Kathleen Goin - 17 Dec 2025 Form 4 Insider Report for PALVELLA THERAPEUTICS, INC. (PVLA)

Role
Chief Operating Officer
Signature
/s/ Kathleen A. McGowan, Attorney-in-Fact
Issuer symbol
PVLA
Transactions as of
17 Dec 2025
Net transactions value
-$380,139
Form type
4
Filing time
19 Dec 2025, 16:05:19 UTC
Previous filing
21 Nov 2025
Next filing
23 Jan 2026
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Goin Kathleen Chief Operating Officer C/O PALVELLA THERAPEUTICS, INC., 353 W. LANCASTER AVENUE, SUITE 200, WAYNE /s/ Kathleen A. McGowan, Attorney-in-Fact 19 Dec 2025 0001912570

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PVLA Common Stock Options Exercise $15,380 +2,154 $7.14 2,154 17 Dec 2025 Direct F1
transaction PVLA Common Stock Options Exercise $19,504 +2,148 +100% $9.08 4,302 17 Dec 2025 Direct F1
transaction PVLA Common Stock Sale $415,023 -4,302 -100% $96.47 0 17 Dec 2025 Direct F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction PVLA Stock Option (Right to Buy) Options Exercise $0 -2,154 -9.1% $0.000000 21,551 17 Dec 2025 Common Stock 2,154 $7.14 Direct F1, F3
transaction PVLA Stock Option (Right to Buy) Options Exercise $0 -2,148 -9.1% $0.000000 21,480 17 Dec 2025 Common Stock 2,148 $9.08 Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 The transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025. The plan was adopted during an open trading window, at a time when the Reporting Person was not in possession of material non-public information and was reviewed and approved in accordance with the Issuer's Insider Trading Policy. The Issuer's officers and directors from time to time utilize trading plans to transact in its securities for reasons such as satisfying vesting-related income tax requirements, investment diversification, or other personal reasons.
F2 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $96.34 to $96.82. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, on request, full information regarding the number of shares sold at each separate price within the range set forth above.
F3 The stock option is fully vested.