Palvella Q3 net loss $11.3M; cash $63.6M; Phase 2/3 readouts on track for Dec 2025 and Q1 2026

PALVELLA THERAPEUTICS, INC.

2025-Q3 EPS reported -$2.63 vs consensus -$0.86 ▼ miss (-207.6%)

Net loss per share $1.03 (basic/diluted) vs $3.94 a year ago; R&D expense rose to $6.5M.
Cash & equivalents $63.6M, expected to fund operations into H2 2027.
Phase 2 TOIVA (cutaneous VMs) top-line results expected mid-December 2025.
Phase 3 SELVA (microcystic LMs) top-line results expected Q1 2026.
Expanded pipeline: angiokeratomas and QTORIN pitavastatin for DSAP; Phase 2 start H2 2026; David Osborne appointed CINO.

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