DEF 14A of Palvella Therapeutics, Inc., Apr 30, 2026

DEF 14A of Palvella Therapeutics, Inc.

Filed Apr 30, 2026 · FY20250001104659-26-052875

Open on EDGAR

  1. Our Director Nominees

    Our Director Nominees You are being asked to vote on the election of George M. Jenkins, Todd C. Davis and John Doux, M.D. as Class III directors, each to serve for a three-year term expiring at our 2029 Annual Meeting of Stockholders. The number of members of our Board of Directors (the “Board”), is currently set at seven members and is divided into three classes, each of which has a three-year term. Class I consists of two directors, Class II consists of two directors and Class III consists of three directors. The term of office of our Class III directors expires at the Annual Meeting. We are nominating George M. Jenkins, Todd C. Davis and John Doux, M.D. for election at our Annual Meeting to serve until the 2029 Annual Meeting of Stockholders and until their successors, if any, are elected or appointed, or their earlier death, resignation, retirement, disqualification or removal. Directors are elected by a plurality of the votes properly cast by our

  2. DIRECTOR NOMINEES

    DIRECTOR NOMINEES

  3. CLASS III DIRECTORS — PRESENT TERMS EXPIRING AT THE ANNUAL MEETING AND PROPOSED TERMS TO EXPIRE IN 2029

    CLASS III DIRECTORS — PRESENT TERMS EXPIRING AT THE ANNUAL MEETING AND PROPOSED TERMS TO EXPIRE IN 2029

  4. CLASS III DIRECTORS — PRESENT TERMS EXPIRING AT THE ANNUAL MEETING AND PROPOSED TERMS TO EXPIRE IN 2029

    | GEORGE M. JENKINS | | | | Age: 74 Director Since: 2024 | Committee Memberships: Audit (Chair); Compensation | Other Public Directorships: None. | | George M. Jenkins has served as a member of our Board since December 2024. Mr. Jenkins also served as a member of Legacy Palvella’s board of directors from March 2017 and as its Chair since January 2018, each until December 2024. From 1987 until 2005, Mr. Jenkins was a general partner of Apax Partners, a global private equity firm where he served as chief operating officer. Mr. Jenkins currently serves as a board member of several private companies, including Conventus Orthopaedics, Inc. He has previously served on the board of various public and private companies, including SkinMedica (acquired by Allergan plc), Colorescience, Sunglass Hut and Spyder Active Sports. Mr. Jenkins holds an M.B.A. from Pace University and a B.A. in Economics from Lafayette College, where he currently serves as a Trustee Emeritus. | | | | Skills & Qualifications: We believe Mr. Jenkins is qualified to serve on our Board because of his extensive experience in healthcare investment management as well as his executive leadership and directorship experience. | | |

  5. CLASS III DIRECTORS — PRESENT TERMS EXPIRING AT THE ANNUAL MEETING AND PROPOSED TERMS TO EXPIRE IN 2029

    | TODD C. DAVIS | | | | Age: 65 Director Since: 2024 | Committee Memberships: Compensation (Chair); Nominating and Corporate Governance | Other Public Directorships: Ligand Pharmaceuticals Incorporated and Pelthos Therapeutics Inc. | | Todd C. Davis has served as a member of our Board since December 2024. Mr. Davis previously served as a member of Legacy Palvella’s board of directors from April 2017 until December 2024. Mr. Davis currently serves as Chief Executive Officer of Ligand Pharmaceuticals Incorporated (“Ligand”), a role he has held since December 2022. He is the founder and managing partner of RoyaltyRx Capital, LLC, a special opportunities investment firm, a position he has held since September 2018. From 2006 until January 2018, Mr. Davis was a Co-founder and Managing Partner of Cowen/HealthCare Royalty Partners, a global healthcare investment firm. Previously, Mr. Davis was a Partner at Paul Capital Partners, where he co-managed that firm’s royalty investments as a member of the Royalty Management Committee from 2004 to 2006. He also served as a Partner responsible for biopharmaceutical growth equity investments at Apax Partners from 2001 to 2004. Mr. Davis began his business career in various sales and product management roles at Abbott Laboratories where he held several commercial roles of increasing responsibility during the period from 1990 to 1995. He subsequently held general management, business development, and licensing roles at Elan Pharmaceuticals, LLC from 1997 to 2001. Mr. Davis currently serves as a member of the board of directors and the Executive Chairman of Benuvia Holdings Inc., a private pharmaceutical holding company, and a member of the board of directors of Pelthos Therapeutics, Inc. (f/k/a Channel Therapeutics Corporation), a publicly held biotechnology company. Mr. Davis also currently serves a member of the board of directors of Ligand, a public biopharmaceutical company, a position he has held since March 2007, and previously served on the boards of Suneva Medical, Inc., a privately-held company from 2008-2017, Helomics, Inc., a privately-held company from 2013-2016, Vaxart, Inc., a publicly held biotechnology company from 2021-2023, BioDelivery Sciences International, Inc., a publicly held specialty pharmaceutical company acquired by Collegium Pharmaceutical, Inc. in 2022, from 2018 to 2022, the Harvard Business School Healthcare Alumni Association from 2018-2020, and Virocell Biologics, a privately held biotechnology company from 2021-2025. Mr. Davis holds an M.B.A. from Harvard University and a B.S. from the U.S. Naval Academy. | | | | Skills & Qualifications: We believe Mr. Davis is qualified to serve on our Board because of his extensive experience in the healthcare industry and healthcare investment management as well as his experience as a director of a publicly held biopharmaceutical company. | | |

