Palvella (NASDAQ: PVLA) prices 1.6M-share, $187.3M equity offering

Rhea-AI Filing Summary

Palvella Therapeutics, Inc. entered an underwriting agreement to sell 1,600,000 shares of common stock at $125.00 per share in a public offering. The underwriters also have a 30-day option to buy up to an additional 240,000 shares at the same public price, less underwriting discounts and commissions.

Palvella expects to receive approximately $187.3 million in net proceeds after underwriting discounts, commissions and estimated expenses. The company plans to use these funds, together with existing cash, cash equivalents and marketable securities, to support development of its programs, including QTORIN rapamycin and QTORIN pitavastatin, and for working capital and other general corporate purposes, including research and development expenses.

The offering is being made under an effective Form S-3 shelf registration statement and a prospectus supplement dated February 25, 2026. The transaction is expected to close on or about February 27, 2026, subject to customary closing conditions, and all shares in the deal are being sold by Palvella.

Insights

Equity Capital Markets Analyst

Palvella is raising about $187.3M through a primary stock offering.

Palvella Therapeutics is executing a fully underwritten primary equity offering, selling 1,600,000 common shares at $125.00 each, with an additional 240,000-share option for underwriters. All shares come from the company, so this is a direct capital raise rather than a shareholder resale.

The expected net proceeds of approximately $187.3 million are earmarked to advance development programs, including QTORIN rapamycin and QTORIN pitavastatin, and to fund working capital and broader research and development needs. This ties the financing directly to pipeline and operating priorities rather than a single project.

The deal is being conducted off an effective Form S-3 shelf using a prospectus supplement dated February 25, 2026, with closing anticipated on or about February 27, 2026, subject to customary conditions. Actual impact for shareholders will depend on post-offering execution of these development programs.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 25, 2026

Palvella Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

Nevada	001-37471	30-0784346
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

353 W. Lancaster Ave, Suite 200
Wayne, Pennsylvania	19087
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (484) 253-1461

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		PVLA		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 1.01 Entry into a Material Definitive Agreement

On February 25, 2026, Palvella Therapeutics, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with TD Securities (USA) LLC, Cantor Fitzgerald & Co. and Stifel, Nicolaus & Company, Incorporated, as representatives (the “Representatives”) of the underwriters listed in Schedule A thereto (the “Underwriters”), pursuant to which the Company agreed to issue and sell an aggregate of 1,600,000 shares (the “Firm Shares”) of its common stock, par value $0.001 per share (the “Common Stock”), at a price to the public of $125.00 (the “Offering”). Under the terms of the Underwriting Agreement, the Company granted the Underwriters an option, for a period of 30 days after the date of the Prospectus Supplement (as defined below), to purchase up to an additional 240,000 shares of the Company’s Common Stock (the “Option Shares”, together with the Firm Shares, the “Shares”) at the public offering price, less underwriting discounts and commissions.

The Company estimates that the net proceeds of this offering, after deducting underwriting discounts and commissions and estimated offering expenses, will be approximately $187.3 million. The Company intends to use the net proceeds from the Offering, together with existing cash, cash equivalents and marketable securities, 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. The Company expects the Offering to close on or about February 27, 2026, subject to the satisfaction of customary closing conditions. All of the Shares are being sold by the Company.

The Company made certain customary representations, warranties and covenants concerning the Company, the registration statement and the Prospectus Supplement in the Underwriting Agreement and also agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). The Offering is being made pursuant to a prospectus supplement, dated February 25, 2026 (the “Prospectus Supplement”), filed with the Securities and Exchange Commission (“SEC”) on February 26. 2026 and an accompanying base prospectus that forms a part of the registration statement on Form S-3 (File No. 333-292544), filed with the SEC on January 2, 2026 and declared effective by the SEC on January 29, 2026. This Current Report on Form 8-K does not constitute an offer to sell or a solicitation of an offer to buy any of the Shares.

The foregoing description of the Underwriting Agreement does not purport to be a complete description of the rights and obligations of the parties thereunder, and is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated by reference herein. A copy of the opinion of Brownstein Hyatt Farber-Schreck, LLP, relating to the validity of the Shares in connection with the Offering is filed as Exhibit 5.1 to this Current Report on Form 8-K. 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
1.1		Underwriting Agreement, dated February 25, 2026, by and among Palvella Therapeutics, Inc. and TD Securities (USA) LLC, Cantor Fitzgerald & Co. and Stifel, Nicolaus & Company, Incorporated.
5.1		Opinion of Brownstein Hyatt Farber-Schreck, LLP
23.1		Consent of Brownstein Hyatt Farber-Schreck, LLP (contained in Exhibit 5.1)
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Palvella Therapeutics, Inc.
Date:     February 26, 2026	By:	/s/ Matthew Korenberg
		Matthew Korenberg
		Chief Financial Officer

FAQ

What did Palvella Therapeutics (PVLA) announce in this 8-K filing?

Palvella Therapeutics announced a fully underwritten public offering of common stock. The company agreed to sell 1,600,000 shares at $125.00 per share, plus a 240,000-share underwriter option, with all shares issued by Palvella as a primary capital raise.

How much capital will Palvella Therapeutics (PVLA) raise from the stock offering?

Palvella expects net proceeds of approximately $187.3 million from the offering. This figure is after underwriting discounts, commissions and estimated expenses, and represents new capital to be added to the company’s existing cash, cash equivalents and marketable securities.

What is the size and price of Palvella Therapeutics’ new share issuance?

Palvella is issuing 1,600,000 shares of common stock at a public price of $125.00 per share. Underwriters also hold a 30-day option to purchase up to 240,000 additional shares at the same public price, less underwriting discounts and commissions.

How will Palvella Therapeutics (PVLA) use the proceeds from this offering?

Palvella plans to use the net proceeds to support development of its programs, including QTORIN rapamycin and QTORIN pitavastatin. Funds will also go toward working capital and other general corporate purposes, including broader research and development expenses across the company.

When is Palvella Therapeutics’ equity offering expected to close?

The offering is expected to close on or about February 27, 2026, subject to customary closing conditions. Timing depends on standard settlement processes and satisfaction of the conditions outlined in the underwriting agreement with the syndicate of underwriters.

Is the Palvella Therapeutics (PVLA) stock sale a primary or secondary offering?

All shares in this transaction are being sold by Palvella itself, making it a primary offering. No existing shareholders are selling stock in this deal, so all proceeds will flow to the company rather than to selling security holders.

Filing Exhibits & Attachments

5 documents

Other Documents

• EX-1.1 EXHIBIT 1.1 273.3 KB
• EX-5.1 EXHIBIT 5.1 13.0 KB
• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.9 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 33.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 21.8 KB