Exhibit 99.3
Pharvaris N.V.
Unaudited Condensed Consolidated Interim Financial Statements
For the six months ended June 30, 2024
Contents
Unaudited condensed consolidated statement of Loss and Other Comprehensive Income |
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Unaudited condensed consolidated statement of financial position |
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Unaudited condensed consolidated statement of changes in equity |
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Unaudited condensed consolidated statement of cash flows |
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Notes to the unaudited condensed consolidated interim financial statements |
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2
Unaudited condensed consolidated statement of loss and other comprehensive income
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Three months ended June 30, |
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Six months ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Notes |
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€ |
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€ |
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€ |
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€ |
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Research and development expenses |
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3 |
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( |
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General and administrative expenses |
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4 |
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Total operating expenses |
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Finance income/(expense) |
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6 |
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Loss before income tax |
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Income taxes |
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7 |
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Net Loss |
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Other comprehensive income (Loss) |
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Items that may be reclassified to profit or loss: |
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Exchange gains/(losses) arising on translation of foreign operations |
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Total comprehensive loss attributable to: |
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Equity holders of the Company |
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Loss per share attributable to the equity holders of the Company during the periods |
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Basic and diluted loss per share |
19 |
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The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
3
Unaudited condensed consolidated statement of financial position
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June 30, |
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December 31, |
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Notes |
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€ |
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€ |
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Assets |
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Non-current assets |
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Property, plant and equipment |
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8 |
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Right of use assets |
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9 |
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Deferred tax assets |
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7 |
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Current assets |
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Receivables |
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10 |
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Other current assets |
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11 |
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Cash and cash equivalents |
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12 |
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Current tax receivable |
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Total assets |
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Equity and liabilities |
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Equity |
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Share capital |
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13 |
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Share premium |
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Other reserves |
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Currency translation reserve |
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Accumulated loss |
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Total equity |
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Long term liabilities |
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Non-current lease liability |
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9 |
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Current liabilities |
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Trade and other payables |
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14 |
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Accrued liabilities |
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15 |
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Current lease liability |
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9 |
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Current tax payable |
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Total liabilities |
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Total equity and liabilities |
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The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
4
Unaudited condensed consolidated statement of changes in equity
For the six months ended June 30, 2024 and June 30, 2023
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Share |
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Share |
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Other |
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Currency |
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Accumulated |
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Total |
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Notes |
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€ |
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€ |
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€ |
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€ |
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€ |
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€ |
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Balance at January 1, 2023 |
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( |
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Net Loss |
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— |
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— |
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— |
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— |
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Issue of share capital |
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— |
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— |
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— |
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Transaction costs on issue of shares |
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— |
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( |
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— |
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— |
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— |
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( |
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Currency translation reserve |
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— |
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— |
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— |
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— |
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Settlement of share-based payments |
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— |
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Share-based payments |
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18 |
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— |
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— |
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— |
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— |
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Balance at June 30, 2023 |
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Balance at January 1, 2024 |
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( |
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Net Loss |
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— |
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— |
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— |
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— |
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( |
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( |
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Issue of share capital |
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13 |
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( |
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— |
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— |
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Transaction costs on issue of shares, net |
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— |
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— |
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— |
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— |
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Currency translation reserve |
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— |
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— |
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— |
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— |
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Settlement of share-based payments |
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— |
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( |
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( |
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Share-based payments |
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18 |
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— |
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— |
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— |
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— |
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Balance at June 30, 2024 |
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( |
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The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
5
Unaudited condensed consolidated statement of cash flows
For the six months ended June 30,
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2024 |
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2023 |
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Notes |
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€ |
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€ |
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Operating activities |
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Loss before tax |
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Non-cash adjustments to reconcile loss before tax to net cash flows from operations: |
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Share-based payment expense |
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18 |
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Depreciation expense |
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4 |
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Net foreign exchange (gain) loss |
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6 |
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( |
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Finance income |
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6 |
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( |
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( |
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Changes in working capital: |
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Decrease (increase) in receivables |
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Increase in other current assets |
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Increase (decrease) trade and other payables |
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Increase (decrease) in accrued liabilities |
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Income taxes paid |
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Received interest |
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Net cash flows used in operating activities |
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( |
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Investing activities |
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Purchase of property, plant and equipment |
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8 |
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( |
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( |
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Net cash flows used in investing activities |
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( |
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( |
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Financing activities |
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Proceeds from issue of shares |
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13 |
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Transaction costs on issue of shares, net |
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( |
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Payment of principal portion of lease liabilities |
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9 |
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( |
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Net cash flows provided by financing activities |
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Net (decrease) increase in cash and cash equivalents |
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Cash and cash equivalents at the beginning of the period |
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Effect of exchange rate changes |
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Cash and cash equivalents at the end of the period |
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12 |
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The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements
6
Notes to the unaudited condensed consolidated interim financial statements
1. Corporate and Group information
This section provides general corporate and group information about Pharvaris N.V. and its subsidiaries.
