First Light discloses 7.49% Palvella (PVLA) stake in 13G filing

Rhea-AI Filing Summary

Palvella Therapeutics, Inc. received a Schedule 13G reporting that First Light Asset Management, LLC and its managing member Mathew P. Arens beneficially own 887,031 shares of Palvella common stock, representing 7.49% of the outstanding class as of 12/31/2025.

The shares are held in separately managed accounts and private funds advised by First Light, with both First Light and Arens sharing voting and dispositive power over all 887,031 shares and no sole voting or dispositive power. The filing certifies the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of Palvella.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

PALVELLA THERAPEUTICS, INC.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

697947109

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 887,031.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 887,031.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

887,031.00

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)

7.49 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 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 887,031.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 887,031.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

887,031.00

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)

7.49 %

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 887,031 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 - 887,031 Mathew P. Arens - 887,031
(b)	Percent of class: First Light Asset Management, LLC - 7.49% Mathew P. Arens - 7.49%
(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 - 887,031 Mathew P. Arens - 887,031
	(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 - 887,031 Mathew P. Arens - 887,031
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:	02/17/2026

Mathew P. Arens

Signature:	/s/ Mathew P. Arens
Name/Title:	Mathew P. Arens/Chief Executive Officer
Date:	02/17/2026

Exhibit Information

Exhibit A: Joint Filing Agreement

FAQ

What stake in Palvella Therapeutics (PVLA) does First Light report?

First Light Asset Management reports beneficial ownership of 887,031 Palvella Therapeutics common shares, representing 7.49% of the class. This stake is disclosed on a Schedule 13G as of December 31, 2025, indicating a significant minority institutional position.

Who are the reporting persons in this Palvella (PVLA) Schedule 13G?

The Schedule 13G is jointly filed by First Light Asset Management, LLC and Mathew P. Arens. First Light is the investment adviser holding the position for clients and funds, while Arens may be deemed a beneficial owner through his control as managing member and majority owner.

How much voting power over PVLA shares does First Light have?

First Light and Mathew P. Arens report shared voting power over 887,031 Palvella shares and no sole voting power. They likewise have shared dispositive power over the same shares, reflecting control exercised through advisory relationships with managed accounts and private funds.

Is the First Light PVLA stake intended to influence control of Palvella?

The filers certify the Palvella stake was acquired and is held in the ordinary course of business, not to change or influence control. They also state it is not part of any transaction aimed at control, other than activities solely connected with a Rule 14a-11 nomination.

On what basis does Mathew P. Arens report ownership of PVLA shares?

Mathew P. Arens may be deemed a beneficial owner because he controls First Light Asset Management as its managing member and majority owner. Both he and First Light disclaim that this filing should be construed as an admission of beneficial ownership beyond Section 13(d) purposes.

Where are the reporting persons in the PVLA 13G based?

First Light Asset Management is a Delaware limited liability company, and Mathew P. Arens is a United States citizen. Both list their principal business office at 3300 Edinborough Way, Suite 201, Edina, Minnesota 55435 in the Schedule 13G filing.