First Light Asset Management (PVLA) discloses 5.34% Palvella Therapeutics stake in client accounts

Rhea-AI Filing Summary

First Light Asset Management, LLC and Mathew P. Arens report beneficial ownership of 769,117 shares of Palvella Therapeutics, Inc. common stock, representing 5.34% of the class. The shares are held in separately managed accounts and private funds for which First Light serves as investment adviser.

Both reporting persons have shared voting and dispositive power over the 769,117 shares and no sole voting or dispositive power. They state that beneficial ownership is reported solely for Section 13(d) purposes and is not an admission of beneficial ownership for other purposes.

Key Figures

Shares beneficially owned: 769,117 shares Percent of class: 5.34% Shared voting power: 769,117 shares +3 more

6 metrics

Shares beneficially owned 769,117 shares Beneficial ownership reported by each of First Light Asset Management, LLC and Mathew P. Arens

Percent of class 5.34% Portion of Palvella Therapeutics common stock class reported as beneficially owned

Shared voting power 769,117 shares Shares over which the reporting persons have shared power to vote or direct the vote

Sole voting power 0 shares Shares over which the reporting persons have sole power to vote

Shared dispositive power 769,117 shares Shares over which the reporting persons have shared power to dispose or direct disposition

Sole dispositive power 0 shares Shares over which the reporting persons have sole power to dispose

Key Terms

beneficial owner, shared voting power, dispositive power, separately managed accounts, +2 more

6 terms

beneficial owner financial

"The Manager may be deemed to be the beneficial owner of 769,117 of the Issuer's shares"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power financial

"Shared Voting Power 769,117.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

dispositive power financial

"Shared Dispositive Power 769,117.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

separately managed accounts financial

"acts as an investment adviser to certain persons holding separately managed accounts with the Manager"

A separately managed account is an investment portfolio owned by a single investor but professionally managed to that investor’s specific goals and preferences, rather than pooled with other clients’ money. It matters to investors because it offers greater customization, tax control and transparency—like hiring a personal chef instead of eating from a shared buffet—though it often requires higher minimums and can have different fee and liquidity implications.

private funds financial

"The Manager may also be deemed to be the beneficial owner of these shares because it acts as an investment adviser to certain private funds"

Private funds are pools of money from a limited group of investors that a professional manager uses to buy assets such as private companies, real estate, debt, or specialized trading strategies; they are not traded on public stock exchanges and usually restrict how and when investors can withdraw money. Think of them as a private investment club that can offer higher potential returns but also higher fees, less transparency and liquidity, and greater risk — factors investors weigh against their goals and time horizon.

Section 13(d) of the Securities Exchange Act of 1934 regulatory

"for any other purposes other than Section 13(d) of the Securities Exchange Act of 1934"

Section 13(d) of the Securities Exchange Act of 1934 is a U.S. rule that requires anyone who buys more than 5% of a public company’s shares to publicly disclose who they are, how many shares they own, and their intentions toward the company. For investors, this is like a neighborhood alert when someone acquires a large stake in a building: it reveals potential changes in control or strategy that could affect the stock’s price, governance, or future direction.

FAQ

What percentage of Palvella Therapeutics (PVLA) does First Light Asset Management report owning?

First Light Asset Management reports beneficial ownership of 5.34% of Palvella Therapeutics’ common stock, representing 769,117 shares held across separately managed accounts and private funds it advises.

How many Palvella Therapeutics (PVLA) shares does Mathew P. Arens report beneficially owning?

Mathew P. Arens is reported as may be deemed to beneficially own 769,117 shares of Palvella Therapeutics common stock, or 5.34% of the class, through his control of First Light Asset Management.

Do the PVLA reporting persons have sole or shared voting power over the shares?

The reporting persons have 0 shares with sole voting power and 769,117 shares with shared voting power, reflecting shares held in client accounts and private funds advised by First Light Asset Management.

What dispositive power over Palvella Therapeutics (PVLA) shares is reported in this Schedule 13G/A?