1.1 Corporate information
Pharvaris N.V. was incorporated on
The Company’s registered office is located at Emmy Noetherweg 2, Leiden. The Company is registered at the Chamber of Commerce under file number 64239411.
Pharvaris is a late-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for rare diseases with significant unmet need, initially focused on angioedema and other bradykinin-mediated diseases.
The unaudited condensed consolidated interim financial statements of Pharvaris N.V. (the “Company” or “Pharvaris”) and its subsidiaries (collectively, “The Group”) as of June 30, 2024, and December 31, 2023, and for the three and six months ended June 30, 2024 and 2023 were authorized for issue in accordance with a resolution of the directors on August 13, 2024.
1.2 Group information
Subsidiaries
The unaudited condensed consolidated interim financial statements of the Group include:
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Country of |
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% of equity interest as |
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Name |
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Legal seat |
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incorporation |
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2024 |
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2023 |
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The ultimate parent company of the Group is Pharvaris N.V., which is based in the Netherlands.
2. Summary of significant accounting policies
2.1 Basis of preparation
The unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and should be read in conjunction with the Group’s annual consolidated financial statements for the year ended December 31, 2023 (“last annual financial statements”). These unaudited condensed consolidated interim financial statements do not include all the information required for a complete set of financial statements prepared in accordance with IFRS as issued by the IASB.
However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.
The unaudited condensed consolidated interim financial statements have been prepared on a historical cost basis. Unless otherwise stated, the unaudited condensed consolidated interim financial statements are presented in euros and all values are rounded to the nearest EUR (€), except per share amounts.
2.2 Going concern
Management assessed the Company’s ability to fund its operations for a period of at least one year after the date the financial statements are issued. Management has not identified a material uncertainty relating to the Company’s ability to continue as a going concern for a period of at least a year from the issuance of these financial statements. The financial statements of the Company have been prepared on the basis of the going concern assumption based on its existing funding, taking into account the Company’s current cash position and the projected cash flows based on the activities under execution on the basis of Pharvaris’ business plan and budget.
7
2.3 Use of judgements and estimates
In preparing these unaudited condensed consolidated interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.
2.4 Change in material accounting policies
The accounting policies applied in these unaudited condensed consolidated interim financial statements are the same as those applied in the consolidated financial statements for the year ended December 31, 2023.
New standards and interpretations issued not yet effective
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements (“IFRS 18”) which replaces IAS 1 Presentation of Financial Statements. IFRS 18 requires an entity to classify all income and expenses within its statement of profit or loss into one of five categories: operating; investing; financing; income taxes; and discontinued operations. The first three categories are new. These categories are complemented by the requirement to present subtotals and totals for “operating profit or loss”, “profit or loss before financing income and taxes” and “profit or loss”. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted. The Group is currently evaluating the impact of this amendment.
There are no other IFRS or IFRIC interpretations that are not yet effective and that are expected to have a material impact to the interim consolidated financial statements.
3. Research and development expenses
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For the three months ended June 30, |
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For the six months ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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€ |
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€ |
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€ |
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Clinical expenses |
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( |
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( |
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( |
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( |
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Personnel expenses (Note 5) |
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( |
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Manufacturing costs |
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( |
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( |
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( |
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Nonclinical expenses |
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( |
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( |
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( |
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License costs |
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— |
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— |
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( |
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— |
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Intellectual Property costs |
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( |
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( |
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Research and development expenses are currently not capitalized but are recorded in the unaudited condensed consolidated statements of profit or loss and other comprehensive loss 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 our clinical development programs.
Nonclinical expenses include costs of our outsourced discovery, preclinical and nonclinical development studies.
Manufacturing expenses include costs related to manufacturing of active pharmaceutical ingredients and manufacturing of the products used in our clinical trials and research and development activities.
8
4. General and administrative expenses
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For the three months ended June 30, |
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For the six months ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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€ |
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€ |
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€ |
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€ |
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Personnel expenses (Note 5) |
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( |
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( |
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( |
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Professional fees |
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Facilities, communication & office expenses |
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Accounting, tax and auditing fees |
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Consulting fees |
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Travel expenses |
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Other expenses |
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Since 2022, the Group entered into a number of short-term rental arrangements, the expenses are included in "Other expenses".
