Shares of Pharvaris (PHVS) closed down 4.29% at $36.37 on September 10, 2026, after the biotech company presented new clinical data from its late-stage hereditary angioedema (HAE) program at the Cantor Fitzgerald Global Healthcare Conference.
Deucrictibant, an oral B2 receptor antagonist, reduced HAE attack rates by 87% in the CHAPTER-3 Phase III trial, according to a presentation by CEO Berndt Modig and President Peng Lu. The study enrolled patients across six continents, including North America, Europe, Asia-Pacific, Latin America and South Africa. Baseline attack rates among CHAPTER-3 participants were approximately 3.6 to 3.8 attacks per month, slightly higher than the roughly 3-per-month rate observed in the earlier Phase II trial.
Both immediate-release and extended-release formulations were discussed. The XR formulation delivered more sustained plasma exposure above the EC85 threshold required for therapeutic effect compared with the Phase II IR twice-daily capsule. Modig said efficacy held up or potentially improved with the formulation change.
Safety data showed two patients experienced grade 3 liver function test elevations, neither involving bilirubin. Both were asymptomatic and had confounding factors including fatty liver disease and long-term androgen treatment. A separate serious adverse event involved a Type 3 HAE patient who experienced laryngeal dyskinesia — described by management as a pre-existing vocal cord disorder rather than a drug-induced reaction. That patient, a pharmacist with 19 laryngeal attacks in the three months before enrollment, saw a 90% reduction in attacks and returned to work after starting treatment.
Among three Type 3 HAE patients on active treatment, one achieved less than 50% attack reduction, one the ~90% reduction case, and a third remained attack-free for six months.
Pharvaris projects an on-demand launch for deucrictibant on April 8, 2025, with a prophylaxis filing planned for the first half of 2025. CREAATE trial data for acquired angioedema is expected in Q1 2025.
On the commercial front, chief commercial officer Wim Souverijns noted that Orladeyo has captured roughly 21% of the HAE prophylaxis market despite having about half the efficacy of Takeda's Takhzyro, underscoring patient preference for oral therapy. New patient流入 into prophylaxis pathways was estimated at 150 to 250 annually, with around 2,000 target physicians in the U.S. Pharvaris also cited a projected 5% dropout rate for its program versus a 40% one-year dropout rate for Orladeyo.
Pharvaris, which carries a negative EBITDA of $208 million over the trailing twelve months, reported a current ratio of 11.94. Its stock has risen 62% over the past year and is valued at $2.66 billion. Analyst price targets range from $42 to $79.
