Joint Bookrunner on Palvella’s $230MM Follow-On Offering

Oppenheimer & Co. Inc. acted as Joint Bookrunner on Palvella’s $230MM Follow-On Offering

Palvella Therapeutics, Inc. a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare skin diseases and vascular malformations for which there are no U.S. Food and Drug Administration (FDA)-approved therapies, announced the pricing of its upsized public offering of 1,840,000 shares of its common stock at a price to the public of $125.00 per share. The aggregate gross proceeds to Palvella from this offering are to be $230MM, before deducting underwriting discounts and commissions and other offering expenses.

The company announced positive topline results from the Company’s Phase 3 SELVA study of QTORIN™ 3.9% rapamycin anhydrous gel (QTORIN™ rapamycin) for the treatment of microcystic lymphatic malformations (microcystic LMs). The Phase 3 trial met its primary endpoint with statistically significant improvement on the Microcystic Lymphatic Malformation Investigator Global Assessment (mLM-IGA) (p<0.001). The study also met its pre-specified key secondary endpoint (p<0.001) and all four additional secondary endpoints with statistical significance (all p<0.001). Based on these results, Palvella plans to submit a New Drug Application (NDA) to FDA for QTORIN™ rapamycin for patients with microcystic LMs in the second half of 2026, with potential U.S. approval for QTORIN™ rapamycin in the first half of 2027.

Palvella intends to use the net proceeds from this offering to support the development of its programs, including QTORIN rapamycin and QTORIN pitavastatin, and for working capital and other general corporate purposes, including research and development expenses.

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