0001193125-21-140476 | 20-F | XBRL Viewer

Basic and diluted loss per share

18. 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.

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.

Potentially dilutive shares that were not included in the diluted per share calculations because they would be anti-dilutive were:


	December 31, 2020		December 31, 2019		December 31, 2018
	€		€		€
Series A preferred shares		5,242,850		5,242,850		5,242,850
Series B preferred shares		7,650,147		3,003,391		—
Series C preferred shares		5,826,279		—		—

Basic and diluted loss per share


	December 31, 2020			December 31, 2019			December 31, 2018
	€			€			€
Loss attributable to equity holders of the Company		(25,985,704	)		(8,027,162	)		(4,313,914	)
Weighted average number of ordinary shares outstanding		4,850,000			4,850,000			4,850,000
Basic and diluted loss per share		(5.36	)		(1.66	)		(0.89	)

Corporate and Group information - Summary of Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Pharvaris Holdings BV [member]
Disclosure of 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 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 subsidiaries [line items]
Name	Pharvaris, Inc.
Legal seat	Delaware
Country of incorporation	United States of America
% of equity interest	100.00%
Pharvaris GmbH [member]
Disclosure of subsidiaries [line items]
Name	Pharvaris GmbH
Legal seat	Zug
Country of incorporation	Switzerland
% of equity interest	100.00%

Contingent liabilities and contingent assets - Additional Information (Detail) - EUR (€)	Dec. 31, 2020	Dec. 31, 2019
Disclosure of other provisions [abstract]
Contingent liabilities	€ 0	€ 0
Contingent assets	€ 0	€ 0

Share-based payments (Tables)

12 Months Ended

Dec. 31, 2020

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:


	2020		Weighted average exercise price		2019		Weighted average exercise price
			€				€
Outstanding January 1,		392,850		0.01		392,850		0.01
Granted		1,072,445		2.53		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—
Outstanding December 31,		1,465,295		1.85		392,850		0.01

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:


	2020		Weighted average purchase price		2019		Weighted average purchase price
			€				€
Outstanding January 1,		25,295		0.01		25,295		0.01
Granted		128,300		0.00		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—

Outstanding December 31,		153,595		0.00		25,295		0.01

Summary of Fair Value Per Ordinary Share at Each Grant Based Upon Equity Value

The inputs used in the measurement of the fair value per ordinary share at each grant/ measurement date based upon the total equity value were as follows:


	December 31, 2020			December 17, 2020			July 13, 2020			February 3, 2020			January 1, 2020
Expected volatility (%)		90	%		90	%		90	%		80	%		80	%
Expected life (years)		1.6			1.6			1.6			3.0			3.0
Risk-free interest rate (%)		-0.8	%		-0.8	%		-0.8	%		-0.6	%		-0.6	%
Expected dividend yield		—			—			—			—			—

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

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:


	December 31, 2020			December 17, 2020			July 13, 2020			February 3, 2020			January 1, 2020
Number of options		88,000			32,445			44,000			308,000			600,000
Fair value of the options	€	6.08		€	5.07		€	4.74		€	1.66		€	1.67
Fair value of the ordinary shares	€	7.25		€	7.25		€	5.82		€	2.38		€	2.38
Exercise price	€	2.38		€	7.25		€	2.38		€	2.38		€	2.38
Expected volatility (%)		85	%		85	%		85	%		85	%		85	%
Expected life (years)		6.1			6.1			6.0			6.1			6.1
Risk-free interest rate (%)		-0.6	%		-0.7	%		-0.6	%		-0.6	%		-0.4	%
Expected dividend yield		—			—			—			—			—

Financial risk management

12 Months Ended

Dec. 31, 2020

Financial risk management

16. Financial risk management

The Group’s principal financial instruments consist of 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 Group operates internationally and is exposed to currency risk arising from various currency exposure, primarily with respect to the British pound and the US Dollar as the Group has agreements with Contract Research Organizations (‘CRO’s) which are based in Great Britain, and consulting agreements with parties that are based in the United States of America and Switzerland. From these transactions, currency risk arises. No formal policy has been

set-up

to manage the currency risk against the functional currency of the Group. As of December 31, 2020, the amount of trade payables in foreign currency was limited. Foreign currency trade payables are short term in nature (generally 30 days). The Group keeps an amount of €27.8 million in USD on its bank accounts for the purpose of paying its suppliers that invoices to the Group in USD, resulting in the increase of Group’s exposure to currency risk.

Price risk

The market prices for the provision of preclinical 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 €98.6 million of cash on the balance sheet at December 31, 2020. 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, 2020 and 2019 are the carrying amounts as illustrated in Note 11.

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.

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, 2020, the Company has cash of €98.6 million.

On February 9, 2021, the Company completed its initial public offering (IPO) with total net proceeds of USD 176.9 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 finance its activities for at least twenty-four months following the 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 the execution of parts of its business plan.

The Group manages liquidity risks by holding appropriate reserves, taking timely action for future funding, as well as by monitoring forecasted 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, 2020	€		€		€
Trade and other payables		846,952		—		846,952
Accrued liabilities		4,466,837		—		4,466,837


	Less than 12 months		1 to 5 years		Total
December 31, 2019	€		€		€
Trade and other payables		517,771		—		517,771
Accrued liabilities		1,406,359		—		1,406,359

Personnel expenses - Additional Information (Detail) - staff	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Expenses By Nature [Abstract]
Number of employees	9	3	0

Other current assets (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Other Current Assets


	2020		2019
	€		€
Prepayments		540,701		47,536
Other assets		1,212,626		—

		1,753,327		47,536

Equity

12 Months Ended

Dec. 31, 2020

Equity

12. Equity

The capital of the Company is divided into Ordinary shares, preferred shares A, B and C respectively. The nominal value of each share is one eurocent (€0.01). Preferred shares A, B and C are convertible into Ordinary shares. All issued shares are fully paid.

Issued shares


	2020		2019
Preferred shares A		5,242,850		5,242,850
Preferred shares B		7,650,147		3,003,391
Preferred shares C		5,826,279		—
Ordinary shares		4,850,000		4,850,000
		23,569,276		13,096,241

The Company issued 4,646,756 preferred shares B and 5,826,279 preferred shares C in July 2020 and November 2020, with total proceeds of €35,032,758 and €67,482,121 respectively.

Holders of preferred shares A, B and C shall be entitled to a

non-cumulative,

non-compounded

dividend of 8% per annum of aggregate subscription price paid on such preferred shares A, B and respectively, subject to appropriate adjustment in the event of any dividend, share split, combination or similar recapitalization with respect to such preferred shares. Dividend distribution is at discretion of the Board of the Group. No dividend was distributed in 2020 or in 2019.

Preferred shares A, B and C shares have an anti-dilution protection. In the event of an issue of shares to any person, at a price per such share which is lower than the applicable subscription price paid for the preferred shares A, preferred shares B or preferred shares C respectively then the Company shall issue, in accordance with applicable requirements to each of holder of preferred shares, such number of new shares, based upon a broad-based weighted average anti-dilution adjustment, which reduces the subscription price of the relevant preferred shares, to a weighted average price.

The anti-dilution protection is under the full control of the Company and does not affect the equity classification of the preferred shares A, preferred shares B and preferred shares C.

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 entirely consist of share-based payments reserve, which is used to recognize: the grant date fair value of options issued but not vested and the grant date fair value of RSUs issued to employees and consultants.

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Property, Plant and Equipment


	Notes		2020			2019
Net book value			€			€
As of January 1,				12,927			—
Additions				42,977			13,476
Depreciation expenses		4		(7,401	)		(549	)

As of December 31,				48,503			12,927


	2020			2019
Cumulative depreciation	€			€
As of January 1,		(549	)		—
Depreciation		(7,401	)		(549	)

As of December 31,		(7,950	)		(549	)


	2020		2019
Cumulative Costs	€		€
As of January 1,		13,476		—
Addition		42,977		13,476

As of December 31,		56,453		13,476

Receivables

12 Months Ended

Dec. 31, 2020

Receivables

9. Receivables


	2020		2019
	€		€
VAT receivables		569,578		210,843

		569,578		210,843

Equity - Summary of Share Capital (Detail) - shares	Dec. 31, 2020	Nov. 30, 2020	Jul. 31, 2020	Dec. 31, 2019
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid	23,569,276			13,096,241
Preferred Shares A [Member]
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid	5,242,850			5,242,850
Preferred Shares B [Member]
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid	7,650,147		4,646,756	3,003,391
Preferred Shares C [Member]
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid	5,826,279	5,826,279		0
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid	4,850,000			4,850,000

Corporate and Group information (Tables)

12 Months Ended

Dec. 31, 2020

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

Summary of Subsidiaries

The consolidated financial statements of the Group include:


Name	Legal seat	Country of incorporation	% of equity interest
Name	Legal seat	Country of incorporation	2020			2019
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	%		n/a
Pharvaris GmbH	Zug	Switzerland		100	%		n/a

