PALVELLA THERAPEUTICS, INC.
PVLA · Pharmaceutical Preparations · 14.3M shares · -55%/yr ↓ buyback · EDGAR filings ↗
Reference price $110.26 · est. market cap ~$1.6B — last insider sale, 2026-06-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C59Late-stage rare-skin-disease developer with a fresh positive Phase 3 readout but thin cash and a costly royalty-funding liability.
Strengths
- Positive Phase 3 SELVA in microcystic LM (mLM-IGA +2.13, p<0.001) plus positive Phase 2 TOIVA in cutaneous VMs materially de-risk the lead
- Reasonable near-term liquidity: current/quick ratio ~5.2 (60th pct)
Risks
- No revenue, operating loss $38.6M, ROE -1.49 (18.6 pct); cash only $58M (44.7 pct) against an expanding pivotal program
- Ligand royalty/funding liability accreting at a ~44.9% effective rate, and the company has never commercialized a product
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Insider buyingInsider buying — 3 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$849,974, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -55%/yr over 4y
- Insider sellingInsider selling — 18 open-market sale(s) by 1 insider(s) (~$3M, last 6mo) Form 4 ↗
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-149.1%
Return on assets
-70.0%
Current ratio
5.2×
Tangible book value
$28M
Cash & investments
$58M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-17 | Goin Kathleen | Option exercise | 2.1K | $9.08 |
| 2026-06-17 | Goin Kathleen | Option exercise | 2.2K | $7.14 |
| 2026-06-17 | Goin Kathleen | Sell | 2.4K | $110.26 |
| 2026-06-17 | Goin Kathleen | Sell | 1.9K | $111.31 |
| 2026-06-17 | Goin Kathleen | Sell | 25 | $112.23 |
| 2026-06-12 | Korenberg Matthew E | Option exercise | 1.0K | $13.60 |
| 2026-05-20 | Goin Kathleen | Sell | 3.4K | $110.35 |
| 2026-05-20 | Goin Kathleen | Option exercise | 2.2K | $7.14 |
| 2026-05-20 | Goin Kathleen | Option exercise | 2.1K | $9.08 |
| 2026-05-20 | Goin Kathleen | Sell | 891 | $111.30 |
| 2026-05-20 | Goin Kathleen | Sell | 48 | $111.89 |
| 2026-04-15 | Goin Kathleen | Sell | 639 | $129.17 |
| 2026-04-15 | Goin Kathleen | Option exercise | 2.2K | $7.14 |
| 2026-04-15 | Goin Kathleen | Option exercise | 2.1K | $9.08 |
| 2026-04-15 | Goin Kathleen | Sell | 1.5K | $125.96 |
| 2026-04-15 | Goin Kathleen | Sell | 1.5K | $127.13 |
| 2026-04-15 | Goin Kathleen | Sell | 561 | $128.23 |
| 2026-04-15 | Goin Kathleen | Sell | 100 | $130.33 |
| 2026-03-30 | JENKINS GEORGE M | Buy | 445 | $112.30 |
| 2026-03-18 | Goin Kathleen | Sell | 2.3K | $117.56 |
| 2026-03-18 | Goin Kathleen | Option exercise | 2.2K | $7.14 |
| 2026-03-18 | Goin Kathleen | Option exercise | 2.1K | $9.08 |
| 2026-03-18 | Goin Kathleen | Sell | 1.7K | $118.37 |
| 2026-03-18 | Goin Kathleen | Sell | 304 | $119.08 |
| 2026-02-27 | JENKINS GEORGE M | Buy | 4.0K | $125.00 |
| 2026-02-27 | HERON ELAINE J | Buy | 2.4K | $125.00 |
| 2026-02-18 | Goin Kathleen | Option exercise | 2.2K | $7.14 |
| 2026-02-18 | Goin Kathleen | Option exercise | 2.1K | $9.08 |
| 2026-02-18 | Goin Kathleen | Sell | 3.0K | $79.16 |
| 2026-02-18 | Goin Kathleen | Sell | 1.3K | $79.97 |
| 2026-01-21 | Goin Kathleen | Option exercise | 2.2K | $7.14 |
| 2026-01-21 | Goin Kathleen | Option exercise | 2.1K | $9.08 |
| 2026-01-21 | Goin Kathleen | Sell | 553 | $95.49 |
| 2026-01-21 | Goin Kathleen | Sell | 3.7K | $97.94 |
| 2025-12-17 | Goin Kathleen | Option exercise | 2.2K | $7.14 |
| 2025-12-17 | Goin Kathleen | Option exercise | 2.1K | $9.08 |
| 2025-12-17 | Goin Kathleen | Sell | 4.3K | $96.47 |
