Pay vs Performance Disclosure - USD ($)

PAY VERSUS PERFORMANCE

As required by SEC rules, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of our Company. The disclosure included in this section is prescribed by SEC rules and does not necessarily align with how we or our Compensation Committee view the link between our performance and the pay of our principal executive officer, or PEO, and our NEOs.

Summary
Compensation
Table
Total for
First PEO(1)
($)

Summary
Compensation
Table
Total for
Second
PEO(1)
($)

Compensation
Actually
Paid to
First PEO(1)(2)(3)
($)

Compensation
Actually
Paid to
Second
PEO(1)(2)(3)
($)

Average
Summary
Compensation
Table
Total for
Non-PEO
NEOs(1)
($)

Average
Compensation
Actually
Paid to
Non-PEO
NEOs(1)(2)(3)
($)

Value of
Initial Fixed
$100
Investment
based on
TSR ($)(4)

Net Income
(Loss)
($ Thousands)(5)

Stephen Yoder, the Former Chief Executive Officer, was our PEO until December 2024. Wesley H. Kaupinen was our PEO since December 2024 and was our only PEO in 2025. For purposes of the pay-versus-performance disclosure, Mr. Yoder is referred to as the “First PEO” and Mr. Kaupinen as the “Second PEO.” The individuals comprising the Non-PEO NEOs for each year presented are listed below.

Matthew E. Korenberg

The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.

(3)

Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Option Awards columns set forth in the Summary Compensation Table.

	YEAR			SUMMARY COMPENSATION TABLE TOTAL FOR SECOND PEO ($)						EXCLUSION OF STOCK AWARDS AND OPTION AWARDS FOR SECOND PEO ($)						INCLUSION OF EQUITY VALUES FOR SECOND PEO ($)						COMPENSATION ACTUALLY PAID TO SECOND PEO ($)
	2025					3,404,904						(2,469,886)						56,161,615						57,096,633

	YEAR			AVERAGE SUMMARY COMPENSATION TABLE TOTAL FOR NON-PEO NEOS ($)						AVERAGE EXCLUSION OF STOCK AWARDS AND OPTION AWARDS FOR NON-PEO NEOS ($)						AVERAGE INCLUSION OF EQUITY VALUES FOR NON-PEO NEOS ($)						AVERAGE COMPENSATION ACTUALLY PAID TO NON-PEO NEOS ($)
	2025					1,975,637						(1,306,017)						20,804,779						21,474,399

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

	YEAR			YEAR-END FAIR VALUE OF EQUITY AWARDS GRANTED DURING YEAR THAT REMAINED UNVESTED AS OF LAST DAY OF YEAR FOR SECOND PEO ($)						CHANGE IN FAIR VALUE FROM LAST DAY OF PRIOR YEAR TO LAST DAY OF YEAR OF UNVESTED EQUITY AWARDS FOR SECOND PEO ($)						VESTING-DATE FAIR VALUE OF EQUITY AWARDS GRANTED DURING YEAR THAT VESTED DURING YEAR FOR SECOND PEO ($)						CHANGE IN FAIR VALUE FROM LAST DAY OF PRIOR YEAR TO VESTING DATE OF UNVESTED EQUITY AWARDS THAT VESTED DURING YEAR FOR SECOND PEO ($)						FAIR VALUE AT LAST DAY OF PRIOR YEAR OF EQUITY AWARDS FORFEITED DURING YEAR FOR SECOND PEO ($)						VALUE OF DIVIDENDS OR OTHER EARNINGS PAID ON EQUITY AWARDS NOT OTHERWISE INCLUDED FOR SECOND PEO ($)						TOTAL- INCLUSION OF EQUITY VALUES FOR SECOND PEO ($)
	2025					18,246,373						32,369,914						1,867,105						3,678,223						—						—						56,161,615