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2020

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:


	2020		2019
	€		€
Within one year		8,898,000		4,005,200
Later than one year but not later than five years		2,453,000		1,008,500

		11,351,000		5,013,700

Finance expenses

12 Months Ended

Dec. 31, 2020

Finance expenses

6. Finance expenses


	2020			2019			2018
	€			€			€
Foreign exchange differences		(963,685	)		(10,707	)		(380	)
Interest expenses over bank balances		(92,470	)		(4,377	)		—
Other finance expenses		(6,208	)		(1,797	)		—

		(1,062,363	)		(16,881	)		(380	)

General and administrative expenses (Tables)

12 Months Ended

Dec. 31, 2020

Summary of General And Administrative Expenses


	2020			2019			2018
	€			€			€
Personnel expenses (Note 5)		(1,490,674	)		(49,601	)		(799	)
Consulting fees		(1,042,195	)		(990,730	)		(333,160	)
Professional fees		(943,322	)		(495,326	)		(62,958	)
Accounting, tax and auditing fees		(1,275,842	)		(300,841	)		(111,852	)
Travel expenses		(26,773	)		(236,904	)		(47,536	)
Facilities, communication & office expenses		(551,223	)		(167,062	)		(84,970	)
Other expenses		(168,462	)		(85,255	)		(26,846	)

		(5,498,491	)		(2,325,719	)		(668,121	)

Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Income Tax Expense


	2020			2019		2018
	€			€		€
Current income tax charge		(16,088	)		—		—
Deferred tax benefit		99,339			—		—
Income tax benefit		83,251			—		—

Summary of Reconciliation of Income Tax Benefit And The Accounting Loss

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


	2020			2019			2018
	€			€			€
Loss before income tax		(26,068,955	)		(8,027,162	)		(4,313,914	)
Income tax benefit at statutory income tax rate o f 25%		(6,517,239	)		(2,006,791	)		(1,078,479	)
Recognition of previously unrecognized deferred tax assets		(1,629,392	)		—			—
Temporary differences for which no deferred tax assets/liabilities have been recognized		—			1,421,141			789,502
Non-deductible expenses for tax purposes (share based payments)		74,579			4,050			200
Transactions costs		(552,593	)		(209,045	)		—
Current year losses for which no deferred tax asset has been recognised		3,684,669			789,520			287,652
Differences in overseas tax rates		4,855,980			—			—
Other		745			1,125			1,125

Income tax benefit		(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
2025		—		3.9		3.9
2026		—		4.4		4.4
2027		33.8		1.2		35.0

Total carry-forward losses		33.8		9.5		43.3

Summary of Movements in Deferred Tax Balances


	R&D expenses		Other receivables			Accrued expenses		Total
Deferred tax assets	€		€			€
At January 1, 2020		—		—			—		—
(Charged)/credited
- Profit or loss		1,964,583		—			99,339		2,063,922

At December 31, 2020		1,964,583		—			99,339		2,063,922


Deferred tax liability
At January 1, 2020		—		—			—		—
(Charged)/credited
- Profit or loss		—		(1,964,583	)		—		(1,964,583	)

At December 31, 2020		—		(1,964,583	)		—		(1,964,583	)

Net deferred tax assets at December 31, 2020									99,339

Events after the reporting period

12 Months Ended

Dec. 31, 2020

Events after the reporting period

22. Events after the reporting period

On January 1, 2021, Mr. M.E. Rome resigned as member of the Board of directors. On the same date the shareholders’ approved the appointment of Mr. D. Meeker and Mr. R. Glassman as members of the Board of directors.

On January 1, 2021, a grant of 107,000 stock options were approved by the Board of directors, with an exercise price of €7.25 per stock option.

On February 5, 2021, the Company’s ordinary shares began trading on the Nasdaq Stock Exchange. On the same date the Company converted from a Dutch limited liability company (B.V.) to a Dutch public limited liability company (N.V.).

On February 5, 2021, a grant of 873,000 stock options was approved by the Board of directors, with an exercise price equal to the issue price of the shares.

On February 9, 2021, the Company completed its IPO. The total gross raised from the IPO were USD 190.2 million and the total net proceeds raised from the IPO, after deducting underwriting discount

s, w

ere USD 176.9 million.

On April 29, 2021, the Company announced that Dr. Gaster will transition off of the Board of directors to focus on new investments, effective May 1, 2021.

Other current assets - Summary of Other Current Assets (Detail) - EUR (€)	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Prepayments	€ 540,701	€ 47,536
Other assets	1,212,626	0
Total	€ 1,753,327	€ 47,536

Personnel expenses

12 Months Ended

Dec. 31, 2020

Personnel expenses

5. Personnel expenses


	2020			2019			2018
	€			€			€
Wages and salaries		(2,597,270	)		(50,573	)		—
Pension charges		(72,153	)		(1,750	)		—
Other social security charges		(184,838	)		(12,675	)		—
Share-based payments		(1,587,736	)		(116,147	)		(100,745	)

		(4,441,997	)		(181,145	)		(100,745	)

The average number of staff (in FTEs) employed by the Group in 2020 was 9 (2019 & 2018: 3 and 0 respectively).

Share-based payments - Summary of the Number and Weighted Average Purchase Prices Movements in RSU (Detail)	12 Months Ended
	Dec. 31, 2020 shares € / shares	Dec. 31, 2019 shares € / shares
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Abstract]
Beginning balance \| shares	25,295	25,295
Granted	128,300	0
Exercised	0	0
Forfeited	0	0
Ending balance \| shares	153,595	25,295
Beginning balance , Weighted average	€ 0.01	€ 0.01
Granted , Weighted average	0.00	0
Exercised , Weighted average	0	0
Forfeited , Weighted average	0	0
Ending balance , Weighted average	€ 0.00	€ 0.01

Share-based payments

12 Months Ended

Dec. 31, 2020

Share-based payments

17. Share-based payments

In 2016, the Group implemented an Equity Incentive Plan (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.

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

Stock Option Agreements

On March 31, 2016, the Company granted consultants an option to purchase 392,850 stock options with an exercise price of €0.01 per share with a final exercise date of March 30, 2026 unless forfeited or exercised on an earlier date. The stock options are equity-settled and may only be exercised in the event of a merger, sale or

wind-up

of the Company (the “Exercise Event”) and certain milestones have been achieved. Further, the participant must have a specific function with the Group at the time of the Exercise Event.

On January 1, 2020 the Company has granted a total of 600,000 stock options to members of key management with an exercise price of €2.38 per share with a final exercise date of December 31, 2029 unless forfeited or exercised on an earlier date. And on February 3, 2020 a total of 308,000 stock options was 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. 25% of the aggregate number of stock options shall vest on the

one-year

anniversary of the grant date, and thereafter

1/48

th of the aggregate number of stock options shall vest on each month until either the stock option is fully vested or the stock option holders’ continuous service terminates.

On February 3, 2020 a total of 132,000 stock options was 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 of 2020, 2021, 2022 is a performance period. The Board of directors needs to determine the performance goals for the related performance period before September 30 of the respective year. On July 13, 2020 the performance goals for 2020 were determined and the fair value of the related stock options was reassessed for the stock options subject to the performance goals for 2020. The fair value of the stock options related to the performance periods 2021 and 2022 was reassessed on December 31, 2020.

One-third

of the aggregate number of stock options shall vest on the last day of each performance period if (i) the performance condition for the applicable performance period is achieved, as determined by the Board, and (ii) option holder remains in continuous service through the last day of such performance period.

On December 17, 2020 a total of 32,445

stock options were granted to employees with an exercise price of €7.25 per share with a final exercise date of September 30, 2030 unless forfeited or exercised on an earlier date. The stock options shall vest over four-year period with 25% of the stock options vesting on the

one-year

anniversary of the vesting commencement date and thereafter

1/48

th of the aggregate number of stock options shall vest on each month until either the stock option is fully vested or the option holders’ continuous service terminates. The vesting of the stock option commences on October 1, 2020.

The share-based payment expenses are recognized over the service period in the consolidated statements of profit or loss and other comprehensive income. For the years ended December 31, 2020, 2019 and 2018 an amount of €1,410,101, €99,946 and €99,946, respectively, has been recognized.

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


	2020		Weighted average exercise price		2019		Weighted average exercise price
			€				€
Outstanding January 1,		392,850		0.01		392,850		0.01
Granted		1,072,445		2.53		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—
Outstanding December 31,		1,465,295		1.85		392,850		0.01

Out of the total outstanding stock options of 1,465,295 at December 31, 2020 (2019: 392,850), 194,000 stock options were vested and are exercisable (2019: none). The options outstanding at December 31, 2020 had an exercise price in the range of €0.01 to €7.25 and a weighted-average remaining contractual life of 8.0 years (2019: 6.3 years).

