Palvella Therapeutics Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	-32.95	-17.43	18.69	-27.55
Stock-Based Compensation	4.59	0.83	0.6	0.43
Other Operating Activities	6.44	5.96	-29.85	10.66
Change in Accounts Payable	0.15	2.24	-2.25	1.98
Change in Other Net Operating Assets	-4.05	-2.43	-0.9	-0.36
Operating Cash Flow	-25.47	-10.84	-13.7	-14.84
Long-Term Debt Issued	-	18.43	5	-
Net Debt Issued (Repaid)	6	18.43	5	-
Issuance of Common Stock	60.66	60	-	0.03
Other Financing Activities	7.52	8.66	-	-
Financing Cash Flow	74.17	87.09	5	9.57
Foreign Exchange Rate Adjustments	0.66	0	-	-
Net Cash Flow	49.36	76.25	-8.7	-5.27
Levered Free Cash Flow	-17.15	-5.43	-9.96	-
Unlevered Free Cash Flow	-13.78	-2.74	-9.96	-
Change in Working Capital	-3.54	-0.19	-3.15	1.62

Source: S&P Global Market Intelligence. Standard template. Financial Sources.