The firm maintains a clean capital structure with a debt-to-equity ratio of 0.00 as of 2026Q1, though shareholder value remains pressured by cumulative losses reflected in a $151.2 million deficit in retained earnings.
| Total Current Assets | 263.23M | 58.99M | 88.23M | 7.55M | 16.52M | 127.63M | 75.72M |
| Cash & Short-Term Investments | 261.85M | 57.98M | 83.6M | 7.35M | 16.05M | 117.76M | 70.44M |
| Cash Only | 206.39M | 57.98M | 83.6M | 7.35M | 16.05M | 117.76M | 70.44M |
| Short-Term Investments | 55.46M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 2.34M | 0 | 0 | 3.31M | 1.71M |
| Days Sales Outstanding | - | - | - | - | - | 38.49 | 21.24 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 1.38M | 1M | 2.3M | 198K | 471K | 6.55M | 3.58M |
| Total Non-Current Assets | 528K | 572K | 0 | 0 | 0 | 25.93M | 29.29M |
| Property, Plant & Equipment | 528K | 572K | 0 | 0 | 0 | 23.03M | 25.98M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | 1.36x | 1.13x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 2.9M | 3.31M |
| Total Assets | 263.76M | 59.56M | 88.23M | 7.55M | 16.52M | 153.56M | 105.01M |
| Asset Turnover | 0.00x | - | - | - | 1.57x | 0.20x | 0.28x |
| Asset Growth % | 393.92% | -32.5% | 1068.97% | -54.32% | -89.24% | - | - |
| Total Current Liabilities | 9.12M | 11.34M | 12.04M | 2.36M | 5.78M | 50.56M | 22.14M |
| Accounts Payable | 5.44M | 4.59M | 4.59M | 936K | 3.18M | 8.61M | 1.79M |
| Days Payables Outstanding | - | - | - | - | 417.65 | 1.33K | - |
| Short-Term Debt | 209K | 202K | 0 | 0 | 0 | 1.05M | 1.03M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 25.12M | 12.63M |
| Other Current Liabilities | 3.46M | 6.55M | 6.24M | 344K | 921K | 12.21M | 3.94M |
| Current Ratio | 28.88x | 5.20x | 7.33x | 3.20x | 2.86x | 2.52x | 3.42x |
| Quick Ratio | 28.88x | 5.20x | 7.33x | 3.20x | 2.86x | 2.52x | 3.42x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 22.33M | 20.23M | 13.59M | 9.07M | 33.92M | 52.24M | 51.84M |
| Long-Term Debt | 375K | 431K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 13.84M | 15.93M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 21.96M | 19.8M | 13.59M | 9.07M | 33.92M | 0 | 6K |
| Total Liabilities | 31.45M | 31.58M | 25.63M | 11.43M | 39.7M | 102.81M | 73.98M |
| Total Debt | 584K | 633K | 0 | 0 | 0 | 14.89M | 16.96M |
| Net Debt | -205.81M | -57.35M | -83.6M | -7.35M | -16.05M | -102.87M | -53.47M |
| Debt / Equity | 0.00x | 0.02x | - | - | - | 0.29x | 0.55x |
| Debt / EBITDA | -0.02x | - | - | - | - | - | - |
| Net Debt / EBITDA | 6.06x | - | - | -0.39x | - | - | - |
| Interest Coverage | -17.08x | -6.17x | -3.04x | - | - | - | - |
| Total Equity | 232.31M | 27.98M | 62.61M | -3.88M | -23.17M | 50.76M | 31.03M |
| Equity Growth % | 418.14% | -55.3% | 1713.58% | 83.26% | -145.66% | - | - |
| Book Value per Share | 17.75 | 2.49 | 28.13 | -3.06 | -24.91 | 62.91 | 45.56 |
| Total Shareholders' Equity | 232.31M | 27.98M | 62.61M | -3.88M | -23.17M | 50.76M | 31.03M |
| Common Stock | 14K | 12K | 11K | 0 | 0 | 72K | 56K |
| Retained Earnings | -151.22M | -135.45M | -93.73M | -76.3M | -94.99M | -257.14M | -211.41M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 95K | 83K | 3K | 0 | 0 | 829K | -295K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in recent financial statements, PVLA's equity base has experienced significant volatility, dropping from $62.6 million in 2024Q4 to $28.0 million by 2025Q4, reflecting the persistent depletion of capital required to fund the company's ongoing, non-revenue-generating clinical development programs.
The trajectory of the balance sheet suggests a firm in a state of rapid capital consumption, where the absence of revenue forces a reliance on equity financing to sustain operations. Investors should monitor the shrinking equity buffer, as it indicates that the company's ability to fund future milestones is increasingly tied to external capital market conditions.
Based on the latest quarterly filings, the company's cash position fluctuated from $83.6 million in 2024Q4 to $58.0 million in 2025Q4, highlighting a precarious liquidity profile that remains highly sensitive to the timing of clinical trial expenditures and potential future capital raises.
While the current ratio appears superficially high, it is largely a function of the company's pre-revenue status and limited current liabilities. The rapid decline in cash reserves suggests that the company's operational runway is narrowing, necessitating careful management of clinical trial site costs to avoid a liquidity shortfall.
According to historical balance sheet data, the company's retained earnings have plummeted to -$135.4 million as of 2025Q4, underscoring the significant cumulative losses that have eroded shareholder value throughout the firm's clinical-stage development lifecycle.
The negative retained earnings position is a direct consequence of sustained R&D investment without offsetting commercial revenue. This structure suggests that future growth will likely require further equity issuance, which may lead to significant dilution for existing shareholders as the company attempts to bridge the gap to commercialization.
As indicated by the provided financial data, the company's asset base is almost entirely composed of cash, with negligible investment in property, plant, or equipment, which may mask the underlying operational risks associated with scaling manufacturing for the QTORIN gel platform.
The lack of tangible assets suggests that the company has not yet invested in the infrastructure required for commercial-scale production, potentially creating a future capital expenditure burden. Investors should be wary that the current balance sheet does not reflect the full cost of transitioning from a clinical-stage entity to a commercial manufacturer.
Quick answers to the most common questions about buying PVLA stock.
As of 2025, Palvella Therapeutics, Inc. (PVLA) had total assets of $59.6M including $59.0M in current assets.
Palvella Therapeutics, Inc. (PVLA) carries total debt of $0.6M, offset by $58.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Palvella Therapeutics, Inc. (PVLA) has total shareholders' equity (book value) of $28.0M ($2.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Palvella Therapeutics, Inc. (PVLA) reported a current ratio of 5.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.