loss (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Applicable tax rate	25.80%	25.80%	25.80%

Income taxes - Additional Information (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation Of Average Effective Tax Rate And Applicable Tax Rate [Line Items]
Current tax benefit directly recognized in equity	€ 257,734	€ 0	€ 0
Effective tax rate	(0.90%)	(0.20%)	0.30%
Tax effect of tax losses	€ 182,300,000	€ 95,700,000	€ 43,300,000
Unrecognized deferred tax assets	€ 8,700,000	€ 23,800,000	€ 900,000
Dutch tax law [member]
Reconciliation Of Average Effective Tax Rate And Applicable Tax Rate [Line Items]
Percentage of amount of offset will limited to taxable income	50.00%
Tax effect from change in taxable income	€ 1,000,000
Swiss tax Law [member]
Reconciliation Of Average Effective Tax Rate And Applicable Tax Rate [Line Items]
Tax loss carry forwards Year	7 years

Income taxes - Summary of Tax Loss Carry-forwards Incurred In Current And Prior Years (Detail) - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	€ 182.3	€ 95.7	€ 43.3
SWITZERLAND
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	167.4
NETHERLANDS
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	14.9
Tax Year 2027 [member] \| SWITZERLAND
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	31.3
Tax Year 2027 [member] \| NETHERLANDS
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	0.0
Tax Year 2028 [member] \| SWITZERLAND
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	57.5
Tax Year 2028 [member] \| NETHERLANDS
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	0.0
Tax Year 2029 [Member] \| SWITZERLAND
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	78.6
Unlimited [Member] \| SWITZERLAND
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	0.0
Unlimited [Member] \| NETHERLANDS
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	14.9
Tax losses [member]
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	182.3
Tax losses [member] \| Tax Year 2027 [member]
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	31.3
Tax losses [member] \| Tax Year 2028 [member]
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	57.5
Tax losses [member] \| Tax Year 2029 [Member]
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	78.6
Tax losses [member] \| Unlimited [Member]
Disclosure Of Operating Loss Carry Forwards [Line Items]
Tax effect of tax losses	€ 14.9

Income taxes - Summary of Movements in Deferred Tax Balances (Detaill)	12 Months Ended
	Dec. 31, 2022 EUR (€)
Deferred tax assets
Deferred tax assets, balance	€ 2,148,424
(Charged)/credited
- Profit or loss	(68,180)
- Currency translation differences	13,990
Deferred tax assets, balance	2,094,234
Deferred tax liability, balance	(1,976,372)
(Charged)/credited
- Profit or loss	146,505
- Currency translation differences	(4,564)
Deferred tax liability, balance	(1,834,431)
Net deferred tax assets at December 31, 2022	259,803
Research And Development Expenses [Member]
Deferred tax assets
Deferred tax assets, balance	1,909,916
(Charged)/credited
- Profit or loss	(117,534)
Deferred tax assets, balance	1,792,382
Fixed Assets [Member]
(Charged)/credited
Deferred tax liability, balance	(66,456)
(Charged)/credited
- Profit or loss	28,972
- Currency translation differences	(4,564)
Deferred tax liability, balance	(42,048)
Non Current Provisions and Liabilities [Member]
Deferred tax assets
Deferred tax assets, balance	238,508
(Charged)/credited
- Profit or loss	49,354
- Currency translation differences	13,990
Deferred tax assets, balance	301,852
Deferred tax liability, balance	(1,909,916)
(Charged)/credited
- Profit or loss	117,533
Deferred tax liability, balance	€ (1,792,383)

Property, plant and equipment - Summary of Property, Plant and Equipment (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Property Plant And Equipment [Line Items]
As of January 1	€ 108,098	€ 48,503
Additions	124,296	78,251
Depreciation expenses	(38,920)	(18,656)
As of December 31	193,474	108,098
Cumulative depreciation [member]
Disclosure Of Property Plant And Equipment [Line Items]
As of January 1	(26,606)	(7,950)
Depreciation expenses	(38,920)	(18,656)
As of December 31	(65,526)	(26,606)
Cumulative Costs [member]
Disclosure Of Property Plant And Equipment [Line Items]
As of January 1	134,704	56,453
Additions	124,296	78,251
As of December 31	€ 259,000	€ 134,704

