Palvella Therapeutics (PVLA): BVF group discloses 4.7% ownership stake in 13G/A

Rhea-AI Filing Summary

Palvella Therapeutics, Inc. is the subject of an amended Schedule 13G reporting updated passive ownership by a group of Biotechnology Value Fund entities and Mark N. Lampert. As of the close of business on June 30, 2026, the group, through various Delaware and Cayman Islands funds and managers, beneficially owned 672,789 shares of Palvella common stock in the aggregate. Based on 14,342,844 shares outstanding as of May 1, 2026, this represents approximately 4.7% of the company’s common stock, with each individual fund holding between less than 1% and 2.5%. The filing notes that several entities and Mr. Lampert may be deemed to share voting and dispositive power over these shares and that multiple parties expressly disclaim beneficial ownership of shares held by affiliated entities. The group reports ownership of 5 percent or less of the class.

Key Figures

BVF shares owned: 352,699 shares BVF2 shares owned: 265,660 shares Trading Fund OS shares owned: 44,510 shares +5 more

8 metrics

BVF shares owned 352,699 shares Beneficially owned by Biotechnology Value Fund, L.P. as of June 30, 2026

BVF2 shares owned 265,660 shares Beneficially owned by Biotechnology Value Fund II, L.P. as of June 30, 2026

Trading Fund OS shares owned 44,510 shares Beneficially owned by Biotechnology Value Trading Fund OS LP as of June 30, 2026

Aggregate BVF group holdings 672,789 shares Shares beneficially owned in the aggregate by BVF, BVF2, Trading Fund OS and a managed account

Shares outstanding 14,342,844 shares Palvella common stock outstanding as of May 1, 2026

Group ownership percentage 4.7% Approximate percentage of outstanding Palvella shares beneficially owned by Partners, BVF Inc. and Mr. Lampert

BVF GP Holdings percentage 4.3% Approximate percentage of outstanding shares BVF GP Holdings LLC may be deemed to beneficially own

BVF individual fund percentage 2.5% Approximate percentage of outstanding shares beneficially owned by BVF alone

Key Terms

beneficially own, shared voting power, dispositive power, Reporting Persons, +1 more

5 terms

beneficially own financial

"As of the close of business on June 30, 2026, (i) BVF beneficially owned 352,699 shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

shared voting power financial

"6 | Shared Voting Power 672,789.00 7 | Sole Dispositive Power 0.00"

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

"7 | Sole Dispositive Power 0.00 8 | Shared Dispositive Power 672,789.00"

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.

Reporting Persons regulatory

"Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons.""

percent of class financial

"The following percentages are based on 14,342,844 Shares outstanding as of May 1, 2026"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

How much of Palvella Therapeutics (PVLA) does Biotechnology Value Fund and affiliates own?

As of June 30, 2026, Biotechnology Value Fund entities and Mark N. Lampert beneficially owned 672,789 shares of Palvella Therapeutics common stock. This represents approximately 4.7% of the 14,342,844 shares outstanding as of May 1, 2026.

Which BVF funds hold Palvella Therapeutics (PVLA) shares and in what amounts?

The filing states BVF holds 352,699 shares, BVF2 holds 265,660 shares, and Trading Fund OS holds 44,510 shares of Palvella common stock. These holdings together total 672,789 shares under management and related accounts.

What percentage of Palvella Therapeutics (PVLA) does each BVF entity report owning?

BVF reports approximately 2.5% of outstanding shares, BVF2 about 1.9%, and Trading Fund OS less than 1%. Aggregating across funds and a managed account, Partners, BVF Inc. and Mark N. Lampert may be deemed to own about 4.7% of the class.

Why does the Schedule 13G/A for Palvella Therapeutics (PVLA) mention 5 percent or less ownership?

The group reports beneficial ownership of 5 percent or less of Palvella’s common stock. Item 5 confirms the Reporting Persons’ holdings are below the 5% threshold, which affects ongoing Schedule 13D versus 13G reporting obligations for significant shareholders.

Who are the Reporting Persons in the Palvella Therapeutics (PVLA) Schedule 13G/A filing?

Reporting Persons include Biotechnology Value Fund, L.P., BVF2, Trading Fund OS, their general partners and managers, BVF Inc., and Mark N. Lampert. The filing explains that several parties may be deemed to share beneficial ownership and includes related disclaimers.

What is the basis for the ownership percentages reported for PVLA in this filing?

Ownership percentages use 14,342,844 shares outstanding as of May 1, 2026, as reported in Palvella’s Form 10-Q. The BVF entities’ share counts as of June 30, 2026, are divided by this outstanding total to calculate the approximate 2.5%, 1.9%, and 4.7% stakes.

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Available on EDGAR 08/14/2026 - 04:26 PM Accepted by SEC EDGAR 08/14/2026 - 04:18 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. 4)

PALVELLA THERAPEUTICS, INC.

