Palvella Therapeutics, Inc. (NASDAQ: PVLA) priced an upsized public offering of 1,600,000 shares of its common stock at $125.00 per share, with an option for underwriters to purchase an additional 240,000 shares at the same price. The offering is expected to close on or about February 27 2026 and will raise $200 million in gross proceeds, providing the company with substantial working capital to support the development of its QTORIN® platform and other corporate purposes.
The proceeds will be directed primarily toward advancing the QTORIN® pipeline, which includes QTORIN rapamycin and QTORIN pitavastatin. Palvella’s QTORIN rapamycin has recently met the primary endpoint of its Phase 3 SELVA study in microcystic lymphatic malformations, and the company plans to submit a New Drug Application in the second half of 2026. The company also continues to pursue other indications for QTORIN rapamycin and is developing additional QTORIN candidates for rare skin diseases and vascular malformations—areas with no FDA‑approved therapies.
Financially, Palvella held $63.6 million in cash and equivalents as of September 30 2025, a balance that was expected to fund operations into the second half of 2027. The company had no revenue and reported a net loss of $32.95 million for the trailing twelve months. The $200 million offering upsizes a prior $150 million public offering announced earlier in February 2026, indicating either increased capital needs or strong investor demand for the company’s pipeline.
The capital raise strengthens Palvella’s balance sheet and positions the company to continue late‑stage clinical development, potentially accelerating the path to regulatory approval for its lead asset. The company’s QTORIN platform has received multiple FDA designations—including Breakthrough Therapy, Orphan Drug, and Fast Track—for several indications, which can expedite development and review. By securing additional capital, Palvella can maintain momentum in its clinical program and pursue strategic opportunities without compromising its financial stability.
Wes Kaupinen, Palvella’s Founder and CEO, emphasized the company’s focus on rare diseases: “As we enter year‑end 2025, Palvella is now advancing innovative QTORIN™‑derived therapies for four serious, rare skin diseases, each lacking a single FDA‑approved therapy, giving us the opportunity to potentially be first for each of these deserving rare disease communities.”
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