Goin Kathleen 4

What Happened

• Kathleen Goin, Chief Operating Officer of Palvella Therapeutics (PVLA), exercised stock options to acquire a total of 4,302 shares and sold 4,302 shares on February 18, 2026. She paid $34,884 in option exercise costs (2,154 shares @ $7.14 = $15,380; 2,148 shares @ $9.08 = $19,504) and received $341,564 in gross proceeds from open‑market sales (3,026 shares @ weighted avg $79.16 = $239,529; 1,276 shares @ weighted avg $79.97 = $102,035). The net cash received (proceeds minus exercise cost) was roughly $306,680. The filing also shows derivative entries at $0 reflecting the option conversion.

Key Details

• Transaction date: February 18, 2026; Form 4 filed February 20, 2026 (within the standard 2‑business‑day window).
• Option exercises (Code M): 2,154 @ $7.14 and 2,148 @ $9.08 (total 4,302 shares acquired; total exercise cost $34,884).
• Open‑market sales (Code S): 3,026 shares at weighted avg $79.16 (prices ranged $78.75–$79.70) and 1,276 shares at weighted avg $79.97 (prices ranged $79.775–$80.00); total proceeds $341,564.
• Footnotes: Sales were made pursuant to a Rule 10b5‑1 trading plan adopted Aug 19, 2025 (adopted during open window and approved under the issuer’s policy). The option(s) exercised are fully vested.
• Shares owned after the transactions: not provided in the material supplied with this summary.

Context

• This was an exercise of vested options followed by immediate open‑market sales of the acquired shares — effectively converting option value to cash (commonly done for tax or diversification reasons). The sales were executed under a pre‑established 10b5‑1 plan, which companies and insiders often use to automate trades and reduce concerns about trading while in possession of material nonpublic information.
• These are insider transactions by an executive (not a 10% owner) and should be viewed as routine executive liquidity rather than an explicit market endorsement.