(Name of Issuer)

Common Stock, $0.001 par value per share

(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

BIOTECHNOLOGY VALUE FUND L P

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 352,699.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 352,699.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

352,699.00

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)

2.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 697947109

1

Names of Reporting Persons

BVF I GP 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 352,699.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 352,699.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

352,699.00

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)

2.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 697947109

1

Names of Reporting Persons

BIOTECHNOLOGY VALUE FUND II LP

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 265,660.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 265,660.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

265,660.00

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)

1.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 697947109

1

Names of Reporting Persons

BVF II GP 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 265,660.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 265,660.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

265,660.00

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)

1.9 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 697947109

1

Names of Reporting Persons

Biotechnology Value Trading Fund OS LP

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 44,510.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 44,510.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

44,510.00

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)

0.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 697947109

1

Names of Reporting Persons

BVF Partners OS Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 44,510.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 44,510.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

44,510.00

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)

0.3 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 697947109

1

Names of Reporting Persons

BVF GP HOLDINGS 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 618,359.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 618,359.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

618,359.00

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)

4.3 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 697947109

1

Names of Reporting Persons

BVF PARTNERS L P/IL

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 672,789.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 672,789.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

672,789.00

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)

4.7 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 697947109

1

Names of Reporting Persons

BVF INC/IL

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 672,789.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 672,789.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

672,789.00

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)

4.7 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 697947109

1

Names of Reporting Persons

LAMPERT MARK N

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 672,789.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 672,789.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

672,789.00

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)

4.7 %

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: Biotechnology Value Fund, L.P. ("BVF") BVF I GP LLC ("BVF GP") Biotechnology Value Fund II, L.P. ("BVF2") BVF II GP LLC ("BVF2 GP") Biotechnology Value Trading Fund OS LP ("Trading Fund OS") BVF Partners OS Ltd. ("Partners OS") BVF GP Holdings LLC ("BVF GPH") BVF Partners L.P. ("Partners") BVF Inc. Mark N. Lampert ("Mr. Lampert") Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
(b)	Address or principal business office or, if none, residence: Biotechnology Value Fund, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF I GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Fund II, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF II GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Trading Fund OS LP PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF Partners OS Ltd. PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF GP Holdings LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Partners L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Inc. 44 Montgomery St., 40th Floor San Francisco, California 94104 Mark N. Lampert 44 Montgomery St., 40th Floor San Francisco, California 94104
(c)	Citizenship: Biotechnology Value Fund, L.P. Delaware BVF I GP LLC Delaware Biotechnology Value Fund II, L.P. Delaware BVF II GP LLC Delaware Biotechnology Value Trading Fund OS LP Cayman Islands BVF Partners OS Ltd. Cayman Islands BVF GP Holdings LLC Delaware BVF Partners L.P. Delaware BVF Inc. Delaware Mark N. Lampert United States
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(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: As of the close of business on June 30, 2026, (i) BVF beneficially owned 352,699 shares of the Issuer's Common Stock, $0.001 par value per share (the "Shares"), (ii) BVF2 beneficially owned 265,660 Shares, and (iii) Trading Fund OS beneficially owned 44,510 Shares. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 352,699 Shares beneficially owned by BVF. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 265,660 Shares beneficially owned by BVF2. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 44,510 Shares beneficially owned by Trading Fund OS. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 618,359 Shares beneficially owned in the aggregate by BVF and BVF2. Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 672,789 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in a certain Partners managed account (the "Partners Managed Account"), including 9,920 Shares held in the Partners Managed Account. BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 672,789 Shares beneficially owned by Partners. Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 672,789 Shares beneficially owned by BVF Inc. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities.
(b)	Percent of class: The following percentages are based on 14,342,844 Shares outstanding as of May 1, 2026, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 7, 2026. As of the close of business on June 30, 2026, (i) BVF beneficially owned approximately 2.5% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 1.9% of the outstanding Shares, (iii) Trading Fund OS beneficially owned less than 1% of the outstanding Shares, (iv) BVF GP may be deemed to beneficially own approximately 2.5% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 1.9% of the outstanding Shares, (vi) Partners OS may be deemed to beneficially own less than 1% of the outstanding Shares, (vii) BVF GPH may be deemed to beneficially own approximately 4.3% of the outstanding Shares, and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 4.7% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Partners Managed Account).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Cover Pages Items 5-9.
	(ii) Shared power to vote or to direct the vote: See Cover Pages Items 5-9.
	(iii) Sole power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
	(iv) Shared power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on May 17, 2024.
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 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.

BIOTECHNOLOGY VALUE FUND L P

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF I GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BIOTECHNOLOGY VALUE FUND II LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF II GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

Biotechnology Value Trading Fund OS LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF Partners OS Ltd.

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF GP HOLDINGS LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF PARTNERS L P/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF INC/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

LAMPERT MARK N

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert
Date:	08/14/2026