Palvella Therapeutics, Inc S-3, filed Jan 2, 2026

Palvella Therapeutics, Inc. (PVLA)

S-3 2026-01-02

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Added on October 14, 2026

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	Large accelerated filer ☐			Accelerated filer ☐
	Non-accelerated filer ☒			Smaller reporting company ☒
				Emerging growth company ☐

	Page
ABOUT THIS PROSPECTUS		1
WHERE YOU CAN FIND MORE INFORMATION		2
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE		3
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		4
ABOUT PALVELLA		6
RISK FACTORS		8
USE OF PROCEEDS		9
DESCRIPTION OF CAPITAL STOCK		10
DESCRIPTION OF DEBT SECURITIES		14
DESCRIPTION OF WARRANTS		22
DESCRIPTION OF UNITS		24
DESCRIPTION OF RIGHTS		25
GLOBAL SECURITIES		26
PLAN OF DISTRIBUTION		30
LEGAL MATTERS		32
EXPERTS		32

SEC registration fee	$	41,430
Fees and expenses of the trustee	$	(1)
Printing expenses	$	(1)
Legal fees and expenses	$	(1)
Accounting fees and expenses	$	(1)
Transfer agent fees and expenses	$	(1)
Miscellaneous	$	(1)
Total	$	(1)

	Exhibit Number			Description of Exhibit
	1.1*			Form of Underwriting Agreement.
	2.1			Agreement and Plan of Merger, dated as of July 23, 2024, by and among Pieris Pharmaceuticals, Inc. (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K (File No. 001-37471) filed on July 24, 2024.
	3.1			Amended and Restated Articles of Incorporation (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-37471) filed on December 18, 2014).
	3.2			Certificate of Change to Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-37471) filed on April 18, 2024).
	3.3			Certificate of Amendment to Articles of Incorporation (incorporated herein by reference to Exhibit 3.9 to the Company’s Current Report on Form 8-K (File No. 001-37471) filed on December 16, 2024).
	3.4			Certificate of Amendment to Articles of Incorporation (incorporated herein by reference to Exhibit 3.11 to the Company’s Current Report on Form 8-K (File No. 001-37471) filed on December 16, 2024).
	3.5			Amended and Restated Bylaws (incorporated herein by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No. 333-190728) filed on December 18, 2014).
	3.6			Amendment to the Amended and Restated Bylaws (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-37471) filed on September 3, 2019).
	4.1			Form of Pre-Funded Warrant (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-37471) filed on July 24, 2024).
	4.2			Form of Common Stock Certificate (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-37471) filed on December 16, 2024).
	4.3*			Form of Preferred Stock Certificate.
	4.4			Form of Indenture (filed herewith).
	4.5*			Form of Note.
	4.6*			Form of Warrant.
	4.7*			Form of Warrant Agreement.
	4.8*			Form of Unit Agreement.
	4.9*			Form of Rights Agreement.
	5.1			Opinion of Brownstein Hyatt Farber Schreck, LLP (filed herewith).
	5.2			Opinion of Goodwin Procter LLP (filed herewith).
	23.1			Consent of Ernst & Young LLP, independent registered public accounting firm (filed herewith).
	23.2			Consent of Brownstein Hyatt Farber Schreck, LLP (included in Exhibit 5.1).
	23.3			Consent of Goodwin Procter LLP (included in Exhibit 5.2).
	24.1			Powers of Attorney (incorporated by reference to the signature page hereto).
	25.1‡			Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the trustee, as trustee under the indenture filed herewith.
	107			Filing Fee Table (filed herewith).

