Palvella Therapeutics (PVLA) investor relations material

Executive summary

• Achieved major milestones in 2025, including positive phase III SELVA results for QTORIN rapamycin in microcystic lymphatic malformations, pipeline expansion into new indications, and key leadership hires.

• Advanced QTORIN rapamycin as a first-in-disease therapy for microcystic lymphatic malformations, with NDA submission targeted for H2 2026 and potential FDA approval in H1 2027.

• Expanded QTORIN platform to six targeted rare diseases, including angiokeratomas and DSAP, leveraging platform for efficient development and commercialization.

• Strengthened leadership team and completed an oversubscribed $230M equity financing.

Financial highlights

• Ended Q4 2025 with $58M in cash and cash equivalents; pro forma cash of $274M as of December 31, 2025, after February 2026 equity financing.

• Raised $230M in an oversubscribed public offering in February 2026, resulting in $215.8M net proceeds.

• Research and development expenses rose to $22.8M for 2025, up from $8.2M in 2024, driven by clinical trial activity and increased headcount.

• General and administrative expenses increased to $15.8M in 2025 from $5.9M in 2024.

• Net loss attributable to common stockholders was $41.7M ($3.71 per share) for 2025.

Outlook and guidance

• NDA submission for QTORIN rapamycin in MLM planned for H2 2026, with FDA approval targeted for H1 2027.

• Phase III study for cutaneous venous malformations to initiate in H2 2026, pending Breakthrough Therapy designation.

• Phase II studies for angiokeratomas and DSAP expected to begin in 2026.

• Two new QTORIN programs to be announced in H2 2026.