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

Share price

$150.56

Market cap

$2,169.3M

Cash

$250.6M

Enterprise value

$1,918.7M

Balance sheet

Cash	$250.6M
Debt	$0.0M
Net cash	$250.6M
Enterprise value	$1,918.7M
Basic shares	14.4M shares
Fully diluted shares	19.1M shares
Fully diluted market cap	$2,873.8M
Cash per share	$17.40

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Sep 12 - Oct 24	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

Institutional holders

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

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

PVLA — Palvella Therapeutics Inc.