Palvella Phase 3 SELVA enrollment surpasses target; cash $75.6M extends runway into H2 2027

PALVELLA THERAPEUTICS, INC.

2025-Q1 EPS reported -$0.74

Phase 3 SELVA for microcystic LM exceeded 40-patient enrollment; closes June 2025, top-line Q1 2026.
Phase 2 TOIVA for cutaneous VM enrolled first patients; top-line results on track for Q4 2025.
Cash and equivalents $75.6M at March 31, 2025; funds operations into second half of 2027.
Net loss $8.2M ($0.74 per share) vs $2.7M loss in prior-year period; R&D $4.1M, G&A $3.8M.
Patent granted for QTORIN rapamycin in microcystic LM; IP extends into 2038.

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