Pharvaris prices $175 million public offering to fund angioedema programs

ZUG, Switzerland - Pharvaris N.V. (NASDAQ:PHVS), a late-stage biopharmaceutical company focused on bradykinin-mediated diseases, announced Tuesday the pricing of an underwritten public offering expected to raise approximately $175 million in gross proceeds. According to InvestingPro data, the company maintains a strong financial position with more cash than debt and a healthy current ratio of 11.1x, indicating robust liquidity management.

The offering consists of 8,250,000 ordinary shares priced at $20.00 per share and pre-funded warrants to purchase 500,000 ordinary shares at $19.99 per warrant. Pharvaris has also granted underwriters a 30-day option to purchase up to an additional 1,312,500 ordinary shares.

Morgan Stanley, Leerink Partners, Cantor, Oppenheimer & Co., and Van Lanschot Kempen are serving as joint book-running managers for the offering, which is expected to close around July 24, 2025.

Pharvaris is developing oral bradykinin B2 receptor antagonists for hereditary angioedema (HAE) and acquired angioedema due to C1 inhibitor deficiency. The company’s lead candidate, deucrictibant, is currently being evaluated in two pivotal Phase 3 studies - CHAPTER-3 for prevention of HAE attacks and RAPIDe-3 for on-demand treatment.

The company previously reported positive results from Phase 2 studies of deucrictibant in both prophylactic and on-demand settings for HAE.

The offering is being conducted pursuant to an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission, according to the company’s press release statement. For deeper insights into Pharvaris’s financial health and additional analysis, including exclusive ProTips and detailed metrics, visit InvestingPro.

In other recent news, Pharvaris has announced updated timelines for its hereditary angioedema (HAE) therapy, with topline data from the RAPIDe-3 pivotal phase 3 study expected in the fourth quarter of 2025. If the data is positive, Pharvaris plans to submit a New Drug Application in the first half of 2026. At the European Academy of Allergy and Clinical Immunology Congress 2025, Pharvaris presented data showing that its oral treatment, deucrictibant, maintained sustained attack reduction and improved quality of life in patients. The company also shared promising results at the 14th C1-Inhibitor Deficiency and Angioedema Workshop, indicating that deucrictibant could be effective in both preventing and treating HAE attacks.

Pharvaris will present multiple abstracts on deucrictibant at the US Hereditary Angioedema Association’s 2025 National Summit, showcasing data from clinical trials on long-term safety and efficacy. Additionally, Citizens JMP analysts have reiterated their Market Outperform rating for Pharvaris, with a price target of $55, following the company’s plans to expand the use of deucrictibant beyond hereditary angioedema types 1 and 2. Pharvaris intends to initiate a new Phase 3 trial for deucrictibant in acquired angioedema within this year. BofA Securities has maintained its Underperform rating and $14 price target for Pharvaris, reflecting the ongoing developments in the company’s therapeutic pipeline.

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