PVLA

SEC source: 0001104659-26-018136 · tm266892-1_4seq1.xml · nonDerivative · entry 2

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 4,302

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: 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.

SEC source: 0001104659-26-018136 · tm266892-1_4seq1.xml · nonDerivative · entry 1

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 2,154

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: 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.

SEC source: 0001104659-26-012067 · tm265512-4_4seq1.xml · derivative · entry 1

Kline Ashley Hartmann · CIK 0002071433 · Chief Commercial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,517

Underlying: Common Stock · 38,517 shares

Expires 2036-02-05

F1 · derivative.exercise_date: The shares subject to this option shall vest and become exercisable in equal monthly installments over 48 months commencing from February 5, 2026, subject to the Reporting Person's continuous service through each applicable vesting date.

SEC source: 0001104659-26-012068 · tm265512-5_4seq1.xml · derivative · entry 1

Martini Jeffrey S · CIK 0001914560 · Chief Scientific Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 64,318

Underlying: Common Stock · 64,318 shares

Expires 2036-02-05

F1 · derivative.exercise_date: The shares subject to this option shall vest and become exercisable in equal monthly installments over 48 months commencing from February 5, 2026, subject to the Reporting Person's continuous service through each applicable vesting date.

SEC source: 0001104659-26-012066 · tm265512-3_4seq1.xml · derivative · entry 1

Kaupinen Wes · CIK 0001918142 · Director · President and CEO · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 124,603

Underlying: Common Stock · 124,603 shares

Expires 2036-02-05

F1 · derivative.exercise_date: The shares subject to this option shall vest and become exercisable in equal monthly installments over 48 months commencing from February 5, 2026, subject to the Reporting Person's continuous service through each applicable vesting date.

SEC source: 0001104659-26-012064 · tm265512-2_4seq1.xml · derivative · entry 1

Korenberg Matthew E · CIK 0001649903 · CFO, Treasurer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,123

Underlying: Common Stock · 44,123 shares

Expires 2036-02-05

F1 · derivative.exercise_date: The shares subject to this option shall vest and become exercisable in equal monthly installments over 48 months commencing from February 5, 2026, subject to the Reporting Person's continuous service through each applicable vesting date.

SEC source: 0001104659-26-012060 · tm265512-1_4seq1.xml · derivative · entry 1

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 48,956

Underlying: Common Stock · 48,956 shares

Expires 2036-02-05

F1 · derivative.exercise_date: The shares subject to this option shall vest and become exercisable in equal monthly installments over 48 months commencing from February 5, 2026, subject to the Reporting Person's continuous service through each applicable vesting date.

SEC source: 0001104659-26-006237 · tm263925-1_4seq1.xml · derivative · entry 6

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 19,332

Underlying: Common Stock · 2,148 shares

Expires 2030-10-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: 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 · derivative.exercise_date: The stock option is fully vested.

SEC source: 0001104659-26-006237 · tm263925-1_4seq1.xml · derivative · entry 5

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 19,397

Underlying: Common Stock · 2,154 shares

Expires 2029-10-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: 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 · derivative.exercise_date: The stock option is fully vested.

SEC source: 0001104659-26-006237 · tm263925-1_4seq1.xml · nonDerivative · entry 4

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 0

F1 · kind: 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.

SEC source: 0001104659-26-006237 · tm263925-1_4seq1.xml · nonDerivative · entry 3

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 3,749

F1 · kind: 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.

SEC source: 0001104659-26-006237 · tm263925-1_4seq1.xml · nonDerivative · entry 2

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 4,302

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: 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.

SEC source: 0001104659-26-006237 · tm263925-1_4seq1.xml · nonDerivative · entry 1

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 2,154

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: 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.

SEC source: 0001104659-25-123109 · tm2534005-1_4seq1.xml · derivative · entry 5

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 21,480

Underlying: Common Stock · 2,148 shares

Expires 2030-10-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: 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.

F3 · derivative.exercise_date: The stock option is fully vested.

SEC source: 0001104659-25-123109 · tm2534005-1_4seq1.xml · derivative · entry 4

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 21,551

Underlying: Common Stock · 2,154 shares

Expires 2029-10-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: 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.

F3 · derivative.exercise_date: The stock option is fully vested.