Depreciation expense in the six months ended June 30, 2024 and 2023 was €
5. Personnel expenses
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For the three months ended June 30, |
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For the six months ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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€ |
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€ |
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€ |
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€ |
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Wages and salaries |
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( |
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( |
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Pension charges |
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Other social security charges |
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Share-based payments |
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( |
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( |
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The average number of staff (in FTEs) employed by the Group in the six months ended June 30, 2024 was
6. Finance income/(expense)
|
|
For the three months ended June 30, |
|
For the six months ended June 30, |
|
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
||||
|
|
€ |
|
€ |
|
€ |
|
€ |
|
||||
Foreign exchange differences |
|
|
|
|
|
|
|
|
( |
) |
|||
Interest income over bank balances |
|
|
|
|
( |
) |
|
|
|
|
|||
Other finance expenses |
|
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
|
( |
) |
7. Income taxes
Income taxes are accounted for in line with IAS 34. The interim period is considered part of a larger financial year, where the income tax is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated tax expenses are determined based on a full-year basis (P&L) and subsequently allocated using the expected full year effective tax rate. The discrete items are recognized in full in the interim period in which they emerge. In the total interim tax charge, no distinction is made between current and deferred tax expenses/ income.
9
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
For the three months ended June 30, |
|
|
For the six months ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
€ |
|
|
€ |
|
|
€ |
|
|
€ |
|
||||
Income tax expense |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Income tax expense |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
The tax expense over the three and six months ended June 30, 2024 and 2023 relates to the Company's U.S. and Dutch subsidiaries as the result of a cost-plus agreement between the Company's principal entity and the U.S. and the Dutch subsidiaries, resulting in an estimated taxable profit in the U.S. and the Netherlands.
Reconciliation of income tax benefit at statutory tax rate and the income tax expense as reported in the unaudited condensed consolidated statement of profit or loss and other comprehensive income is as follows:
|
|
For the three months ended June 30, |
|
For the six months ended |
|
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
||||
|
|
€ |
|
€ |
|
€ |
|
€ |
|
||||
Loss before income tax |
|
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Income tax against statutory rate in The Netherlands ( |
|
|
|
|
|
|
|
|
|
||||
Effect of tax rates in other countries |
|
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Deferred tax assets recognition effects |
|
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Non-deductible expenses |
|
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Prior period adjustments |
|
|
|
|
|
|
( |
) |
|
|
|||
Total tax charge |
|
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Income tax expense is recognized based on management’s estimate of the weighted average effective annual income tax rate expected for the full financial year, bearing in mind the impact of non-discrete and discrete items. Non discrete items in the income tax expense are recognized based on management’s estimate of the weighted average effective annual income tax rate expected for the full financial year. Discrete items in the income tax expense are recognized at the applicable statutory tax rate.
The (estimated) average annual tax rate used for the six months ended June 30, 2024 was (
The current period losses for which no deferred tax asset has been recognized mainly consists of the unrecognized tax effect of losses incurred in Switzerland. The differences in the overseas tax rates are due to the lower tax rate in Switzerland compared to the statutory income tax rate in the Netherlands.
Pharvaris N.V. is the head of the fiscal unity including Pharvaris Netherlands B.V. and Pharvaris Holdings B.V.
Deferred tax
Deferred taxes have been recognized to the extent that management concludes that there is sufficient probability as per IAS 12 that there will be future taxable profits available in the foreseeable future against which the unused tax losses and deductible temporary differences can be utilized.
Deferred tax assets relating to losses carried forward have not been recognized, and deferred tax assets on deductible temporary differences in excess of deferred tax liabilities on taxable temporary differences have not been recognized in the consolidated statement of profit and loss and other comprehensive income for the Dutch fiscal unity.
