Pharvaris Upsizes Public Offering to $175 Million

Pharvaris, a late-stage biopharmaceutical company, announced and priced an upsized underwritten public offering, raising approximately $175 million by selling 8.25 million ordinary shares at $20 each and 500,000 pre-funded warrants at $19.99 each. The offering was initially announced at $150 million but was later increased to $175 million. Underwriters have a 30-day option to purchase up to an additional 1.31 million shares, with the offering expected to close on or about July 24, 2025, pending customary conditions. The proceeds will be used to fund research and development for late-stage clinical programs, hire a U.S.-based sales and marketing team, and for general corporate purposes. Major banks including Morgan Stanley, Leerink Partners, Cantor, Oppenheimer & Co., and Van Lanschot Kempen are acting as joint book-running managers. Shares of Pharvaris initially fell following the announcement of the smaller offering.