Signature	Title	Date
/s/ Wesley H. Kaupinen Wesley H. Kaupinen	President, Chief Executive Officer and Director (Principal Executive Officer)	January 2, 2026
/s/ Matthew E. Korenberg Matthew E. Korenberg	Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)	January 2, 2026
/s/ George M. Jenkins George M. Jenkins	Chairman, Board of Directors	January 2, 2026
/s/ Todd C. Davis Todd C. Davis	Director	January 2, 2026
/s/ Elaine J. Heron, Ph.D. Elaine J. Heron, Ph.D.	Director	January 2, 2026
/s/ Christopher Kiritsy Christopher Kiritsy	Director	January 2, 2026
/s/ Tadd S. Wessel Tadd S. Wessel	Director	January 2, 2026

		Page

Article I. DEFINITIONS AND INCORPORATION BY REFERENCE		2

Section 1.1.	Definitions	2
Section 1.2.	Other Definitions	4
Section 1.3.	Incorporation by Reference of Trust Indenture Act	4
Section 1.4.	Rules of Construction	5

Article II. THE SECURITIES		5

Section 2.1.	Issuable in Series	5
Section 2.2.	Establishment of Terms of Series of Securities	5
Section 2.3.	Execution and Authentication	7
Section 2.4.	Registrar, Paying Agent and Notice Agent	8
Section 2.5.	Paying Agent to Hold Money in Trust	8
Section 2.6.	Holder Lists	8
Section 2.7.	Transfer and Exchange	9
Section 2.8.	Mutilated, Destroyed, Lost and Stolen Securities	9
Section 2.9.	Outstanding Securities	9
Section 2.10.	Treasury Securities	10
Section 2.11.	Temporary Securities	10
Section 2.12.	Cancellation	10
Section 2.13.	Defaulted Interest	10
Section 2.14.	Global Securities	10
Section 2.15.	CUSIP Numbers	12

Article III. REDEMPTION		12

Section 3.1.	Notice to the Trustee	12
Section 3.2.	Selection of Securities to be Redeemed	12
Section 3.3.	Notice of Redemption	13
Section 3.4.	Effect of Notice of Redemption	13
Section 3.5.	Deposit of Redemption Price	13
Section 3.6.	Securities Redeemed in Part	14

Article IV. COVENANTS		14

Section 4.1.	Payment of Principal and Interest	14
Section 4.2.	SEC Reports	14
Section 4.3.	Compliance Certificate	14
Section 4.4.	Stay, Extension and Usury Laws	14

Article V. SUCCESSORS		15

Section 5.1.	When the Company May Merge, Etc.	15
Section 5.2.	Successor Corporation Substituted	15

Article VI. DEFAULTS AND REMEDIES		15

Section 6.1.	Events of Default	15
Section 6.2.	Acceleration of Maturity; Rescission and Annulment	16
Section 6.3.	Collection of Indebtedness and Suits for Enforcement by the Trustee	17
Section 6.4.	Trustee May File Proofs of Claim	17
Section 6.5.	Trustee May Enforce Claims Without Possession of Securities	18
Section 6.6.	Application of Money Collected	18

Section 6.7.	Limitation on Suits	18
Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest	18
Section 6.9.	Restoration of Rights and Remedies	19
Section 6.10.	Rights and Remedies Cumulative	19
Section 6.11.	Delay or Omission Not Waiver	19
Section 6.12.	Control by Holders	19
Section 6.13.	Waiver of Past Defaults	19
Section 6.14.	Undertaking for Costs	20

Article VII. TRUSTEE		20

Section 7.1.	Duties of the Trustee	20
Section 7.2.	Rights of the Trustee	21
Section 7.3.	Individual Rights of the Trustee	22
Section 7.4.	Trustee’s Disclaimer	22
Section 7.5.	Notice of Defaults	22
Section 7.6.	Reports by the Trustee to Holders	22
Section 7.7.	Compensation and Indemnity	22
Section 7.8.	Replacement of the Trustee	23
Section 7.9.	Successor Trustee by Merger, Etc.	24
Section 7.10.	Eligibility; Disqualification	24
Section 7.11.	Preferential Collection of Claims Against the Company	24

Article VIII. SATISFACTION AND DISCHARGE; DEFEASANCE		24

Section 8.1.	Satisfaction and Discharge of Indenture	24
Section 8.2.	Application of Trust Funds; Indemnification	25
Section 8.3.	Legal Defeasance of Securities of any Series	25
Section 8.4.	Covenant Defeasance	26
Section 8.5.	Repayment to the Company	27
Section 8.6.	Reinstatement	27

