PALVELLA THERAPEUTICS, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | — | — | $42.8M | $25.9M | $31.4M |
| Research and development | $22.8M | $8.2M | $8.8M | $53.0M | $66.7M |
| Operating expenses | $38.6M | $14.1M | $11.9M | $69.4M | $83.2M |
| Operating income | -$38.6M | -$14.1M | -$11.9M | -$43.5M | -$51.8M |
| Pretax income | -$41.7M | -$17.4M | $18.7M | -$33.3M | -$45.7M |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$41.7M | -$17.4M | $18.7M | -$33.3M | -$45.7M |
| Balance Sheet | |||||
| Cash and equivalents | $58.0M | $83.6M | $7.3M | $38.6M | $117.8M |
| Current assets | $59.0M | $88.2M | $7.5M | $73.4M | $127.6M |
| Total assets | $59.6M | $88.2M | $7.5M | $95.5M | $153.6M |
| Current liabilities | $11.3M | $12.0M | $2.4M | $36.6M | $50.6M |
| Total liabilities | $31.6M | $25.6M | $11.4M | $67.6M | $102.8M |
| Stockholders' equity | $28.0M | $62.6M | -$74.5M | -$93.8M | $50.8M |
| Cash Flow Statement | |||||
| Cash from operations | -$25.0M | -$10.8M | -$13.7M | -$59.9M | -$7.7M |
| Depreciation and amortization | — | — | $1.9M | $2.8M | $2.5M |
| Stock-based compensation | $6.4M | $830,000 | $603,000 | $4.4M | $5.2M |
| Capital expenditure | — | — | $171,000 | $1.0M | $949,000 |
| Free cash flow | — | — | -$13.9M | -$61.0M | -$8.6M |
| Impairments | — | — | $13.9M | $0 | — |
Shares outstanding 14.3M · Free float 8.6%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.