Restricted Award Agreement

On December 13, 2018, the Company granted 25,295 restricted stock units (“RSUs”) to key management, with a purchase price of €0.01 per RSU. The RSUs shall vest upon the occurrence of an IPO or the completion of a business arrangement involving an acquisition or the option to acquire all or majority of the Company, and which arrangement is entered into as a consequence of the services rendered by the participant to the Company during the term of service or within 9 months after termination of this agreement.

On December 17, 2020 a total of 128,300

RSUs were granted to employees with a final vesting date of December 17, 2025 unless forfeited on an earlier date. The vesting of the RSUs starts at October 1, 2020. 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. In addition to the service condition, a performance condition needs to be satisfied. The performance condition shall be satisfied on the earlier to occur of the consummation of a change in control, or an IPO date, in each case, occurring prior to the five-year anniversary of the date of grant.

The fair value of €9.67 is determined based on the share value per ordinary share at the grant date, prior to applying a discount for lack of marketability.

The expenses are recognized over the service period in the consolidated statements of profit or loss and other comprehensive income. The share-based payment expense recorded for the years ended December 31, 2020, 2019 and 2018 amounted to €177,635, €16,201 and €799, respectively.

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


	2020		Weighted average purchase price		2019		Weighted average purchase price
			€				€
Outstanding January 1,		25,295		0.01		25,295		0.01
Granted		128,300		0.00		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—

Outstanding December 31,		153,595		0.00		25,295		0.01

Fair Value Measurement of the Company’s shares

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

As Pharvaris was a private company and the equity instruments are not marketable, an Option Pricing Model (‘OPM’), with estimated probabilities of two different exit scenarios (IPO and Trade Sale), was applied to back-solve the Company’s total equity value such that the value per preferred B and C share is equal to the investment price per share paid in the investment round, which has been used for the fair value per ordinary share at January 1, 2020, February 3, 2020, July 13, 2020, December 17, 2020 and December 31, 2020. This estimated total equity value has been used as input to the OPM when determining the fair value of the Company’s ordinary shares at the measurement dates. The OPM uses the Black-Scholes Option-Pricing Model to determine the fair value of the Company’s different share classes based upon the Company’s total equity value.

The inputs used in the measurement of the fair value per ordinary share at each grant/ measurement date based upon the total equity value were as follows:


	December 31, 2020			December 17, 2020			July 13, 2020			February 3, 2020			January 1, 2020
Expected volatility (%)		90	%		90	%		90	%		80	%		80	%
Expected life (years)		1.6			1.6			1.6			3.0			3.0
Risk-free interest rate (%)		-0.8	%		-0.8	%		-0.8	%		-0.6	%		-0.6	%
Expected dividend yield		—			—			—			—			—


	December 31, 2020			December 17, 2020			July 13, 2020			February 3, 2020			January 1, 2020
Number of options		88,000			32,445			44,000			308,000			600,000
Fair value of the options	€	6.08		€	5.07		€	4.74		€	1.66		€	1.67
Fair value of the ordinary shares	€	7.25		€	7.25		€	5.82		€	2.38		€	2.38
Exercise price	€	2.38		€	7.25		€	2.38		€	2.38		€	2.38
Expected volatility (%)		85	%		85	%		85	%		85	%		85	%
Expected life (years)		6.1			6.1			6.0			6.1			6.1
Risk-free interest rate (%)		-0.6	%		-0.7	%		-0.6	%		-0.6	%		-0.4	%
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, with tenure equal to the expected life. The expected dividend yield is zero considering the stage of the Group.

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

Cash and cash equivalents -Summary of Cash and Cash Equivalents (Detail) - EUR (€)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Text Block [Abstract]
Cash And Cash Equivalents	€ 98,628,871	€ 20,326,372	€ 5,385,333	€ 4,795,135

Income taxes - Summary of Reconciliation of Income Tax Benefit And The Accounting Loss (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Loss before income tax	€ (26,068,955)	€ (8,027,162)	€ (4,313,914)
Income tax benefit at statutory income tax rate of 25%	(6,517,239)	(2,006,791)	(1,078,479)
Recognition of previously unrecognized deferred tax assets	(1,629,392)	0	0
Temporary differences for which no deferred tax assets/liabilities have been recognized	0	1,421,141	789,502
Non-deductible expenses for tax purposes (share based payments)	74,579	4,050	200
Transactions costs	(552,593)	(209,045)	0
Current year losses for which no deferred tax asset has been recognized	3,684,669	789,520	287,652
Differences in overseas tax rates	4,855,980	0	0
Other	745	1,125	1,125
Income tax benefit	€ (83,251)	€ 0	€ 0

Financial risk management - Summary of Maturity Profile of Accrued Liabilities Based on Contractual Undiscounted Payments (Detail) - EUR (€)	Jan. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
statement of Lineitems [Line Items]
Trade and other payables	€ 846,952		€ 517,771
Accrued liabilities	€ 4,466,837		1,406,359
Not later than one year [member]
statement of Lineitems [Line Items]
Trade and other payables		€ 846,952	517,771
Accrued liabilities		4,466,837	1,406,359
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

Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Cash and Cash Equivalents


	2020		2019
	€		€
Cash and cash equivalents		98,628,871		20,326,372
		98,628,871		20,326,372

Consolidated Statements of Profit or Loss and Other Comprehensive Income - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Profit or loss [abstract]
Research and development expenses	€ (19,508,101)	€ (5,684,562)	€ (3,645,413)
General and administrative expenses	(5,498,491)	(2,325,719)	(668,121)
Total operating expenses	(25,006,592)	(8,010,281)	(4,313,534)
Finance expenses	(1,062,363)	(16,881)	(380)
Loss before income tax	(26,068,955)	(8,027,162)	(4,313,914)
Income taxes benefit	83,251	0	0
Loss for the year	(25,985,704)	(8,027,162)	(4,313,914)
Other comprehensive income/(loss)
Exchange loss arising on translation of foreign operations	(4,365)
Total comprehensive loss attributable to:
Equity holders of the Company	€ (25,990,069)	€ (8,027,162)	€ (4,313,914)
Basic and diluted loss per share	€ (5.36)	€ (1.66)	€ (0.89)

Equity (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Share Capital

Issued shares


	2020		2019
Preferred shares A		5,242,850		5,242,850
Preferred shares B		7,650,147		3,003,391
Preferred shares C		5,826,279		—
Ordinary shares		4,850,000		4,850,000
		23,569,276		13,096,241

Finance expenses (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Financial Expenses


	2020			2019			2018
	€			€			€
Foreign exchange differences		(963,685	)		(10,707	)		(380	)
Interest expenses over bank balances		(92,470	)		(4,377	)		—
Other finance expenses		(6,208	)		(1,797	)		—

		(1,062,363	)		(16,881	)		(380	)

General and administrative expenses - Additional Information (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Detailed Information General And Administrative Expenses [Abstract]
Cash outflow for leases	€ 119,627	€ 78,897	€ 0
Depreciation expense	€ 7,401	€ 549	€ 0

Finance expenses - Summary of Financial Expenses (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Financial Expenses [Abstract]
Foreign exchange differences	€ (963,685)	€ (10,707)	€ (380)
Interest expenses over bank balances	(92,470)	(4,377)	0
Other finance expenses	(6,208)	(1,797)	0
Total finance expenses	€ (1,062,363)	€ (16,881)	€ (380)

Accrued liabilities

12 Months Ended

Dec. 31, 2020

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

Accrued liabilities

15. Accrued liabilities


	2020		2019
	€		€
Consulting, professional and audit liability		1,505,304		436,768
Clinical accrued liabilities		635,820		357,719
Manufacturing accrued liabilities		970,587		283,115
Pre-clinical accrued liabilities		421,429		275,460
Personnel related accruals		875,238		—
Other accrued liabilities		58,459		53,297

		4,466,837		1,406,359

Consolidated Statements of Cash Flows - EUR (€)	12 Months Ended
Consolidated Statements of Cash Flows - EUR (€)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Loss before tax	€ (26,068,955)	€ (8,027,162)	€ (4,313,914)
Non-cash adjustments to reconcile loss before tax to net cash flows/used in operations :
Share-based payment expense	1,587,736	116,147	100,745
Depreciation expense	7,401	549	0
Net foreign exchange (gain) / loss	1,350,592	(3,693)	2,969
Finance costs	98,678	0	0
Changes in working capital:
Increase in receivables	(358,735)	(184,420)	(47,988)
Increase in other current assets	(493,165)	(24,915)	0
Increase in trade and other payables	329,181	274,481	182,606
Increase in accrued liabilities	2,094,322	1,172,002	156,929
Paid interest	(46,648)	0	0
Net cash flows used in operating activities	(21,499,593)	(6,677,011)	(3,918,653)
Investing activities
Purchase of property, plant and equipment	(42,977)	(13,476)	0
Net cash flows used in investing activities	(42,977)	(13,476)	0
Financing activities
Proceeds from issue of shares	102,514,879	22,467,707	4,508,851
Transaction costs	(1,314,078)	(836,181)	0
Net cash flows provided by financing activities	101,200,801	21,631,526	4,508,851
Net increase in cash and cash equivalents	79,658,231	14,941,039	590,198
Cash and cash equivalents at the beginning of the year	20,326,372	5,385,333	4,795,135
Effect of exchange rate changes	(1,355,732)	0	0
Cash and cash equivalents at the end of the year	€ 98,628,871	€ 20,326,372	€ 5,385,333