  6. CLASS III DIRECTORS — PRESENT TERMS EXPIRING AT THE ANNUAL MEETING AND PROPOSED TERMS TO EXPIRE IN 2029

    | John Doux, M.D. | | | | Age: 57 Director Since: 2026 | Committee Memberships: None. | Other Public Directorships: None. | | John Doux, M.D., has served as a member of our Board since April 2026. Dr. Doux is a board-certified dermatologist and a fellow of the American Academy of Dermatology. Since 2004, he has served as an analyst at Palo Alto Investors LP, a physician-led healthcare focused investment firm, where he has been involved in investments in several leading publicly traded companies developing and commercializing novel therapies for serious, rare diseases. Dr. Doux co-founded the Dermatology Summit and the Dermatology Innovation Forum and served on the conference’s board of directors from 2013 to 2021. Dr. Doux has served as a board trustee for the Pachyonychia Congenita Project, a public charity, since June 2025, and as a director on the board of directors of Kamari Pharma, a privately held clinical stage biotechnology company, since April 2024. From 2019 to 2022, Dr. Doux served on the board of directors of Legacy Palvella. He has also previously served on the boards of multiple biotechnology companies, including Ceptaris Therapeutics, Inc., which developed VALCHLOR® for cutaneous T-cell lymphoma and was acquired by Actelion. Dr. Doux maintained a clinical practice in medical and surgical dermatology from 1999 to 2016. Dr. Doux received his B.S. and M.D. from Stanford University and was a Howard Hughes Medical Institute Fellow in the laboratory of Dr. David Woodley. Dr. Doux completed his internship and residency training at Brigham and Women’s Hospital and Stanford Medical Center, respectively, and earned an M.B.A. from the Wharton School of Business at the University of Pennsylvania, where he was a Palmer Scholar. | | | | Skills & Qualifications: We believe Dr. Doux is qualified to serve on our Board because of his medical expertise in the field of dermatology and extensive experience in both the healthcare industry and healthcare investment management. | | |

  7. CONTINUING DIRECTORS

    CONTINUING DIRECTORS

  8. CLASS I DIRECTORS — TERMS EXPIRING AT THE 2027 ANNUAL MEETING OF STOCKHOLDERS

    CLASS I DIRECTORS — TERMS EXPIRING AT THE 2027 ANNUAL MEETING OF STOCKHOLDERS

  9. CLASS I DIRECTORS — TERMS EXPIRING AT THE 2027 ANNUAL MEETING OF STOCKHOLDERS

    | WESLEY H. KAUPINEN | | | | Age: 48 Director Since: 2024 | Committee Memberships: None. | Other Public Directorships: None. | | Wesley H. Kaupinen has served as our President and Chief Executive Officer and as a member of our Board since December 2024. Mr. Kaupinen previously served as Legacy Palvella’s Chief Executive Officer and as a member of the Legacy Palvella board of directors since December 2015 until December 2024, and was further appointed President in August 2016. Prior to founding Legacy Palvella, Mr. Kaupinen served as Senior Vice President, Corporate Development and Commercialization at Insmed, Inc., a publicly traded commercial stage biopharmaceutical company focused on developing novel therapies to treat serious rare diseases, from 2013 to August 2015. Previously, Mr. Kaupinen was a Principal at Quaker Partners, an investment firm focused on public market and venture capital investments in innovative life sciences companies, and an associate in the healthcare group at Apax Partners, a global private equity firm. Mr. Kaupinen is a member of the board of directors of Primrose Bio, a private equity-backed company focused on developing and licensing its manufacturing technologies for nucleic acids and proteins used in therapeutics and vaccines. Mr. Kaupinen previously served on the board of directors of Biocoat Holdings, LLC (acquired by GTCR), Intact Vascular, Inc. (acquired by Royal Philips), and TELA Bio, Inc. (NASDAQ: TELA). Earlier in his career, Mr. Kaupinen also held commercial and general management positions at Synthes (now a part of Johnson & Johnson) and Johnson & Johnson Cordis Cardiology. Mr. Kaupinen earned an M.B.A. from The Wharton School of the University of Pennsylvania and a B.A. in Economics from the University of Virginia. | | | | Skills & Qualifications: We believe Mr. Kaupinen is qualified to serve on our Board because of his knowledge of Legacy Palvella’s business, as well as his extensive leadership experience and successful record of commercial operations and product pipeline development. | | |

  10. CLASS I DIRECTORS — TERMS EXPIRING AT THE 2027 ANNUAL MEETING OF STOCKHOLDERS

    | CHRISTOPHER KIRITSY | | | | Age: 61 Director Since: 2016 | Committee Memberships: Audit; Nominating and Corporate Governance | Other Public Directorships: None. | | Christopher Kiritsy has served as a member of our Board since September 2016. Mr. Kiritsy is founder and managing member of Precision Kapital, LLC, a private investment and advisory firm, a role he has held since 2018, and serves as an advisor to Red Sky Partners, LLC. Prior to forming Precision Kapital, Mr. Kiritsy again teamed up with the late pharmaceutical legend, Michael Jaharis, to co-found Arisaph Pharmaceuticals, Inc. (“Arisaph”) and served as Arisaph’s President and Chief Executive Officer from 2005 to March 2018. At Arisaph, Mr. Kiritsy oversaw the development of a broad preclinical and clinical pipeline, taking several cardiometabolic products into clinical development. Additionally, Mr. Kiritsy employed a unique, shareholder friendly financing strategy, raising nearly two thirds of all capital nondilutively through royalty monetization and grant funding. Prior to Arisaph, Mr. Kiritsy served as Executive Vice President, Corporate Development and Chief Financial Officer of Kos Pharmaceuticals, Inc. (“Kos”) and was responsible for finance, corporate communications, strategic planning, and business development functions. During his decade-long tenure, Mr. Kiritsy raised approximately $500 million in public equity capital, including Kos’ initial public offering, and spearheaded 10 major corporate development transactions, including product acquisitions, in/out licensing and co-promotion arrangements. Mr. Kiritsy played a central role in building Kos from a start-up into publicly traded, profitable, 1,000 person fully-integrated company, where Kos internally developed and commercialized the blockbuster Niaspan® franchise. Kos was acquired by Abbott Laboratories for $4 billion in 2006. Mr. Kiritsy previously served on the board of directors and as audit chair of HTG Molecular Diagnostics, Inc. In addition, Mr. Kiritsy previously served as a board member and audit committee chair of Melinta Pharmaceuticals, Inc., as a board member of Arisaph and as chairman of the board of Avaxia Biologics, Inc. Mr. Kiritsy received his A.B. in Biology from Bowdoin College and his M.B.A. at night from Boston University School of Business. Mr. Kiritsy is a seasoned entrepreneur, possessing 30 years of unique business and technical experience, and a track record of building successful fully integrated biopharma businesses. | | | | Skills & Qualifications: We believe Mr. Kiritsy is qualified to serve on our Board based on his considerable experience in the pharmaceutical industry and his expertise in finance and corporate development. | | |

