PVLA

MKT CAP:$1B

Palvella Therapeutics, Inc.

Market Cap

$1B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$127.05+$26.77 (+26.70%)

Apr 23, 2026

Company Details

Palvella Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing and commercializing novel therapies to treat patients serious and rare genetic skin diseases. Its lead product candidate is QTORIN 3.9% rapamycin...

CEO

Wesley H. Kaupinen

IPO Date

Jan 2, 2015

Website

palvellatx.com

Key Metrics TTM

Revenue

$0

-100.0% YoY

Net Income

-$33M

EPS (Diluted)

-$6.45

Free Cash Flow

-$25M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q4 2025

May 14, 2026

PENDING

FY 2025

Mar 31, 2026

$0EPS -$3.71

Q3 2025

Nov 12, 2025

$0EPS -$1.03

Q2 2025

Aug 14, 2025

$0EPS -$0.86

Q1 2025

May 15, 2025

$0EPS -$3.68

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 23	$20M	$19M	$2M
Q3 23	$20M	$19M	$3M
Q4 23	$1M	$1M	-$5M
Q1 24	$0	$0	-$2M
Q2 24	$0	$0	-$3M
Q3 24	$0	$0	-$5M
Q4 24	$0	$0	-$4M
Q1 25	$0	$0	-$8M
Q2 25	$0	$0	-$9M
Q3 25	$0	$0	-$10M

Valuation

Quarter	P/S	P/E
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	0.7x	—
Q2 24	1.4x	—
Q3 24	22.0x	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 23	-$10M	-$10M
Q4 23	-$20M	-$20M
Q1 24	-$1M	-$1M
Q2 24	-$2M	-$2M
Q4 24	-$5M	-$5M
Q1 25	-$7M	-$7M
Q2 25	-$5M	-$5M
Q3 25	-$8M	-$8M

Capital Expenditures

Quarter	CapEx
Q3 23	$69.0K
Q4 23	$13.0K
Q1 24	$0
Q2 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 24	-100.0%	-83.8%
Q3 24	-100.0%	-69.2%
Q4 24	-100.0%	-35.6%
Q1 25	—	+347.5%
Q2 25	—	+218.1%
Q3 25	—	+101.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$146.0K	—
Q2 24	$217.0K	—
Q4 24	$268.0K	—
Q1 25	$1M	—
Q2 25	$1M	—
Q3 25	$0	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q2 23	$14M	—	$4M
Q3 23	$10M	—	$6M
Q4 23	$4M	—	$2M
Q1 24	$984.0K	$775.0K	—
Q2 24	$1M	$1M	—
Q3 24	$3M	$2M	—
Q4 24	$3M	$2M	—
Q1 25	$4M	$4M	—
Q2 25	$5M	$4M	—
Q3 25	$7M	$4M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 23	$33M	$12M	$45M
Q4 23	$17M	$9M	$26M
Q1 24	$6M	$0	$6M
Q2 24	$20M	$0	$20M
Q3 24	$19M	$0	$19M
Q4 24	$84M	$0	$84M
Q1 25	$76M	$0	$76M
Q2 25	$70M	$0	$70M
Q3 25	$64M	$0	$64M
Q4 25	$58M	$0	$58M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 23	1M	—	—
Q3 23	1M	+12.6%	—
Q4 23	1M	+0.1%	—
Q1 24	1M	+2.5%	—
Q2 24	1M	+2.1%	+17.9%
Q3 24	1M	+2.0%	+6.8%
Q4 24	2M	+68.6%	+79.9%
Q1 25	2M	+0.0%	+75.6%
Q2 25	11M	+396.5%	+754.2%
Q3 25	11M	+0.1%	+738.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 23	$157.9K	127
Q3 23	$153.7K	127
Q4 23	$28.2K	46
Q1 24	$0	46
Q2 24	$0	46
Q3 24	$0	46
Q4 24	$0	14
Q1 25	$0	14
Q2 25	$0	14
Q3 25	$0	14

Revenue / Employee