Financial risk management (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020	€		€		€
Trade and other payables		846,952		—		846,952
Accrued liabilities		4,466,837		—		4,466,837


	Less than 12 months		1 to 5 years		Total
December 31, 2019	€		€		€
Trade and other payables		517,771		—		517,771
Accrued liabilities		1,406,359		—		1,406,359

Consolidated Statements of Financial Position - EUR (€)	Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Property, plant and equipment	€ 48,503	€ 12,927
Current assets
Deferred tax assets	99,339	0
Receivables	569,578	210,843
Other current assets	1,753,327	47,536
Cash and cash equivalents	98,628,871	20,326,372
Total assets	101,099,618	20,597,678
Equity
Share capital	235,693	130,962
Share premium	138,034,580	36,624,697
Other reserves	1,979,875	392,139
Currency translation reserve	(4,365)
Accumulated loss	(44,459,954)	(18,474,250)
Total equity	95,785,829	18,673,548
Current liabilities
Trade and other payables	846,952	517,771
Accrued liabilities	4,466,837	1,406,359
Total liabilities	5,313,789	1,924,130
Total equity and liabilities	€ 101,099,618	€ 20,597,678

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2020 shares
Cover [Abstract]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
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	4,850,000
Document Accounting Standard	International Financial Reporting Standards
Entity Incorporation, State or Country Code	P7
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
Entity Address, Country	NL

Research and development expenses - Summary of Research And Development Expenses (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	€ (19,508,101)	€ (5,684,562)	€ (3,645,413)
Personnel expenses [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	(2,951,323)	(131,544)	(99,946)
Clinical expenses [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	(8,748,748)	(2,009,892)	(205,873)
Preclinical expenses [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	(3,322,590)	(1,850,444)	(2,449,046)
Manufacturing costs [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	(4,311,958)	(1,379,590)	(870,933)
License costs [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses		(300,000)
Intellectual Property costs [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development expenses	€ (173,482)	€ (13,092)	€ (19,615)

Property, plant and equipment

12 Months Ended

Dec. 31, 2020

Property, plant and equipment

8. Property, plant and equipment


	Notes		2020			2019
Net book value			€			€
As of January 1,				12,927			—
Additions				42,977			13,476
Depreciation expenses		4		(7,401	)		(549	)

As of December 31,				48,503			12,927


	2020			2019
Cumulative depreciation	€			€
As of January 1,		(549	)		—
Depreciation		(7,401	)		(549	)

As of December 31,		(7,950	)		(549	)


	2020		2019
Cumulative Costs	€		€
As of January 1,		13,476		—
Addition		42,977		13,476

As of December 31,		56,453		13,476

Related parties - Summary of Compensation to Key Management Personnel (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of transactions between related parties [abstract]
Short term employee benefits	€ 1,834,423	€ 0
Post employee benefits	34,934	0
Share-based payments	860,117	0
Total	€ 2,729,474	€ 0

Research and development expenses (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Research And Development Expenses


	2020			2019			2018
	€			€			€
Personnel expenses (Note 5)		(2,951,323	)		(131,544	)		(99,946	)
Clinical expenses		(8,748,748	)		(2,009,892	)		(205,873	)
Pre-clinical expenses		(3,322,590	)		(1,850,444	)		(2,449,046	)
Manufacturing costs		(4,311,958	)		(1,379,590	)		(870,933	)
License costs		—			(300,000	)		—
Intellectual Property costs		(173,482	)		(13,092	)		(19,615	)

		(19,508,101	)		(5,684,562	)		(3,645,413	)

Equity - Additional Information (Detail)			12 Months Ended
Equity - Additional Information (Detail)	Nov. 30, 2020 EUR (€) shares	Jul. 31, 2020 EUR (€) shares	Dec. 31, 2020 EUR (€) € / shares shares	Dec. 31, 2019 EUR (€) shares	Dec. 31, 2018 EUR (€)
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid \| shares			23,569,276	13,096,241
Dividends as percentage			8
Dividend distributed \| € / shares			€ 0
Nominal value per share \| € / shares			€ 0.01
proceeds from shares issued \| €			€ 102,514,879	€ 22,467,707	€ 4,508,851
Preferred Shares B [Member]
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid \| shares		4,646,756	7,650,147	3,003,391
proceeds from shares issued \| €		€ 35,032,758
Preferred Shares C [Member]
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid \| shares	5,826,279		5,826,279	0
proceeds from shares issued \| €	€ 67,482,121

Share-based Payments - Additional Information (Detail)						12 Months Ended
Share-based Payments - Additional Information (Detail)	Dec. 17, 2020 shares € / shares	Feb. 03, 2020 shares € / shares	Jan. 01, 2020 shares € / shares	Dec. 13, 2018 shares € / shares	Mar. 31, 2016 shares € / shares	Dec. 31, 2020 EUR (€) shares € / shares	Dec. 31, 2019 EUR (€) shares	Dec. 31, 2018 EUR (€) shares
statement of Lineitems [Line Items]
Number Of Instruments Granted InShare based Payment Arrangement \| shares	32,445	132,000	600,000	25,295	392,850
Weighted average share price	€ 7.25		€ 2.38	€ 0.01	€ 0.01
Description of maximum term of options granted for share-based payment arrangement	September 30, 2030	February 2, 2030	December 31, 2029		March 30, 2026
Percentage of aggregate number of stock options shall vest on one year at grant date	25.00%	25.00%
Percentage of aggregate number of stock options shall vest on One Month at grant date	0.48%	0.48%
Percentage of aggregate number of stock options shall vest on last day						0.03%
Expense from share-based payment transactions \| €						€ 1,410,101	€ 99,946	€ 99,946
Number of share options outstanding in share-based payment arrangement \| shares						1,465,295	392,850	392,850
Number of share options exercisable in share-based payment arrangement \| shares						194,000	0
Weighted average remaining contractual life of outstanding share options						8 years	6 years 3 months 18 days
Par value per share						€ 0.01
Restricted Award Agreement [Member]
statement of Lineitems [Line Items]
Expense from share-based payment transactions \| €						€ 177,635	€ 16,201	€ 799
Restricted Stock units [Member] \| Restricted Award Agreement [Member]
statement of Lineitems [Line Items]
Number Of Instruments Granted InShare based Payment Arrangement \| shares	128,300
Description of maximum term of options granted for share-based payment arrangement	December 17, 2025
Ordinary shares [member] \| Restricted Award Agreement [Member]
statement of Lineitems [Line Items]
Par value per share						€ 9.67
Bottom of range [member]
statement of Lineitems [Line Items]
Exercise price of outstanding share options						0.01
Top of range [member]
statement of Lineitems [Line Items]
Exercise price of outstanding share options						€ 7.25
Key management personnel of entity or parent [member]
statement of Lineitems [Line Items]
Number Of Instruments Granted InShare based Payment Arrangement \| shares		308,000
Weighted average share price		€ 2.38
Description of maximum term of options granted for share-based payment arrangement		February 2, 2030

Share-based payments - Summary of Fair Value Per Option at Each Grant/Measurements Date Using the Black-Scholes Formula (Detail)							12 Months Ended
	Dec. 17, 2020 shares yr € / shares	Jul. 13, 2020 shares yr € / shares	Feb. 03, 2020 shares yr € / shares	Jan. 01, 2020 shares yr € / shares	Dec. 13, 2018 € / shares	Mar. 31, 2016 € / shares	Dec. 31, 2020 shares yr € / shares	Dec. 31, 2019 shares	Dec. 31, 2018 shares
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Number of options \| shares							1,465,295	392,850	392,850
Exercise price	€ 7.25			€ 2.38	€ 0.01	€ 0.01
Expected volatility	90.00%	90.00%	80.00%	80.00%			90.00%
Expected life \| yr	1.6	1.6	3.0	3.0			1.6
Risk-free interest rate	(0.80%)	(0.80%)	(0.60%)	(0.60%)			(0.80%)
Expected dividend yield	0.00%	0.00%	0.00%	0.00%			0.00%
Black-Scholes formula [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Number of options \| shares	32,445	44,000	308,000	600,000			88,000
Fair value of the options	€ 5.07	€ 4.74	€ 1.66	€ 1.67			€ 6.08
Fair value of the ordinary shares	7.25	5.82	2.38	2.38			7.25
Exercise price	€ 7.25	€ 2.38	€ 2.38	€ 2.38			€ 2.38
Expected volatility	85.00%	85.00%	85.00%	85.00%			85.00%
Expected life \| yr	6.1	6.0	6.1	6.1			6.1
Risk-free interest rate	(0.70%)	(0.60%)	(0.60%)	(0.40%)			(0.60%)
Expected dividend yield	0.00%	0.00%	0.00%	0.00%			0.00%

Cash and cash equivalents

12 Months Ended

Dec. 31, 2020

Cash and cash equivalents

11. Cash and cash equivalents


	2020		2019
	€		€
Cash and cash equivalents		98,628,871		20,326,372
		98,628,871		20,326,372

The Cash and cash equivalents consist of bank balances and are not subject to any restriction.