  11. CLASS II DIRECTORS — TERMS EXPIRING AT THE 2028 ANNUAL MEETING OF STOCKHOLDERS

    CLASS II DIRECTORS — TERMS EXPIRING AT THE 2028 ANNUAL MEETING OF STOCKHOLDERS

  12. CLASS II DIRECTORS — TERMS EXPIRING AT THE 2028 ANNUAL MEETING OF STOCKHOLDERS

    | ELAINE J. HERON, PH.D. | | | | Age: 78 Director Since: 2024 | Committee Memberships: Audit; Nominating and Corporate Governance (Chair) | Other Public Directorships: Vaxart, Inc. | | Elaine J. Heron, Ph.D. has served as a member of our Board since December 2024. From February 2009 to October 2015, Dr. Heron served as Chair and CEO of Amplyx Pharmaceuticals, Inc., a private drug development company acquired by Pfizer, Inc. in April 2021. Dr. Heron currently serves on the boards of Vaxart, Inc., a public clinical-stage biotechnology company, Visgenx, Inc., a private early-stage therapeutics company, Watershed Medical, Inc., a private clinical-stage therapeutics company, Enumera Molecular, Inc., a private research stage diagnostic company and BlueWhale Bio, Inc., a private biotechnology company. Dr. Heron is also an advisor to Kyto Technology and Life Science, Inc. Dr. Heron served on the board of directors of Legacy Palvella from 2018 to 2022 and on the board of directors of BioMarin Pharmaceutical Inc., a public biotechnology company, from July 2002 to May 2025. From July 2001 to October 2008, Dr. Heron was Chair and CEO of Labcyte Inc., a private biotechnology company. Before joining Labcyte Inc., Dr. Heron spent six years in positions of increasing responsibility at the Applied Biosystems Group of Applera Corporation, a biotechnology company, including the position of General Manager and Vice President of Sales and Marketing. Dr. Heron earned a B.S. in chemistry with highest distinction and a Ph.D. in analytical biochemistry from Purdue University and an M.B.A. from Pepperdine University. | | | | Skills & Qualifications: We believe Dr. Heron is qualified to serve on our Board because of her extensive experience in life science sales and marketing, finance and accounting, corporate governance matters and research and development. | | |

  13. CLASS II DIRECTORS — TERMS EXPIRING AT THE 2028 ANNUAL MEETING OF STOCKHOLDERS

    | TADD S. WESSEL | | | | Age: 50 Director Since: 2024 | Committee Memberships: Compensation; Nominating and Corporate Governance | Other Public Directorships: None | | Tadd S. Wessel has served as a member of our Board since December 2024. Mr. Wessel also served as a member of Legacy Palvella’s board of directors from January 2023 until December 2024. Mr. Wessel is the founder and Managing Partner of Petrichor, a private investment firm focused on the healthcare sector, a role he has held since January 2017. He is also a founder and Managing Partner of Scion Life Sciences, an affiliate of Petrichor, a position he has held since September 2020. Mr. Wessel has more than 25 years of experience, primarily focused on investing and building companies in the life sciences sectors. Previously, he was a Partner at OrbiMed Advisors LLC (“OrbiMed”) where he led the build-out of the structured investment business. Prior to OrbiMed, Mr. Wessel was a Vice President at Fortress Investment Group focused on healthcare investments. Mr. Wessel began his career in the life sciences investment banking groups at Citigroup and Robertson Stephens. Mr. Wessel has served on more than 30 boards most recently including Aurion Biotech and ITM Isotope Technologies Munich SE. He also serves on the Advisory Board of the AIM at Melanoma Foundation, whose mission is dedicated to finding more effective treatments and, ultimately, the cure for melanoma, and on the Board of the International Centers for Precision Oncology (ICPO) whose mission is to scale access of molecularly targeted precision oncology diagnostics and therapeutics for the benefit of cancer patients globally. Mr. Wessel holds an AB in biology from Princeton University. | | | | Skills & Qualifications: We believe Mr. Wessel is qualified to serve on our Board because of his extensive experience in the healthcare and finance industries. | | |

  14. CLASS II DIRECTORS — TERMS EXPIRING AT THE 2028 ANNUAL MEETING OF STOCKHOLDERS

    | CORPORATE GOVERNANCE AND RISK MANAGEMENT |

  15. CLASS II DIRECTORS — TERMS EXPIRING AT THE 2028 ANNUAL MEETING OF STOCKHOLDERS

    We are committed to good corporate governance and integrity in our business dealings. We believe that strong corporate governance practices that provide meaningful rights to our stockholders and ensure Board and management accountability are key to our relationship with our stockholders. We strive to have regular, constructive conversations with our stockholders to better understand our stockholders’ priorities and perspectives. Our governance practices are documented in our Articles of Incorporation, our Bylaws, our Code of Conduct, our Corporate Governance Guidelines and the charters of the committees of our Board, or the Committees. Aspects of our governance documents are summarized below. You can find our charters for each Committee and our Code of Conduct on our website at http://palvellatx.com under “Investors — Corporate Governance — Governance Documents.”

  16. COMPENSATION CONSULTANT

    COMPENSATION CONSULTANT Aon’s Human Capital Solutions practice, a division of Aon plc (“Aon”), formerly known as Radford, serves as our executive compensation consultant. Aon reports directly to the Compensation Committee and provides various executive compensation services to the Compensation Committee, including advising the Compensation Committee on the principal aspects of our executive compensation program and evolving industry practices and providing market information and analysis regarding the competitiveness of our program design and our award values in relation to performance. Aon does not provide services to us other than its advice to the Compensation Committee on executive and director compensation matters and certain consulting services related to the preparation of our pay versus performance disclosures. The Compensation Committee has determined that there are no conflicts of interest with respect to the engagement of Aon by the Committee, and that Aon is independent.

