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    PVLA

    PALVELLA THERAPEUTICS, INC.

    Company overview

    Market capitalization
    $2.01B
    Employees
    29
    Latest publication
    2026-09-29
    About PALVELLA THERAPEUTICS, INC.

    Palvella Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing and commercializing novel therapies to treat patients serious and rare genetic skin diseases. The company's lead product candidate is QTORIN rapamycin, a novel, 3.9% anhydrous topical gel that is in Phase 3 clinical trial for the treatment of microcystic lymphatic malformations, as well as in Phase 2 clinical trial to treat cutaneous venous malformations. It also develops QTORIN rapamycin for the treatment of angiokeratomas and other mTOR-driven skin diseases; and QTORIN pitavastatin for the treatment of disseminated superficial actinic porokeratosis. The company is based in Wayne, Pennsylvania.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Total Revenue0USD0USD0USD0USD0USD0USD0USD0USD
    Research Development9,334,000USD7,121,000USD6,528,000USD5,118,000USD4,074,000USD2,543,000USD3,196,000USD1,442,000USD
    Selling General Administrative5,521,000USD4,183,000USD3,649,000USD4,132,000USD3,797,000USD1,823,000USD1,880,000USD1,466,000USD
    Total Operating Expenses14,855,000USD11,304,000USD10,177,000USD9,250,000USD7,871,000USD4,366,000USD5,062,000USD2,908,000USD
    Operating Income-14,855,000USD-11,304,000USD-10,177,000USD-9,250,000USD-7,871,000USD-4,366,000USD-5,062,000USD-2,908,000USD
    Interest Income1,073,000USD520,000USD628,000USD690,000USD752,000USD—187,000USD—
    Interest Expense2,039,000USD1,739,000USD1,510,000USD1,354,000USD1,215,000USD1,304,000USD1,237,000USD1,057,000USD
    Net Interest Income-966,000USD-1,219,000USD-882,000USD-664,000USD-463,000USD-1,665,000USD-1,050,000USD-1,057,000USD
    Income Before Tax-15,767,000USD-12,714,000USD-11,345,000USD-9,471,000USD-8,185,000USD-3,951,000USD-6,775,000USD-4,172,000USD
    Tax Provision0USD0USD0USD0USD0USD0USD0USD0USD
    Net Income-15,767,000USD-12,714,000USD-11,345,000USD-9,471,000USD-8,185,000USD-3,951,000USD-6,775,000USD-4,172,000USD
    Net Income From Continuing Ops-15,767,000USD-12,714,000USD-11,345,000USD-9,471,000USD-8,185,000USD-3,951,000USD-6,775,000USD-4,172,000USD
    Ebitda-14,855,000USD-10,975,000USD342,000USD-8,117,000USD-6,970,000USD-4,366,000USD-2,887,000USD-3,115,000USD
    Total Other Income Expense Net-912,000USD-1,410,000USD-1,168,000USD-221,000USD-314,000USD415,000USD-1,713,000USD-1,264,000USD
    Ebit——-9,835,000USD-9,250,000USD-7,871,000USD—-3,135,000USD-4,176,999USD
    Depreciation And Amortization——10,177,000USD———5,062,000USD—
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USDFY 20182018-12-31 · USD
    Total Revenue0USD0USD0USD25,902,000USD31,418,000USD29,323,000USD46,279,000USD29,101,000USD
    Research Development22,841,000USD8,151,000USD8,793,000USD50,212,000USD64,197,000USD44,220,000USD54,364,000USD40,920,000USD
    Selling General Administrative15,761,000USD5,944,000USD3,076,000USD4,156,000USD————
    Total Operating Expenses38,602,000USD14,095,000USD11,869,000USD66,596,000USD80,881,000USD61,117,000USD72,396,000USD59,362,000USD
