PVLA Stock — Palvella Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are now a clinical-stage biopharmaceutical company focused on developing and, if approved, commercializing novel therapies to treat patients suffering from serious, rare skin diseases and vascular malformations for which there are no FDA-approved therapies.

Source: 10-K FY2025 via SEC EDGAR

Share price

$167.33

Market cap

$2,445.9M

Cash

$236.7M

Enterprise value

$2,209.2M

Balance sheet

Cash	$236.7M
Debt	$0.0M
Net cash	$236.7M
Enterprise value	$2,209.2M
Basic shares	14.6M shares
Fully diluted shares	19.1M shares
Fully diluted market cap	$3,191.7M
Cash per share	$16.19
Quarterly burn	$12.8M
Cash runway	18.4 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-10.

Share structure

Common

14.4M

Pre-funded warrants

1.4M

Options

3.3M

RSUs

0.0M

Warrants

—

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

19.1M

Cap table as of 2026-11-02.

Price history

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Next catalyst

QTORIN rapamycin · Est. Sep 30, 2027 · half midpoint · guided in 8 mo

Recently reported

QTORIN rapamycin Mixed · 2026-08-31

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Sep 30, 2027 in 8 mo half midpoint	QTORIN rapamycin Phase 2 LOTU trial for clinically significant angiokeratomas, topline results	Phase 2	Not disclosed	H2 2027
Sep 12 - Oct 24 in 10 mo	PTX-022	Phase 2	Angiokeratomas	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

QTORIN rapamycin

Phase 3 · Active Modality: topical gel

Aliases QTORIN 3.9% rapamycin anhydrous gel, sirolimus gel

Target mTOR

Partnerships Ligand (development funding & royalties agreement)

Indications

Microcystic lymphatic malformations (Phase 3)
Cutaneous venous malformations (Phase 2)
Angiokeratomas (Stage not disclosed)

Catalysts

— second half of 2026

Status note Rapamycin topical gel. Phase 3 SELVA completed in microcystic LMs; rolling NDA submission underway. Orphan drug designation for microcystic LMs.

QTORIN pitavastatin

Preclinical · Active Modality: topical

Target HMG-CoA reductase

Partnerships Yale University (exclusive patent license)

Indications

Disseminated superficial actinic porokeratosis (Preclinical)

Status note IND-enabling development for DSAP; first pathogenesis-directed therapy for DSAP leveraging QTORIN platform.

Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	PTX-022
Lead indication	Pachyonychia Congenita
Lead phase	Phase 3
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05643872	Phase 3	Recruiting	Sponsor	PVLA	—	Pachyonychia Congenita	—
NCT06239480	Phase 3	Active, not recruiting	Sponsor	PVLA	—	Microcystic Lymphatic Malformation	—
NCT07552077	Phase 2	Recruiting	Sponsor	PVLA	—	Angiokeratomas	—
NCT06653842	Phase 2	Active, not recruiting	Sponsor	PVLA	—	Cutaneous Venous Malformations	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Palvella Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	882,400	no change	2.94%	2026-08-14
BVF Partners	672,789	-288,200	2.63%	2026-08-14
OrbiMed Advisors	292,360	+157,760	0.85%	2026-08-14
Ikarian Capital	0	-64,626	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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PVLA — Palvella Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

PVLA — Palvella Therapeutics Inc.