Pharvaris (PHVS) The Citizens JMP Life Sciences Conference summary

Scientific and clinical differentiation

• Deucrictibant targets the bradykinin B2 receptor, acting downstream in the kallikrein-kinin pathway, which may allow broader patient coverage, including HAE types 1, 2, 3, and acquired angioedema.

• Two formulations are being developed: immediate-release for rapid onset (plasma exposure in 15 minutes) and extended-release for 24-hour coverage with once-daily dosing.

• Phase II data show efficacy, safety, and convenience for both acute and prophylactic use, with rapid symptom relief and sustained effects.

• Long-term safety is supported by up to two years of tolerability data and a nearly complete pre-clinical tox package.

• The mechanism may benefit patients with plasma kallikrein-independent pathways, addressing unmet needs.

Market dynamics and positioning

• Prophylactic treatment dominates the U.S. HAE market, accounting for about 62% of patients and expected to grow further.

• Patients currently face trade-offs between efficacy (injectables) and convenience (orals); no oral option yet matches injectable efficacy.

• The market is not as sticky as perceived, with 5% of patients switching therapies each quarter, and more alternatives could accelerate this.

• Oral therapies are increasingly preferred, with patient preference for orals rising from 35% to 70% in recent years.

• Payers are receptive to new, effective oral therapies, and generic competition is not seen as a major barrier if efficacy is strong.

Clinical trial updates and timelines

• Phase III on-demand (RAPIDe-3) trial has completed enrollment, with top-line data expected in the first half of 2026.

• Phase III prophylaxis trial is a six-month, placebo-controlled study with 2:1 randomization, targeting 81 patients; data expected in the second half of 2026.

• The phase III prophylaxis trial uses an optimized extended-release formulation for improved drug coverage.

• Open-label extension studies are generating real-world evidence, and an acquired angioedema pivotal study will initiate by year-end.

• Phase II data for prophylaxis showed 85% reduction in all attacks and over 92% reduction in moderate/severe attacks, with sustained efficacy up to two years.