Elaine Heron adds 2,400 Palvella Therapeutics (PVLA) shares in offering

Rhea-AI Filing Summary

Palvella Therapeutics director Elaine J. Heron reported buying 2,400 shares of common stock in an underwritten offering at $125 per share on February 27, 2026. This open-market purchase increased her direct holdings to 47,812 shares of Palvella Therapeutics.

The Form 4 also reports 5,879 shares of common stock held indirectly by a trust associated with Heron, reflecting additional ownership beyond her directly held shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HERON ELAINE J

(Last) (First) (Middle)

C/O PALVELLA THERAPEUTICS, INC.

353 W. LANCASTER AVENUE, SUITE 200

(Street)

WAYNE PA 19087

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PALVELLA THERAPEUTICS, INC. [ PVLA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/27/2026		P		2,400(1)	A	$125	47,812	D
Common Stock								5,879	I	By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of common stock purchased in the underwritten offering of Palvella Therapeutics, Inc. at the offering price, which closed on February 27, 2026.

	/s/ Kathleen A. McGowan, Attorney-in-Fact	03/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Elaine J. Heron report for PVLA?

Elaine J. Heron reported buying 2,400 shares of Palvella Therapeutics common stock. The shares were purchased in an underwritten offering at $125 per share on February 27, 2026, increasing her directly held stake to 47,812 shares in total.

At what price did Elaine J. Heron purchase Palvella Therapeutics (PVLA) shares?

Heron purchased Palvella Therapeutics common stock at $125 per share. The 2,400 shares were acquired in the company’s underwritten offering that closed on February 27, 2026, as disclosed in the Form 4 insider trading report.

How many Palvella Therapeutics shares does Elaine J. Heron own after this Form 4?

After the reported transaction, Heron directly owns 47,812 Palvella Therapeutics shares. The Form 4 also lists 5,879 additional shares held indirectly by a trust, indicating both direct and trust-related ownership positions in the company’s common stock.

Was Elaine J. Heron’s PVLA trade a purchase or a sale?

The insider activity was a purchase of Palvella Therapeutics shares. Heron bought 2,400 shares of common stock in an underwritten offering at $125 per share, which increased her direct holdings, with no sales reported in this Form 4 filing.

What role does Elaine J. Heron hold at Palvella Therapeutics (PVLA)?

Elaine J. Heron is identified as a director of Palvella Therapeutics. Her status as a director makes her transactions in the company’s common stock subject to Form 4 reporting, providing transparency into her direct and trust-related ownership positions.

Does Elaine J. Heron have indirect ownership of Palvella Therapeutics shares?

Yes, the filing shows 5,879 Palvella Therapeutics shares held indirectly by a trust. This is in addition to Heron’s 47,812 directly owned shares, highlighting both personal and trust-related exposure to the company’s common stock as of the reported date.