Property, plant and equipment - Additional Information (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [abstract]
Acquired assets	€ 124,296	€ 78,251

Leases - Summary of information about right of use assets (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Leases [Abstract]
As of January 1,	€ 243,251
Additions	303,734	€ 301,965
Depreciation charges	(114,020)	(58,715)
As of December 31,	€ 432,965	€ 243,251

Leases - Summary of information about lease lease liabilities (Detail) - EUR (€)	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Lease Liabilities [Line Items]
Office leases	€ (436,822)	€ (250,184)
Current Portion	(187,404)	(99,432)
Non-current Portion	(249,418)	(150,752)
Office Lease
Disclosure Of Lease Liabilities [Line Items]
Office leases	€ (436,822)	€ (250,184)

Leases - Schedule of Maturities of Lease Liabilities (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of maturity analysis of operating lease payments [line items]
Total lease payments	€ 478,455
Less: imputed interest	41,633
Total lease liabilities	436,822	€ 250,184
Current lease liabilities	187,404	99,432
Non-current lease liabilities	249,418	€ 150,752
2023
Disclosure of maturity analysis of operating lease payments [line items]
Total lease payments	221,651
2024
Disclosure of maturity analysis of operating lease payments [line items]
Total lease payments	160,576
2025
Disclosure of maturity analysis of operating lease payments [line items]
Total lease payments	96,228
Thereafter
Disclosure of maturity analysis of operating lease payments [line items]
Thereafter	€ 0

Leases - Additional Information (Detail) - EUR (€)	12 Months Ended
Leases - Additional Information (Detail) - EUR (€)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Leases [Abstract]
Lease agreement term	3 years
Average incremental borrowing rate applied to the lease liabilities	7.77%	2.91%
Depreciation expense	€ 114,020	€ 58,715
Cash outflow for leases	119,527	57,649
Total expense related to short-term and low-value leases	€ 333,949	€ 275,052	€ 119,627

Receivables - Summary of Receivables (Detail) - EUR (€)	Dec. 31, 2022	Dec. 31, 2021
Disclosure of acquired receivables [abstract]
Trade receivables	€ 0	€ 8,451
VAT receivables	382,468	691,628
Total	€ 382,468	€ 700,079

Other current assets - Summary of Other Current Assets (Detail) - EUR (€)	Dec. 31, 2022	Dec. 31, 2021
Other Current Assets [Abstract]
Prepayments	€ 4,044,255	€ 1,507,753
Other assets	582,589	5,699
Total	€ 4,626,844	€ 1,513,452

Cash and cash equivalents -Summary of Cash and Cash Equivalents (Detail) - EUR (€)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and cash equivalents [abstract]
Cash and cash equivalents	€ 161,837,429	€ 209,353,132	€ 98,628,871	€ 20,326,372

Cash and cash equivalents - Additional information (Details)	Dec. 31, 2022 EUR (€)
Guarantee [member]
Disclosure of detailed information about financial instruments [line items]
Cash on hand	€ 65,567

Equity - Additional Information (Detail)	3 Months Ended	9 Months Ended		12 Months Ended
Equity - Additional Information (Detail)	Mar. 31, 2022 USD ($)	Sep. 30, 2022 EUR (€)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 EUR (€) € / shares shares	Dec. 31, 2021 EUR (€) shares	Dec. 31, 2020 EUR (€) shares	Dec. 31, 2022 USD ($) shares	Feb. 05, 2021 € / shares shares	Feb. 04, 2021 € / shares
Disclosure Of Classes Of Share Capital [Line Items]
Authorized share capital \| €				€ 14,100,000
Nominal value per share \| € / shares				€ 0.12
Number of shares issued and fully paid \| shares				33,816,459	33,151,881	23,569,276	33,816,459
Share capital				€ 4,057,976	€ 3,978,227		$ 4,057,976
Sale of ordinary share \| €				9,535,473	157,155,899	€ 102,514,879
Payments for share issue costs \| €				€ 839,970	€ 13,154,360	€ 1,314,078
Voting rights description				one vote per share.
S V B Leerink [Member]
Disclosure Of Classes Of Share Capital [Line Items]
Proceeds from issue of ordinary shares		€ 9,200,000	$ 9,698,504
Payments for share issue costs		€ 308,000	$ 299,954
Ordinary Shares [member]
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares authorized \| shares				58,750,000			58,750,000
Nominal value per share \| € / shares								€ 0.12	€ 0.01
Number of shares issued and fully paid \| shares				33,816,459	33,151,881		33,816,459	9,511,075
Ordinary Shares [member] \| S V B Leerink [Member]
Disclosure Of Classes Of Share Capital [Line Items]
At-the-market program providing for sales from time to time \| $	$ 75,000,000
Sale of ordinary share \| €				€ 588,100
Preferred Shares [Member]
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares authorized \| shares				58,750,000			58,750,000