  17. Communicate

    | DIRECTOR COMPENSATION |

  18. NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

    NON-EMPLOYEE DIRECTOR COMPENSATION POLICY Our 2025 non-employee director compensation policy is set forth in the table below:

  19. NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

    | COMPENSATION ELEMENTS: NON-EMPLOYEE DIRECTOR COMPENSATION POLICY | | | CASH RETAINERS: | | | ANNUAL BOARD MEMBER RETAINERS | | | Member | $40,000 | | Chair (in addition to Member retainer) | $30,000 | | ANNUAL COMMITTEE CHAIR RETAINERS | | | Audit | $15,000 | | Compensation | $10,000 | | Nominating and Corporate Governance | $8,000 | | ANNUAL COMMITTEE MEMBER RETAINERS | | | Audit | $7,500 | | Compensation | $5,000 | | Nominating and Corporate Governance | $4,000 | | EQUITY AWARDS: | | | Initial Equity Grant | Option to purchase 24,700 shares of our common stock, vesting in 36 equal monthly installments, subject to the continued service of the grantee through the applicable vesting dates. Starting on April 13, 2026, the Board has determined to decrease the Initial Equity Grant to consist of an option to purchase 6,000 shares of our common stock. | | Annual Equity Grant | Option to purchase 12,350 shares of our common stock vesting upon the earlier of the first anniversary of the date of grant or the date of the following annual meeting of stockholders after the grant date. Starting on April 13, 2026, the Board has determined to decrease the Annual Equity Grant to consist of an option to purchase 3,000 shares of our common stock. |

  20. DIRECTOR COMPENSATION TABLE

    DIRECTOR COMPENSATION TABLE The following table below sets forth information for the fiscal year ended December 31, 2025 regarding the compensation of our non-employee directors. Mr. Kaupinen, our current President and Chief Executive Officer, is not in the table below because he received no separate compensation for his service as a director of our Company, and all of the compensation earned by Mr. Kaupinen during our 2025 fiscal year as an executive officer of our Company is reflected in the Summary Compensation Table disclosed under the heading “Executive Compensation” below. On April 13, 2026, our board approved an increase in the size of our board from six directors to seven directors, and appointed John Doux, M.D. to serve as a director of our board. Accordingly, Dr. Doux did not receive any compensation during the 2025 fiscal year.

  21. DIRECTOR COMPENSATION TABLE

    | DIRECTOR COMPENSATION (continued) |

  22. DIRECTOR COMPENSATION TABLE

    | DIRECTOR NAME | FEES EARNED OR PAID IN CASH ($) | OPTION AWARDS ($)(1)(2) | TOTAL ($) | | George M. Jenkins | 87,500 | 215,755 | 303,255 | | Todd C. Davis | 54,000 | 215,755 | 269,755 | | Christopher Kiritsy | 51,500 | 215,755 | 267,255 | | Tadd S. Wessel | 49,000 | 215,755 | 264,755 | | Elaine J. Heron, Ph.D. | 55,500 | 215,755 | 271,255 |

  23. DIRECTOR COMPENSATION TABLE

    (1) Represents the aggregate grant date fair value of option awards made to each listed director in 2025 as computed in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, “Stock Compensation” (“ASC 718”). These amounts do not represent the actual amounts paid to or realized by the directors during 2025. See Note 2 and Note 10 to the consolidated financial statements included in our 2025 Annual Report regarding assumptions we made in determining the fair value of option awards. As of December 31, 2025, Dr. Heron and Messrs. Jenkins, Davis, Kiritsy and Wessel held options to purchase 41,692, 55,475, 53,154, 40,300 and 37,050 shares of our common stock, respectively.

  24. DIRECTOR COMPENSATION TABLE

    | INDEPENDENT REGISTERED ACCOUNTING FIRM |

  25. SUMMARY COMPENSATION TABLE

    SUMMARY COMPENSATION TABLE The following table sets forth information concerning the compensation of our named executive officers during the fiscal year ended December 31, 2025:

  26. SUMMARY COMPENSATION TABLE

    | NAME AND PRINCIPAL POSITION | YEAR | SALARY ($) | BONUS ($)(1) | OPTION AWARDS ($)(2) | NON-EQUITY INCENTIVE PLAN COMPENSATION ($)(3) | ALL OTHER COMPENSATION ($)(4) | TOTAL ($) | | Wesley H. Kaupinen President and Chief Executive Officer | 2025 | 575,000 | — | 2,469,886 | 359,375 | 643 | 3,404,904 | | | 2024 | 384,923 | 515,500 | 4,534,999 | — | 643 | 5,436,064 | | Kathleen Goin Chief Operating Officer | 2025 | 481,300 | — | 1,306,017 | 192,520 | — | 1,979,837 | | | 2024 | 381,440 | 257,520 | 485,612 | — | — | 1,124,572 | | Matthew E. Korenberg Chief Financial Officer(5) | 2025 | 475,300 | — | 1,306,017 | 190,120 | — | 1,971,437 | | | 2024 | — | — | — | — | — | — |

  27. SUMMARY COMPENSATION TABLE

    (1) Amounts shown are discretionary cash incentive payments earned in respect of 2024 performance and paid in 2025. (2) The amounts reported represent the aggregate grant date fair value of stock options awarded to the NEOs during the 2025 and 2024 fiscal years, calculated in accordance with FASB ASC 718. The assumptions used in calculating the grant date fair value of the awards reported in this column are set forth in Note 2 and Note 10 to our audited financial statements for the years ended December 31, 2024 and December 31, 2025, as applicable. The amounts reported in this column reflect the accounting cost for the stock options and does not correspond to the actual economic value that may be received upon exercise of the stock options or any sale of any of the underlying shares of common stock. (3) The amounts reported represent the annual bonuses paid with respect to achievement of our Company and individual performance objectives for 2025, which was paid in 2026. (4) The amounts reported include life insurance premium payments made for Mr. Kaupinen. (5) 2025 is Mr. Korenberg’s first year as an NEO, therefore no 2024 compensation data is shown for Mr. Korenberg.

  28. OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

    OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END The following table summarizes the number of shares of common stock underlying outstanding equity incentive plan awards for each named executive officer as of December 31, 2025.

