HERON ELAINE J 4

What Happened Heron Elaine J, a director of Palvella Therapeutics, purchased 2,400 shares of Palvella common stock at $125.00 per share on February 27, 2026, for a total of $300,000. This was a purchase (insider buy), reported on a Form 4 filed March 2, 2026.

Key Details

• Transaction date and price: 2026-02-27 — 2,400 shares at $125.00 per share.
• Total value: $300,000.
• Transaction type: P (purchase) — shares acquired in an underwritten offering (see footnote).
• Footnote: F1 — represents shares purchased in the company’s underwritten offering, which closed on February 27, 2026.
• Filing: Form 4 filed 2026-03-02; filing appears timely (within the required two-business-day window).
• Shares owned after transaction: Not specified in the provided filing.

Context This purchase was part of an underwritten offering (an allocation at the offering price), not a spontaneous open-market buy. Insider purchases can signal confidence but do not by themselves prove future performance; allocations in offerings can reflect negotiated participation. No options exercises, gifts, or tax-withholding events are reported for this transaction.