    Operating Income-38,602,000USD-14,095,000USD-11,869,000USD-43,474,000USD-51,831,000USD-33,921,000USD-27,157,000USD-30,831,000USD
    Interest Income2,590,000USD642,000USD6,265,000USD—————
    Interest Expense5,818,000USD4,317,000USD0USD—————
    Net Interest Income-3,228,000USD-4,317,000USD6,265,000USD-10,364,000USD————
    Income Before Tax-41,715,000USD-17,434,000USD18,691,000USD-33,277,000USD-45,738,000USD-37,066,000USD-25,469,000USD-27,066,000USD
    Tax Provision0USD0USD0USD-1,026,000USD————
    Net Income-41,715,000USD-17,434,000USD18,691,000USD-33,277,000USD-45,738,000USD-37,230,000USD-25,469,000USD-26,754,000USD
    Net Income From Continuing Ops-41,715,000USD-17,434,000USD18,691,000USD-27,552,000USD————
    Ebitda-35,897,000USD-13,117,000USD18,691,000USD-30,497,000USD-43,370,000USD-34,939,000USD-24,429,000USD-26,496,000USD
    Total Other Income Expense Net-3,113,000USD-3,339,000USD30,560,000USD10,197,000USD6,093,000USD-3,145,000USD1,688,000USD3,765,000USD
    Ebit—-14,095,000USD-11,869,000USD-33,277,000USD-45,738,000USD-37,066,000USD-25,469,000USD-27,066,000USD
    Cost Of Revenue———2,780,000USD2,368,000USD———
    Gross Profit———23,122,000USD29,050,000USD29,323,000USD——
    Selling And Marketing Expenses———12,228,000USD————
    Income Tax Expense———-1,026,000USD—164,000USD—-312,000USD
    Depreciation And Amortization———2,780,000USD2,368,000USD2,127,000USD1,040,000USD570,000USD
    Unclassified Operating Expenses————16,684,000USD16,897,000USD18,032,000USD18,442,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Assets253,510,000USD263,759,000USD59,559,000USD66,937,000USD73,747,000USD79,439,000USD88,234,000USD20,522,000USD
    Cash And Equivalents187,803,000USD———————
    Cash And Short Term Investments250,584,000USD261,853,000USD57,982,000USD63,567,000USD70,433,000USD75,626,000USD83,602,000USD19,363,000USD
    Short Term Investments62,781,000USD55,459,000USD——————
    Total Current Assets253,028,000USD263,231,000USD58,987,000USD66,937,000USD73,747,000USD79,439,000USD88,234,000USD20,522,000USD
    Other Current Assets2,444,000USD1,378,000USD1,005,000USD1,154,000USD1,336,000USD1,835,000USD2,296,000USD280,000USD
    Total Liabilities36,643,000USD———————
    Total Current Liabilities11,947,000USD9,115,000USD11,344,000USD10,312,000USD9,616,000USD8,983,000USD12,038,000USD4,254,000USD
    Total Stockholder Equity216,867,000USD232,313,000USD27,983,000USD38,682,000USD47,780,000USD55,577,000USD62,607,000USD16,268,000USD
    Total Equity Including Noncontrolling Interest216,867,000USD———————
    Property Plant Equipment Net482,000USD528,000USD572,000USD———0USD—
    Accounts Payable6,785,000USD5,443,000USD4,595,000USD3,481,000USD4,557,000USD4,441,000USD4,586,000USD801,000USD
    Short Term Debt217,000USD209,000USD202,000USD—————
    Common Stock14,000USD14,000USD12,000USD11,000USD11,000USD11,000USD11,000USD1,000USD
    Retained Earnings-173,087,000USD-151,217,000USD-135,450,000USD-122,736,000USD-111,391,000USD-101,920,000USD-93,735,000USD-326,333,000USD
    Accumulated Other Comprehensive Income89,000USD95,000USD83,000USD104,000USD-111,000USD-3,000USD3,000USD-316,000USD
    Total Liab—31,446,000USD31,576,000USD28,255,000USD25,967,000USD23,862,000USD25,627,000USD4,254,000USD