SEC source: 0001104659-25-123109 · tm2534005-1_4seq1.xml · nonDerivative · entry 3

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 0

F1 · kind: 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 · price: 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.

SEC source: 0001104659-25-123109 · tm2534005-1_4seq1.xml · nonDerivative · entry 2

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 4,302

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: 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.

SEC source: 0001104659-25-123109 · tm2534005-1_4seq1.xml · nonDerivative · entry 1

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 2,154

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: 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.

SEC source: 0001104659-25-115017 · tm2531981-1_4seq1.xml · derivative · entry 6

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 23,628

Underlying: Common Stock · 2,148 shares

Expires 2030-10-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025.

F4 · derivative.exercise_date: The stock option is fully vested.

SEC source: 0001104659-25-115017 · tm2531981-1_4seq1.xml · derivative · entry 5

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 23,705

Underlying: Common Stock · 2,154 shares

Expires 2029-10-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025.

F4 · derivative.exercise_date: The stock option is fully vested.

SEC source: 0001104659-25-115017 · tm2531981-1_4seq1.xml · nonDerivative · entry 4

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 0

F1 · kind: The transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025.

F3 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $86.485 to $86.97. 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.

SEC source: 0001104659-25-115017 · tm2531981-1_4seq1.xml · nonDerivative · entry 3

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 2,802

F1 · kind: The transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025.

F2 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $85.475 to $86.08. 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.

SEC source: 0001104659-25-115017 · tm2531981-1_4seq1.xml · nonDerivative · entry 2

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 4,302

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025.

SEC source: 0001104659-25-115017 · tm2531981-1_4seq1.xml · nonDerivative · entry 1

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 2,154

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on August 19, 2025.

SEC source: 0001583648-25-000040 · edgardoc.xml · derivative · entry 1

JENKINS GEORGE M · CIK 0001271081 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,350

Underlying: Common Stock · 12,350 shares

Expires 2035-06-10

SEC source: 0001583648-25-000041 · edgardoc.xml · derivative · entry 1

KIRITSY CHRISTOPHER P · CIK 0001261156 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,350

Underlying: Common Stock · 12,350 shares

Expires 2035-06-10

SEC source: 0001583648-25-000039 · edgardoc.xml · derivative · entry 1

HERON ELAINE J · CIK 0001235471 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,350

Underlying: Common Stock · 12,350 shares

Expires 2035-06-10

SEC source: 0001583648-25-000038 · edgardoc.xml · derivative · entry 1

Davis Todd C · CIK 0001392029 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,350

Underlying: Common Stock · 12,350 shares

Expires 2035-06-10

SEC source: 0001583648-25-000042 · edgardoc.xml · derivative · entry 1

Wessel Tadd S. · CIK 0002048706 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,350

Underlying: Common Stock · 12,350 shares

Expires 2035-06-10

SEC source: 0001583648-25-000030 · edgardoc.xml · derivative · entry 2

Kline Ashley Hartmann · CIK 0002071433 · Chief Commercial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 111,496

Underlying: Common Stock · 111,496 shares

Expires 2035-05-26

F1 · derivative.exercise_date: The option vests 25% on May 27, 2026, with the remaining 75% vesting in 36 equal monthly installments thereafter, subject to the Reporting Person's continued service with the Issuer as of each such vesting date.

SEC source: 0001583648-25-000030 · edgardoc.xml · derivative · entry 1

Kline Ashley Hartmann · CIK 0002071433 · Chief Commercial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 17,436

Underlying: Common Stock · 17,436 shares

Expires 2035-05-26

F1 · derivative.exercise_date: The option vests 25% on May 27, 2026, with the remaining 75% vesting in 36 equal monthly installments thereafter, subject to the Reporting Person's continued service with the Issuer as of each such vesting date.