10
8. Property, plant and equipment
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
||
Net book value |
|
€ |
|
|
€ |
|
||
Balance at beginning of period |
|
|
|
|
|
|
||
Additions |
|
|
|
|
|
|
||
Depreciation expenses |
|
|
( |
) |
|
|
( |
) |
Balance at end of period |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
||
Cumulative depreciation |
|
€ |
|
|
€ |
|
||
As of January 1, |
|
|
( |
) |
|
|
( |
) |
Depreciation |
|
|
( |
) |
|
|
( |
) |
Balance at end of period |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
||
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
||
Cumulative Costs |
|
€ |
|
|
€ |
|
||
Balance at beginning of period |
|
|
|
|
|
|
||
Additions |
|
|
|
|
|
|
||
Balance at end of period |
|
|
|
|
|
|
During the six months ended June 30, 2024, the Group acquired assets with a cost of €
9. Leases
The following table provides information about the Group’s right-of-use assets:
|
|
June 30, |
|
|
December 31, 2023 |
|
||
|
|
€ |
|
|
€ |
|
||
Balance at beginning of period |
|
|
|
|
|
|
||
Addition |
|
|
— |
|
|
|
( |
) |
Depreciation charges |
|
|
( |
) |
|
|
( |
) |
Impact of transaction of foreign currency |
|
|
|
|
|
— |
|
|
Balance at end of period |
|
|
|
|
|
|
The following table provides information about the Group’s lease liabilities at June 30, 2024:
|
|
June 30, |
|
|
December 31, |
|
||
|
|
€ |
|
|
€ |
|
||
Office leases |
|
|
( |
) |
|
|
( |
) |
Total lease liability |
|
|
( |
) |
|
|
( |
) |
Current portion |
|
|
( |
) |
|
|
( |
) |
Non-current portion |
|
|
( |
) |
|
|
( |
) |
Office leases consist of a lease agreement entered into on June 1, 2021 for office space in Lexington, United States of America (the " U.S."), which has ended as of June 30, 2024 and a lease entered into on December 1, 2022, for
11
offices in Leiden, The Netherlands. Both leases have lease terms of
Cash outflows related to leases during the six months ended June 30, 2024 and 2023, were €
10. Receivables
|
|
June 30, |
|
|
December 31, |
|
||
|
|
€ |
|
|
€ |
|
||
Current tax receivable |
|
|
|
|
|
|
||
VAT receivables |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
11. Other current assets
|
|
June 30, |
|
|
December 31, |
|
||
|
|
€ |
|
|
€ |
|
||
Prepayments |
|
|
|
|
|
|
||
Other assets |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
Prepayments mainly relate to prepaid insurance, sign-on bonus to personnel, prepaid research and development expenses and rent.
Other assets for the year ended December 31, 2023, primarily consisted of deferred transaction costs related to the Group’s in-process equity financing (refer to note 13). The Company deferred the transaction costs related to any in-process financing. Upon recognition of the equity instruments, the related transaction costs are deducted from share premium.
12. Cash and cash equivalents
Cash and cash equivalents comprise of cash in bank and are not subject to any restriction.
13. Equity
On June 30, 2024, the Company’s authorized share capital amounted to €
As of June 30, 2024 and December 31, 2023, the total number of issued and fully paid shares was
In March 2022, the Company filed a Form F-3 Registration Statement and prospectus, allowing the Company to sell up to $
As of June 30, 2024, the Company has sold a total of
12
In June 2023, the Company sold a total of 6,951,340 ordinary shares, par value €0.12 per share, in a private placement at a purchase price of $10.07 per ordinary share. The sale generated total proceeds of approximately $70 million (€64.2 million).
In December 2023, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC and
Leerink Partners, LLC as underwriters, pursuant to which the Company agreed to issue and sell (i) 11,125,000
ordinary shares, par value €0.12 per share and (ii) pre-funded warrants to purchase up to 1,375,000 ordinary shares
in an underwritten offering. The offering closed on December 8, 2023, and the Company generated net proceeds of
$282.0 million (€261.6 million), after deducting bank fees of $18.0 million (€16.7 million).
The pre-funded warrants were exercised in January 2024 for gross exercise proceeds of $
In March 2024, the Company received a partial reimbursement for certain of its expenses in connection with the
December 2023 offering which have been accounted for in the share premium.
Issued shares
|
|
June 30, |
|
|
December 31, |
|
||
|
|
Number of shares |
|
|
Number of shares |
|
||
Ordinary shares |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
14. Trade and other payables
|
|
June 30, |
|
|
December 31, |
|
||
|
|
€ |
|
|
€ |
|
||
Trade payables |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
15. Accrued liabilities
|
|
June 30, |
|
|
December 31, |
|
||
|
|
€ |
|
|
€ |
|
||
Consulting, professional and audit liability |
|
|
|
|
|
|
||
Clinical accrued liabilities |
|
|
|
|
|
|
||
Manufacturing accrued liabilities |
|
|
|
|
|
|
||
Nonclinical accrued liabilities |
|
|
|
|
|
|
||
Personnel related accruals |
|
|
|
|
|
|
||
Other accrued liabilities |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
16. Risk management activities
The Group’s risk management activities are the same as disclosed in Note 17 of the consolidated financial statements for the year ended December 31, 2023.