General and administrative expenses - Summary of General And Administrative Expenses (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Detailed Information General And Administrative Expenses [Abstract]
Personnel expenses	€ (1,490,674)	€ (49,601)	€ (799)
Consulting fees	(1,042,195)	(990,730)	(333,160)
Professional fees	(943,322)	(495,326)	(62,958)
Accounting, tax and auditing fees	(1,275,842)	(300,841)	(111,852)
Travel expenses	(26,773)	(236,904)	(47,536)
Facilities, communication & office expenses	(551,223)	(167,062)	(84,970)
Other expenses	(168,462)	(85,255)	(26,846)
Total	€ (5,498,491)	€ (2,325,719)	€ (668,121)

Commitments and contingencies - Summary of Future Aggregate Minimum Payments Under Research and Development Commitments (Detail) - EUR (€)	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Detailed Information About Future Aggregate Minimum Payments Under Research And Development Commitments [Line Items]
Future aggregate minimum payments under research and development commitments	€ 11,351,000	€ 5,013,700
Within one year [member]
Disclosure Of Detailed Information About Future Aggregate Minimum Payments Under Research And Development Commitments [Line Items]
Future aggregate minimum payments under research and development commitments	8,898,000	4,005,200
Later than one year but not later than five years [member]
Disclosure Of Detailed Information About Future Aggregate Minimum Payments Under Research And Development Commitments [Line Items]
Future aggregate minimum payments under research and development commitments	€ 2,453,000	€ 1,008,500

Income taxes - Additional Information (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation Of Average Effective Tax Rate And Applicable Tax Rate [Line Items]
Effective tax rate	0.30%	0.00%	0.00%
Tax effect of tax losses	€ 43,300,000	€ 5,900,000	€ 2,700,000
Unrecognized deferred tax assets	900,000	2,900,000
Income taxes benefit	€ (83,251)	€ 0	€ 0
Dutch tax law [member]
Reconciliation Of Average Effective Tax Rate And Applicable Tax Rate [Line Items]
Tax loss carry forwards Year		9 years
Tax loss carry forwards revised Year		6 years
Swiss tax Law [member]
Reconciliation Of Average Effective Tax Rate And Applicable Tax Rate [Line Items]
Tax loss carry forwards Year	7 years

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)]

Contingent liabilities and contingent assets

12 Months Ended

Dec. 31, 2020

Contingent liabilities and contingent assets

21. Contingent liabilities and contingent assets

The Group had no contingent liabilities and no contingent assets at December 31, 2020 and 2019.

Share-based payments - Summary of Fair Value Per Ordinary Share at Each Grant Based Upon Equity Value (Detail) - yr					12 Months Ended
	Dec. 17, 2020	Jul. 13, 2020	Feb. 03, 2020	Jan. 01, 2020	Dec. 31, 2020
Disclosure Of Indirect Measurement Of Fair Value Of Goods Or Services Received Share Options Granted During Period [Abstract]
Expected volatility	90.00%	90.00%	80.00%	80.00%	90.00%
Expected life	1.6	1.6	3.0	3.0	1.6
Risk-free interest rate	(0.80%)	(0.80%)	(0.60%)	(0.60%)	(0.80%)
Expected dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%

Financial assets and liabilities fair value

12 Months Ended

Dec. 31, 2020

Financial assets and liabilities fair value

14. 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.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Disclosure of commitments and contingent liabilities

20. 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. The future aggregate minimum payments under these research and development commitments are as follows:

Commitment for the minimum payments in relation to the

non-cancellable

service contracts are payable as follows:


	2020		2019
	€		€
Within one year		8,898,000		4,005,200
Later than one year but not later than five years		2,453,000		1,008,500

		11,351,000		5,013,700

Consolidated Statements of Changes in Equity - EUR (€)	Total	Share capital [member]	Share premium [member]	Other reserves [member]	Currency translation reserve [member]	Accumulated losses [member]
Beginning balance at Dec. 31, 2017	€ 4,657,355	€ 100,928	€ 10,514,354	€ 175,247		€ (6,133,174)
Total comprehensive loss	(4,313,914)					(4,313,914)
Issue of share capital	4,508,851		4,508,851
Share-based payments	100,745			100,745
Ending balance at Dec. 31, 2018	4,953,037	100,928	15,023,205	275,992		(10,447,088)
Total comprehensive loss	(8,027,162)					(8,027,162)
Issue of share capital	22,467,707	30,034	22,437,673
Transaction costs on issue of shares	(836,181)		(836,181)
Share-based payments	116,147			116,147
Ending balance at Dec. 31, 2019	18,673,548	130,962	36,624,697	392,139		(18,474,250)
Total comprehensive 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)

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.

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

Property, plant and equipment - Summary of Property, Plant and Equipment (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
As of January 1,	€ 12,927	€ 0
Additions	42,977	13,476
Depreciation expenses	(7,401)	(549)
As of December 31,	48,503	12,927
Cumulative depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
As of January 1,	(549)	0
Additions	(7,401)	(549)
As of December 31,	(7,950)	(549)
Cumulative Costs [member]
Disclosure of detailed information about property, plant and equipment [line items]
As of January 1,	13,476	0
Additions	42,977	13,476
As of December 31,	€ 56,453	€ 13,476

Income taxes - Summary of Income Tax Expense (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Major components of tax expense (income) [abstract]
Current income tax charge	€ (16,088)
Deferred tax benefit	99,339
Income tax benefit	€ 83,251	€ 0	€ 0

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)]

Share-based payments - Summary of the Number and Weighted Average Exercise Prices Movements in Stock Options (Detail)	12 Months Ended
	Dec. 31, 2020 shares € / shares	Dec. 31, 2019 shares € / shares
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options [Abstract]
Beginning balance \| shares	392,850	392,850
Granted	1,072,445	0
Exercised	0	0
Forfeited	0	0
Ending balance \| shares	1,465,295	392,850
Beginning balance, Weighted average	€ 0.01	€ 0.01
Granted , Weighted average	2.53	0
Exercised , Weighted average	0	0
Forfeited , Weighted average	0	0
Ending balance , Weighted average	€ 1.85	€ 0.01

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2020

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. 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 is typical in the biotech industry for development stage and early commercial stage companies). As such, Pharvaris anticipates

on-going

negative operating cash flows for several years before the company has a product candidate ready for commercialization, if proven successful. This makes the Group dependent on external capital sources, debt capital and equity capital. The Group is currently fully financed by equity capital.

As of December 31, 2020 and 2019, the Group had cash of €98.6 million and €20.3

million respectively. The Group incurred net losses of €26.0

million in 2020, €8.0 million in 2019 and €4.3 million in 2018 and negative operating cash flows of €21.5 million, €6.7 million and € 3.9 million in 2020, 2019 and 2018 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. However, 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 a period of at least twelve months after the signing date of these financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis.

Impact of

COVID-19

The outbreak of a novel strain of the coronavirus, specifically identified as

“COVID-19”,

has spread globally.

COVID-19

is a virus causing potentially deadly respiratory tract infections and has impacted the global economy. In March 2020, the World Health Organization declared

COVID-19

a pandemic.

The Group has taken appropriate measures to protect the safety of the employees and continuously monitors and evaluates the situation regarding

COVID-19.

The

COVID-19

outbreak has delayed, and may continue to delay, enrollment in our clinical trials. The Group experienced an approximate

two-month

delay in starting the enrollment of our now completed Phase 1 multiple ascending dose study of PHA121 in healthy volunteers as a result of

COVID-19.

The spread of an infectious disease, including

COVID-19,

may also result in the inability of our suppliers to deliver components or raw materials, and the inability of our CDMOs to provide supplies of our product candidates for our planned clinical trials, on a timely basis or at all. Further, it may impact the ability of our CROs, including

non-clinical

CROs, to provide services to support our clinical program. The extent to which the

COVID-19

pandemic impacts our business will depend on future developments, which are uncertain and cannot be predicted, including new information which may emerge concerning the severity of the

COVID-19

pandemic and the actions to contain

COVID-19

or treat its impact, among others. If we are unable to meet our milestones it might jeopardize our funding opportunities.

In addition, the

COVID-19

pandemic has already caused, and is likely to result in further, significant disruptions and uncertainties in global financial markets, which may reduce our ability to access capital on favorable terms or at all.

A recession, depression or other sustained adverse market event resulting from the spread of

COVID-19

could also materially and adversely affect our business and the value of our ordinary shares.