Equity - Summary of Share Capital (Detail) - shares	Dec. 31, 2022	Dec. 31, 2021	Feb. 05, 2021	Dec. 31, 2020
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares issued and fully paid	33,816,459	33,151,881		23,569,276
Ordinary Shares [member]
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares issued and fully paid	33,816,459	33,151,881	9,511,075

Trade and other payables - Summary of Trade and Other Liabilities (Detail) - EUR (€)	Dec. 31, 2022	Dec. 31, 2021
Trade and other payables [abstract]
Trade payables	€ 5,979,168	€ 2,125,511
Tax and social security liabilities	705,912	365,061
Total Trade And Other Payables	€ 6,685,080	€ 2,490,572

Accrued liabilities - Summary of Accrued Liabilities (Detail) - EUR (€)	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Financial Liabilities [Line Items]
Accrued liabilities	€ 10,890,749	€ 4,270,082
Consulting Professional And Audit Liability [Member]
Disclosure Of Financial Liabilities [Line Items]
Accrued liabilities	642,662	786,116
Clinical Accrued Liabilities [Member]
Disclosure Of Financial Liabilities [Line Items]
Accrued liabilities	3,824,468	386,328
Manufacturing Accrued Liabilities [Member]
Disclosure Of Financial Liabilities [Line Items]
Accrued liabilities	2,285,584	1,231,514
Preclinical Accrued Liabilities [Member]
Disclosure Of Financial Liabilities [Line Items]
Accrued liabilities	885,030	398,468
Personnel Related Accruals [Member]
Disclosure Of Financial Liabilities [Line Items]
Accrued liabilities	2,971,068	1,459,162
Other Accrued Liabilities [Member]
Disclosure Of Financial Liabilities [Line Items]
Accrued liabilities	€ 281,937	€ 8,495

Financial risk management - Additional Information (Detail) $ in Millions		12 Months Ended
	Feb. 09, 2021 USD ($)	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 EUR (€)	Dec. 31, 2022 USD ($)
Statement Of Lineitems [Line Items]
Currency translation reserve		€ 43,290		€ 25,928
Net foreign exchange gain (loss)		11,100,392		11,760,469		€ (963,685)
Issue of share capital		9,535,473		157,155,899		€ 102,514,879
Currency risk [member]
Statement Of Lineitems [Line Items]
foreign exchange gain		€ 11,100,000		€ 11,500,000
Increase in exchange rate (in percentage)		10	10
Currency translation reserve \| $							$ 7.2
Net foreign exchange gain (loss) \| $					$ 17.4
Currency risk [member] \| USD [member]
Statement Of Lineitems [Line Items]
Trade payables to suppliers		€ 72,300,000
Currency risk [member] \| CHF [member]
Statement Of Lineitems [Line Items]
Trade payables to suppliers		100,000
Interest Rate Risk [Member]
Statement Of Lineitems [Line Items]
Cash		161,800,000
Borrowings		0
Credit risk [member]
Statement Of Lineitems [Line Items]
Financial assets		0
Liquidity risk [member]
Statement Of Lineitems [Line Items]
Cash		€ 161,800,000
Net proceeds from initial public offering \| $	$ 176.9
Issue of share capital \| $			$ 75.0
Sale or issue of shares \| shares		588,100	588,100
Proceeds from exercise of options \| $			$ 9.7