	YEAR			AVERAGE YEAR-END FAIR VALUE OF EQUITY AWARDS GRANTED DURING YEAR THAT REMAINED UNVESTED AS OF LAST DAY OF YEAR FOR NON-PEO NEOS ($)						AVERAGE CHANGE IN FAIR VALUE FROM LAST DAY OF PRIOR YEAR TO LAST DAY OF YEAR OF UNVESTED EQUITY AWARDS FOR NON-PEO NEOS ($)						AVERAGE VESTING-DATE FAIR VALUE OF EQUITY AWARDS GRANTED DURING YEAR THAT VESTED DURING YEAR FOR NON-PEO NEOS ($)						AVERAGE CHANGE IN FAIR VALUE FROM LAST DAY OF PRIOR YEAR TO VESTING DATE OF UNVESTED EQUITY AWARDS THAT VESTED DURING YEAR FOR NON-PEO NEOS ($)						AVERAGE FAIR VALUE AT LAST DAY OF PRIOR YEAR OF EQUITY AWARDS FORFEITED DURING YEAR FOR NON-PEO NEOS ($)						AVERAGE VALUE OF DIVIDENDS OR OTHER EARNINGS PAID ON EQUITY AWARDS NOT OTHERWISE INCLUDED FOR NON-PEO NEOS ($)						TOTAL- AVERAGE INCLUSION OF EQUITY VALUES FOR NON-PEO NEOS ($)
	2025					9,647,786						8,157,109						987,360						2,012,524						—						—						20,804,779

(4)

Assumes $100 was invested in the Company for the period starting December 31, 2022, through the end of the listed year. Historical stock performance is not necessarily indicative of future stock performance.

(5)

The dollar amounts reported represent the amount of net income (loss) for Palvella Therapeutics as reported in the Company’s audited financial statements for 2025 and 2024.

Matthew E. Korenberg

SUMMARY
COMPENSATION
TABLE TOTAL
FOR SECOND
PEO
($)

EXCLUSION OF
STOCK AWARDS
AND OPTION
AWARDS FOR
SECOND PEO
($)

INCLUSION OF
EQUITY VALUES
FOR SECOND PEO
($)

COMPENSATION
ACTUALLY PAID
TO SECOND
PEO
($)

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

YEAR-END
FAIR VALUE OF
EQUITY
AWARDS
GRANTED
DURING YEAR
THAT
REMAINED
UNVESTED AS
OF LAST DAY
OF YEAR FOR
SECOND PEO
($)

CHANGE IN
FAIR VALUE
FROM LAST
DAY OF PRIOR
YEAR TO LAST
DAY OF YEAR
OF UNVESTED
EQUITY
AWARDS FOR
SECOND PEO
($)

VESTING-DATE
FAIR VALUE OF
EQUITY
AWARDS
GRANTED
DURING YEAR
THAT VESTED
DURING YEAR
FOR SECOND PEO
($)

CHANGE IN
FAIR VALUE
FROM LAST
DAY OF PRIOR
YEAR TO
VESTING DATE
OF UNVESTED
EQUITY
AWARDS THAT
VESTED
DURING YEAR
FOR SECOND
PEO
($)

FAIR VALUE AT
LAST DAY OF
PRIOR YEAR
OF EQUITY
AWARDS
FORFEITED
DURING YEAR
FOR SECOND PEO
($)

VALUE OF
DIVIDENDS OR
OTHER
EARNINGS
PAID ON
EQUITY
AWARDS NOT
OTHERWISE
INCLUDED FOR
SECOND PEO
($)

TOTAL-
INCLUSION OF
EQUITY
VALUES FOR
SECOND PEO
($)

AVERAGE
SUMMARY
COMPENSATION
TABLE TOTAL
FOR NON-PEO
NEOS
($)

AVERAGE
EXCLUSION OF
STOCK AWARDS
AND OPTION
AWARDS FOR
NON-PEO NEOS
($)

AVERAGE
INCLUSION OF
EQUITY VALUES
FOR NON-PEO
NEOS
($)

AVERAGE
COMPENSATION
ACTUALLY PAID
TO NON-PEO
NEOS
($)

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

AVERAGE
YEAR-END
FAIR VALUE
OF EQUITY
AWARDS
GRANTED
DURING YEAR
THAT
REMAINED
UNVESTED AS
OF LAST DAY
OF YEAR FOR
NON-PEO
NEOS
($)

AVERAGE
CHANGE IN
FAIR VALUE
FROM LAST
DAY OF PRIOR
YEAR TO LAST
DAY OF YEAR
OF UNVESTED
EQUITY
AWARDS FOR
NON-PEO
NEOS
($)

