Palvella Therapeutics, Inc (PVLA) Cash Flow Statement
Where PVLA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$25.0M
- Capital expenditures
- $0
- Free cash flow
- −$25.0M
- Returned to shareholders
- —
- Change in cash
- −$25.6M cash at year-end $58.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PVLA operating cash flow, capex and free cash flow
PVLA cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$45.9M2020 | −$25.0M2025 | — | |
| Capital expenditures | $2.7M2020 | $02025 | −100.0% | |
| Free cash flow | −$48.6M2020 | −$25.0M2025 | — | |
| Free cash flow margin | −165.8%2020 | −57.3%2022 | +108.5 pts | |
| Stock-based compensation | $427,0002022 | $6.4M2025 | +146.6%/yr | |
| Capex / revenue | 9.3%2020 | 4.0%2022 | −5.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PVLA cash flow by activity
PVLA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PVLA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$41.7M | −$17.4M | $18.7M | −$27.6M | −$45.7M | −$37.2M |
| Depreciation & amortization | — | — | — | $2.8M | $2.4M | $2.1M |
| Stock-based compensation | $6.4M | $830,000 | $603,000 | $427,000 | — | — |
| Change in working capital | $3.8M | −$193,000 | −$3.1M | $1.6M | $30.5M | −$16.4M |
| Other non-cash items | $6.5M | $6.0M | −$29.8M | $7.9M | $5.2M | $5.6M |
| Cash from operating activities | −$25.0M | −$10.8M | −$13.7M | −$14.8M | −$7.7M | −$45.9M |
| Investing activities | ||||||
| Capital expenditures | $0 | $0 | $0 | −$1.0M | −$949,000 | −$2.7M |
| Acquisitions & other investing | — | — | — | −$20.2M | $0 | $41.9M |
| Cash from investing activities | — | — | — | −$21.2M | −$949,000 | $39.2M |
| Financing activities | ||||||
| Net borrowing (repayment) | $0 | $78.4M | $0 | — | — | — |
| Shares issued | $0 | $0 | $0 | $9.5M | $0 | $0 |
| Other financing | −$660,000 | $8.7M | $5.0M | $34,000 | $59.1M | $10.1M |
| Cash from financing activities | −$660,000 | $87.1M | $5.0M | $9.6M | $59.1M | $10.1M |
| Summary | ||||||
| Net change in cash | −$25.6M | $76.3M | −$31.3M | −$5.3M | $47.3M | $8.2M |
| Cash at end of period | $58.0M | $83.6M | $7.3M | $16.1M | $117.8M | $70.4M |
| Free cash flow | −$25.0M | −$10.8M | −$13.7M | −$14.8M | −$8.6M | −$48.6M |
| Free cash flow margin | — | — | — | −57.3% | −27.4% | −165.8% |
| Capex / revenue | — | — | — | 4.0% | 3.0% | 9.3% |
| Operating cash flow / net income | — | — | −0.73 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$21.9M | −$15.8M | −$7.1M | −$11.3M | −$9.5M | −$8.2M | −$4.0M | −$6.8M | −$4.2M | −$2.5M | −$4.6M | −$10.8M |
| Depreciation & amortization | — | — | — | — | — | — | — | — | — | — | — | $739,000 |
| Stock-based compensation | $5.2M | $3.4M | $1.1M | $1.8M | $1.4M | $1.1M | $268,000 | $199,000 | $217,000 | $146,000 | — | — |
| Change in working capital | $1.7M | −$406,000 | $3.8M | −$153,000 | $1.1M | −$967,000 | −$3.6M | $1.9M | $1.0M | $425,000 | −$14.3M | −$15.5M |
| Other non-cash items | $2.2M | $1.9M | −$2.8M | $1.8M | $1.5M | $1.3M | $1.8M | $1.9M | $1.4M | $863,000 | −$748,000 | $15.8M |
| Cash from operating activities | −$12.8M | −$10.9M | −$4.9M | −$7.9M | −$5.4M | −$6.8M | −$5.4M | −$2.7M | −$1.6M | −$1.1M | −$19.7M | −$9.7M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | −$13,000 | $0 | $0 | $0 | −$13,000 | −$69,000 |
| Investments (net) | −$7.0M | −$55.4M | — | — | $0 | $0 | — | — | — | — | — | — |
| Acquisitions & other investing | $0 | $0 | — | — | — | — | −$3.4M | — | — | — | $3.5M | −$1.9M |
| Cash from investing activities | −$7.0M | −$55.4M | — | — | — | — | −$3.4M | — | — | — | $3.4M | −$2.0M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | — | — | $0 | $0 | — | — | $66.0M | $2.4M | — | — | — | — |
| Shares issued | $0 | $230.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.3M | −$15.3M | −$49,000 | $242,000 | $349,000 | −$1.2M | $8.8M | −$21,000 | $9.9M | $0 | $14,000 | — |
| Cash from financing activities | $1.3M | $214.7M | −$49,000 | $242,000 | $349,000 | −$1.2M | $74.8M | $2.4M | $9.9M | $0 | $14,000 | — |
| Summary | ||||||||||||
| Net change in cash | −$18.6M | $148.4M | −$5.6M | −$6.9M | −$5.2M | $56.3M | $69.4M | −$330,000 | $647,000 | $1.7M | −$15.5M | −$12.0M |
| Cash at end of period | $187.8M | $206.4M | $58.0M | $63.6M | $70.4M | $75.6M | $83.6M | $14.2M | $19.7M | $19.1M | $17.4M | $32.9M |
| Free cash flow | −$12.8M | −$10.9M | −$4.9M | −$7.9M | −$5.4M | −$6.8M | −$5.4M | −$2.7M | −$1.6M | −$1.1M | −$19.7M | −$9.8M |
| Free cash flow margin | — | — | — | — | — | — | — | — | — | −2,079.2% | −1,513.2% | −50.2% |
| Capex / revenue | — | — | — | — | — | — | — | — | — | 0.0% | 1.0% | 0.4% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PVLA cash generation
In fiscal 2025 (ended December 31, 2025), Palvella Therapeutics generated -$25.0 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$25.0 million. Cash and equivalents fell by $25.6 million over the year.
Related: PVLA income statement, PVLA balance sheet. See the PVLA stock overview for the latest quote and news.
PVLA cash flow FAQ
What is Palvella Therapeutics's free cash flow?
Palvella Therapeutics's free cash flow was -$25.0 million in fiscal 2025: -$25.0 million of operating cash flow minus $0 of capital expenditures It was -$10.8 million a year earlier..
How much cash does Palvella Therapeutics generate from operations?
Palvella Therapeutics generated -$25.0 million of cash from operating activities in fiscal 2025.