Pharvaris 1Q25 shows continued pipeline progress, upcoming R&D call in June 2025

Pharvaris reported 1Q25 results with a cash position of € 236m (YE24: € 281m), which provides a cash runway into 3Q26. Pipeline-wise, the company continues to progress with its phase 3 trials in both HAE on-demand and prophylaxis, and confirms the previously communicated timelines, with the next key milestone being topline results from the phase 3 trial of deucrictibant in on-demand HAE in 1Q26. We note that an FDA waiver for thorough QT study requirements provides further validation of deucrictibant's safety, and look forward to the R&D call in June 2025 to learn more about the company's plans for the product beyond HAE type 1/2. We continue to see Pharvaris as uniquely positioned in the HAE space, and reiterate our $ 32 TP and Buy rating.