Pharvaris FIRST LOOK: Accelerated timelines for on-demand HAE treatment

Pharvaris has accelerated its timeline for topline data from the RAPIDe-3 Phase 3 trial evaluating deucrictibant for on-demand treatment of hereditary angioedema (HAE), now expected in 4Q25 instead of 1Q26. The study aims to confirm earlier Phase 2 findings and measures time to symptom relief. Pending positive results, Pharvaris plans to submit its FDA application in the first half of 2026. Meanwhile, the company is also advancing its prophylactic HAE program and planning studies in acquired angioedema, reinforcing its position as a potential leader in high-efficacy oral treatments for angioedema. We reiterate our $ 32 target price and Buy rating.