The Group continuously monitors the situation regarding

COVID-19,

and the possible impact on the CROs, contract manufacturing organizations and clinical sites performing research and development activities for the Group. All efforts are made to develop alternatives to limit the impact of

COVID-19

going forward.

The ultimate impact of the

COVID-19

pandemic is uncertain and subject to change. However, management does not expect that

COVID-19

will have a material adverse effect on the financial condition or liquidity of the Company.

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 (“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 Company’s functional currency.

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 profit or loss and other comprehensive income.

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 financial assets are subsequently classified as either measured at amortized cost, fair value through the consolidated statements of profit or loss and 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. The Group initially measures a financial asset at its fair value. Financial assets are included in Group’s consolidated statements of financial position when Pharvaris becomes a party to the contractual provisions of the instrument.

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 profit or loss and other comprehensive income when the asset is derecognized, modified or impaired.

For the year ended December 31, 2020, 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

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through other comprehensive income, or fair value through the consolidated statements of profit or loss and other comprehensive income, as payables.

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 profit or loss and other comprehensive income.

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 will automatically convert into ordinary shares upon the consummation of a qualified IPO or on request of the majority of the issued and outstanding preferred shares. 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 holders of the outstanding preferred shares are entitled to convert the preferred shares, at any time, without payment of additional consideration into ordinary shares at a conversion rate of 1:1 which conversion rate shall be adjusted so as to reflect this ratio after any amendment of the nominal value by means of any stock splits, reclassification of shares and similar events.

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.

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.

Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

2.13 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 income or loss and comprehensive income, 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 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.

2.14 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 against a credit in equity. The total amount to be expensed is determined by reference to the grant date fair value of the equity instruments granted, including the impact of any market performance vesting conditions and

non-vesting

conditions.

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. If the length of the vesting period varies depending on when a

non-market

performance condition is satisfied, the total expense is recognized over the expected vesting period. The Group recognizes the impact of the revision to previous estimates, if any, in the consolidated statements of profit or loss and other comprehensive income, 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.

2.15 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 2020 or 2019. 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 profit or loss and other comprehensive income 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.

2.16 New and amended standards and interpretations

Definition of a Business - Amendments to IFRS 3

The IASB issued amendments to the definition of a business in IFRS 3 Business Combinations to help entities determine whether an acquired set of activities and assets is a business or not. They clarify the minimum requirements for a business, remove the assessment of whether market participants are capable of replacing any missing elements, add guidance to help entities assess whether an acquired process is substantive, narrow the definitions of a business and of outputs, and introduce an optional fair value concentration test. New illustrative examples were provided along with the amendments.

The amendments must be applied to transactions that are either business combinations or asset acquisitions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020. Consequently, entities do not have to revisit such transactions that occurred in prior periods. The Group has assessed amendments IFRS 3’s full impact and concludes that the amendments to the definition of a business in IFRS to have no impact on Group’s consolidated financial statements.

Definition of Material - Amendments to IAS 1 and IAS 8

In October 2018, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IAS 8 to align the definition of ‘material’ across the standards and to clarify certain aspects of the definition. The new definition states that, ‘Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.’

The amendments clarify that materiality will depend on the nature or magnitude of information, or both. An entity will need to assess whether the information, either individually or in combination with other information, is material in the context of the financial statements.

Although the amendments to the definition of material is not expected to have a significant impact on an entity’s financial statements, the introduction of the term ‘obscuring information’ in the definition could potentially impact how materiality judgements are made in practice, by elevating the importance of how information is communicated and organized in the financial statements.

The amendments are effective for annual periods beginning on or after January 1, 2020, and are applied prospectively. The Group has assessed the amendments to IAS 1 and IAS 8’s full impact and concludes that the amendments have no material effect on Group’s consolidated financial statements.

IFRS 16 Leases:

Covid-19-Related

Rent Concessions

In May 2020, the International Accounting Standards Board (Board)

issued Covid-19-Related

Rent Concessions, which amended IFRS 16 Leases. The amendment permits lessees, as a practical expedient, not to assess whether particular rent concessions occurring as a direct consequence of the

covid-19

pandemic are lease modifications and instead to account for those rent concessions as if they are not lease modifications.

The amendment is effective on June 30, 2020 and has been adopted by the Group. The Group has assessed the amendment of IFRS 16 Leases’ full impact and concludes that the amendment has no effect on the Group’s consolidated financial statements.

2.17 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.

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 1 January 2023 and must be applied retrospectively. The amendments are not expected to have a material impact on the Group.

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 the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its requirements.

The IASB also added 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 or IFRIC 21 Levies, if incurred separately. At the same time, the IASB decided to clarify existing guidance in IFRS 3 for contingent assets that would not be affected by replacing the reference to the Framework for the Preparation and Presentation of Financial Statements.

The amendments are effective for annual reporting periods beginning on or after 1 January 2022 and apply prospectively.

Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16

In May 2020, the IASB issued Property, Plant and Equipment — Proceeds before Intended Use, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling 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.

The amendment is effective for annual reporting periods beginning on or after 1 January 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The amendments are not expected to have a material impact on the Group.

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 and an allocation of costs directly related to contract activities. 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.

The amendments are effective for annual reporting periods beginning on or after 1 January 2022. The Group will apply these amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments.

IFRS 9 Financial Instruments – Fees in the ‘10 per cent’ test for derecognition of financial liabilities

As part of its 2018-2020 annual improvements to IFRS standards process the IASB issued amendment to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment.

The amendment is effective for annual reporting periods beginning on or after 1 January 2022 with earlier adoption permitted. The Group will apply the amendments to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The amendments are not expected to have a material impact on the Group.

2.18 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 2.14. 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 an Option Pricing model as further explained in Note 17.

Due to the lack of quoted market prices, the Group has determined the fair value for the measurement of the equity-settled transactions at the grant date with assistance of an external appraiser, considering certain assumptions relating to 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 2.15 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 - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020
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

Accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Accrued Liabilities


	2020		2019
	€		€
Consulting, professional and audit liability		1,505,304		436,768
Clinical accrued liabilities		635,820		357,719
Manufacturing accrued liabilities		970,587		283,115
Pre-clinical accrued liabilities		421,429		275,460
Personnel related accruals		875,238		—
Other accrued liabilities		58,459		53,297

		4,466,837		1,406,359

Personnel expenses - Summary of Expenses By Nature (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Expenses By Nature [Abstract]
Wages and salaries	€ (2,597,270)	€ (50,573)
Pension charges	(72,153)	(1,750)
Other social security charges	(184,838)	(12,675)
Share-based payments	(1,587,736)	(116,147)	€ (100,745)
Total	€ (4,441,997)	€ (181,145)	€ (100,745)

Related parties - Additional information (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Information About Key Management Personnel [Line Items]
Amount of outstanding payable	€ 0	€ 0
Short-term employee benefits is capitalized	120,000
Charit Research Organisation GmbH [Member]
Disclosure Of Information About Key Management Personnel [Line Items]
Payments for services supporting research	1,025,795	1,238,355	€ 49,600
Key management personnel of entity or parent [member]
Disclosure Of Information About Key Management Personnel [Line Items]
Amount of outstanding payable	398,489	55,250
Related party expenses recognised in profit or loss and other comprehensive income	€ 1,810,049	€ 1,311,572	€ 1,070,616

Income taxes

12 Months Ended

Dec. 31, 2020

Income taxes

7. Income taxes


	2020			2019		2018
	€			€		€
Current income tax charge		(16,088	)		—		—
Deferred tax benefit		99,339			—		—
Income tax benefit		83,251			—		—

The Company and its subsidiaries are in a loss-making position so there was no

tax charge or income recognized in the years 2019 and 2018. The tax benefit over the year ended December 31, 2020 relates to a temporary difference in the Company’s US subsidiary for which a deferred tax asset is recognized, partly offset by the current tax charges relating to the Company’s US subsidiary as the result of a cost-plus agreement between the US entity and the Group’s principal entity resulting in a taxable profit in the United States of America.

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


	2020			2019			2018
	€			€			€
Loss before income tax		(26,068,955	)		(8,027,162	)		(4,313,914	)
Income tax benefit at statutory income tax rate o f 25%		(6,517,239	)		(2,006,791	)		(1,078,479	)
Recognition of previously unrecognized deferred tax assets		(1,629,392	)		—			—
Temporary differences for which no deferred tax assets/liabilities have been recognized		—			1,421,141			789,502
Non-deductible expenses for tax purposes (share based payments)		74,579			4,050			200
Transactions costs		(552,593	)		(209,045	)		—
Current year losses for which no deferred tax asset has been recognised		3,684,669			789,520			287,652
Differences in overseas tax rates		4,855,980			—			—
Other		745			1,125			1,125

Income tax benefit		(83,251	)		—			—

The effective tax rate is 0.3% (2019 and 2018: 0%).

