Palvella reports Q2 net loss $21.9M; submits first NDA module for QTORIN rapamycin

PALVELLA THERAPEUTICS, INC.

Net loss $21.9M ($1.52/share) vs $9.5M ($0.86) in Q2 2025; R&D spend $12.5M (up from $5.1M).
Cash, equivalents, and short-term investments $250.6M as of June 30, 2026.
Submitted first module of rolling NDA for QTORIN rapamycin in microcystic lymphatic malformations; completion on track for H2 2026.
Planned U.S. commercial launch in H1 2027 if approved; Phase 3 trial for cutaneous venous malformations planned for Q4 2026.
Appointed Matt Pauls to Board; uplisted to Nasdaq Global Market.

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