Goin Kathleen 4

What Happened

• Kathleen Goin, Chief Operating Officer of Palvella Therapeutics (PVLA), exercised stock options to acquire 4,302 shares and sold the same 4,302 shares in open-market transactions on January 21, 2026. She exercised 2,154 shares at $7.14 (cost $15,380) and 2,148 shares at $9.08 (cost $19,504), for total exercise cash paid of $34,884. She sold 553 shares at $95.49 (proceeds $52,806) and 3,749 shares at $97.94 (proceeds $367,177), for total proceeds of $419,983.
• The filing shows two derivative "Disposed" line items at $0.00 tied to the exercises (these reflect conversion/disposition of the derivative instruments on exercise).

Key Details

• Transaction date: January 21, 2026; Form 4 filed January 23, 2026 (timely).
• Exercise details: 2,154 shares @ $7.14 and 2,148 shares @ $9.08 (total 4,302 shares acquired; total paid ~$34,884).
• Sales: 553 shares @ $95.49 and 3,749 shares @ $97.94 (total 4,302 shares sold; total proceeds ~$419,983).
• Shares owned after transaction: not specified in the provided filing details.
• Footnotes: Transactions were effected under a Rule 10b5-1 trading plan adopted Aug 19, 2025 (adopted during an open window and reviewed per the issuer’s insider policy). The stock options exercised were fully vested.
• Filing timeliness: No late filing flagged.

Context

• This is an exercise of vested options followed by open-market sales — commonly a cashless-exercise pattern where exercised shares are sold to cover exercise costs, tax withholding, or for diversification. The Form 4 notes the transactions were executed under a pre-established 10b5-1 plan, which is intended to allow scheduled trades while the insider is not in possession of material non-public information.
• As an officer (not indicated as a 10% owner), these transactions are routine insider activity; purchases (option exercises) and the immediate sales are neutral in isolation — they reflect both acquisition via option exercise and disposition via market sale.