  29. OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

    | NAME | NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) EXERCISABLE | NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) UNEXERCISABLE | OPTION EXERCISE PRICE ($) | OPTION EXPIRATION | | Wesley H. Kaupinen | 15,181(2) | 6,252 | $9.79 | 2/22/2033 | | | 35,638(3) | 45,821 | $7.53 | 5/27/2034 | | | 104,451(4) | 313,355 | $13.60 | 12/12/2034 | | | 50,798(1) | 193,033 | $14.76 | 2/05/2035 | | Kathleen Goin | 21,551(5) | — | $7.14 | 10/29/2029 | | | 21,480(6) | — | $9.08 | 10/14/2030 | | | 68,132(2) | 28,055 | $9.79 | 2/22/2033 | | | 13,030(3) | 16,756 | $7.53 | 5/27/2034 | | | 6,960(4) | 20,883 | $13.60 | 12/12/2034 | | | 26,860(1) | 102,072 | $14.76 | 2/05/2035 | | Matthew E. Korenberg | 48,737(7) | 118,363 | $13.60 | 12/13/2034 | | | 26,860(1) | 102,072 | $14.76 | 2/05/2035 |

  30. OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

    This option was granted on February 5, 2025 and vests in 48 substantially equal monthly installments. Vesting of the award requires continued employment through the applicable vesting dates. This option was granted on February 23, 2023 and vests in 48 substantially equal monthly installments. Vesting of the award requires continued employment through the applicable vesting dates. (3) This option was granted on May 28, 2024 and vests in 48 substantially equal monthly installments. Vesting of the award requires continued employment through the applicable vesting dates. (4) This option was granted on December 13, 2024, and vests in 48 substantially equal monthly installments. Vesting of the award requires continued employment through the applicable vesting dates. (5) This option was granted on October 30, 2019, and vests as follows: 25% of the option shares vested on October 30, 2020, and the remaining 75% of the option shares vest in 36 substantially equal monthly installments thereafter. Vesting of the award requires continued employment through the applicable vesting dates. (6) This option was granted on October 15, 2020, and vests in 48 substantially equal monthly installments. Vesting of the award requires continued employment through the applicable vesting dates. (7) This option was granted on December 13, 2024, and vests as follows: 25% of the option shares vested on October 16, 2025, and the remaining 75% of the option shares vest in 36 substantially equal monthly installments thereafter. Vesting of the award requires continued employment through the applicable vesting dates.

  31. PAY VERSUS PERFORMANCE

    PAY VERSUS PERFORMANCE As required by SEC rules, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of our Company. The disclosure included in this section is prescribed by SEC rules and does not necessarily align with how we or our Compensation Committee view the link between our performance and the pay of our principal executive officer, or PEO, and our NEOs.

  32. PAY VERSUS PERFORMANCE

    | Year | Summary Compensation Table Total for First PEO(1) ($) | Summary Compensation Table Total for Second PEO(1) ($) | Compensation Actually Paid to First PEO(1)(2)(3) ($) | Compensation Actually Paid to Second PEO(1)(2)(3) ($) | Average Summary Compensation Table Total for Non-PEO NEOs(1) ($) | Average Compensation Actually Paid to Non-PEO NEOs(1)(2)(3) ($) | Value of Initial Fixed $100 Investment based on TSR ($)(4) | Net Income (Loss) ($ Thousands)(5) | | 2025 | — | 3,404,904 | — | 57,096,633 | 1,975,637 | 21,474,399 | 125.81 | (41,715) | | 2024 | 1,426,204 | 5,148,564 | 1,379,772 | 4,551,549 | 1,195,278 | 1,270,466 | 14.42 | (17,434) | | 2023 | 1,358,952 | — | 553,945 | — | 717,241 | 448,400 | 17.50 | 18,691 |

  33. PAY VERSUS PERFORMANCE

    (1) Stephen Yoder, the Former Chief Executive Officer, was our PEO until December 2024. Wesley H. Kaupinen was our PEO since December 2024 and was our only PEO in 2025. For purposes of the pay-versus-performance disclosure, Mr. Yoder is referred to as the “First PEO” and Mr. Kaupinen as the “Second PEO.” The individuals comprising the Non-PEO NEOs for each year presented are listed below.

  34. PAY VERSUS PERFORMANCE

    | 2023 | 2024 | 2025 | | Thomas Bures | Kathleen Goin | Kathleen Goin | | Shane Olwill | Jeffrey Martini | Matthew E. Korenberg | | | Thomas Bures | |

  35. PAY VERSUS PERFORMANCE

    The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below. Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Option Awards columns set forth in the Summary Compensation Table.

  36. PAY VERSUS PERFORMANCE

    | YEAR | SUMMARY COMPENSATION TABLE TOTAL FOR SECOND PEO ($) | EXCLUSION OF STOCK AWARDS AND OPTION AWARDS FOR SECOND PEO ($) | INCLUSION OF EQUITY VALUES FOR SECOND PEO ($) | COMPENSATION ACTUALLY PAID TO SECOND PEO ($) | | 2025 | 3,404,904 | (2,469,886) | 56,161,615 | 57,096,633 |

  37. PAY VERSUS PERFORMANCE

    | YEAR | AVERAGE SUMMARY COMPENSATION TABLE TOTAL FOR NON-PEO NEOS ($) | AVERAGE EXCLUSION OF STOCK AWARDS AND OPTION AWARDS FOR NON-PEO NEOS ($) | AVERAGE INCLUSION OF EQUITY VALUES FOR NON-PEO NEOS ($) | AVERAGE COMPENSATION ACTUALLY PAID TO NON-PEO NEOS ($) | | 2025 | 1,975,637 | (1,306,017) | 20,804,779 | 21,474,399 |

