Pharvaris (PHVS)

Executive Summary

Pharvaris is a late-stage Dutch biopharmaceutical company pioneering oral bradykinin B2 receptor antagonists for hereditary angioedema (HAE) and acquired angioedema due to C1 inhibitor deficiency (AAE-C1-INH). The company's lead candidate, deucrictibant, is an orally administered small molecule designed to provide injectable-like efficacy with the convenience of oral dosing, addressing a significant unmet need in bradykinin-mediated angioedema. Pharvaris has multiple Phase 3 trials underway for deucrictibant in HAE and AAE-C1-INH, as well as a Phase 3 trial for icatibant in intradialytic hypotension. The company went public via a SPAC merger in 2021 and is listed on NASDAQ under ticker PHVS. With a valuation of approximately $2.2 billion, Pharvaris is well-positioned to capitalize on its late-stage pipeline, particularly given the strong efficacy and safety data observed in earlier trials. The upcoming catalysts include top-line data from pivotal Phase 3 HAE trials and potential regulatory submissions, which could drive significant value inflection.

Upcoming Catalysts (preview)

• Q3 2026Top-line data from Phase 3 HAE trial (NCT06669754)70% success
• H1 2027Initiation of NDA/MAA submission for deucrictibant in HAE65% success
• H2 2027Phase 3 data for deucrictibant in AAE-C1-INH (NCT07266805)60% success