Detailed financial statements for Palvella Therapeutics, Inc. (PVLA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Palvella Therapeutics, Inc. is a clinical-stage biopharmaceutical company dedicated to the discovery, development, and commercialization of innovative treatments for patients afflicted with severe and uncommon inherited skin conditions. Central to its pipeline is QTORIN 3.9% rapamycin anhydrous gel (referred to as QTORIN rapamycin), which is currently undergoing Phase 3 clinical trials for microcystic lymphatic malformations.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $151.43, PVLA has negative trailing earnings (P/E not meaningful) and an ROE of -149.07%. Market capitalisation stands at $2.2B.
Balance sheet quality for PVLA: current ratio of 5.2, net cash position of $57.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $31.4M | $25.9M | 0 | 0 | 0 |
| Cost of Revenue | $2.4M | $2.8M | 0 | 0 | 0 |
| Gross Profit | $29.1M | $23.1M | 0 | 0 | 0 |
| Research & Development | $64.2M | $50.2M | $8.8M | $8.2M | $22.8M |
| Selling, General & Admin | $16.7M | $16.4M | $3.1M | $5.9M | $15.8M |
| Operating Expenses | $80.9M | $66.6M | $11.9M | $14.1M | $38.6M |
| Operating Income | -$51.8M | -$43.5M | -$11.9M | -$14.1M | -$38.6M |
| EBITDA | -$43.4M | -$30.5M | $18.7M | -$13.1M | -$35.9M |
| Interest Expense | 0 | 0 | 0 | $4.3M | $5.8M |
| Pre-tax Income | -$45.7M | -$33.3M | $18.7M | -$17.4M | -$41.7M |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$45.7M | -$33.3M | $18.7M | -$17.4M | -$41.7M |
| EPS | $-56.69 | $-29.61 | $14.74 | $-7.83 | $-3.71 |
| EPS (Diluted) | $-56.69 | $-29.61 | $14.74 | $-7.83 | $-3.71 |
| Shares Outstanding (Diluted) | $806837 | $930352 | $1.3M | $2.2M | $11.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$10.2M | -$11.3M | -$14.9M | -$21.4M |
| EBITDA | $342000 | -$11.0M | -$17.8M | -$21.6M |
| Net Income | -$11.3M | -$12.7M | -$15.8M | -$21.9M |
| EPS | $-1.03 | $-1.08 | $-1.20 | $-1.52 |
| EPS (Diluted) | $-1.03 | $-1.08 | $-1.20 | $-1.52 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $70.4M | $117.8M | $16.1M | $7.3M | $83.6M | $58.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.7M | $3.3M | 0 | 0 | $2.3M | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $75.7M | $127.6M | $16.5M | $7.5M | $88.2M | $59.0M |
| Property, Plant & Equipment | $26.0M | $23.0M | 0 | 0 | 0 | $572000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $105.0M | $153.6M | $16.5M | $7.5M | $88.2M | $59.6M |
| Accounts Payable | $1.8M | $8.6M | $3.2M | $936000 | $4.6M | $4.6M |
| Short-term Debt | $1.0M | $1.0M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $22.1M | $50.6M | $5.8M | $2.4M | $12.0M | $11.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $431000 |
| Total Liabilities | $74.0M | $102.8M | $39.7M | $11.4M | $25.6M | $31.6M |
| Retained Earnings | -$211.4M | -$257.1M | -$95.0M | -$76.3M | -$93.7M | -$135.4M |
| Total Equity | $31.0M | $50.8M | -$23.2M | -$3.9M | $62.6M | $28.0M |
| Total Debt | $17.0M | $14.9M | 0 | 0 | 0 | $633000 |
| Net Debt | -$53.5M | -$102.9M | -$16.1M | -$7.3M | -$83.6M | -$57.3M |
| Working Capital | $53.6M | $77.1M | $10.7M | $5.2M | $76.2M | $47.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $63.6M | $58.0M | $206.4M | $187.8M |
| Total Assets | $66.9M | $59.6M | $263.8M | $253.5M |
| Total Liabilities | $28.3M | $31.6M | $31.4M | $36.6M |
| Total Equity | $38.7M | $28.0M | $232.3M | $216.9M |
| Total Debt | $16.0M | $633000 | $584000 | $535000 |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$37.2M | -$45.7M | -$27.6M | $18.7M | -$17.4M | -$41.7M |
| Depreciation & Amortization | $2.1M | $2.4M | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $427000 | $603000 | $830000 | $6.4M |
| Change in Working Capital | -$16.4M | $30.5M | $1.6M | -$3.1M | -$193000 | $3.8M |
| Operating Cash Flow | -$45.9M | -$7.7M | -$14.8M | -$13.7M | -$10.8M | -$25.0M |
| Capital Expenditure | -$2.7M | -$949000 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$48.6M | -$8.6M | -$14.8M | -$13.7M | -$10.8M | -$25.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$7.9M | -$4.9M | -$10.9M | -$12.8M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$7.9M | -$4.9M | -$10.9M | -$12.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.8M | $1.1M | $3.4M | $5.2M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -17.6% | -100.0% | | |
| Net Income Growth (YoY) | | +27.2% | +156.2% | -193.3% | -139.3% |
| EPS Growth (YoY) | | +47.8% | +149.8% | -153.1% | +52.6% |
| Shares Change (YoY) | | +15.3% | +36.3% | +75.6% | +405.4% |
| FCF Growth (YoY) | | +82.3% | -72.4% | +7.7% | +20.9% | -130.7% |
| Gross Margin | 92.5% | 89.3% | | | |
| Operating Margin | -165.0% | -167.8% | | | |
| EBITDA Margin | -138.0% | -117.7% | | | |
| Net Margin | -145.6% | -128.5% | | | |
| FCF Margin | -27.4% | -57.3% | | | |
| Effective Tax Rate | -0.0% | -0.0% | 0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-10.67 | $-15.95 | $-10.81 | $-4.87 | $-2.22 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $806837 | $930352 | $1.3M | $2.2M | $11.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -149.07% |
| Return on Invested Capital | -79.73% |
| Return on Assets | -70.04% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 5.20 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 18.02 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | -0.30 | -0.57 | 1.15 | -1.53 | -28.21 |
| P/B | 0.00 | 0.27 | -0.68 | -5.56 | 0.43 | 42.09 |
| P/S | 0.00 | 0.44 | 0.61 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 92.5% | 89.3% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | -165.0% | -167.8% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | -145.6% | -128.5% | 0.0% | 0.0% | 0.0% |