Pharvaris New data presented at ACAAI 2025

Pharvaris presented new data at ACAAI 2025. The data highlighted the sustained tolerability and efficacy benefit of deucrictibant in the acute and prophylactic setting. Additionally, results were shared on a new kinin biomarker assay, quality of life outcomes, exposure of the extended release formulation, response to attacks treated with a single dose of deucrictibant, and a comparison to SoC. With this additional data we continue to see Pharvaris as uniquely positioned in the HAE space and look forward to the phase 3 readout in the on-demand setting expected in 4Q25. We reiterate our $ 29 TP and Buy rating.