Palvella net loss widens 130.88% to $21.87 million in Q2 FY26; R&D expenses more than doubled to $12.47 million

Palvella posted a Q2 net loss of $21.9 million, or $1.52 a share, widening from a $9.5 million loss a year earlier.

• R&D expenses more than doubled to $12.5 million, driven by manufacturing, angiokeratoma development, rolling NDA module costs, headcount and consulting.
• G&A costs more than doubled to $8.9 million, reflecting higher headcount and added public-company professional services.
• Cash, cash equivalents and short-term investments totaled $250.6 million at June 30, 2026.

Palvella said it submitted the first rolling NDA module for QTORIN rapamycin in microcystic LMs.

The company is targeting NDA completion in the second half of 2026 and plans a launch in the first half of 2027 if the drug is approved.