Palvella Therapeutics, Inc.
PVLAHealthcare|Biotechnology|US
$175.92
+19.07 (+12.16%)
DCF Value
$4.71
Tangible Book / Share
$13.62
Cash / Share
$16.29
Financials
Financial Snapshot
Market Cap
$2.53B
Enterprise Value
$2.34B
Revenue (TTM)
$0.00
Net Income (TTM)
-$75.0M
Cash & Investments
$236.7M
Net Cash
$236.2M
Free Cash Flow (TTM)
-$43.1M
Operating CF (TTM)
-$43.1M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$236.7M
Quarterly Burn
$10.8M
Monthly Burn
$3.6M
Est. Runway
~22.0 quarters
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Investments | $117.8M | $16.1M | $7.3M | $83.6M | $58.0M | $236.7M | |
| Operating Cash Flow | -$7.7M | -$14.8M | -$13.7M | -$10.8M | -$25.0M | -$43.1M | |
| Free Cash Flow | -$8.6M | -$14.8M | -$13.7M | -$10.8M | -$25.0M | -$43.1M | |
| Capital Expenditure | -$949.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $59.1M | $9.6M | $5.0M | $87.1M | -$660.0K | $216.4M |
R&D Spending
R&D (TTM)
$39.8M
R&D Intensity
—
R&D Growth vs Prior
+74.0%
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $31.4M | $25.9M | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $64.2M | $50.2M | $8.8M | $8.2M | $22.8M | $39.8M | |
| R&D % of Revenue | 204.3% | 193.9% | — | — | — | — | |
| SG&A | $16.7M | $16.4M | $3.1M | $5.9M | $15.8M | $30.5M |
Income Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $31.4M | $25.9M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $2.4M | $2.8M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $29.1M | $23.1M | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $64.2M | $50.2M | $8.8M | $8.2M | $22.8M | $39.8M | |
| SG&A | $16.7M | $16.4M | $3.1M | $5.9M | $15.8M | $30.5M | |
| Operating Income | -$51.8M | -$43.5M | -$11.9M | -$14.1M | -$38.6M | -$70.3M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $4.3M | $5.8M | $8.9M | |
| Pretax Income | -$45.7M | -$33.3M | $18.7M | -$17.4M | -$41.7M | -$75.0M | |
| Net Income | -$45.7M | -$33.3M | $18.7M | -$17.4M | -$41.7M | -$75.0M | |
| EPS (Diluted) | -56.69 | -29.61 | 14.74 | -7.83 | -3.71 | -5.50 | |
| EBITDA | -$43.4M | -$30.5M | $18.7M | -$13.1M | -$35.9M | -$72.2M | |
| Shares Out. (M) | 0.81 | 0.93 | 1.27 | 2.23 | 11.25 | 14.53 |
Balance Sheet
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $117.8M | $16.1M | $7.3M | $83.6M | $58.0M | $193.3M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $43.4M | |
| Total Current Assets | $127.6M | $16.5M | $7.5M | $88.2M | $59.0M | $239.0M | |
| Total Assets | $153.6M | $16.5M | $7.5M | $88.2M | $59.6M | $239.4M | |
| Total Current Liabilities | $50.6M | $5.8M | $2.4M | $12.0M | $11.3M | $14.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $431.0K | $0.00 | |
| Total Liabilities | $102.8M | $39.7M | $11.4M | $25.6M | $31.6M | $41.5M | |
| Stockholders' Equity | $50.8M | -$23.2M | -$3.9M | $62.6M | $28.0M | $197.9M | |
| Retained Earnings | -$257.1M | -$95.0M | -$76.3M | -$93.7M | -$135.4M | -$197.7M |
Cash Flow Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.7M | -$14.8M | -$13.7M | -$10.8M | -$25.0M | -$43.1M | |
| Capital Expenditure | -$949.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$8.6M | -$14.8M | -$13.7M | -$10.8M | -$25.0M | -$43.1M | |
| Investing Cash Flow | -$949.0K | $0.00 | $0.00 | $0.00 | $0.00 | -$42.9M | |
