PALVELLA THERAPEUTICS, INC.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
PVLA$168.71-3.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets at December 31, 2025 and 2024
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
| December 31, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $57,982 | $83,602 |
| Accounts receivable | — | 358 |
| German research and development tax credit receivable | — | 1,978 |
| Prepaid expenses and other current assets | 1,005 | 2,296 |
| Total current assets | 58,987 | 88,234 |
| Operating lease right-of-use assets, net | 572 | — |
| Total assets | $59,559 | $88,234 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $4,595 | $4,586 |
| Derivative liabilities – contingent value right liability | 2,196 | 1,978 |
| Current portion of operating lease liability | 202 | — |
| Accrued expenses and other current liabilities | 4,351 | 5,474 |
| Total current liabilities | 11,344 | 12,038 |
| Long-term portion of operating lease liability | 431 | — |
| Royalty agreement liability | 17,760 | 11,942 |
| Derivative liabilities – royalty agreement | 2,041 | 1,647 |
| Total liabilities | 31,576 | 25,627 |
| Commitments and contingencies (Note 9) | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.001; 10,000,000 shares authorized; 0 and 15,617 shares issued and outstanding at December 31, 2025 and 2024 | — | — |
| Common stock, $0.001 par value; 200,000,000 shares authorized; 12,380,933 and 11,012,105 shares issued and outstanding at December 31, 2025 and 2024 | 12 | 11 |
| Additional paid-in capital | 163,338 | 156,328 |
| Accumulated other comprehensive (loss) income | 83 | 3 |
| Accumulated deficit | (135,450) | (93,735) |
| Total stockholders’ equity | 27,983 | 62,607 |
| Total liabilities and stockholders’ equity | $59,559 | $88,234 |
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