Pharvaris Raises $ 175m in gross proceeds via public offering

Pharvaris announced the pricing of an upsized public offering of 8,250,000 ordinary shares at a price of $ 20 per share (13.49% discount to previous close), and to one investor, pre-funded warrants to purchase 500,000 ordinary shares at a price of $ 19.99 per pre-funded warrant for gross proceeds of approx. $ 175m. We expect the net proceeds to extend Pharvaris' cash runway to mid-2027 (KBCSe) from 2H26, and will be used for R&D as well as commercialisation preparations in the US. We update our model to incorporate the additional cash, and shares, and take YE25 cash (previously YE24) for our DCF, which brings us to a new TP of $ 29 (from $ 32). We continue to believe in deucrictibant's (B2R antagonist) potential to become the standard of care in HAE, and reiterate our Buy rating.