| Financing Cash Flow | $59.1M | $9.6M | $5.0M | $87.1M | -$660.0K | $216.4M | |
| Issuance of Stock | $59.1M | $0.00 | $0.00 | $0.00 | $763.0K | $230.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $78.4M | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $427.0K | $603.0K | $830.0K | $6.4M | $15.1M | |
| Net Change in Cash | $47.3M | -$5.3M | -$31.3M | $76.3M | -$25.6M | $129.7M |
Dilution Tracker
Shares outstanding grew 1294.5% over 5 years — significant dilution
Shares Outstanding
14M
5-Year Share Growth
+1294.5%
Stock Issuance (TTM)
$230.1M
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.81 | 0.93 | 1.27 | 2.23 | 11.25 | 14.53 | |
| Change vs Prior % | — | 15.3% | 36.3% | 75.6% | 405.4% | 29.2% | |
| Stock Issuance | $59.1M | $0.00 | $0.00 | $0.00 | $763.0K | $230.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $427.0K | $603.0K | $830.0K | $6.4M | $15.1M |
Margins & Profitability
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Gross Margin % | 92.5% | 89.3% | — | — | — | — | |
| Operating Margin % | -165.0% | -167.8% | — | — | — | — | |
| Net Margin % | -145.6% | -128.5% | — | — | — | — | |
| EBITDA Margin % | -138.0% | -117.7% | — | — | — | — | |
| FCF Margin % | -27.4% | -57.3% | — | — | — | — | |
| ROE % | -90.1% | 143.6% | -481.7% | -27.8% | -149.1% | -44.4% | |
| ROA % | -29.8% | -201.4% | 247.6% | -19.8% | -70.0% | -31.3% | |
| ROIC % | -49.8% | -404.7% | -228.8% | -18.5% | -79.7% | -31.3% | |
| R&D / Revenue % | 204.3% | 193.9% | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | -17.6% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | -20.4% | -100.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | 0.0% | 16.1% | 72.7% | -18.8% | -173.9% | |
| Net Income | 0.0% | 0.0% | 27.2% | 156.2% | -193.3% | -139.3% | |
| EPS (Diluted) | 0.0% | 0.0% | 47.8% | 149.8% | -153.1% | 52.6% | |
| Operating Cash Flow | 0.0% | 83.3% | -93.7% | 7.7% | 20.9% | -130.7% | |
| Free Cash Flow | 0.0% | 82.3% | -72.4% | 7.7% | 20.9% | -130.7% | |
| R&D Expense | 0.0% | 0.0% | -21.8% | -82.5% | -7.3% | 180.2% | |
| SG&A Expense | 0.0% | 0.0% | -1.8% | -81.2% | 93.2% | 165.2% | |
| Total Assets | 0.0% | 46.2% | -89.2% | -54.3% | 1069.0% | -32.5% | |
| Book Value / Share | 0.0% | 0.0% | -139.6% | 87.7% | 1019.1% | -91.2% | |
| Debt | 0.0% | -12.2% | -100.0% | 0.0% | 0.0% | 0.0% | |
| Diluted Shares | 0.0% | 0.0% | 15.3% | 36.3% | 75.6% | 405.4% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B12.92
10Y Low / Med / High0.27 / 0.43 / 42.09
EV/EBITDAAt Loss
10Y Low / Med / High0.01 / 2.06 / 4.34
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$4.71
Tangible Book / Share
$13.62
Net Current Assets / Share
$13.71
Graham Net-Net
$13.43
Cash / Share
$16.29
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| P/E Ratio | -0.30 | -0.57 | 1.15 | -1.53 | -28.21 | -31.99 | |
| P/S Ratio | 0.44 | 0.61 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 0.27 | -0.68 | -5.56 | 0.43 | 42.09 | 12.92 | |
| EV/EBITDA | 2.06 | 0.01 | 0.76 | 4.34 | -31.21 | -32.45 | |
| EV/Revenue | -2.84 | -0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
35.64
Safe
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $26.7K | $23.6M | $96.1M |
| Net Income | -$68.6M | -$121.5M | -$95.1M |
| EPS | $-6.57 | $-8.29 | $-6.70 |
| # Analysts (EPS) | 6 | 10 | 10 |