    Other Current Liab—3,463,000USD6,547,000USD6,831,000USD5,059,000USD4,542,000USD7,452,000USD3,453,000USD
    Capital Stock—14,000USD12,000USD11,000USD11,000USD11,000USD11,000USD—
    Cash—206,394,000USD57,982,000USD63,567,000USD70,433,000USD75,626,000USD83,602,000USD19,363,000USD
    Net Debt—-205,810,000USD-57,349,000USD-47,546,000USD-55,922,000USD-75,626,000USD-83,602,000USD-19,363,000USD
    Short Long Term Debt Total—584,000USD633,000USD16,021,000USD14,511,000USD———
    Property Plant Equipment Gross—528,000USD572,000USD———0USD—
    Common Stock Shares Outstanding—13,085,271shares11,251,250shares11,064,282shares11,052,741shares2,226,000shares2,225,934shares1,320,000shares
    Non Current Assets Total—528,000USD572,000USD0USD0USD0USD0USD—
    Non Current Liabilities Total—22,331,000USD20,232,000USD17,943,000USD16,351,000USD14,879,000USD13,589,000USD—
    Non Current Liabilities Other—19,799,000USD17,760,000USD16,021,000USD14,511,000USD13,157,000USD11,942,000USD—
    Net Working Capital—254,116,000USD47,643,000USD56,625,000USD64,131,000USD70,456,000USD76,196,000USD—
    Unclassified Non Current Liabilities—2,532,000USD2,472,000USD1,922,000USD1,840,000USD1,722,000USD1,647,000USD—
    Unclassified Equity—383,407,000USD163,326,000USD161,292,000USD159,260,000USD157,478,000USD156,317,000USD342,916,000USD
    Net Receivables——0USD2,216,000USD1,978,000USD1,978,000USD2,336,000USD879,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USDFY 20182018-12-31 · USD
    Total Assets59,559,000USD88,234,000USD7,548,000USD16,524,000USD153,560,000USD105,010,000USD——
    Other Current Assets1,005,000USD2,296,000USD198,000USD471,000USD6,548,000USD3,579,000USD——
    Total Liab31,576,000USD25,627,000USD11,428,000USD39,698,000USD102,805,000USD73,983,000USD——
    Total Stockholder Equity27,983,000USD62,607,000USD-3,880,000USD-23,174,000USD50,755,000USD31,027,000USD——
    Other Current Liab6,547,000USD7,452,000USD1,424,000USD2,601,000USD15,787,000USD6,701,000USD——
    Common Stock12,000USD11,000USD—74,000USD72,000USD56,000USD——
    Capital Stock12,000USD11,000USD70,603,000USD70,603,000USD————
    Retained Earnings-135,450,000USD-93,735,000USD-76,301,000USD-94,992,000USD-257,144,000USD-211,406,000USD——
    Cash57,982,000USD83,602,000USD7,350,000USD16,053,000USD117,764,000USD70,436,000USD——
    Cash And Short Term Investments57,982,000USD83,602,000USD7,350,000USD16,053,000USD117,764,000USD70,436,000USD——
    Total Current Assets58,987,000USD88,234,000USD7,548,000USD16,524,000USD127,625,000USD75,721,000USD——
    Total Current Liabilities11,344,000USD12,038,000USD2,360,000USD5,782,000USD50,561,000USD22,145,000USD——
    Net Debt-57,349,000USD-83,602,000USD-7,350,000USD-16,053,000USD-102,874,000USD-53,474,000USD——
    Short Term Debt202,000USD——859,000USD1,049,000USD1,030,000USD——
    Short Long Term Debt Total633,000USD11,942,000USD78,657,000USD13,103,000USD14,890,000USD16,962,000USD——
    Net Receivables0USD2,336,000USD0USD5,810,000USD3,313,000USD1,706,000USD——
    Accounts Payable4,595,000USD4,586,000USD936,000USD3,181,000USD8,609,000USD1,787,000USD——
    Property Plant Equipment Net572,000USD0USD——23,031,000USD25,980,000USD——
