PALVELLA THERAPEUTICS, INC.
Business
Palvella Therapeutics is a clinical-stage biopharmaceutical company developing novel topical therapies for rare skin diseases and vascular malformations. Its lead program, QTORIN rapamycin, targets microcystic lymphatic malformations and cutaneous venous malformations; a second candidate, QTORIN pitavastatin, addresses disseminated superficial actinic porokeratosis. Palvella operates through its proprietary QTORIN platform, a patented anhydrous gel formulation designed to deliver therapeutic agents to deep skin layers with minimal systemic absorption.
Summary from 10-K filed 2026-03-31
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Research and development | 23 | 8 | 9 | 53 | 67 | |
| General and administrative | 16 | 6 | 3 | 16 | 17 | |
| Total operating expenses | 39 | 14 | 12 | 69 | 83 | |
| Operating loss | −39 | −14 | −12 | −43 | −52 | |
| Interest expense - royalty agreement | −6 | −4 | 6 | — | — | |
| Interest expense - convertible notes payable | 0 | −430,000 | 0 | — | — | |
| Fair value adjustments on derivative liabilities - royalty agreement | −394,000 | −633,000 | 485,000 | — | — | |
| Fair value adjustments on convertible notes payable | 0 | 1 | 0 | — | — | |
| Fair value adjustments on derivative liabilities - contingent value right liability | −218,000 | −2 | 0 | — | — | |
| Other income - German R&D tax credit receivable | 0 | 2 | 0 | — | — | |
| Interest income, net | 3 | 642,000 | — | — | — | |
| Other income (expense), net | 727,000 | −131,000 | 712,000 | 1 | 2 | |
| Loss before income taxes | −42 | −17 | 19 | — | −46 | |
| Income tax benefit (expense) | 0 | 0 | 0 | — | 0 | |
| Net loss | −42 | −17 | 19 | −33 | −46 | |
| Foreign currency translation gain | 80,000 | 3,000 | 0 | −1 | 1 | |
| Comprehensive loss | −42 | −17 | 18 | −34 | −45 | |
| Net loss per share of Common Stock - basic (in dollars per share) | −3.71 | −7.83 | 2.19 | −0.45 | −0.71 | |
| Net loss per share of Common Stock - diluted (in dollars per share) | −3.71 | −7.83 | 2.17 | — | −0.71 | |
| Weighted-average shares used in computing net loss per share of Common Stock - basic (in shares) | 11 | 2 | 2 | 74 | 65 | |
| Weighted-average shares used in computing net loss per share of Common Stock - diluted (in shares) | 11 | 2 | 2 | — | 65 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 58 | 84 | 7 | 39 | 118 | |
| Accounts receivable | 0 | 358,000 | 0 | 6 | 3 | |
| German research and development tax credit receivable | 0 | 2 | 0 | — | — | |
| Prepaid expenses and other current assets | 1 | 2 | 198,000 | 3 | 7 | |
| Total current assets | 59 | 88 | 8 | 73 | 128 | |
| Operating lease right-of-use assets, net | 600,000 | 0 | — | 4 | 4 | |
| Total assets | 60 | 88 | 8 | 95 | 154 | |
| Accounts payable | 5 | 5 | 936,000 | 4 | 9 | |
| Derivative liabilities - contingent value right liability | 2 | 2 | 0 | — | — | |
| Current portion of operating lease liability | 202,000 | 0 | 0 | 859,000 | — | |
| Accrued expenses and other current liabilities | 4 | 5 | 1 | 11 | 17 | |
| Total current liabilities | 11 | 12 | 2 | 37 | 51 | |
| Long-term portion of operating lease liability | 431,000 | 0 | 0 | 12 | 14 | |
| Royalty agreement liability | 18 | 12 | 8 | — | — | |
| Derivative liabilities - royalty agreement | 2 | 2 | 1 | — | — | |
| Total liabilities | 32 | 26 | 11 | 68 | 103 | |
| Commitments and contingencies (Note 9) | — | — | — | — | — | |
| Preferred stock, $0.001; 10,000,000 shares authorized; 0 and 15,617 shares issued and outstanding at December 31, 2025 and 2024 | 0 | 0 | 0 | 0 | 0 | |