Article IX. AMENDMENTS AND WAIVERS		27

Section 9.1.	Without Consent of Holders	27
Section 9.2.	With Consent of Holders	28
Section 9.3.	Limitations	28
Section 9.4.	Compliance with Trust Indenture Act	29
Section 9.5.	Revocation and Effect of Consents	29
Section 9.6.	Notation on or Exchange of Securities	29
Section 9.7.	Trustee Protected	29

Article X. MISCELLANEOUS		29

Section 10.1.	Trust Indenture Act Controls	29
Section 10.2.	Notices	30
Section 10.3.	Communication by Holders with Other Holders	31
Section 10.4.	Certificate and Opinion as to Conditions Precedent	31
Section 10.5.	Statements Required in Certificate or Opinion	31
Section 10.6.	Rules by the Trustee and Agents	31
Section 10.7.	Legal Holidays	31
Section 10.8.	No Recourse Against Others	31
Section 10.9.	Counterparts	32
Section 10.10.	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction	32
Section 10.11.	No Adverse Interpretation of Other Agreements	32
Section 10.12.	Successors	32
Section 10.13.	Severability	32

Section 10.14.	Table of Contents, Headings, Etc.	33
Section 10.15.	Securities in a Foreign Currency	33
Section 10.16.	Judgment Currency	33
Section 10.17.	Force Majeure	33
Section 10.18.	U.S.A. Patriot Act	34

Article XI. SINKING FUNDS		34

Section 11.1.	Applicability of Article	34
Section 11.2.	Satisfaction of Sinking Fund Payments with Securities	34
Section 11.3.	Redemption of Securities for Sinking Fund	34

§ 310(a)(1)		7.10
(a)(2)		7.10
(a)(3)		Not Applicable
(a)(4)		Not Applicable
(a)(5)		7.10
(b)		7.10
§ 311(a)		7.11
(b)		7.11
(c)		Not Applicable
§ 312(a)		2.6
(b)		10.3
(c)		10.3
§ 313(a)		7.6
(b)(1)		7.6
(b)(2)		7.6
(c)(1)		7.6
(d)		7.6
§ 314(a)		4.2, 10.5
(b)		Not Applicable
(c)(1)		10.4
(c)(2)		10.4
(c)(3)		Not Applicable
(d)		Not Applicable
(e)		10.5
(f)		Not Applicable
§ 315(a)		7.1
(b)		7.5
(c)		7.1
(d)		7.1
(e)		6.14
§ 316(a)		2.10
(a)(1)(A)		6.12
(a)(1)(B)		6.13
(b)		6.8
§ 317(a)(1)		6.3
(a)(2)		6.4
(b)		2.5
§ 318(a)		10.1

TERM		DEFINED IN SECTION
“Agent Members”		2.14.6
“Bankruptcy Law”		6.1
“Custodian”		6.1
“Event of Default”		6.1
“Judgment Currency”		10.16
“mandatory sinking fund payment”		11.1
“New York Banking Day”		10.16
“Notice Agent”		2.4
“optional sinking fund payment”		11.1
“Paying Agent”		2.4
“Registrar”		2.4
“Required Currency”		10.16
“Specified Courts”		10.10
“successor person”		5.1

	PALVELLA THERAPEUTICS, INC.

	By:
		Name:
		Its:

	[—], as Trustee

	By:
		Name:
		Its:

	Brownstein Hyatt Farber Schreck, LLP
	702.382.2101 main
	100 North City Parkway, Suite 1600
	Las Vegas, Nevada 89106

	Goodwin Procter LLP 3025 John F. Kennedy Boulevard 8th Floor Philadelphia, PA 19104

	goodwinlaw.com
	+1 (445) 207-7800

	Very truly yours,

	/s/ Goodwin Procter LLP

	GOODWIN PROCTER LLP