  38. PAY VERSUS PERFORMANCE

    The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

  39. PAY VERSUS PERFORMANCE

    | YEAR | YEAR-END FAIR VALUE OF EQUITY AWARDS GRANTED DURING YEAR THAT REMAINED UNVESTED AS OF LAST DAY OF YEAR FOR SECOND PEO ($) | CHANGE IN FAIR VALUE FROM LAST DAY OF PRIOR YEAR TO LAST DAY OF YEAR OF UNVESTED EQUITY AWARDS FOR SECOND PEO ($) | VESTING-DATE FAIR VALUE OF EQUITY AWARDS GRANTED DURING YEAR THAT VESTED DURING YEAR FOR SECOND PEO ($) | CHANGE IN FAIR VALUE FROM LAST DAY OF PRIOR YEAR TO VESTING DATE OF UNVESTED EQUITY AWARDS THAT VESTED DURING YEAR FOR SECOND PEO ($) | FAIR VALUE AT LAST DAY OF PRIOR YEAR OF EQUITY AWARDS FORFEITED DURING YEAR FOR SECOND PEO ($) | VALUE OF DIVIDENDS OR OTHER EARNINGS PAID ON EQUITY AWARDS NOT OTHERWISE INCLUDED FOR SECOND PEO ($) | TOTAL- INCLUSION OF EQUITY VALUES FOR SECOND PEO ($) | | 2025 | 18,246,373 | 32,369,914 | 1,867,105 | 3,678,223 | — | — | 56,161,615 |

  40. PAY VERSUS PERFORMANCE

    | YEAR | AVERAGE YEAR-END FAIR VALUE OF EQUITY AWARDS GRANTED DURING YEAR THAT REMAINED UNVESTED AS OF LAST DAY OF YEAR FOR NON-PEO NEOS ($) | AVERAGE CHANGE IN FAIR VALUE FROM LAST DAY OF PRIOR YEAR TO LAST DAY OF YEAR OF UNVESTED EQUITY AWARDS FOR NON-PEO NEOS ($) | AVERAGE VESTING-DATE FAIR VALUE OF EQUITY AWARDS GRANTED DURING YEAR THAT VESTED DURING YEAR FOR NON-PEO NEOS ($) | AVERAGE CHANGE IN FAIR VALUE FROM LAST DAY OF PRIOR YEAR TO VESTING DATE OF UNVESTED EQUITY AWARDS THAT VESTED DURING YEAR FOR NON-PEO NEOS ($) | AVERAGE FAIR VALUE AT LAST DAY OF PRIOR YEAR OF EQUITY AWARDS FORFEITED DURING YEAR FOR NON-PEO NEOS ($) | AVERAGE VALUE OF DIVIDENDS OR OTHER EARNINGS PAID ON EQUITY AWARDS NOT OTHERWISE INCLUDED FOR NON-PEO NEOS ($) | TOTAL- AVERAGE INCLUSION OF EQUITY VALUES FOR NON-PEO NEOS ($) | | 2025 | 9,647,786 | 8,157,109 | 987,360 | 2,012,524 | — | — | 20,804,779 |

  41. PAY VERSUS PERFORMANCE

    (4) Assumes $100 was invested in the Company for the period starting December 31, 2022, through the end of the listed year. Historical stock performance is not necessarily indicative of future stock performance. The dollar amounts reported represent the amount of net income (loss) for Palvella Therapeutics as reported in the Company’s audited financial statements for 2025 and 2024. Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Total Shareholder Return (“TSR”) The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years. Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income (Loss) The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our net income (loss) during the three most recently completed fiscal years. All information provided under the heading “Pay versus Performance” will not be deemed to be incorporated by reference in any filing of our company under the Securities Act of 1933, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

  42. PAY VERSUS PERFORMANCE

    | CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS |

  43. PAY VERSUS PERFORMANCE

    Since January 1, 2024, we have engaged in the following transactions with our directors, executive officers, holders of more than 5% of our voting securities, and affiliates or immediate family members of our directors, executive officers, and holders of more than 5% of our voting securities. We believe that all of these transactions were on terms as favorable as could have been obtained from unrelated third parties.

  44. Indemnification Agreements with Directors and Executive Officers

    Indemnification Agreements with Directors and Executive Officers Pieris entered into indemnification agreements with each of its directors and executive officers. Each of those indemnification agreements was in the form approved by the Pieris board of directors. Those indemnification agreements required that, under the circumstances and to the extent provided for therein, Pieris indemnified such persons to the fullest extent permitted by applicable law against certain expenses and other amounts incurred by any such person as a result of such person being made a party to certain actions, suits, and proceedings by reason of the fact that such person was a director, officer, employee, or agent of Pieris, any entity that was a predecessor corporation of Pieris, or any of Pieris’ affiliates. The rights of each person who was a party to such an indemnification agreement were, in addition to any other rights such person might have had under applicable Nevada law, Pieris’ amended and restated articles of incorporation, Pieris’ amended and restated bylaws, any other agreement, a vote of Pieris stockholders, a resolution adopted by the Pieris board of directors, or otherwise.

  45. Indemnification Agreements with Directors and Executive Officers

    | EQUITY COMPENSATION PLAN INFORMATION |

  46. Indemnification Agreements with Directors and Executive Officers

    The following table sets forth certain information relating to our equity compensation plans as of December 31, 2025:

  47. Indemnification Agreements with Directors and Executive Officers

    | PLAN CATEGORY | NUMBER OF SECURITIES TO BE ISSUED UPON EXERCISE OF OUTSTANDING OPTIONS AND OTHER RIGHTS (A) | WEIGHTED- AVERAGE EXERCISE PRICE OF OUTSTANDING OPTIONS AND OTHER RIGHTS (B) | NUMBER OF SECURITIES REMAINING AVAILABLE FOR FUTURE ISSUANCE UNDER EQUITY COMPENSATION PLANS (EXCLUDING SECURITIES REFLECTED IN COLUMN (A)) (C) | | Equity compensation plans approved by security holders(1) | 2,916,189 | $20.66(2) | 1,115,488(3) | | Equity compensation plans not approved by security holders | — | — | — | | Total | 2,916,189 | $20.66 | 1,115,488 |

  48. Indemnification Agreements with Directors and Executive Officers

    (1) Includes the following plans: Palvella Therapeutics, Inc. 2019 Equity Incentive Plan (the “2019 Legacy Palvella Plan”) and 2024 Plan. (2) The weighted average exercise price is calculated based solely on outstanding stock options. As of December 31, 2025, 1,115,488 shares remained available for future issuance under the 2024 Plan. As of December 31, 2025, 0 shares remained available for future issuance under the 2019 Legacy Palvella Plan.

