Pharvaris is a pre-revenue, late-stage biopharmaceutical company focused on hereditary angioedema (HAE), a rare genetic disorder where patients suffer sudden, potentially fatal swelling episodes. Pharvaris' entire pipeline is built around a single drug candidate, deucrictibant, a novel oral small-molecule that blocks the bradykinin B2 receptor — the same mechanism as icatibant, the most widely used on-demand injectable treatment for HAE. Pharvaris is developing deucrictibant in two formulations: an immediate-release capsule (IR) for on-demand treatment of acute HAE attacks, and an extended-release tablet (XR) for once-daily preventive use. The IR formulation has completed a pivotal Phase 3 trial, meeting its primary endpoint and all 11 secondary endpoints, and Pharvaris plans to submit an NDA in H1 2026. The XR formulation is in an ongoing Phase 3 trial. Pharvaris also recently initiated a Phase 3 study targeting acquired angioedema due to C1-inhibitor deficiency, a condition with no approved treatments. Pharvaris plans to commercialize deucrictibant independently in the U.S. using a focused rare disease sales organization, and is evaluating partnerships for ex-U.S. markets. The company is currently funded entirely by equity and licensed the underlying molecule from BRAIN, which requires low-to-mid single-digit royalties on net sales and up to €8M in remaining milestones. Pharvaris argues that oral delivery and the flexibility of a shared active ingredient across both formulations differentiates deucrictibant from the largely injectable existing standard of care.