The filers report no sole dispositive power and shared dispositive power over 769,117 shares of Palvella Therapeutics common stock, consistent with their role as investment adviser and controlling person.

How do First Light Asset Management and Mathew P. Arens describe their beneficial ownership of PVLA shares?

They state they may be deemed beneficial owners of the PVLA shares for Section 13(d) purposes, but expressly disclaim that the filing should be construed as an admission of beneficial ownership for any other purpose.

Where are the reporting persons for the Palvella Therapeutics (PVLA) stake located?

Each reporting person’s principal business office is at 3300 Edinborough Way, Suite 201, Edina, MN 55435, with Palvella’s principal executive offices in Wayne, Pennsylvania.

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

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Available on EDGAR 08/14/2026 - 04:38 PM Accepted by SEC EDGAR 08/14/2026 - 04:33 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

PALVELLA THERAPEUTICS, INC.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

697947109

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 697947109

1

Names of Reporting Persons

First Light Asset Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 769,117.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 769,117.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

769,117.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.34 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 697947109

1

Names of Reporting Persons

Mathew P. Arens

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 769,117.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 769,117.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

769,117.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.34 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PALVELLA THERAPEUTICS, INC.
(b)	Address of issuer's principal executive offices: 353 W. Lancaster Avenue, Suite 200, Wayne, PA 19087
Item 2.
(a)	Name of person filing: This Schedule 13G is jointly filed by the following: First Light Asset Management, LLC (the "Manager") Mathew P. Arens ("Mr. Arens") The Manager may be deemed to be the beneficial owner of 769,117 of the Issuer's shares of common stock (the "Shares"). The Manager acts as an investment adviser to certain persons holding separately managed accounts with the Manager, each of whom has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, those shares. The Manager may also be deemed to be the beneficial owner of these shares because it acts as an investment adviser to certain private funds. Mr. Arens may also be deemed to be the beneficial owner of these shares because he controls the Manager in his position as managing member and majority owner of the Manager. The Manager and Mr. Arens are filing this Schedule 13G with respect to these Shares pursuant to Rule 13d-1(b) under the Act. The Manager and Mr. Arens may be deemed to be the beneficial owner of the total amount of Shares set forth across from its or his respective name in Item 4 below. The filing of this Schedule 13G shall not be construed as an admission that the reporting persons or any of their affiliates are the beneficial owner of any securities covered by this Schedule 13G for any other purposes other than Section 13(d) of the Securities Exchange Act of 1934.
(b)	Address or principal business office or, if none, residence: Each of the reporting persons identified in Item 2(a) has its principal business office at: 3300 Edinborough Way, Suite 201, Edina, MN 55435
(c)	Citizenship: First Light Asset Management, LLC - Delaware limited liability company Mathew P. Arens - United States citizen
(d)	Title of class of securities: Common Stock, $0.01 par value
(e)	CUSIP No.: 697947109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: First Light Asset Management, LLC - 769,117 Mathew P. Arens - 769,117
(b)	Percent of class: First Light Asset Management, LLC - 5.34% Mathew P. Arens - 5.34%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: First Light Asset Management, LLC - 0 Mathew P. Arens - 0
	(ii) Shared power to vote or to direct the vote: First Light Asset Management, LLC - 769,117 Mathew P. Arens - 769,117
	(iii) Sole power to dispose or to direct the disposition of: First Light Asset Management, LLC - 0 Mathew P. Arens - 0
	(iv) Shared power to dispose or to direct the disposition of: First Light Asset Management, LLC - 769,117 Mathew P. Arens - 769,117
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

First Light Asset Management, LLC

Signature:	/s/ Kurt T. Peterson
Name/Title:	Kurt T. Peterson/Chief Compliance Officer
Date:	08/14/2026

Mathew P. Arens

Signature:	/s/ Mathew P. Arens
Name/Title:	Mathew P. Arens/Chief Executive Officer
Date:	08/14/2026

Exhibit Information

Exhibit A: Joint Filing Agreement