PALVELLA THERAPEUTICS, INC. PVLA
On December 13, 2024, we completed the previously announced business combination with Legacy Palvella in accordance with the terms of the Merger Agreement, pursuant to which, among other matters, Merger Sub merged with and into Legacy Palvella, with Legacy Palvella surviving as our wholly owned subsidiary (such business combination, the Merger). In connection with the completion of the Merger, we changed our name from "Pieris Pharmaceuticals, Inc." to "Palvella Therapeutics, Inc.," and our business became primarily the business conducted by Legacy Palvella. We are now a clinical-stage biopharmaceutical company focused on developing and, if approved, commercializing novel therapies to treat patients suffering from serious, rare skin diseases and vascular malformations for which there are no FDA-approved therapies.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $38.7M | $25.5M | $27.9M | $23.9M | $32.1M | $27.2M | $25.3M | $5.8M |
| R&D | $22.8M | $8.2M | $8.8M | $53.0M | $66.7M | $46.5M | $55.0M | $41.5M | $22.3M | $19.7M |
| SG&A | $15.8M | $5.9M | $3.1M | $16.4M | $16.6M | $16.7M | $18.4M | $18.4M | $17.6M | $8.9M |
| Total operating expenses | $38.6M | $14.1M | $11.9M | $69.4M | $83.2M | $63.2M | $73.4M | $59.9M | $39.9M | $28.6M |
| Operating income | -$38.6M | -$14.1M | -$11.9M | -$43.5M | -$51.8M | -$33.9M | -$27.2M | -$30.8M | -$14.6M | -$22.8M |
| Interest expense | $2.6M | $642.0K | — | — | — | — | — | — | — | — |
| Pre-tax income | -$41.7M | -$17.4M | $18.7M | -$33.3M | -$45.7M | -$37.1M | -$25.5M | -$27.1M | -$16.5M | -$22.6M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $164.0K | $0 | $312.0K | $1.1M | $162.0K |
| Net income | -$41.7M | -$17.4M | $18.7M | -$33.3M | -$45.7M | -$37.2M | -$25.5M | -$26.8M | -$17.6M | -$22.8M |
| EPS, basic | -3.71 | -7.83 | 2.19 | -0.45 | -0.71 | -0.68 | — | — | — | — |
| EPS, diluted | -3.71 | -7.83 | 2.17 | — | -0.71 | -0.68 | -0.56 | -0.50 | -0.40 | -0.55 |
| Shares, diluted (wtd. avg.) | $11.3M | $2.2M | $1.8M | $74.2M | $64.5M | $54.5M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $58.0M | $83.6M | $7.3M | $38.6M | $117.8M | $70.4M | $62.3M | $74.9M | $37.9M | $29.4M |
| Short-term investments | — | — | $9.0M | $20.5M | $0 | $0 | $41.9M | $53.2M | $34.8M | $0 |
| Receivables | $0 | $358.0K | $0 | $5.8M | $3.3M | $1.7M | $6.8M | $2.7M | $15.5M | $57.0K |
| Total current assets | $59.0M | $88.2M | $7.5M | $73.4M | $127.6M | $75.7M | $115.0M | $135.4M | $89.8M | $32.7M |
| Property, plant and equipment | — | — | $0 | $17.0M | $19.1M | $22.0M | $19.5M | $5.0M | $4.0M | $2.3M |
| Total assets | $59.6M | $88.2M | $7.5M | $95.5M | $153.6M | $105.0M | $141.1M | $141.3M | $103.9M | $35.1M |
| Accounts payable | $4.6M | $4.6M | $936.0K | $4.2M | $8.6M | $1.8M | $5.8M | $3.4M | $2.5M | $2.4M |
| Total current liabilities | $11.3M | $12.0M | $2.4M | $36.6M | $50.6M | $22.1M | $27.0M | $48.1M | $45.8M | $8.4M |
| Total liabilities | $31.6M | $25.6M | $11.4M | $67.6M | $102.8M | $74.0M | $89.7M | $101.4M | $92.4M | $9.8M |
| Retained earnings | -$135.4M | -$93.7M | -$76.3M | -$290.4M | -$257.1M | -$211.4M | -$174.2M | -$147.1M | -$120.3M | -$102.7M |
| Total equity | $28.0M | $62.6M | -$74.5M | -$93.8M | $50.8M | $31.0M | $51.4M | $39.9M | $11.5M | $25.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$25.0M | -$10.8M | -$13.7M | -$59.9M | -$7.7M | -$45.9M | -$52.5M | -$1.1M | $49.8M | -$14.4M |
| Depreciation and amortisation | — | — | $1.9M | $2.8M | $2.5M | $2.1M | $600.0K | $570.0K | $369.0K | $361.0K |
| Stock-based compensation | $6.4M | $830.0K | $603.0K | $4.4M | $5.2M | $5.1M | $5.4M | $4.9M | $3.0M | $1.9M |
| Capital expenditure | — | — | $171.0K | $1.0M | $949.0K | $2.7M | $2.5M | $1.7M | $1.9M | $560.0K |
| Investing cash flow | — | — | $12.0M | -$21.2M | -$949.0K | $39.2M | $9.8M | -$8.9M | -$45.9M | -$560.0K |
| Financing cash flow | -$660.0K | $87.1M | $5.0M | $7.2M | $59.1M | $10.1M | $32.2M | $48.5M | $4.1M | $15.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-052875.
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