Financial risk management - Summary of Maturity Profile of Accrued Liabilities Based on Contractual Undiscounted Payments (Detail) - EUR (€)	Dec. 31, 2022	Dec. 31, 2021
Statement Of Lineitems [Line Items]
Trade and other payables	€ 6,685,080	€ 2,490,572
Accrued liabilities	10,890,749	4,270,082
Not later than one year [member]
Statement Of Lineitems [Line Items]
Trade and other payables	6,685,080	2,490,572
Accrued liabilities	10,890,749	4,270,082
Later than one year and not later than five years [member]
Statement Of Lineitems [Line Items]
Trade and other payables	0	0
Accrued liabilities	€ 0	€ 0

Share-based Payments - Additional Information (Detail)										12 Months Ended
Share-based Payments - Additional Information (Detail)	Jun. 01, 2022 shares € / shares	Apr. 01, 2022 shares $ / shares	Feb. 03, 2022	Jan. 01, 2022 shares € / shares	Jul. 01, 2021 shares $ / shares	Jun. 25, 2021 shares $ / shares	Jun. 25, 2021 shares € / shares	Feb. 04, 2021 shares $ / shares € / shares	Jan. 01, 2021 shares € / shares	Dec. 31, 2022 EUR (€) shares € / shares	Dec. 31, 2021 EUR (€) shares € / shares	Dec. 31, 2020 EUR (€) shares	Feb. 05, 2021 € / shares
Statement Of Lineitems [Line Items]
Nominal value per share \| € / shares										€ 0.12
Number Of Instruments Granted In Share based Payment Arrangement		552,500
Expense from share-based payment transactions \| €										€ 7,590,041	€ 7,008,923	€ 1,410,101
Number of share options outstanding in share-based payment arrangement										3,181,538	2,470,295	1,465,295
Number of share options exercisable in share-based payment arrangement										1,585,404	469,630
Exercise price of outstanding share options \| € / shares										€ 11.74	€ 38.75
Weighted average remaining contractual life of outstanding share options										7 years 6 months	8 years
Share options, Exercised										31,257	34,000
Bottom of range [member]
Statement Of Lineitems [Line Items]
Exercise price of outstanding share options \| € / shares										€ 0.01	€ 0.01
Top Of Range [Member]
Statement Of Lineitems [Line Items]
Exercise price of outstanding share options \| € / shares										€ 16.78	€ 16.67
Share Options Vesting [member]
Statement Of Lineitems [Line Items]
Percentage of aggregate number of stock options shall vest on one year at grant date	25.00%	25.00%	25.00%	25.00%	25.00%			25.00%
Percentage of aggregate number of stock options shall vest on One Month at grant date	0.48%	0.48%	0.48%	0.48%	0.48%			0.48%
Key management personnel of entity or parent [member]
Statement Of Lineitems [Line Items]
Number Of Instruments Granted In Share based Payment Arrangement	120,000	465,000		70,000	150,000	14,000	14,000	873,000	107,000
Number of shares granted date fair value						88,000	88,000
Weighted average share price \| (per share)	€ 17.98	$ 18.14		€ 14.39	$ 17.43	$ 20	€ 2.38	$ 20	€ 7.25
Members of the board [Member]
Statement Of Lineitems [Line Items]
Number Of Instruments Granted In Share based Payment Arrangement		87,500
Exercise price of EUR 7,25 per share [Member] \| Key management personnel of entity or parent [member]
Statement Of Lineitems [Line Items]
Description of maximum term of options granted for share-based payment arrangement									December 31, 2030
Exercise price of $20 per share [Member] \| Key management personnel of entity or parent [member]
Statement Of Lineitems [Line Items]
Description of maximum term of options granted for share-based payment arrangement						February 3, 2031	February 3, 2031	February 3, 2031
Exercise price of EUR2.38 per share[Member] \| Key management personnel of entity or parent [member]
Statement Of Lineitems [Line Items]
Description of maximum term of options granted for share-based payment arrangement						February 2, 2030	February 2, 2030
Exercise price of $17.43 per share [Member] \| Key management personnel of entity or parent [member]
Statement Of Lineitems [Line Items]
Description of maximum term of options granted for share-based payment arrangement					June 30, 2031
Exercise price of $14.39 per share [Member] \| Key management personnel of entity or parent [member]
Statement Of Lineitems [Line Items]
Description of maximum term of options granted for share-based payment arrangement				December 31, 2031
Exercise price of $18.14 per share [Member] \| Key management personnel of entity or parent [member]
Statement Of Lineitems [Line Items]
Description of maximum term of options granted for share-based payment arrangement		March 31, 2031
Exercise price of $17.98 per share [Member] \| Key management personnel of entity or parent [member]
Statement Of Lineitems [Line Items]
Description of maximum term of options granted for share-based payment arrangement	May 31, 2031
Ordinary Shares [member]
Statement Of Lineitems [Line Items]
Nominal value per share \| € / shares								$ 0.01					€ 0.12
Restricted Stock units [Member] \| Restricted Award Agreement
Statement Of Lineitems [Line Items]
Number Of Instruments Granted In Share based Payment Arrangement										681,588	175,991
Expense from share-based payment transactions \| €										€ 3,759,159	€ 1,187,463	€ 177,635
Weighted-average grant date fair value \| €										€ 11.84	€ 17.0

