Pieris restructures to capture partnered milestones; ends R&D, cuts workforce, cash $26.4M

PALVELLA THERAPEUTICS, INC.

As of Dec 31, 2023, cash and investments $26.4M; cost cuts expected to extend runway into 2027.
All R&D activities to cease by mid-2024; additional workforce and board reductions planned in Q2 2024.
Eligible for up to $75M in near-term milestones from Pfizer, Boston Pharmaceuticals, and Servier partnerships.
Total potential milestones: up to $275M development and over $500M commercial across partnered 4-1BB bispecific programs.
Company may pursue milestone/royalty monetization or cash dividends in future.

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