Palvella COO sells 4,302 shares after option exercise

Palvella Therapeutics’ COO exercised options and sold 4,302 PVLA shares under a pre-arranged Rule 10b5-1 trading plan.

Available on EDGAR 09/18/2026 - 04:05 PM EDT Accepted by SEC EDGAR 09/18/2026 - 04:05 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

PALVELLA THERAPEUTICS, INC. (PVLA) reported that Chief Operating Officer Kathleen Goin exercised stock options for a total of 4,302 shares of common stock on September 16, 2026, at exercise prices of $7.14 and $9.08 per share and then sold 4,302 shares in multiple transactions. These trades were made pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025, as disclosed in the filing.

Insider Trade Summary 10b5-1

Exercise and Sale: 4,302 shares ($620K approx. pre-tax spread)

Exercise and Sale 7 txns

Insider Goin Kathleen

Role Chief Operating Officer

Sold 4,302 shs ($655K)

Approx. gross sale proceeds $655K

Approx. exercise cost $35K

Approx. pre-tax spread $620K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy) F1, F5	2,154	$0.00	$0.00
Exercise	Stock Option (Right to Buy) F1, F5	2,148	$0.00	$0.00
Exercise	Common Stock F1	2,154	$7.14	$15K
Exercise	Common Stock F1	2,148	$9.08	$20K
Sale	Common Stock F1, F2	1,659	$151.1589	$251K
Sale	Common Stock F1, F3	989	$152.3617	$151K
Sale	Common Stock F1, F4	1,654	$153.2434	$253K

Holdings After Transaction: Stock Option (Right to Buy) — 4,313 contracts (Direct); Common Stock — 0 shares (Direct)

Footnotes (5)

1. F1. 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. F2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $150.755 to $151.74, 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. F3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $151.77 to $152.76, 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. F4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $152.78 to $153.71, 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. F5. The stock option is fully vested.

Key Figures

Options exercised: 4,302 shares Shares sold: 4,302 shares Option exercise price: $7.14 per share +5 more

8 metrics

Options exercised 4,302 shares Stock options exercised into common stock on September 16, 2026

Shares sold 4,302 shares Common stock sales on September 16, 2026

Option exercise price $7.14 per share Exercise price for 2,154 option shares

Option exercise price $9.08 per share Exercise price for 2,148 option shares

Weighted average sale price $151.1589 per share For sale of 1,659 shares, with individual trades from $150.755 to $151.74

Weighted average sale price $152.3617 per share For sale of 989 shares, with trades from $151.77 to $152.76

Weighted average sale price $153.2434 per share For sale of 1,654 shares, with trades from $152.78 to $153.71

Rule 10b5-1 plan adoption date August 19, 2025 Date the trading plan governing these transactions was adopted

Key Terms

Rule 10b5-1 trading plan, weighted average price, material non-public information, vesting-related income tax requirements

4 terms

Rule 10b5-1 trading plan regulatory

"transactions were effected pursuant to a Rule 10b5-1 trading plan adopted"

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"

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.

vesting-related income tax requirements financial

"plans to transact in its securities for reasons such as satisfying vesting-related income tax"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did PVLA report for COO Kathleen Goin on September 16, 2026?

Palvella Therapeutics reported that COO Kathleen Goin exercised options for 4,302 shares of common stock and sold 4,302 shares in several transactions on September 16, 2026, according to the Form 4.

At what prices were the PVLA stock options exercised by the COO?

The COO exercised stock options covering 2,154 shares at an exercise price of $7.14 per share and 2,148 shares at an exercise price of $9.08 per share into Palvella Therapeutics common stock.

At what prices did the COO sell PVLA shares on September 16, 2026?

The sales were reported at weighted average prices of $151.1589, $152.3617, and $153.2434 per share, with each weighted price representing multiple trades within specified intraday price ranges disclosed in the footnotes.

How many PVLA shares did the COO sell in total in this Form 4?

The Form 4 reports that the COO sold 4,302 shares of Palvella Therapeutics common stock in three transactions: 1,659 shares, 989 shares, and 1,654 shares, all on September 16, 2026.

Were the PVLA insider transactions made under a Rule 10b5-1 trading plan?

Yes. The filing states that the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025, during an open trading window and in accordance with Palvella Therapeutics’ Insider Trading Policy.

What does the Form 4 say about the nature of the reported PVLA sale prices?

For each sale line, the Form 4 explains that the reported price is a weighted average price, with the underlying shares sold in multiple transactions within disclosed price ranges. The reporting person offers to provide detailed price breakdowns upon request.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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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).

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2026

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	09/16/2026		M(1)		2,154	A	$7.14	2,154	D
Common Stock	09/16/2026		M(1)		2,148	A	$9.08	4,302	D
Common Stock	09/16/2026		S(1)		1,659	D	$151.1589(2)	2,643	D
Common Stock	09/16/2026		S(1)		989	D	$152.3617(3)	1,654	D
Common Stock	09/16/2026		S(1)		1,654	D	$153.2434(4)	0	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)	$7.14	09/16/2026		M(1)			2,154	(5)	10/29/2029	Common Stock	2,154	$0	2,165	D
Stock Option (Right to Buy)	$9.08	09/16/2026		M(1)			2,148	(5)	10/14/2030	Common Stock	2,148	$0	2,148	D

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 $150.755 to $151.74, 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 $151.77 to $152.76, 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 $152.78 to $153.71, 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 stock option is fully vested.

	/s/ Kathleen A. McGowan, Attorney-in-Fact	09/18/2026
	** 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)