Palvella director exercises, sells 313 shares

A Palvella Therapeutics director exercised 313 options and sold 313 common shares in a same-day transaction.

Rhea-AI Filing Summary

PALVELLA THERAPEUTICS, INC. (PVLA) director Christopher P. Kiritsy reported an option exercise and related share sale. On September 2, 2026, he exercised a fully vested stock option for 313 shares of common stock at an exercise price of $127.20 per share, a figure adjusted for the company’s 1-for-80 reverse stock split that became effective on April 23, 2024. He then sold 313 shares of common stock at $157.00 per share on the same date, and the exercised option position is reported as fully exhausted in this filing.

Insider Trade Summary

Exercise and Sale: 313 shares ($9K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider KIRITSY CHRISTOPHER P

Role Director

Sold 313 shs ($49K)

Approx. gross sale proceeds $49K

Approx. exercise cost $40K

Approx. pre-tax spread $9K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy) F1, F2	313	$0.00	$0.00
Exercise	Common Stock F1	313	$127.20	$40K
Sale	Common Stock	313	$157.00	$49K

Holdings After Transaction: Stock Option (Right to Buy) — 0 contracts (Direct); Common Stock — 250 shares (Direct)

Footnotes (2)

1. F1. The reported number of shares has been adjusted to reflect the impact of the Issuer's 1-for-80 reverse stock split, which became effective on April 23, 2024.
2. F2. The stock option is fully vested.

Key Figures

Shares underlying option exercised: 313 shares Option exercise price: $127.20 per share Shares of common stock sold: 313 shares +3 more

6 metrics

Shares underlying option exercised 313 shares Stock option for Palvella Therapeutics common stock exercised on September 2, 2026

Option exercise price $127.20 per share Exercise price for 313-share stock option, adjusted for 1-for-80 reverse split

Shares of common stock sold 313 shares Sale of Palvella Therapeutics common stock on September 2, 2026

Sale price $157.00 per share Per-share price for sale of 313 Palvella Therapeutics common shares

Reverse stock split ratio 1-for-80 Reverse stock split effective April 23, 2024, used to adjust share and price figures

Options remaining from this grant 0 options Total shares following the derivative transaction for the reported stock option

Key Terms

Stock Option (Right to Buy), reverse stock split, Exercise or conversion of derivative security

3 terms

Stock Option (Right to Buy) financial

"security title is reported as Stock Option (Right to Buy)"

reverse stock split financial

"adjusted to reflect the impact of the Issuer's 1-for-80 reverse stock split"

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

Exercise or conversion of derivative security financial

"transaction is coded as Exercise or conversion of derivative security"

FAQ

What did the PVLA director report in this Form 4 transaction?

The director, Christopher P. Kiritsy, reported exercising a stock option for 313 shares of Palvella Therapeutics common stock and selling 313 shares of common stock on September 2, 2026.

How many Palvella Therapeutics (PVLA) shares were involved in the Form 4?

The filing shows 313 shares underlying an exercised stock option and a sale of 313 shares of Palvella Therapeutics common stock on the same date.

At what prices did the PVLA director exercise and sell shares?

The stock option was exercised at an exercise price of $127.20 per share, and the subsequent sale of common stock was reported at $157.00 per share.

Was the Palvella Therapeutics (PVLA) option fully vested and fully exercised?

Yes. A footnote states that the stock option is fully vested, and the derivative position after the transaction is reported as 0 options remaining for this grant.

Did the PVLA Form 4 indicate trades under a Rule 10b5-1 plan?

No. The filing’s Rule 10b5-1 checkbox is not affirmed, and the footnotes do not state that these transactions were made under a Rule 10b5-1 trading plan.

How does the reverse stock split affect the PVLA Form 4 figures?

A footnote explains that the 313 shares and the $127.20 exercise price are adjusted for Palvella Therapeutics’ 1-for-80 reverse stock split that became effective on April 23, 2024.

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Available on EDGAR 09/04/2026 - 04:05 PM Accepted by SEC EDGAR 09/04/2026 - 04:05 PM Learn about SEC filing dates

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^*

KIRITSY CHRISTOPHER P

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2026

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

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/02/2026		M		313(1)	A	$127.2(1)	563(1)	D
Common Stock	09/02/2026		S		313	D	$157	250	D

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
Stock Option (Right to Buy)	$127.2(1)	09/02/2026		M(1)			313(1)	(2)	09/20/2026	Common Stock	313(1)	$0	0	D

Explanation of Responses:

1. The reported number of shares has been adjusted to reflect the impact of the Issuer's 1-for-80 reverse stock split, which became effective on April 23, 2024.

2. The stock option is fully vested.

	/s/ Kathleen A. McGowan, Attorney-in-Fact	09/04/2026
	** 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.
* Form 4: SEC 1474 (03-26)