Share-based payments - Summary of the Number and Weighted Average Exercise Prices Movements in Stock Options (Detail)	12 Months Ended
	Dec. 31, 2022 shares € / shares	Dec. 31, 2021 shares € / shares
Disclosureofnumberandweightedaverageexercisepricesofshareoptions [Abstract]
Number stock options, Beginning balance \| shares	2,470,295	1,465,295
Number stock options, Granted \| shares	742,500	1,144,000
Number stock options, Exercised \| shares	(31,257)	(34,000)
Number stock options, Forfeited \| shares	0	(105,000)
Number stock options, Ending balance \| shares	3,181,538	2,470,295
Beginning balance, Weighted average \| € / shares	€ 9.18	€ 1.85
Granted , Weighted average \| € / shares	16.12	15.80
Exercised , Weighted average \| € / shares	2.38	2.38
Forfeited , Weighted average \| € / shares	0	16.67
Ending balance, Weighted average \| € / shares	€ 9.69	€ 9.18

Share-based payments - Summary of the Number and Weighted Average Purchase Prices Movements in RSU (Detail)	12 Months Ended
	Dec. 31, 2022 shares € / shares	Dec. 31, 2021 shares € / shares
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Abstract]
Number of RSUs, Beginning balance \| shares	259,714	153,595
Number of RSUs, Granted \| shares	681,588	175,991
Number of RSUs, Vested \| shares	(65,846)	(57,372)
Number of RSUs, Forfeited \| shares	(79,762)	(12,500)
Number of RSUs, Ending balance \| shares	795,694	259,714
Beginning balance , Weighted average \| € / shares	€ 0	€ 0
Granted , Weighted average \| € / shares	0	0
Vested , Weighted average \| € / shares	0	0
Forfeited , Weighted average \| € / shares	0	0
Ending balance , Weighted average \| € / shares	€ 0	€ 0

Share-based payments - Summary of Fair Value Per Ordinary Share Pre-IPO at the Grant Based Upon Equity Value (Detail)	Jan. 01, 2021 yr
Disclosure Of Indirect Measurement Of Fair Value Of Goods Or Services Received Share Options Granted During Period [Abstract]
Expected volatility	85.00%
Expected life	6.0
Risk-free interest rate	(0.60%)
Expected dividend yield	0.00%

