P
PALVELLA THERAPEUTICS, INC.
PVLACIK 0001583648NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsNevadaFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-41.70M
Total Assets
$59.56M
Equity
$27.98M
Shares Out
14.31M
Op. Cash Flow
$-25.00M
Business
PALVELLA THERAPEUTICS, INC. is a clinical-stage biopharmaceutical company focused on developing novel topical therapies for serious, rare genetic skin diseases. Its main product candidate is QTORIN 3.9% rapamycin anhydrous gel and additional preclinical programs built on the QTORIN topical delivery platform. The company’s operations center on clinical development activities, including ongoing Phase 3 (SELVA) and Phase 2 (TOIVA) trials, platform formulation research, and intellectual property management. Palvella targets U.S. specialty and vascular anomaly treatment channels, relies on third-party CMOs for manufacturing, and holds patents in multiple international jurisdictions.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| 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
As of · In millions, except per-share amounts
| 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
Year Ended · In millions, except per-share amounts
| 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
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