Pharvaris (PHVS) Is Down 5.7% After Pivotal RAPIDe-3 Deucrictibant Data And 2026 Filing Plan

• Earlier in December 2025, Pharvaris reported pivotal Phase 3 RAPIDe-3 data for its oral deucrictibant capsule in hereditary angioedema (HAE) and confirmed plans to begin global marketing authorization filings, including a U.S. FDA New Drug Application, starting in the first half of 2026.
• An especially important angle for investors is that, if the ongoing CHAPTER-3 trial is successful, deucrictibant could become the first oral therapy designed to address both on-demand and prophylactic treatment of bradykinin-mediated angioedema attacks.
• We’ll now explore how the prospect of deucrictibant as a dual on-demand and prophylactic HAE therapy could reshape Pharvaris’s investment narrative.

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What Is Pharvaris' Investment Narrative?

To own Pharvaris today, you have to believe that deucrictibant can make the jump from promising late‑stage asset to a commercial rare‑disease franchise, while the company manages years of losses and potential dilution. The new RAPIDe‑3 Phase 3 data and the plan to start global filings in the first half of 2026 sharpen the near‑term catalyst path: investors are now watching for regulatory interactions and acceptance of the first marketing applications, followed by the pivotal CHAPTER‑3 prophylaxis readout in the second half of 2026. This update meaningfully shifts the story from “can the drug work?” toward “can it be approved and funded?” but it does not remove core risks around ongoing cash burn, execution in a competitive HAE market, and the binary nature of the CHAPTER‑3 outcome.

However, there is a key financial risk here that current shareholders should not ignore. The analysis detailed in our Pharvaris valuation report hints at an inflated share price compared to its estimated value.

Exploring Other Perspectives

The single fair value estimate of US$45.92 from the Simply Wall St Community highlights how even one retail view can differ from market pricing. Against this, the company’s continued losses and reliance on fresh capital after the RAPIDe‑3 milestone remind you to weigh regulatory milestones against funding risk. Together these contrasting perspectives show why it helps to consider several independent views before deciding what Pharvaris is worth to you.

Explore another fair value estimate on Pharvaris - why the stock might be worth just $45.92!

Build Your Own Pharvaris Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Pharvaris research is our analysis highlighting 3 important warning signs that could impact your investment decision.
• Our free Pharvaris research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Pharvaris' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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