Pharvaris (PHVS) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Product strategy and market positioning

• Deucrictibant is a small molecule B2 receptor antagonist developed for both acute and prophylactic treatment of hereditary angioedema (HAE), with IR for on-demand and XR for prevention, using the same active ingredient.

• The oral formulation aims to address unmet needs in efficacy, tolerability, and treatment burden, differentiating from existing injectable therapies.

• The HAE market is dynamic, with high patient willingness to switch therapies for better efficacy and lower burden, especially favoring oral options for newly diagnosed or younger patients.

• Prophylactic treatment is increasingly seen as the optimal paradigm, with growing disease awareness and a patient journey that may start with on-demand and transition to prophylaxis.

Clinical data and trial updates

• Phase II CHAPTER-1 study for prophylaxis enrolled 30 patients, showing rapid onset, 85% attack reduction, and injectable-like efficacy.

• 18-month extension data showed 93% attack reduction, with most patients reporting zero attacks per month and 99% symptom-free time; safety profile was favorable with only one mild treatment-related adverse event.

• No cardiovascular safety concerns were observed, and regulatory agencies are aligned with the commercial formulation for phase III trials.

• Phase III prophylactic trial will enroll around 80 patients over six months, using a single dose regimen and a 2:1 randomization, with expected duration of 18–24 months.

Competitive landscape and differentiation

• Oral deucrictibant is positioned as potentially best-in-class, offering efficacy comparable to injectables and a lower treatment burden.

• Competitors are developing longer-acting injectables and oral options, but patients prioritize efficacy and convenience, with oral therapies expected to gain market share.

• On-demand RAPIDe-2 long-term extension data showed 1.1-hour time to symptom relief and over 90% of attacks resolved within 24 hours, outperforming current standards and key competitors.

• Phase III on-demand trial targets 120 patients, using a crossover design, with a similar 18–24 month timeline as the prophylactic trial.