What is Palvella Therapeutics Inc's earnings per share (EPS)?

Palvella Therapeutics Inc (PVLA) reported diluted earnings per share of $-3.71 for fiscal year 2025. This represents a 52.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Palvella Therapeutics Inc Financials

PVLA

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Palvella Therapeutics Inc (PVLA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PVLA FY2025 2026-05-07

Palvella’s current model is financing-driven drug development, where equity-funded cash reserves absorb operating losses rather than revenue.

The clearest operating tell is that FY2023’s reported profit of $18.7M never became operating self-funding, because the company still posted an operating loss and negative operating cash flow while FY2024 needed $87.1M of financing to rebuild the balance sheet. FY2025 then returned to a cash-consuming loss pattern, with net loss of $41.7M and operating cash burn of $25.0M, showing the earlier profit was not an operating turning point.

FY2025’s wider loss reflects a deliberate cost-base step-up rather than a revenue-backed scale story: R&D rose to $22.8M and SG&A to $15.8M, so spending expanded across both the development program and corporate overhead. That pattern usually means management is building capability ahead of commercial proof, not harvesting leverage from an established revenue base.

Liquidity and solvency are telling different stories: cash of $58.0M versus current liabilities of $11.3M suggests no immediate short-term funding squeeze, even after the FY2025 burn. But because retained losses have already pulled equity down from FY2024, the balance sheet is being supported by past financing rather than by the business replenishing its own capital.

Financial Health Signals

Financial Profile 30/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Palvella Therapeutics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Palvella Therapeutics Inc carries a low D/E ratio of 1.13, meaning only $1.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 5.20, Palvella Therapeutics Inc holds $5.20 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Palvella Therapeutics Inc generates a -149.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -27.9% the prior year.

Piotroski F-Score Weak

1/9

Palvella Therapeutics Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.60x

For every $1 of reported earnings, Palvella Therapeutics Inc generates $0.60 in operating cash flow (-$25.0M OCF vs -$41.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$41.7M

YoY-139.3%

Palvella Therapeutics Inc reported -$41.7M in net income in fiscal year 2025. This represents a decrease of 139.3% from the prior year.

EPS (Diluted)

$-3.71

YoY+52.6%

Palvella Therapeutics Inc earned $-3.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 52.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$58.0M

YoY-30.6%

5Y CAGR-3.8%

10Y CAGR+7.0%

Palvella Therapeutics Inc held $58.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

12M

YoY+12.4%

Palvella Therapeutics Inc had 12M shares outstanding in fiscal year 2025. This represents an increase of 12.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-149.1%

YoY-121.2pp

5Y CAGR-29.1pp

10Y CAGR-103.9pp

Palvella Therapeutics Inc's ROE was -149.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 121.2 percentage points from the prior year.

Capital Allocation

R&D Spending

$22.8M

YoY+180.2%

5Y CAGR-13.3%

10Y CAGR+10.7%

Palvella Therapeutics Inc invested $22.8M in research and development in fiscal year 2025. This represents an increase of 180.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

PVLA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	$42.8M+65.3%	$25.9M-17.6%	$31.4M+7.1%	$29.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$22.8M+180.2%	$8.2M-7.3%	$8.8M-83.4%	$53.0M-20.5%	$66.7M+43.3%	$46.5M
SG&A Expenses	$15.8M+165.2%	$5.9M+93.2%	$3.1M-81.2%	$16.4M-1.2%	$16.6M-0.7%	$16.7M
Operating Income	-$38.6M-173.9%	-$14.1M-18.8%	-$11.9M+72.7%	-$43.5M+16.1%	-$51.8M-52.8%	-$33.9M
Interest Expense	$0-100.0%	$430K	$0	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0-100.0%	$164K
Net Income	-$41.7M-139.3%	-$17.4M-193.3%	$18.7M+156.2%	-$33.3M+27.2%	-$45.7M-22.9%	-$37.2M
EPS (Diluted)	$-3.71+52.6%	$-7.83	$2.17	N/A	$-0.71-4.4%	$-0.68