  49. Indemnification Agreements with Directors and Executive Officers

    | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT |

  50. Indemnification Agreements with Directors and Executive Officers

    The following table sets forth certain information regarding the beneficial ownership of common stock as of April 13, 2026, except to the extent otherwise indicated in the footnotes below, by (a) each person, or group of affiliated persons, known by us to beneficially own more than 5% of our common stock, (b) each of our NEOs, as identified in the “Summary Compensation Table” above (c) each of our directors (or nominee for director), and (d) all of our executive officers and directors as a group. Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power over that security. For purposes of the table below, and in accordance with the rules of the SEC, we deem shares of common stock subject to options or warrants that are currently exercisable or exercisable within sixty days of April 13, 2026 to be outstanding and to be beneficially owned by the person holding the options or warrants for the purpose of computing the percentage ownership of that person, but we do not treat them as outstanding for the purpose of computing the percentage ownership of any other person. Except as noted by footnote, and subject to community property laws where applicable, based on the information provided to us, we believe that the persons and entities named in the table below have sole voting and investment power with respect to all shares shown as beneficially owned by them. Percentage of ownership is based on 14,323,686 shares of our common stock issued and outstanding on April 13, 2026 and does not give effect to the exercise of pre-funded warrants. Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Palvella Therapeutics, Inc., 353 W. Lancaster Avenue, Suite 200, Wayne, Pennsylvania 19087.

  51. Indemnification Agreements with Directors and Executive Officers

    | NAME OF BENEFICIAL OWNER | NUMBER OF SHARES | PERCENTAGE | | Greater than 5% Holders: | | | | Entities affiliated with Biotechnology Value Fund, L.P.(1) | 879,009 | 6.1% | | Entities affiliated with First Light Asset Management, LLC(2) | 887,031 | 6.2% | | Entities affiliated with Suvretta Capital Management, LLC(3) | 822,400 | 5.7% | | Entities affiliated with Frazier Life Sciences Public Fund, L.P.(4) | 722,400 | 5.0% | | Directors and Named Executive Officers: | | | | Wesley H. Kaupinen(5) | 1,128,685 | 7.7% | | Kathleen Goin(6) | 181,947 | 1.3% | | Matthew E. Korenberg.(7) | 112,796 | 1.1% | | George M. Jenkins(8) | 238,555 | 1.7% | | Todd C. Davis(9) | 147,649 | 1.0% | | Elaine J. Heron, Ph.D.(10) | 82,356 | * | | Christopher Kiritsy(11) | 28,138 | * | | Tadd S. Wessel(12) | 501,226 | 3.5% | | John Doux, M.D.(13) | 10,364 | * | | All current directors and executive officers as a group (11 individuals)(14) | 2,627,085 | 17.2% |

  52. Indemnification Agreements with Directors and Executive Officers

    * Less than 1.0% Based solely on a Schedule 13G/A filed with the SEC on February 17, 2026 by Biotechnology Value Fund, L.P., or BVF, consists of (i) 471,202 shares of common stock held of record by BVF, (ii) 341,883 shares of common stock held of record by Biotechnology Value Fund II, L.P., or BVF2, (iii) 53,187 shares of common held of record by Biotechnology Value Trading Fund OS, L.P., or Trading Fund OS, and (iv) 12,737 held in a certain BVF Partners L.P. managed account, or the Partners Managed Account. BVF GP Holdings LLC, or BVF GPH, as the general partner of BVF, may be deemed to beneficially own the 471,202 shares beneficially owned by BVF. BVF II GP LLC, or BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 341,883 shares beneficially owned by BVF2. BVF Partners OS Ltd., or Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 53,187 shares beneficially owned by Trading Fund OS. BVF GPH, as the sole member of each of BVF I GP LLC, or BVF GP, and BVF2 GP, may be deemed to beneficially own the 813,085 shares beneficially owned in the aggregate by BVF and BVF2. BVF Partners L.P., or Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 879,009 shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account. BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 879,009 shares beneficially owned by Partners. Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 879,009 shares beneficially owned by BVF Inc. BVF GP disclaims beneficial ownership of the shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account. The business address of each of BVF, BVF GP, BVF2, BVF2 GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert is 44 Montgomery Street, 40th Floor, San Francisco, California 94104 and the business address of each of Trading Fund OS and Partners OS is PO Box 309 Ugland House, Grand Cayman, KY1-1104, Cayman Islands. (2) Based solely on a Schedule 13G filed with the SEC on February 17, 2026 by First Light Asset Management, LLC, consists of 887,031 shares of common stock held by First Light Asset Management, LLC, where First Light Asset Management, LLC and Matthew P. Arens Cowen hold shared voting power and shared dispositive power. Mr. Arens is the managing member and majority owner of, and therefore a control person of First Light Asset Management, LLC. The business address of each of First Light Asset Management, LLC and Mr. Arens is 3300 Edinborough Way, Suite 201, Edina, MN 55435. (3) Based solely on a Schedule 13G/A filed with the SEC on November 13, 2025 by Suvretta Capital Management, LLC, consists of 822,400 shares of common stock held by Suvretta Capital Management, LLC, where Suvretta Capital Management, LLC, Averill Master Fund, Ltd., and Aaron Cowen hold shared voting power and shared dispositive power. Suvretta Capital Management, LLC is the investment manager of Averill Master Fund, Ltd. Aaron Cowen is a control person of Suvretta Capital Management, LLC. The business address of each of Suvretta Capital Management, LLC and Mr. Cowen is 540 Madison Avenue, 7th Floor, New York, NY 10022 and the address of Averill Master Fund, Ltd. is c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands. Based solely on a Schedule 13G/A filed with the SEC on February 13, 2026 by Frazier Life Sciences Public Fund, L.P., consists of (i) 706,360 shares of common stock held directly by Frazier Life Sciences Public Fund, L.P., or FLSPF, (ii) 4,730 shares of common stock held directly by Frazier Life Sciences X, L.P., or FLS X, (ii) 7,517 shares of common stock held directly by Frazier Life Sciences XI, L.P., or FLS XI and (iv) 3,793 shares of common stock held directly by Frazier Life Sciences XII, L.P., or FLS XII. These amounts exclude (i) 1,214,731 shares of common stock issuable upon exercise of pre-funded warrants held by FLSPF, (ii) 5,641 shares of common stock issuable upon exercise of pre-funded warrants held by FLS X and (iii) 5,886 shares of common stock issuable upon exercise of pre-funded warrants held by FLS XI, which pre-funded warrants may not be exercised if immediately prior to or as a result of such exercise would result in beneficial ownership by a holder, together with that of its affiliates and any member of a Section 13(d) group, of more than 4.99%. The holders of pre-funded warrants may increase or decrease such beneficial ownership limitation percentage not in excess of 19.99% by providing us with at least 61 days’ prior notice of any increase. FHMLSP, L.P. is the general partner of FLSPF and the general partner of FHMLSP, L.P. is FHMLSP, L.L.C., which is managed by an investment committee of four that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLSPF. FHMLS X, L.P. is the general partner of FLS X and FHMLS X, L.L.C. is the general partner of FHMLS X, L.P. Heron and Topper are the members of FHMLS X, L.L.C. and therefore share voting and investment power over the shares of Common Stock held by FLS X. FHMLS XI, L.P. is the general partner of FLS XI and the general partner of FHMLS XI, L.P. is FHMLS XI, L.L.C., which is managed by an investment committee of three that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLS XI. FHMLS XII, L.P. is the general partner of FLS XII and the general partner of FHMLS XII, L.P. is FHMLS XII, L.L.C., which is managed by an investment committee of three that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLS XII. The business address of FLSPF. is c/o Frazier Life Sciences Management, L.P., 1001 Page Mill Rd, Building 4, Suite B, Palo Alto, CA 94304. (5) Consists of (i) 44,410 held of record by Wesley H. Kaupinen, (ii) 781,409 shares of common stock held of record by Wesley H. Kaupinen 2019 Irrevocable Trust for the benefit of Mr. Kaupinen’s spouse and (iii) 302,866 shares of common stock issuable upon the exercise of an equal number of options that are currently exercisable or will be exercisable within 60 days of April 13, 2026. Mr. Kaupinen is no longer deemed to beneficially own the 781,409 shares of common stock held of record by Christine L. Kaupinen 2019 Irrevocable Trust dated February 28, 2019 due to changes in the governance structure of the trust. (6) Consists of 181,947 shares of common stock issuable upon the exercise of an equal number of options that are currently exercisable or will be exercisable within 60 days of April 13, 2026. (7) Consists of 112,796 shares of common stock issuable upon the exercise of an equal number of options that are currently exercisable or will be exercisable within 60 days of April 13, 2026. (8) Consists of (i) 187,616 shares of common stock held of record by George M. Jenkins, (ii) 37,423 shares of common stock issuable upon the exercise of an equal number of options that are currently exercisable or will be exercisable within 60 days of April 13, 2026, and (iii) 13,516 shares held by Eagles Mere Air Museum Foundation, an entity which is controlled by Mr. Jenkins. (9)

