Pharvaris executives told Morgan Stanley’s 24th Annual Global Healthcare Conference on September 15, 2026, that deucrictibant, an oral B2 receptor antagonist for hereditary angioedema, is nearing launch. The company’s shares traded at $38.86, with a market capitalization of $2.73 billion and a 66% return over the past year. Analysts see upside potential with price targets ranging up to 55% above current levels, while Pharvaris reported a current ratio of 11.94.
Phase III CHAPTER-3 data showed 87% efficacy in patients with type 1 and type 2 hereditary angioedema and 83% efficacy in the broader population, including patients with normal C1 inhibitor. Baseline attack frequency was 3.6 attacks per study period, while the placebo group experienced 2.1 attacks over the full 24-week study. A patient with a plasminogen mutation showed a 90% drop in attack frequency. For on-demand use, a single dose achieved end of progression in 17 minutes and complete symptom resolution. CEO Berndt Modig described the profile as having injectable-like efficacy.
Company executives also outlined the commercial landscape. New HAE diagnoses are estimated at 150 to 250 patients per year. Icatibant accounts for about 65% of patients in the on-demand market, normal C1 inhibitor patients represent about 20% of the HAE population, and acquired angioedema represents about 10%. In real-world use, roughly 50% of ORLADEYO patients discontinued within six months, and about 1,900 patients are estimated to have stopped ORLADEYO because of insufficient efficacy.
Pharvaris said the U.S. PDUFA target date for the on-demand launch formulation is April 2027. Under the base-case plan, cash is projected to fund operations until mid-2028. Top-line data from the CREATE trial, an acquired angioedema study, are expected in the first quarter of 2025, and the CHAPTER-3 manuscript is also expected in the first quarter of 2025. A late-breaker abstract is planned for the American College of Allergy, Asthma and Immunology meeting in the first week of November.
Commercially, Pharvaris said its organization already has about 70 people, with roughly 40% having prior HAE experience from competitor companies. The team is expected to reach about 90 people by the prophylactic launch, including about 35 field-based sales representatives. Nearly 2,000 patients are enrolled in the opt-in patient program, with a target of 3,000 by the on-demand launch.
Historically, Shire took over icatibant in 2008. Pharvaris was founded in 2015 and began operations in 2016 by Modig and Jochen Knolle, the inventor of icatibant. Modig said his personal journey in HAE began 23 years earlier with the company that developed icatibant and that the company’s fundamental goal is to win a broad label for bradykinin-mediated angioedema.