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

The Group has tax loss carry-forwards of approximately €43.3 million (2019 and 2018: €5.9 million and €2.7 million), that are available for offsetting against future taxable profits of the companies in which the losses arose. Under Dutch tax law, for years prior to 2019, profits in a given year can be offset against tax loss carry forwards for up to nine years. In 2019, the Dutch tax law was revised to limit the carry forward period to six years. 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
2025		—		3.9		3.9
2026		—		4.4		4.4
2027		33.8		1.2		35.0

Total carry-forward losses		33.8		9.5		43.3

Deferred taxes

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. 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 expenses		Other receivables			Accrued expenses		Total
Deferred tax assets	€		€			€
At January 1, 2020		—		—			—		—
(Charged)/credited
- Profit or loss		1,964,583		—			99,339		2,063,922

At December 31, 2020		1,964,583		—			99,339		2,063,922


Deferred tax liability
At January 1, 2020		—		—			—		—
(Charged)/credited
- Profit or loss		—		(1,964,583	)		—		(1,964,583	)

At December 31, 2020		—		(1,964,583	)		—		(1,964,583	)

Net deferred tax assets at December 31, 2020									99,339

The total unrecognized deferred tax assets from temporary differences amounts to €0.9 million (2019: €2.9 million).

Research and development expenses

12 Months Ended

Dec. 31, 2020

Research and development expenses

3. Research and development expenses


	2020			2019			2018
	€			€			€
Personnel expenses (Note 5)		(2,951,323	)		(131,544	)		(99,946	)
Clinical expenses		(8,748,748	)		(2,009,892	)		(205,873	)
Pre-clinical expenses		(3,322,590	)		(1,850,444	)		(2,449,046	)
Manufacturing costs		(4,311,958	)		(1,379,590	)		(870,933	)
License costs		—			(300,000	)		—
Intellectual Property costs		(173,482	)		(13,092	)		(19,615	)

		(19,508,101	)		(5,684,562	)		(3,645,413	)

Development expenses are currently not capitalized but are recorded in consolidated statements of profit or loss and other comprehensive income because the recognition criteria for capitalization are not met.

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.

Pre-clinical

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.

Financial risk management - Additional Information (Detail) $ in Millions		12 Months Ended
	Feb. 09, 2021 USD ($)	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 EUR (€)
statement of Lineitems [Line Items]
Trade payables to suppliers		€ 27,800,000
Cash		€ 98,600,000	€ 20,300,000
Currency risk [member]
statement of Lineitems [Line Items]
Number of days restricted in foreign currency trade payables		30 days
Interest rate risk [member]
statement of Lineitems [Line Items]
Borrowings		€ 0
Cash		98,600,000
Credit risk [member]
statement of Lineitems [Line Items]
Financial assets		0
Liquidity risk [member]
statement of Lineitems [Line Items]
Cash		€ 98,600,000
Liquidity risk [member] \| Non Adjusting Period Event [Member]
statement of Lineitems [Line Items]
Proceeds from issuance initial public offering \| $	$ 176.9

Other current assets

12 Months Ended

Dec. 31, 2020

Other current assets

10. Other current assets


	2020		2019
	€		€
Prepayments		540,701		47,536
Other assets		1,212,626		—

		1,753,327		47,536

Prepayments mainly relate to prepaid rent, insurance, prepaid personnel expenses and general and administrative expenses.

Other assets mainly consist of deferred transaction costs related to Group’s

in-process

equity financing. The Company defers the transaction costs related to any

in-process

financing. Upon completion of the financing transactions, all related transaction costs are deducted from share premium.

General and administrative expenses

12 Months Ended

Dec. 31, 2020

General and administrative expenses

4. General and administrative expenses


	2020			2019			2018
	€			€			€
Personnel expenses (Note 5)		(1,490,674	)		(49,601	)		(799	)
Consulting fees		(1,042,195	)		(990,730	)		(333,160	)
Professional fees		(943,322	)		(495,326	)		(62,958	)
Accounting, tax and auditing fees		(1,275,842	)		(300,841	)		(111,852	)
Travel expenses		(26,773	)		(236,904	)		(47,536	)
Facilities, communication & office expenses		(551,223	)		(167,062	)		(84,970	)
Other expenses		(168,462	)		(85,255	)		(26,846	)

		(5,498,491	)		(2,325,719	)		(668,121	)

In 2020 the Group entered into a number of lease arrangements, which were assessed to be short-term leases (with a lease term of maximum 12 months equaling its

non-cancellable

period). The total outflow for the leases in 2020 was €119,627 (2019 and 2018: €78,897 and €0 respectively) and is included in the Facilities, communication & office expenses.

Depreciation expenses of €7,401 (2019 and 2018: €549 and €0 respectively) is included in the other expenses.

Income taxes - Summary of Reconciliation of Income Tax Benefit And The Accounting Loss (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2020
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Applicable tax rate	25.00%

Trade and other payables (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Trade and Other Liabilities


	2020		2019
	€		€
Trade payables		656,448		509,948
Tax and social security liabilities		190,504		7,823

		846,952		517,771

Summary of significant accounting policies - Additional Information (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Cash	€ 98,600,000	€ 20,300,000
Profit (loss) from operating activities	(26,068,955)	(8,027,162)	€ (4,313,914)
Cash flows from (used in) operations	€ (21,500,000)	€ (6,700,000)	€ (3,900,000)
Office equipment [member] \| Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life , property, plant and equipment	3 years
Office equipment [member] \| Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life , property, plant and equipment	5 years

Corporate and Group information

12 Months Ended

Dec. 31, 2020

Corporate and Group information

1 Corporate and Group information

This section provides general corporate and group information about Pharvaris N.V. (formerly Pharvaris B.V.) and its subsidiaries. Refer to note 22 for the disclosure on the Company’s conversion from a Dutch limited liability company (B.V.) to a Dutch public limited liability company (N.V.).

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, 2020 were authorized for issue in accordance with a resolution of the directors on April 29, 2021.

Pharvaris N.V. was incorporated on September 30, 2015

and is based in Leiden, the Netherlands. The Company’s registered office is located at J.H. Oortweg 21, Leiden. The Company has been registered at the Chamber of Commerce under file number 64239411.

1.2 Group information

Subsidiaries

The consolidated financial statements of the Group include:


Name	Legal seat	Country of incorporation	% of equity interest
Name	Legal seat	Country of incorporation	2020			2019
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	%		n/a
Pharvaris GmbH	Zug	Switzerland		100	%		n/a

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 making 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.

Receivables - Summary of Receivables (Detail) - EUR (€)	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Value added tax receivables	€ 569,578	€ 210,843
Total	€ 569,578	€ 210,843

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2020

Notes to the cash flow statement

Basis of preparation

2.1 Basis of preparation

Going concern

2.2 Going concern

on-going

As of December 31, 2020 and 2019, the Group had cash of €98.6 million and €20.3

million respectively. The Group incurred net losses of €26.0

million in 2020, €8.0 million in 2019 and €4.3 million in 2018 and negative operating cash flows of €21.5 million, €6.7 million and € 3.9 million in 2020, 2019 and 2018 respectively.

Impact of

COVID-19

The outbreak of a novel strain of the coronavirus, specifically identified as

“COVID-19”,

has spread globally.

COVID-19

is a virus causing potentially deadly respiratory tract infections and has impacted the global economy. In March 2020, the World Health Organization declared

COVID-19

a pandemic.

The Group has taken appropriate measures to protect the safety of the employees and continuously monitors and evaluates the situation regarding

COVID-19.

The

COVID-19

outbreak has delayed, and may continue to delay, enrollment in our clinical trials. The Group experienced an approximate

two-month

delay in starting the enrollment of our now completed Phase 1 multiple ascending dose study of PHA121 in healthy volunteers as a result of

COVID-19.

The spread of an infectious disease, including

COVID-19,

non-clinical

CROs, to provide services to support our clinical program. The extent to which the

COVID-19

pandemic impacts our business will depend on future developments, which are uncertain and cannot be predicted, including new information which may emerge concerning the severity of the

COVID-19

pandemic and the actions to contain

COVID-19

or treat its impact, among others. If we are unable to meet our milestones it might jeopardize our funding opportunities.

In addition, the

COVID-19

A recession, depression or other sustained adverse market event resulting from the spread of

COVID-19

could also materially and adversely affect our business and the value of our ordinary shares.

The Group continuously monitors the situation regarding

COVID-19,

COVID-19

going forward.

The ultimate impact of the

COVID-19

pandemic is uncertain and subject to change. However, management does not expect that

COVID-19

will have a material adverse effect on the financial condition or liquidity of the Company.

Basis of consolidation

2.3 Basis of consolidation

Segment reporting

2.4 Segment reporting

Foreign currencies

2.5 Foreign currencies

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.

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.

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

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

Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognized in the consolidated statements of profit or loss and other comprehensive income.

