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Palvella Therapeutics (PVLA) COO exercises options, then sells 4,302 shares

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Palvella Therapeutics, Inc. Chief Operating Officer Kathleen Goin reported a series of option exercises and share sales on July 15, 2026. She exercised stock options for 4,302 shares of common stock at exercise prices of $7.1400 and $9.0800 per share, then sold 4,302 common shares in four transactions at weighted average prices of $147.1365, $148.4018, $149.2667 and $150.2529 per share. After the final sale she held 0 common shares directly, while the options involved were fully vested, and all trades were effected under a Rule 10b5-1 trading plan adopted on August 19, 2025 and approved under the company’s insider trading policy.

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Insider Goin Kathleen
Role Chief Operating Officer
Sold 4,302 shs ($642K)
Type Security Shares Price Value
Exercise Stock Option (Right to Buy) 2,154 $0.00 --
Exercise Stock Option (Right to Buy) 2,148 $0.00 --
Exercise Common Stock 2,154 $7.14 $15K
Exercise Common Stock 2,148 $9.08 $20K
Sale Common Stock 522 $147.1365 $77K
Sale Common Stock 840 $148.4018 $125K
Sale Common Stock 1,029 $149.2667 $154K
Sale Common Stock 1,911 $150.2529 $287K
Holdings After Transaction: Stock Option (Right to Buy) — 6,473 shares (Direct); Common Stock — 2,154 shares (Direct)
Footnotes (1)
  1. The transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025. The plan was adopted during an open trading window, at a time when the Reporting Person was not in possession of material non-public information and was reviewed and approved in accordance with the Issuer's Insider Trading Policy. The Issuer's officers and directors from time to time utilize trading plans to transact in its securities for reasons such as satisfying vesting-related income tax requirements, investment diversification, or other personal reasons. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $146.77 to $147.73, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $147.79 to $148.635, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $148.79 to $149.765, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $149.79 to $150.34, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected. The stock option is fully vested.
Common shares sold 4,302 shares Aggregate common stock sales by COO on 2026-07-15
Sale tranche price 1 $147.1365 per share Weighted average price for 522 common shares sold on 2026-07-15
Sale tranche price 4 $150.2529 per share Weighted average price for 1,911 common shares sold on 2026-07-15
Option exercise price 1 $9.0800 per share Exercise price for 2,148-share stock option converted to common stock
Option exercise price 2 $7.1400 per share Exercise price for 2,154-share stock option converted to common stock
Option expiration 1 2030-10-14 Expiration date of stock option originally for 2,148 shares
Option expiration 2 2029-10-29 Expiration date of stock option originally for 2,154 shares
10b5-1 plan adoption date August 19, 2025 Adoption date of trading plan governing the reported transactions
Rule 10b5-1 trading plan regulatory
"The transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025."
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
material non-public information regulatory
"at a time when the Reporting Person was not in possession of material non-public information"
Material non-public information is important news about a company that hasn't been shared with the public yet, like a secret that could affect its stock price. Using this inside information to buy or sell stocks is unfair and illegal because it gives someone an unfair advantage over others who don’t have the same info.
open trading window regulatory
"The plan was adopted during an open trading window, at a time when the Reporting Person was not in possession of material non-public information"
A designated period when company executives, directors and certain employees are permitted to buy or sell their employer’s stock under the company’s trading policy because material information has been disclosed. Think of it like scheduled store hours after a big delivery: it reduces the risk of trading on secret information, and investors watch insider activity during these windows as a signal of how those closest to the business view its prospects.
Stock Option (Right to Buy) financial
"Stock Option (Right to Buy) reported as a derivative security with an exercise price of $9.0800 or $7.1400."

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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).
X
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*
Goin Kathleen
(Last)(First)(Middle)
C/O PALVELLA THERAPEUTICS, INC.
353 W. LANCASTER AVENUE, SUITE 200
(Street)
WAYNE PENNSYLVANIA 19087
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
PALVELLA THERAPEUTICS, INC. [ PVLA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Operating Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
07/15/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common Stock07/15/2026M(1)2,154A$7.142,154D
Common Stock07/15/2026M(1)2,148A$9.084,302D
Common Stock07/15/2026S(1)522D$147.1365(2)3,780D
Common Stock07/15/2026S(1)840D$148.4018(3)2,940D
Common Stock07/15/2026S(1)1,029D$149.2667(4)1,911D
Common Stock07/15/2026S(1)1,911D$150.2529(5)0D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Option (Right to Buy)$7.1407/15/2026M(1)2,154 (6)10/29/2029Common Stock2,154$06,473D
Stock Option (Right to Buy)$9.0807/15/2026M(1)2,148 (6)10/14/2030Common Stock2,148$06,444D
Explanation of Responses:
1. The transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025. The plan was adopted during an open trading window, at a time when the Reporting Person was not in possession of material non-public information and was reviewed and approved in accordance with the Issuer's Insider Trading Policy. The Issuer's officers and directors from time to time utilize trading plans to transact in its securities for reasons such as satisfying vesting-related income tax requirements, investment diversification, or other personal reasons.
2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $146.77 to $147.73, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected.
3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $147.79 to $148.635, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected.
4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $148.79 to $149.765, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected.
5. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $149.79 to $150.34, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected.
6. The stock option is fully vested.
/s/ Kathleen A. McGowan, Attorney-in-Fact07/17/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR