Pharvaris FY25 results confirm timelines, phase 3 prophylaxis data in 3Q26

Pharvaris reported FY25 results with a cash position of € 292m (YE24: € 281m) and reiterated its pipeline timelines. We most look forward to topline data from the phase 3 (CHAPTER-3) trial of deucrictibant in HAE prophylaxis in 3Q26, and we're confident going into this readout given the de-risked MOA and strong phase 2 dataset. We expect an attack reduction rate in line with injectable therapies, thereby positioning deucrictibant as the only candidate to offer both oral convenience and high efficacy in this setting. With a cash runway into 1H27, Pharvaris is funded beyond this important milestone. $ 36 TP and Buy maintained.