Financial instruments Recognition and measurement

2.8 Financial instruments Recognition and measurement

Financial assets

Initial recognition and measurement

Subsequent measurement

For the year ended December 31, 2020, the Group had the following financial assets to be measured at amortized cost:

•

Cash and cash equivalents

•

Receivables

Derecognition

Financial liabilities

Initial recognition and measurement

Subsequent measurement

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or is expired.

Receivables

2.9 Receivables

Cash and cash equivalents

2.10 Cash and cash equivalents

Cash and cash equivalents comprise bank balances.

Equity

2.11 Equity

non-derivative

Ordinary shares

Ordinary shares are classified as equity.

Preferred shares

Preferred shares are equity classified as result of:

•

No contractual obligation to transfer an amount (dividend) independent of the entity’s available economic resources.

Convertible Preferred shares A, convertible preferred shares B and convertible preferred shares C

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

If not, they are presented as

non-current

liabilities.

Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

Current and deferred income tax

2.13 Current and deferred income tax

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 can be utilized.

Share-based payment

2.14 Share-based payment

non-vesting

conditions.

Service and

non-market

Expenses

2.15 Expenses

Research and development expenses

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 profit or loss and other comprehensive income 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.

New and amended standards and interpretations

2.16 New and amended standards and interpretations

Definition of a Business - Amendments to IFRS 3

Definition of Material - Amendments to IAS 1 and IAS 8

IFRS 16 Leases:

Covid-19-Related

Rent Concessions

In May 2020, the International Accounting Standards Board (Board)

issued Covid-19-Related

Rent Concessions, which amended IFRS 16 Leases. The amendment permits lessees, as a practical expedient, not to assess whether particular rent concessions occurring as a direct consequence of the

covid-19

pandemic are lease modifications and instead to account for those rent concessions as if they are not lease modifications.

Standards issued but not yet effective

2.17 Standards issued but not yet effective

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

Reference to the Conceptual Framework – Amendments to IFRS 3

The amendments are effective for annual reporting periods beginning on or after 1 January 2022 and apply prospectively.

Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16

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.

IFRS 9 Financial Instruments – Fees in the ‘10 per cent’ test for derecognition of financial liabilities

Significant accounting judgements, estimates and assumptions

2.18 Significant accounting judgements, estimates and assumptions

Share-based payments

Research and development expenses

Related parties

12 Months Ended

Dec. 31, 2020

Disclosure of related party

19. 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, is a member of the board of Charité CRO. 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 2018, 2019 and 2020 payments to Charité CRO with respect to this service contract amounted to €49,600, €1,238,355 and €1,025,795, respectively.

The amount of outstanding payable was €0 at December 31, 2020 (2019: €0).

Key management personnel compensation


	2020		2019
	€		€
Short term employee benefits		1,834,423		—
Post employee benefits		34,934		—
Share-based payments		860,117		—

Total		2,729,474		—

An amount of €120,000 of the short-term employee benefits is capitalized on the consolidated statements of financial position and will be recognized in the Group’s statements of profit or loss and other comprehensive income in the period between January and June 2021.

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 shareholder of the Company. The aggregate amount of expense recognized in the consolidated statements of profit or loss and other comprehensive income related to these related parties were €1,810,049 (2019 and 2018: €1,311,572 and €1,070,616). The aggregate amounts payable to the related parties were €398,489 (2019: €55,250).

Income taxes - Summary of Tax Loss Carry-forwards Incurred In Current And Prior Years (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	€ 43,300,000	€ 5,900,000	€ 2,700,000
Tax losses [member]
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	43.3
SWITZERLAND
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	33.8
NETHERLANDS
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	9.5
Tax Year 2025 [member] \| Tax losses [member]
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	3.9
Tax Year 2025 [member] \| SWITZERLAND
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	0
Tax Year 2025 [member] \| NETHERLANDS
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	3.9
Tax Year 2026 [member] \| Tax losses [member]
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	4.4
Tax Year 2026 [member] \| SWITZERLAND
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	0
Tax Year 2026 [member] \| NETHERLANDS
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	4.4
Tax Year 2027 [member] \| Tax losses [member]
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	35.0
Tax Year 2027 [member] \| SWITZERLAND
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	33.8
Tax Year 2027 [member] \| NETHERLANDS
Disclosure Of Operating Loss Carry forwards [Line Items]
Carry-forward losses	€ 1.2

Income taxes - Summary of Movements in Deferred Tax Balances (Detaill)	12 Months Ended
	Dec. 31, 2020 EUR (€)
(Charged)/credited
- Profit or loss	€ 2,063,922
Deferred tax assets Ending balance	2,063,922
(Charged)/credited
- Profit or loss	(1,964,583)
Deferred tax liabilities Ending balance	(1,964,583)
Net deferred tax assets	99,339
Research And Development Expenses [Member]
(Charged)/credited
- Profit or loss	1,964,583
Deferred tax assets Ending balance	1,964,583
Other Receivables [Member]
(Charged)/credited
- Profit or loss	(1,964,583)
Deferred tax liabilities Ending balance	(1,964,583)
Accrued Expenses [Member]
(Charged)/credited
- Profit or loss	99,339
Deferred tax assets Ending balance	€ 99,339

Basic and diluted loss per share (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Earnings Per Share

Potentially dilutive shares that were not included in the diluted per share calculations because they would be anti-dilutive were:


	December 31, 2020		December 31, 2019		December 31, 2018
	€		€		€
Series A preferred shares		5,242,850		5,242,850		5,242,850
Series B preferred shares		7,650,147		3,003,391		—
Series C preferred shares		5,826,279		—		—

Basic and diluted loss per share


	December 31, 2020			December 31, 2019			December 31, 2018
	€			€			€
Loss attributable to equity holders of the Company		(25,985,704	)		(8,027,162	)		(4,313,914	)
Weighted average number of ordinary shares outstanding		4,850,000			4,850,000			4,850,000
Basic and diluted loss per share		(5.36	)		(1.66	)		(0.89	)

Basic and diluted loss per share - Summary of Earnings Per Share (Detail)	12 Months Ended
	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 € / shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2019 € / shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2018 € / shares
Earnings per share [line items]
Loss attributable to equity holders of the Company \| $	$ (25,985,704)		$ (8,027,162)		$ (4,313,914)
Weighted average number of ordinary shares outstanding	4,850,000		4,850,000		4,850,000
Basic and diluted loss per share \| € / shares		€ (5.36)		€ (1.66)		€ (0.89)
Series A Preferred Shares [Member]
Earnings per share [line items]
Weighted Average Shares	5,242,850		5,242,850		5,242,850
Series B Preferred Shares [Member]
Earnings per share [line items]
Weighted Average Shares	7,650,147		3,003,391		0
Series C Preferred Shares [Member]
Earnings per share [line items]
Weighted Average Shares	5,826,279		0		0

Trade and other payables - Summary of Trade and Other Liabilities (Detail) - EUR (€)	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Trade payables	€ 656,448	€ 509,948
Tax and social security liabilities	190,504	7,823
Total Trade And Other Payables	€ 846,952	€ 517,771

Related parties (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of transactions between related parties [abstract]

Summary of Compensation to Key Management Personnel

Key management personnel compensation


	2020		2019
	€		€
Short term employee benefits		1,834,423		—
Post employee benefits		34,934		—
Share-based payments		860,117		—

Total		2,729,474		—

Accrued liabilities - Summary of Accrued Liabilities (Detail) - EUR (€)	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial liabilities [line items]
Accrued liabilities	€ 4,466,837	€ 1,406,359
Consulting Professional And Audit Liability [Member]
Disclosure of financial liabilities [line items]
Accrued liabilities	1,505,304	436,768
Clinical Accrued Liabilities [Member]
Disclosure of financial liabilities [line items]
Accrued liabilities	635,820	357,719
Manufacturing Accrued Liabilities [Member]
Disclosure of financial liabilities [line items]
Accrued liabilities	970,587	283,115
Preclinical Accrued Liabilities [Member]
Disclosure of financial liabilities [line items]
Accrued liabilities	421,429	275,460
Personnel Related Accruals [Member]
Disclosure of financial liabilities [line items]
Accrued liabilities	875,238	0
Other Accrued Liabilities [Member]
Disclosure of financial liabilities [line items]
Accrued liabilities	€ 58,459	€ 53,297

Trade and other payables

12 Months Ended

Dec. 31, 2020

Trade and other payables

13. Trade and other payables


	2020		2019
	€		€
Trade payables		656,448		509,948
Tax and social security liabilities		190,504		7,823

		846,952		517,771

Personnel expenses (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Expenses By Nature


	2020			2019			2018
	€			€			€
Wages and salaries		(2,597,270	)		(50,573	)		—
Pension charges		(72,153	)		(1,750	)		—
Other social security charges		(184,838	)		(12,675	)		—
Share-based payments		(1,587,736	)		(116,147	)		(100,745	)

		(4,441,997	)		(181,145	)		(100,745	)

Receivables (Tables)

12 Months Ended

Dec. 31, 2020