    Property Plant Equipment Gross572,000USD0USD——————
    Accumulated Other Comprehensive Income83,000USD3,000USD28,000USD-254,000USD829,000USD-295,000USD——
    Common Stock Shares Outstanding11,251,250shares2,226,000shares1,268,000shares930,352shares806,837shares681,012shares632,812shares663,512shares
    Non Current Assets Total572,000USD0USD0USD22,065,999USD25,935,000USD29,289,000USD——
    Non Current Liabilities Total20,232,000USD13,589,000USD9,068,000USD33,916,000USD52,244,000USD51,838,000USD——
    Non Current Liabilities Other17,760,000USD11,942,000USD8,054,000USD32,417,000USD————
    Net Working Capital47,643,000USD76,196,000USD5,188,000USD10,742,000USD————
    Unclassified Non Current Liabilities2,472,000USD1,647,000USD1,014,000USD1,499,000USD52,244,000USD51,838,000USD——
    Unclassified Equity163,326,000USD156,317,000USD1,790,000USD1,395,000USD306,998,000USD242,672,000USD——
    Short Term Investments———20,534,000USD————
    Non Currrent Assets Other———22,065,999USD2,904,000USD3,309,000USD——
    Unclassified Current Assets———-26,344,000USD————
    Current Deferred Revenue————25,116,000USD12,627,000USD——
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Net Income-15,767,000USD-7,065,000USD-11,345,000USD-9,471,000USD-8,185,000USD-3,951,000USD-6,775,000USD-4,171,999USD
    Stock Based Compensation3,376,000USD1,136,000USD1,790,000USD1,433,000USD1,094,000USD268,000USD199,000USD217,000USD
    Other Non Cash Items5,309,000USD-2,801,000USD3,620,000USD1,472,000USD1,290,000USD1,886,000USD1,825,000USD1,351,000USD
    Change In Working Capital-406,000USD3,804,000USD-153,000USD1,132,000USD-967,000USD-3,596,000USD1,934,000USD1,000,999USD
    Total Cash From Operating Activities-10,864,000USD-4,926,000USD-7,878,000USD-5,434,000USD-6,768,000USD-5,393,000USD-2,742,000USD-1,603,000USD
    Capital Expenditures0USD0USD0USD0USD0USD-13,000USD0USD0USD
    Free Cash Flow-10,864,000USD-4,926,000USD-7,878,000USD-5,434,000USD-6,768,000USD-5,393,000USD-2,742,000USD-1,603,000USD
    Investments-55,440,000USD———0USD———
    Total Cashflows From Investing Activities-55,440,000USD————-3,449,000USD——
    Total Cash From Financing Activities214,731,000USD-49,000USD242,000USD349,000USD-1,202,000USD74,785,000USD2,412,000USD9,892,000USD
    Issuance Of Capital Stock230,000,000USD———0USD———
    Change In Cash148,412,000USD-5,585,000USD-6,866,000USD-5,193,000USD56,263,000USD69,395,000USD-330,000USD647,000USD
    Begin Period Cash Flow57,982,000USD63,567,000USD70,433,000USD75,626,000USD19,363,000USD14,207,000USD14,537,000USD19,084,000USD
    End Period Cash Flow206,394,000USD57,982,000USD63,567,000USD70,433,000USD75,626,000USD83,602,000USD14,207,000USD19,731,000USD
    Other Cashflows From Financing Activities-16,225,000USD-154,000USD242,000USD349,000USD-1,269,000USD68,785,000USD——
    Unclassified Operating Cash Flow-3,376,000USD—-1,790,000USD—————
    Change To Account Receivables—2,134,000USD0USD358,000USD358,000USD—0USD0USD
    Net Borrowings—0USD0USD——66,001,000USD2,433,000USD—
    Unclassified Investing Cash Flow—————-3,436,000USD——
    Unclassified Financing Cash Flow—————-60,001,000USD——
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USD