AVERAGE
VESTING-DATE
FAIR VALUE OF
EQUITY
AWARDS
GRANTED
DURING YEAR
THAT VESTED
DURING YEAR
FOR NON-PEO
NEOS
($)

AVERAGE
CHANGE IN
FAIR VALUE
FROM LAST
DAY OF PRIOR
YEAR TO
VESTING DATE
OF UNVESTED
EQUITY
AWARDS THAT
VESTED
DURING YEAR
FOR NON-PEO
NEOS
($)

AVERAGE FAIR
VALUE AT
LAST DAY
OF PRIOR
YEAR OF
EQUITY
AWARDS
FORFEITED
DURING YEAR
FOR NON-PEO
NEOS
($)

AVERAGE
VALUE OF
DIVIDENDS OR
OTHER
EARNINGS
PAID ON
EQUITY
AWARDS NOT
OTHERWISE
INCLUDED
FOR
NON-PEO
NEOS
($)

TOTAL-
AVERAGE
INCLUSION OF
EQUITY
VALUES FOR
NON-PEO
NEOS
($)

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

YEAR-END
FAIR VALUE OF
EQUITY
AWARDS
GRANTED
DURING YEAR
THAT
REMAINED
UNVESTED AS
OF LAST DAY
OF YEAR FOR
SECOND PEO
($)

CHANGE IN
FAIR VALUE
FROM LAST
DAY OF PRIOR
YEAR TO LAST
DAY OF YEAR
OF UNVESTED
EQUITY
AWARDS FOR
SECOND PEO
($)

VESTING-DATE
FAIR VALUE OF
EQUITY
AWARDS
GRANTED
DURING YEAR
THAT VESTED
DURING YEAR
FOR SECOND PEO
($)

CHANGE IN
FAIR VALUE
FROM LAST
DAY OF PRIOR
YEAR TO
VESTING DATE
OF UNVESTED
EQUITY
AWARDS THAT
VESTED
DURING YEAR
FOR SECOND
PEO
($)

FAIR VALUE AT
LAST DAY OF
PRIOR YEAR
OF EQUITY
AWARDS
FORFEITED
DURING YEAR
FOR SECOND PEO
($)

VALUE OF
DIVIDENDS OR
OTHER
EARNINGS
PAID ON
EQUITY
AWARDS NOT
OTHERWISE
INCLUDED FOR
SECOND PEO
($)

TOTAL-
INCLUSION OF
EQUITY
VALUES FOR
SECOND PEO
($)

AVERAGE
YEAR-END
FAIR VALUE
OF EQUITY
AWARDS
GRANTED
DURING YEAR
THAT
REMAINED
UNVESTED AS
OF LAST DAY
OF YEAR FOR
NON-PEO
NEOS
($)

AVERAGE
CHANGE IN
FAIR VALUE
FROM LAST
DAY OF PRIOR
YEAR TO LAST
DAY OF YEAR
OF UNVESTED
EQUITY
AWARDS FOR
NON-PEO
NEOS
($)

AVERAGE
VESTING-DATE
FAIR VALUE OF
EQUITY
AWARDS
GRANTED
DURING YEAR
THAT VESTED
DURING YEAR
FOR NON-PEO
NEOS
($)

AVERAGE
CHANGE IN
FAIR VALUE
FROM LAST
DAY OF PRIOR
YEAR TO
VESTING DATE
OF UNVESTED
EQUITY
AWARDS THAT
VESTED
DURING YEAR
FOR NON-PEO
NEOS
($)

AVERAGE FAIR
VALUE AT
LAST DAY
OF PRIOR
YEAR OF
EQUITY
AWARDS
FORFEITED
DURING YEAR
FOR NON-PEO
NEOS
($)

AVERAGE
VALUE OF
DIVIDENDS OR
OTHER
EARNINGS
PAID ON
EQUITY
AWARDS NOT
OTHERWISE
INCLUDED
FOR
NON-PEO
NEOS
($)

TOTAL-
AVERAGE
INCLUSION OF
EQUITY
VALUES FOR
NON-PEO
NEOS
($)