Share-based payments - Summary of Fair Value Per Option at Each Grant/Measurements Date Using the Black-Scholes Formula (Detail)	Jul. 01, 2022 shares yr € / shares	Jun. 01, 2022 shares $ / shares	Apr. 01, 2022 shares $ / shares	Jan. 01, 2022 shares $ / shares	Jun. 25, 2021 shares yr € / shares	Feb. 04, 2021 shares yr € / shares	Jan. 01, 2021 shares yr € / shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets [Line Items]
Number of share options outstanding in share-based payment arrangement \| shares								3,181,538	2,470,295	1,465,295
Expected volatility							85.00%
Expected life \| yr							6.0
Risk-free interest rate							(0.60%)
Expected dividend yield							0.00%
Black-Scholes formula [member]
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets [Line Items]
Number of share options outstanding in share-based payment arrangement \| shares	150,000	120,000	552,500	70,000		873,000	107,000
Fair value of the options \| (per share)	€ 10.50	$ 11.89	$ 11.50	$ 9.08		€ 11.88	€ 5.06
Fair value of the ordinary shares \| (per share)	14.67	16.88	16.42	12.65		16.69	7.25
Weighted average share price \| (per share)	€ 14.67	$ 16.88	$ 16.42	$ 12.65		€ 16.69	€ 7.25
Expected volatility	85.00%	80.00%	80.00%	85.00%		85.00%	85.00%
Expected life	6.1	6.1	6.1	6.1		6.1	6.0
Risk-free interest rate	1.20%	3.00%	2.60%	1.40%		0.80%	(0.60%)
Expected dividend yield	0.00%					0.00%	0.00%
Black-Scholes formula [member] \| Option 1 [Member]
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets [Line Items]
Number of share options outstanding in share-based payment arrangement \| shares					14,000
Fair value of the options					€ 10.90
Fair value of the ordinary shares					15.46
Weighted average share price					€ 16.74
Expected volatility					85.00%
Expected life \| yr					6.1
Risk-free interest rate					1.20%
Expected dividend yield					0.00%
Black-Scholes formula [member] \| Option 2 [Member]
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets [Line Items]
Number of share options outstanding in share-based payment arrangement \| shares					88,000
Fair value of the options					€ 13.73
Fair value of the ordinary shares					15.46
Weighted average share price					€ 2.38
Expected volatility					85.00%
Expected life \| yr					4.6
Risk-free interest rate					(0.50%)
Expected dividend yield					0.00%

Basic and diluted loss per share - Summary of Earnings Per Share (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic And Diluted Earnings Per Share1 [Abstract]
Net Loss	€ (76,332,557)	€ (42,730,779)	€ (25,985,704)
Weighted average number of ordinary shares outstanding	33,585,976	30,411,902	4,850,000
Basic and diluted loss per share	€ (2.27)	€ (1.40)	€ (5.36)

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

+ Details

Related parties - Additional information (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Information About Key Management Personnel [Line Items]
Short-term employee benefits capitalized	€ 0	€ 0	€ 120,000
Charit Research Organisation GMBH[Member]
Disclosure Of Information About Key Management Personnel [Line Items]
Payments for services supporting research	372,858	608	1,025,795
Key management personnel of entity or parent [member]
Disclosure Of Information About Key Management Personnel [Line Items]
Amount of outstanding payable	1,162,963	1,586,157	398,489
Related party expenses recognized in loss and comprehensive loss paid to external management entities	€ 1,156,715	€ 1,101,280	€ 724,897

Related parties - Summary of Compensation to Key Management Personnel (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [abstract]
Short term employee benefits	€ 3,461,860	€ 2,517,211	€ 1,834,423
Post employee benefits	148,678	80,482	34,934
Share-based payments	6,524,726	6,269,218	860,117
Total	€ 10,135,264	€ 8,866,911	€ 2,729,474

Commitments and contingencies - Summary of Future Aggregate Minimum Payments Under Research and Development Commitments (Detail) - EUR (€)	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Detailed Information About Future Aggregate Minimum Payments Under Research And Development Commitmentsl [Line Items]
Future aggregate minimum payments under research and development commitments	€ 27,972,000	€ 19,504,000
Not later than one year [member]
Disclosure Of Detailed Information About Future Aggregate Minimum Payments Under Research And Development Commitmentsl [Line Items]
Future aggregate minimum payments under research and development commitments	21,819,000	16,153,000
Later than one year and not later than five years [member]
Disclosure Of Detailed Information About Future Aggregate Minimum Payments Under Research And Development Commitmentsl [Line Items]
Future aggregate minimum payments under research and development commitments	€ 6,153,000	€ 3,351,000

Commitments and contingencies - Additional Information (Details) € in Millions	Dec. 31, 2022 EUR (€)
Disclosure of other provisions [abstract]
Potential milestone payments outstanding	€ 10.5
Sales of generic version, Percentage	1.00%

Contingent liabilities and contingent assets - Additional Information (Detail) - EUR (€)	Dec. 31, 2022	Dec. 31, 2021
Disclosure of other provisions [abstract]
Contingent liabilities	€ 0	€ 0
Contingent assets	€ 0	€ 0