SEC source: 0001583648-25-000025 · edgardoc.xml · nonDerivative · entry 2

JENKINS GEORGE M · CIK 0001271081 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · by foundation

Disclosed balance after: 13,516

F1 · ownership.nature: Eagles Mere Air Museum Foundation

SEC source: 0001583648-25-000025 · edgardoc.xml · nonDerivative · entry 1

JENKINS GEORGE M · CIK 0001271081 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 183,171

SEC source: 0001583648-25-000015 · edgardoc.xml · derivative · entry 2

PALVELLA THERAPEUTICS, INC. · CIK 0001583648 · Chief Scientific Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 123,559

Underlying: Common Stock · 123,559 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000015 · edgardoc.xml · derivative · entry 1

PALVELLA THERAPEUTICS, INC. · CIK 0001583648 · Chief Scientific Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,373

Underlying: Common Stock · 5,373 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000014 · edgardoc.xml · derivative · entry 2

PALVELLA THERAPEUTICS, INC. · CIK 0001583648 · CFO and Treasurer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 123,559

Underlying: Common Stock · 123,559 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000014 · edgardoc.xml · derivative · entry 1

PALVELLA THERAPEUTICS, INC. · CIK 0001583648 · CFO and Treasurer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,373

Underlying: Common Stock · 5,373 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000012 · edgardoc.xml · derivative · entry 2

PALVELLA THERAPEUTICS, INC. · CIK 0001583648 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 123,559

Underlying: Common Stock · 123,559 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000012 · edgardoc.xml · derivative · entry 1

PALVELLA THERAPEUTICS, INC. · CIK 0001583648 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,373

Underlying: Common Stock · 5,373 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000013 · edgardoc.xml · derivative · entry 1

PALVELLA THERAPEUTICS, INC. · CIK 0001583648 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 243,831

Underlying: Common Stock · 243,831 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000023 · edgardoc.xml · derivative · entry 1

Kaupinen Wes · CIK 0001918142 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 243,831

Underlying: Common Stock · 243,831 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000021 · edgardoc.xml · derivative · entry 2

Martini Jeffrey S · CIK 0001914560 · Chief Scientific Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 123,559

Underlying: Common Stock · 123,559 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000021 · edgardoc.xml · derivative · entry 1

Martini Jeffrey S · CIK 0001914560 · Chief Scientific Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,373

Underlying: Common Stock · 5,373 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000019 · edgardoc.xml · derivative · entry 2

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 123,559

Underlying: Common Stock · 123,559 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000019 · edgardoc.xml · derivative · entry 1

Goin Kathleen · CIK 0001912570 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,373

Underlying: Common Stock · 5,373 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000017 · edgardoc.xml · derivative · entry 2

Korenberg Matthew E · CIK 0001649903 · CFO and Treasurer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 123,559

Underlying: Common Stock · 123,559 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001583648-25-000017 · edgardoc.xml · derivative · entry 1

Korenberg Matthew E · CIK 0001649903 · CFO and Treasurer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,373

Underlying: Common Stock · 5,373 shares

Expires 2035-02-05

F1 · derivative.exercise_date: The stock options will vest in equal monthly tranches over 48 months

SEC source: 0001062993-24-020879 · form4.xml · nonDerivative · entry 1

JENKINS GEORGE M · CIK 0001271081 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 180,671

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.59 to $13.09, inclusive. The reporting person undertakes to provide to Palvella Therapeutics, Inc., any security holder of Palvella Therapeutics, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

SEC source: 0000921895-24-002972 · form407422010_12172024.xml · nonDerivative · entry 3

BVF PARTNERS L P/IL · CIK 0001055947 · See Explanation of Responses

BIOTECHNOLOGY VALUE FUND L P · CIK 0000918923 · See Explanation of Responses

BVF I GP LLC · CIK 0001803805 · See Explanation of Responses

BIOTECHNOLOGY VALUE FUND II LP · CIK 0001102444 · See Explanation of Responses

BVF II GP LLC · CIK 0001803806 · See Explanation of Responses

Biotechnology Value Trading Fund OS LP · CIK 0001660683 · See Explanation of Responses

BVF Partners OS Ltd. · CIK 0001660684 · See Explanation of Responses

BVF GP HOLDINGS LLC · CIK 0001803809 · See Explanation of Responses

BVF INC/IL · CIK 0001056807 · See Explanation of Responses

LAMPERT MARK N · CIK 0001233840 · See Explanation of Responses

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,961

F1 · security: This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a group for purposes of Section 13(d) of the Securities Exchange Act of 1934 (the "Exchange Act") that previously collectively beneficially owned over 10% of the Issuer's outstanding shares of Common Stock (the "Common Stock"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

F2 · kind: On December 13, 2024, Palvella Therapeutics, Inc., formerly known as Pieris Pharmaceuticals, Inc. (the "Issuer"), completed a reverse merger transaction (the "Merger") with Palvella Therapeutics, Inc. ("Former Palvella") pursuant to that certain Agreement and Plan of Merger, dated as of July 23, 2024 (the "Merger Agreement"). In connection with the Merger, the Reporting Persons acquired an aggregate of 438,929 shares of Common Stock in exchange for all of the Former Palvella capital stock owned of record by the Reporting Persons.