| 2025-11-19 | Goin Kathleen | Option exercise | 2.2K | $7.14 |
| 2025-11-19 | Goin Kathleen | Option exercise | 2.1K | $9.08 |
| 2025-11-19 | Goin Kathleen | Sell | 1.5K | $85.72 |
| 2025-11-19 | Goin Kathleen | Sell | 2.8K | $86.51 |
| 2025-04-09 | JENKINS GEORGE M | Buy | 2.5K | $20.13 |
| 2025-04-09 | JENKINS GEORGE M | Buy | 2.5K | $20.27 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07552077 ↗ | A Phase 2, Baseline-Controlled Study Evaluating the Safety and Efficacy of PTX-022 (Sirolimus) Topical Gel 3.9% in the Treatment of Angiokeratomas (LOTU) Angiokeratomas | PHASE2 | Recruiting | 2027-08-01 |
| NCT06239480 ↗ | SELVA: A Phase 3 Study Evaluating QTORIN 3.9% Rapamycin Anhydrous Gel in the Treatment of Microcystic Lymphatic Malformations Microcystic Lymphatic Malformation | PHASE3 | Active Not Recruiting | 2026-01-14 |
| NCT06653842 ↗ | A Phase 2, Baseline-Controlled Study Evaluating the Safety and Efficacy of PTX-022 (Sirolimus) Topical Gel 3.9% in the Treatment of Cutaneous Venous Malformations Cutaneous Venous Malformations | PHASE2 | Active Not Recruiting | 2025-11-21 |
| NCT05643872 ↗ | A Study Evaluating the Safety and Pharmacokinetics of QTORIN Rapamycin 3.9% Anhydrous Gel in the Treatment of Adults With Pachyonychia Congenita Pachyonychia Congenita | PHASE3 | Recruiting | 2023-10-01 |
| NCT05180708 ↗ | A Multicenter, Phase 3 Randomized, Double-Blind, Vehicle-Controlled Study Evaluating the Safety and Efficacy of QTORIN 3.9% Rapamycin Anhydrous Gel in the Treatment of Pachyonychia Congenita Pachyonychia Congenita | PHASE3 | Completed | 2023-06-30 |
| NCT04893486 ↗ | CODY: A Study Evaluating The Safety And Efficacy Of QTORIN 3.9% Sirolimus Topical Gel For The Prevention Of Basal Cell Carcinomas (BCCs) In Patients With Gorlin Syndrome BCCs in Gorlin Syndrome Patients | PHASE2 | Completed | 2023-03-13 |
| NCT05050149 ↗ | Study Evaluating the Safety and Efficacy of PTX-022 (QTORIN Sirolimus) in the Treatment of Microcystic Lymphatic Malformations Microcystic Lymphatic Malformation | PHASE2 | Completed | 2022-11-15 |
| NCT04520750 ↗ | VALO-2: Study Evaluating the Safety and Efficacy of PTX022 in the Treatment of Adults With Pachyonychia Congenita Pachyonychia Congenita | PHASE3 | Completed | 2021-06-30 |
| NCT03920228 ↗ | Phase 2/3 Study Evaluating the Safety and Efficacy of PTX-022 in Treatment of Adults With Pachyonychia Congenita Pachyonychia Congenita | PHASE2/PHASE3 | Completed | 2020-09-19 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-20 | OtherExhibits | filing ↗ |
| 2026-05-15 | OtherExhibits | filing ↗ |
| 2026-05-13 | Other | filing ↗ |
| 2026-05-07 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-13 | Exec/director change | filing ↗ |
| 2026-04-07 | OtherExhibits | filing ↗ |
| 2026-03-31 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-10 | 0001104659-26-074338 ↗ |
| 8-K | 2026-05-20 | 2026-05-20 | 0001193125-26-232717 ↗ |
| 8-K | 2026-05-15 | 2026-05-15 | 0001193125-26-225317 ↗ |
| 8-K | 2026-05-13 | 2026-05-11 | 0001193125-26-220607 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-210605 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-210463 ↗ |
| 8-K | 2026-04-13 | 2026-04-13 | 0001193125-26-151979 ↗ |
| 8-K | 2026-04-07 | 2026-04-07 | 0001193125-26-144540 ↗ |
| 8-K | 2026-03-31 | 2026-03-31 | 0001193125-26-133332 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001193125-26-133372 ↗ |
| 8-K | 2026-02-26 | 2026-02-25 | 0001104659-26-020667 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001104659-26-019143 ↗ |