Morning Notes : TESB BB, BTLS BB, PHVS US

: TESB BB, BTLS BB, PHVS US

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 milest...

Continue To Look Ahead To CHAPTER-3

Whitestone Group Launched a public capital increase of up to €25m

This morning Whitestone Group announced a public offering without preferential subscription rights for a maximum of 1,461,988 new shares at a fixed issue price of €17.10 per share. The offering follows the successful €46m private placement completed in Jan'26 and aims to allow all shareholders and the Belgian public to subscribe on the same terms. The issue price represents a 6.21% premium to the closing price of €16.10 on the last trading day prior to the announcement and a 5.52% discount to the revalued NAV of €18.10 as of 31 Dec'25. No minimum amount has been set. The company reserves the r...

Morning Notes : FAGR BB, ENRGY BB

: FAGR BB, ENRGY BB

Fagron Solid 1Q26 results, Strong Brands Performance

Fagron reported 1Q26 revenues 1% above CSS expectations. Organic revenue growth of 3.2% at CER was supported by all regions, driven in particular by DD growth in Latin America. Despite losing the GLP-1 tailwind, North America still delivered positive organic growth. The continued focus on Brands is clearly paying off, with 22.6% organic revenue growth at CER y/y. Acquisition integrations are progressing as planned. FY26 guidance for MDS to HSD organic revenue growth at CER is reiterated, Fagron expects a REBITDA margin of c. 20.0%, in line with both our and CSS expectations. A solid set of res...