F2 · price: On December 13, 2024, Palvella Therapeutics, Inc., formerly known as Pieris Pharmaceuticals, Inc. (the "Issuer"), completed a reverse merger transaction (the "Merger") with Palvella Therapeutics, Inc. ("Former Palvella") pursuant to that certain Agreement and Plan of Merger, dated as of July 23, 2024 (the "Merger Agreement"). In connection with the Merger, the Reporting Persons acquired an aggregate of 438,929 shares of Common Stock in exchange for all of the Former Palvella capital stock owned of record by the Reporting Persons.

F11 · balance_after: Reflects an eighty-for-one reverse stock split of the Issuer's issued and outstanding Common Stock, effective as of April 18, 2024.

F5 · ownership.direct: Securities owned directly by Trading Fund OS. As the general partner of Trading Fund OS, Partners OS may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment manager of Trading Fund OS and the sole member of Partners OS, Partners may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by Trading Fund OS. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by Trading Fund OS.

SEC source: 0000921895-24-002972 · form407422010_12172024.xml · nonDerivative · entry 2

BVF PARTNERS L P/IL · CIK 0001055947 · See Explanation of Responses

BIOTECHNOLOGY VALUE FUND L P · CIK 0000918923 · See Explanation of Responses

BVF I GP LLC · CIK 0001803805 · See Explanation of Responses

BIOTECHNOLOGY VALUE FUND II LP · CIK 0001102444 · See Explanation of Responses

BVF II GP LLC · CIK 0001803806 · See Explanation of Responses

Biotechnology Value Trading Fund OS LP · CIK 0001660683 · See Explanation of Responses

BVF Partners OS Ltd. · CIK 0001660684 · See Explanation of Responses

BVF GP HOLDINGS LLC · CIK 0001803809 · See Explanation of Responses

BVF INC/IL · CIK 0001056807 · See Explanation of Responses

LAMPERT MARK N · CIK 0001233840 · See Explanation of Responses

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 282,223

F1 · security: This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a group for purposes of Section 13(d) of the Securities Exchange Act of 1934 (the "Exchange Act") that previously collectively beneficially owned over 10% of the Issuer's outstanding shares of Common Stock (the "Common Stock"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

F2 · kind: On December 13, 2024, Palvella Therapeutics, Inc., formerly known as Pieris Pharmaceuticals, Inc. (the "Issuer"), completed a reverse merger transaction (the "Merger") with Palvella Therapeutics, Inc. ("Former Palvella") pursuant to that certain Agreement and Plan of Merger, dated as of July 23, 2024 (the "Merger Agreement"). In connection with the Merger, the Reporting Persons acquired an aggregate of 438,929 shares of Common Stock in exchange for all of the Former Palvella capital stock owned of record by the Reporting Persons.

F2 · price: On December 13, 2024, Palvella Therapeutics, Inc., formerly known as Pieris Pharmaceuticals, Inc. (the "Issuer"), completed a reverse merger transaction (the "Merger") with Palvella Therapeutics, Inc. ("Former Palvella") pursuant to that certain Agreement and Plan of Merger, dated as of July 23, 2024 (the "Merger Agreement"). In connection with the Merger, the Reporting Persons acquired an aggregate of 438,929 shares of Common Stock in exchange for all of the Former Palvella capital stock owned of record by the Reporting Persons.

F11 · balance_after: Reflects an eighty-for-one reverse stock split of the Issuer's issued and outstanding Common Stock, effective as of April 18, 2024.

F4 · ownership.direct: Securities owned directly by BVF2. As the general partner of BVF2, BVF2 GP may be deemed to beneficially own the securities owned directly by BVF2. As the sole member of BVF2 GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF2. As the investment manager of BVF2, Partners may be deemed to beneficially own the securities owned directly by BVF2. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF2.