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$9.3M	N/A	$6.5M+27.5%	$5.1M+25.6%	$4.1M	N/A	$3.2M+120.7%	$1.4M
SG&A Expenses	$5.5M	N/A	$3.6M-11.7%	$4.1M+8.8%	$3.8M	N/A	$1.9M+28.2%	$1.5M
Operating Income	-$14.9M	N/A	-$10.2M-10.0%	-$9.3M-17.5%	-$7.9M	N/A	-$5.1M-74.1%	-$2.9M
Interest Expense	$1.1M	N/A	$0	$0-100.0%	$752K	N/A	$220K+658.6%	$29K
Income Tax	$0	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$15.8M	N/A	-$11.3M-19.8%	-$9.5M-15.7%	-$8.2M	N/A	-$6.8M-62.4%	-$4.2M
EPS (Diluted)	$-1.20	N/A	$-1.03-19.8%	$-0.86-16.2%	$-0.74	N/A	$-3.94-59.5%	$-2.47

PVLA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$59.6M-32.5%	$88.2M+1069.0%	$7.5M-92.1%	$95.5M-37.8%	$153.6M+46.2%	$105.0M
Current Assets	$59.0M-33.1%	$88.2M+1069.0%	$7.5M-89.7%	$73.4M-42.5%	$127.6M+68.5%	$75.7M
Cash & Equivalents	$58.0M-30.6%	$83.6M+1037.4%	$7.3M-81.0%	$38.6M-67.2%	$117.8M+67.2%	$70.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$0-100.0%	$358K	$0-100.0%	$5.8M+75.4%	$3.3M+94.2%	$1.7M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$31.6M+23.2%	$25.6M-68.8%	$82.0M-56.7%	$189.3M+84.1%	$102.8M+39.0%	$74.0M
Current Liabilities	$11.3M-5.8%	$12.0M+410.1%	$2.4M-93.5%	$36.6M-27.6%	$50.6M+128.3%	$22.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$28.0M-55.3%	$62.6M+184.1%	-$74.5M+20.6%	-$93.8M-284.8%	$50.8M+63.6%	$31.0M
Retained Earnings	-$135.4M-44.5%	-$93.7M-22.8%	-$76.3M+73.7%	-$290.4M-12.9%	-$257.1M-21.6%	-$211.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$263.8M+342.9%	$59.6M-11.0%	$66.9M-9.2%	$73.7M-7.2%	$79.4M-10.0%	$88.2M+329.9%	$20.5M-18.1%	$25.1M
Current Assets	$263.2M+346.3%	$59.0M-11.9%	$66.9M-9.2%	$73.7M-7.2%	$79.4M-10.0%	$88.2M	N/A	N/A
Cash & Equivalents	$206.4M+256.0%	$58.0M-8.8%	$63.6M-9.7%	$70.4M-6.9%	$75.6M-9.5%	$83.6M+331.8%	$19.4M-1.9%	$19.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	$0	$0	$0	$0-100.0%	$358K-4.0%	$373K-74.9%	$1.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$31.4M-0.4%	$31.6M+11.8%	$28.3M+8.8%	$26.0M+8.8%	$23.9M-6.9%	$25.6M-76.3%	$107.9M+1.9%	$105.9M
Current Liabilities	$9.1M-19.6%	$11.3M+10.0%	$10.3M+7.2%	$9.6M+7.0%	$9.0M-25.4%	$12.0M+183.0%	$4.3M-33.0%	$6.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$232.3M+730.2%	$28.0M-27.7%	$38.7M-19.0%	$47.8M-14.0%	$55.6M-11.2%	$62.6M+171.6%	-$87.4M-8.1%	-$80.8M
Retained Earnings	-$151.2M-11.6%	-$135.4M-10.4%	-$122.7M-10.2%	-$111.4M-9.3%	-$101.9M-8.7%	-$93.7M+71.3%	-$326.3M-0.9%	-$323.4M

