Goin Kathleen 4

What Happened

• Kathleen Goin, Chief Operating Officer of Palvella Therapeutics (PVLA), exercised a total of 4,302 option-derived shares (2,154 at $7.14 and 2,148 at $9.08) on March 18, 2026 and sold all 4,302 shares in open-market transactions the same day.
• Exercise cost: ~$34,884 (2,154 x $7.14 = $15,380; 2,148 x $9.08 = $19,504). Sale proceeds: ~$507,611 (sales of 2,268, 1,730 and 304 shares at weighted averages of $117.56, $118.37 and $119.08). Net proceeds before fees/taxes: roughly $472,727.
• These were option exercises followed by same-day sales (effectively a cashless exercise and sale), which is typically a routine liquidity event rather than a directional purchase.

Key Details

• Transaction date: March 18, 2026; Form 4 filed March 20, 2026 (timely).
• Actions reported: M = exercise/conversion of derivative (4,302 shares acquired); S = open-market sales (4,302 shares disposed).
• Sale price details (weighted averages / ranges):
  • 2,268 shares sold at weighted avg $117.56 (prices ranged $116.995–$117.99).
  • 1,730 shares sold at weighted avg $118.37 (prices ranged $118.00–$118.81).
  • 304 shares sold at weighted avg $119.08 (prices ranged $119.08–$119.3767).
• Footnotes: Transactions were executed under a Rule 10b5-1 trading plan adopted Aug 19, 2025 and occurred during an open trading window; the options were fully vested.
• Shares owned after the transactions: not specified in the filed Form 4.

Context

• For retail investors: this filing reflects an insider exercising vested options and selling the resulting shares the same day — a common way executives realize option value and meet tax or diversification needs. Because the trades were done under a pre-established 10b5-1 plan and the options were fully vested, these sales are presented as routine rather than a fresh bullish purchase signal.
• No indication of gifts, new awards, or 10% ownership changes in this filing.