  53. Indemnification Agreements with Directors and Executive Officers

    Consists of (i) 112,547 shares of common stock held of record by Todd C. Davis and (ii) 35,102 shares of common stock issuable upon the exercise of an equal number of options that are currently exercisable or will be exercisable within 60 days of April 13, 2026. (10) Consists of (i) 47,812 held of record by Elaine J. Heron, Ph.D., (ii) 5,879 shares of common stock held of record by Elaine Jones Heron Trust for the benefit of Elaine J. Heron, Ph.D., and (iii) 28,665 shares of common stock issuable upon the exercise of an equal number of options that are currently exercisable or will be exercisable within 60 days of April 13, 2026. (11) Consists of (i) 250 shares of common stock held of record by Christopher Kiritsy and (ii) 27,888 shares of common stock issuable upon the exercise of an equal number of options that are currently exercisable or will be exercisable within 60 days of April 13, 2026. (12) Consists of (i) 24,013 shares of common stock issuable upon the exercise of an equal number of options that are currently exercisable or will be exercisable within 60 days of April 13, 2026 and (ii) 477,213 shares of common stock held by entities affiliated with Petrichor Healthcare Capital Management, a private investment firm, of which Mr. Wessel is the founder and managing partner. Mr. Wessel disclaims beneficial ownership over the shares that are held by Petrichor Healthcare Capital Management, except to the extent of his pecuniary interest therein. (13) Consists of 10,364 shares of common stock issuable upon the exercise of an equal number of options that are currently exercisable or will be exercisable within 60 days of April 13, 2026. (14) Includes (i) 1,670,652 shares of common stock and (ii) 956,433 shares of common stock issuable upon the exercise of an equal number of options that are currently exercisable or will be exercisable within 60 days of April 13, 2026.

  54. PROPOSAL 1: ELECTION OF CLASS III DIRECTORS FOR A THREE-YEAR TERM EXPIRING IN 2029

    PROPOSAL 1: ELECTION OF CLASS III DIRECTORS FOR A THREE-YEAR TERM EXPIRING IN 2029 At the Annual Meeting, our stockholders will vote on the election of three Class III director nominees named in this Proxy Statement as directors, each to serve until our 2029 Annual Meeting of Stockholders and until their respective successors are elected and qualified. Our Board has unanimously nominated George M. Jenkins, Todd C. Davis and John Doux, M.D. for election to our Board at the Annual Meeting. Each of the nominees has agreed to be named and to serve, and we expect each nominee to be able to serve if elected. If any nominee is unable to serve, the Nominating and Corporate Governance Committee will recommend to our Board a replacement nominee. Our Board may then designate the other nominee to stand for election. If you voted for the unavailable nominee, your vote will be cast for his replacement.

  55. PROPOSAL 1: ELECTION OF CLASS III DIRECTORS FOR A THREE-YEAR TERM EXPIRING IN 2029

    | OUR BOARD UNANIMOUSLY RECOMMENDS STOCKHOLDERS VOTE FOR THE ELECTION OF GEORGE M. JENKINS, TODD C. DAVIS AND JOHN DOUX, M.D. | |