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Palvella Therapeutics Inc. (PVLA-8.64%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing therapies for rare genetic skin diseases using its QTORIN platform. The lead product candidate, QTORIN rapamycin, is in clinical trials for microcystic lymphatic malformations and cutaneous venous malformations.
Palvella reported a net loss of $17.4 million for 2024, compared to a net income of $18.7 million in 2023, primarily due to increased general and administrative expenses and changes in other income.
Research and development expenses were $8.2 million, a decrease from $8.8 million in 2023, attributed to the discontinuation of certain programs offset by increased spending on new trials.
General and administrative expenses rose to $5.9 million from $3.1 million, driven by higher employee compensation and professional service fees related to the merger and public company operations.
The company completed a reverse merger with Pieris Pharmaceuticals and changed its name to Palvella Therapeutics, with shares now trading under the symbol PVLA.
Palvella raised $78.9 million through a PIPE financing, which included the conversion of $18.9 million of convertible notes into common stock and pre-funded warrants.
The company received Breakthrough Therapy, Fast Track, and Orphan Drug Designations from the FDA for QTORIN rapamycin for microcystic lymphatic malformations, and is conducting Phase 3 and Phase 2 trials for its product candidates.
Palvella's future capital requirements will depend on the progress of its clinical programs, regulatory approvals, and potential commercialization efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Palvella Therapeutics Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.