PVLA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$25.0M-130.7%	-$10.8M+20.9%	-$13.7M+77.1%	-$59.9M-682.4%	-$7.7M+83.3%	-$45.9M
Capital Expenditures	N/A	N/A	$171K-83.6%	$1.0M+9.7%	$949K-65.2%	$2.7M
Free Cash Flow	N/A	N/A	-$13.9M+77.2%	-$61.0M-608.2%	-$8.6M+82.3%	-$48.6M
Investing Cash Flow	N/A	N/A	$12.0M+156.5%	-$21.2M-2137.7%	-$949K-102.4%	$39.2M
Financing Cash Flow	-$660K-100.8%	$87.1M+1641.8%	$5.0M-30.7%	$7.2M-87.8%	$59.1M+484.5%	$10.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$10.9M-120.5%	-$4.9M+37.5%	-$7.9M-45.0%	-$5.4M+19.7%	-$6.8M-25.5%	-$5.4M-96.7%	-$2.7M-71.1%	-$1.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	-$2.7M-71.1%	-$1.6M
Investing Cash Flow	-$55.4M	N/A	N/A	N/A	$0	N/A	$142K-93.5%	$2.2M
Financing Cash Flow	$214.7M+438326.5%	-$49K-120.2%	$242K-30.7%	$349K+129.0%	-$1.2M-101.6%	$74.8M+3000.5%	$2.4M-75.6%	$9.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PVLA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	-27.7%+140.1pp	-167.8%-2.9pp	-165.0%-49.3pp	-115.7%
Net Margin	N/A	N/A	43.7%+172.1pp	-128.5%+17.1pp	-145.6%-18.6pp	-127.0%
Return on Equity	-149.1%-121.2pp	-27.9%	N/A	N/A	-90.1%+29.9pp	-120.0%
Return on Assets	-70.0%-50.3pp	-19.8%-267.4pp	247.6%+282.5pp	-34.8%-5.1pp	-29.8%+5.7pp	-35.4%
Current Ratio	5.20-2.1	7.33+4.1	3.20+1.2	2.01-0.5	2.52-0.9	3.42
Debt-to-Equity	1.13+0.7	0.41+1.5	-1.10+0.9	-2.02-4.0	2.03-0.4	2.38
FCF Margin	N/A	N/A	-32.4%+203.0pp	-235.4%-208.0pp	-27.4%+138.4pp	-165.8%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-6.8%	N/A	-29.3%-9.5pp	-19.8%-5.1pp	-14.7%	N/A	N/A	N/A
Return on Assets	-6.0%	N/A	-17.0%-4.1pp	-12.8%-2.5pp	-10.3%	N/A	-33.0%-16.4pp	-16.7%
Current Ratio	28.88+23.7	5.20-1.3	6.49-1.2	7.67-1.2	8.84+1.5	7.33	N/A	N/A
Debt-to-Equity	0.14-1.0	1.13+0.4	0.73+0.2	0.54+0.1	0.43+0.0	0.41+1.6	-1.23+0.1	-1.31
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Palvella Therapeutics Inc profitable?

No, Palvella Therapeutics Inc (PVLA) reported a net income of -$41.7M in fiscal year 2025.

What is Palvella Therapeutics Inc's return on equity (ROE)?

Palvella Therapeutics Inc (PVLA) has a return on equity of -149.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Palvella Therapeutics Inc's operating cash flow?

Palvella Therapeutics Inc (PVLA) generated -$25.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Palvella Therapeutics Inc's total assets?

Palvella Therapeutics Inc (PVLA) had $59.6M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Palvella Therapeutics Inc spend on research and development?

Palvella Therapeutics Inc (PVLA) invested $22.8M in research and development during fiscal year 2025.

How many shares does Palvella Therapeutics Inc have outstanding?

Palvella Therapeutics Inc (PVLA) had 12M shares outstanding as of fiscal year 2025.

What is Palvella Therapeutics Inc's current ratio?

Palvella Therapeutics Inc (PVLA) had a current ratio of 5.20 as of fiscal year 2025, which is generally considered healthy.

What is Palvella Therapeutics Inc's debt-to-equity ratio?

Palvella Therapeutics Inc (PVLA) had a debt-to-equity ratio of 1.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Palvella Therapeutics Inc's return on assets (ROA)?

Palvella Therapeutics Inc (PVLA) had a return on assets of -70.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Palvella Therapeutics Inc's cash runway?

Based on fiscal year 2025 data, Palvella Therapeutics Inc (PVLA) had $58.0M in cash against an annual operating cash burn of $25.0M. This gives an estimated cash runway of approximately 28 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Palvella Therapeutics Inc's Piotroski F-Score?

Palvella Therapeutics Inc (PVLA) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Palvella Therapeutics Inc's earnings high quality?

Palvella Therapeutics Inc (PVLA) has an earnings quality ratio of 0.60x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Palvella Therapeutics Inc?

Palvella Therapeutics Inc (PVLA) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.