Pharvaris Business update narrows topline prophylactic phase 3 data to 3Q26

Pharvaris provided a business update, which comes with narrowed guidance for the topline data from the phase 3 (CHAPTER-3) trial of deucrictibant in HAE prophylaxis, now expected in 3Q26 (previously 2H26). We're confident going into this readout, which we believe has a high probability of success based on the strong efficacy shown in phase 2. With the NDA filing in the on-demand setting on track for 1H26, and another phase 3 ongoing in AAE-C1INH, the product is set to address the broadest group of HAE patients offering both strong efficacy and convenience. Pharvaris' cash runway into 1H27 means the company is funded beyond its key catalyst of CHAPTER-3 data readout in 3Q26. $ 36 TP and BUY maintained.