17. Fair values
Fair values of cash and cash equivalents, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
18. Share-based payments
In 2016, the Company 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. This plan has been superseded by the 2021 long term incentive plan (“LTIP”).
13
Set out below is an overview of changes in the Stock Options and Restricted Stock Units (“RSUs”) during the six months ended June 30, 2024.
|
|
Stock Options |
|
|
RSUs |
|
||||||
|
|
Outstanding |
|
|
Weighted |
|
|
Outstanding |
|
|||
|
|
|
|
|
$ |
|
|
|
|
|||
Outstanding January 1, 2024 |
|
|
|
|
|
|
|
|
|
|||
Granted |
|
|
|
|
|
|
|
|
|
|||
Exercised (Vested and Settled) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Forfeited |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Outstanding June 30, 2024 |
|
|
|
|
|
|
|
|
|
On April 11, 2024, a total of
On April 11, 2024, a total of
On April 15, 2024 a total of
As of June 30, 2024, a total number of
The inputs and outputs used in the measurement of the fair value per option at each grant/ measurement date using the Black-Scholes formula (including the related number of options and the fair value of the options) were as follows:
|
|
April 15, 2024 |
|
April 11, |
|
April 11, |
|
|||
Number of options |
|
|
|
|
|
|
|
|||
Fair value of the options |
|
$ |
|
$ |
|
$ |
|
|||
Fair value of the ordinary shares |
|
$ |
|
$ |
|
$ |
|
|||
Exercise price |
|
$ |
|
$ |
|
$ |
|
|||
Expected volatility (%) |
|
|
% |
|
% |
|
% |
|||
Expected life (years) |
|
|
|
|
|
|
|
|||
Risk-free interest rate (%) |
|
|
% |
|
% |
|
% |
|||
Expected dividend yield |
|
|
|
|
|
|
|
During the six months ended June 30, 2024 a total of
The fair value of the RSUs is determined based on the share value per ordinary share at the grant date (or at the first trading day after the grant date if the Nasdaq Stock Exchange is not open on this date). The grant dates and share closing prices for grants during the first six months of 2024 were: January 2 ($
During the six months ended June 30, 2024,
During the six months ended June 30, 2024,
14
For the six months ended June 30, 2024, the Group recognized €
19. Basic and diluted loss per share
Basic and diluted loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of issued and outstanding ordinary shares during the three and six months ended June 30, 2024 and 2023.
All of the Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share attributable to ordinary stockholders as the effect of including them would be antidilutive.
|
|
For the three months ended June 30, |
|
For the six months ended June 30, |
|
|||||||||
|
|
2024 |
|
|
2023 |
|
2024 |
|
2023 |
|
||||
|
|
€ |
|
|
€ |
|
€ |
|
€ |
|
||||
Net Loss |
|
|
( |
) |
|
|
( |
) |
|
( |
) |
|
( |
) |
Weighted average number of ordinary shares outstanding |
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted loss per share |
|
|
( |
) |
|
|
( |
) |
|
( |
) |
|
( |
) |
20. Commitments and Contingencies
Claims
There are
Commitments
The Group’s contractual obligations and commitments as of June 30, 2024 amounted to €
The Group had
21. 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 period.
Key management personnel compensation
|
|
For the three months ended June 30, |
|
For the six months ended June 30, |
|
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
||||
|
|
€ |
|
€ |
|
€ |
|
€ |
|
||||
Short term employee benefits |
|
|
|
|
|
|
|
|
|
||||
Post employee benefits |
|
|
|
|
|
|
|
|
|
||||
Share-based payments |
|
|
|
|
|
|
|
|
|
||||
Total |
|
|
|
|
|
|
|
|
|
Refer to note 18 for disclosures on the share-based payments related to RSUs and Options granted to key management during the six months ended June 30, 2024.
The Group engages two 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 key management personnel which have key management functions within these entities. Certain key management personnel are also shareholders of the Company.
The aggregate amount of expense recognized in the unaudited condensed consolidated interim financial statements related to these related parties were €
15
The outstanding balances payable to key management personnel, or entities which they control, as per six months ended June 30, 2024 and December 31, 2023, were €
16
22. Events after the reporting period
The Company has evaluated subsequent events through August 13, 2024, which is the date the condensed consolidated interim financial statements were authorized for issuance, and did not identify any significant event after reporting period that needs to be disclosed.
17
Signatories to the unaudited condensed consolidated interim financial statements
Leiden, August 13, 2024
Pharvaris N.V.
Board of Directors
B.A.E. Modig |
R.H. Glassman |
E. Björk |
J.G.C.P. Schikan |
D.P. Meeker |
V. Monges |
|
|
18