| Common stock, $0.001 par value; 200,000,000 shares authorized; 12,380,933 and 11,012,105 shares issued and outstanding at December 31, 2025 and 2024 | 12,000 | 11,000 | 0 | 74,000 | 72,000 | |
| Additional paid-in capital | 163 | 156 | 2 | 319 | 307 | |
| Accumulated other comprehensive (loss) income | 83,000 | 3,000 | 0 | −254,000 | 829,000 | |
| Accumulated deficit | −136 | −94 | −76 | −290 | −257 | |
| Total stockholders' equity | 28 | 63 | −74 | −94 | 51 | |
| Total liabilities and stockholders' equity | 60 | 88 | 8 | 95 | 154 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Non-cash interest expense - royalty agreement | 6 | 4 | −6 | — | — | |
| Non-cash interest expense - convertible notes | 0 | 430,000 | 0 | — | — | |
| Change in fair value of derivative liabilities - royalty agreement | 394,000 | 633,000 | −485,000 | — | — | |
| Change in fair value of derivative liabilities - contingent value right liability | 218,000 | 2 | 0 | — | — | |
| Change in fair value of convertible notes payable | 0 | −1 | 0 | — | — | |
| Stock-based compensation | 6 | 830,000 | 603,000 | 4 | 5 | |
| Non-cash lease operating expense | 62,000 | 0 | — | — | — | |
| Costs to issue convertible notes | 0 | 129,000 | — | — | — | |
| Accounts receivable | 387,000 | 0 | 5 | −3 | −2 | |
| German research and development tax credit receivable | 2 | −2 | 0 | — | — | |
| Prepaid expenses and other current assets | 1 | −2 | 273,000 | −1 | −3 | |
| Account payable | 1 | 2 | −2 | −4 | 7 | |
| Accrued expenses and other current liabilities | −1 | 1 | −1 | −4 | 10 | |
| Net cash used in operating activities | −25 | −11 | −14 | −60 | −8 | |
| Cash acquired from Reverse Merger transaction | 0 | 14 | 0 | — | — | |
| Payment of transaction costs in connection with Reverse Merger | −1 | −2 | 0 | — | — | |
| Proceeds from PIPE Financing | 0 | 60 | 0 | 0 | 19 | |
| Payments of transaction costs associated with PIPE Financing | 0 | −3 | 0 | — | — | |
| Proceeds from issuance of convertible notes | 0 | 18 | 0 | — | — | |
| Payment of transaction costs to issue convertible notes | 0 | −129,000 | 0 | — | — | |
| Proceeds from exercise of stock options | 763,000 | 0 | 0 | 95,000 | 1 | |
| Deferred equity issuance costs | −154,000 | 0 | — | — | — | |
| Net cash (used in) provided by financing activities | −660,000 | 87 | 5 | 7 | 59 | |
| Effect of exchange rate change on cash and cash equivalents | 46,000 | 3,000 | — | — | −3 | |
| Net (decrease) increase in cash and cash equivalents | −26 | 76 | −9 | −79 | 47 | |
| Transaction costs related to Reverse Merger included in accounts payable and accrued expenses | 0 | 1 | 0 | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is PALVELLA THERAPEUTICS, INC.'s CIK number?
PALVELLA THERAPEUTICS, INC.'s SEC CIK number is 0001583648 (1583648). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find PALVELLA THERAPEUTICS, INC.'s SEC filings?
All of PALVELLA THERAPEUTICS, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did PALVELLA THERAPEUTICS, INC. last report earnings?
PALVELLA THERAPEUTICS, INC. (PVLA) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-210605). This is PALVELLA THERAPEUTICS, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is PALVELLA THERAPEUTICS, INC.'s most recent earnings 8-K?
PALVELLA THERAPEUTICS, INC.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001193125-26-210605. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
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