    Net Income-41,715,000USD-17,434,000USD18,691,000USD-27,552,000USD-45,738,000USD-37,230,000USD
    Stock Based Compensation6,401,000USD830,000USD603,000USD427,000USD——
    Other Non Cash Items6,492,000USD5,957,000USD-29,848,000USD10,664,000USD5,185,000USD5,419,999USD
    Change To Account Receivables2,492,000USD-1,978,000USD—-2,624,000USD-1,813,000USD5,343,000USD
    Change In Working Capital3,816,000USD-193,000USD-3,149,000USD1,621,000USD30,525,000USD-16,376,999USD
    Total Cash From Operating Activities-25,006,000USD-10,840,000USD-13,703,000USD-14,840,000USD-7,660,000USD-45,896,000USD
    Capital Expenditures0USD0USD0USD-1,041,000USD-949,000USD-2,726,000USD
    Free Cash Flow-25,006,000USD-10,840,000USD-13,703,000USD-14,840,000USD-8,609,000USD-48,622,000USD
    Net Borrowings0USD78,434,000USD0USD———
    Total Cash From Financing Activities-660,000USD87,089,000USD5,000,000USD9,566,000USD59,127,000USD10,115,000USD
    Change In Cash-25,620,000USD76,252,000USD-8,703,000USD-5,274,000USD47,328,000USD8,176,000USD
    Begin Period Cash Flow83,602,000USD7,350,000USD16,053,000USD21,327,000USD70,436,000USD62,260,000USD
    End Period Cash Flow57,982,000USD83,602,000USD7,350,000USD16,053,000USD117,764,000USD70,436,000USD
    Other Cashflows From Financing Activities-1,423,000USD8,655,000USD5,000,000USD9,566,000USD——
    Issuance Of Capital Stock——0USD9,532,000USD——
    Total Cashflows From Investing Activities———-21,236,000USD-949,000USD39,212,000USD
    Unclassified Investing Cash Flow———-20,195,000USD—41,938,000USD
    Unclassified Financing Cash Flow———-9,532,000USD——
    Depreciation————2,368,000USD2,127,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    PeriodDimensionBusiness / regionRevenueCurrencySource
    Q3 2020Quarterly · 2020-09-30ProductCollaboration Revenue361,000USD0001583648-20-000061
    Q3 2020Quarterly · 2020-09-30ProductCustomer Revenue2,578,000USD0001583648-20-000061
    Q2 2020Quarterly · 2020-06-30ProductCollaboration Revenue316,000USD0001583648-20-000046
    Q2 2020Quarterly · 2020-06-30ProductCustomer Revenue10,930,000USD0001583648-20-000046
    Q1 2020Quarterly · 2020-03-31ProductCollaboration Revenue4,376,000USD0001583648-20-000026
    Q1 2020Quarterly · 2020-03-31ProductCustomer Revenue8,885,000USD0001583648-20-000026
    Q4 2019Quarterly · 2019-12-31ProductCollaboration Revenue743,000USDLegacy provider
    Q4 2019Quarterly · 2019-12-31ProductCustomer Revenue16,527,000USDLegacy provider
    FY 2019Yearly · 2019-12-31ProductCollaboration Revenue14,214,000USD0001583648-21-000005
    FY 2019Yearly · 2019-12-31ProductCustomer Revenue32,065,000USD0001583648-21-000005
    Q3 2019Quarterly · 2019-09-30ProductCollaboration Revenue11,543,000USD0001583648-20-000061
    Q3 2019Quarterly · 2019-09-30ProductCustomer Revenue3,589,000USD0001583648-20-000061
    Q2 2019Quarterly · 2019-06-30ProductCollaboration Revenue609,000USD0001583648-20-000046
    Q2 2019Quarterly · 2019-06-30ProductCustomer Revenue4,723,000USD0001583648-20-000046
    Q1 2019Quarterly · 2019-03-31ProductCollaboration Revenue1,319,000USD0001583648-20-000026
    Q1 2019Quarterly · 2019-03-31ProductCustomer Revenue7,226,000USD0001583648-20-000026

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.