Report
Pharvaris 3Q25 update shows all is on-track, eyes are on RAPIDe-3 data in 4Q25
Pharvaris reported 3Q25 results showing no major surprises and reaffirming previously communicated timelines. The next key milestone is topline results from the phase 3 trial of deucrictibant (B2R antagonist, oral tablet) for on-demand HAE in 4Q25. We are confident in a positive outcome, and see Ekterly's strong early uptake as a key de-risking factor for the commercial potential of orals in the acute HAE market. The company ended the quarter with a cash position of € 329m (YE24: € 281m), providing a runway into 1H27, sufficient to fund operations beyond all major upcoming milestones. We continue to see Pharvaris as uniquely positioned in the HAE space, and reiterate our $ 29 TP and Buy rating.
Underlying
Pharvaris NV
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Mathijs Geerts Danau
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