PVLAPALVELLA THERAPEUTICS, INC.

Pharmaceutical Preparations

Revenue: —
Operating margin: —
EBITDA: −$39M; 174% YoY
Market cap: $2.1B
Employees: 75,000
Net debt / EBITDA: —
AI in 10-K: 2.8; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
17% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$516 · 10th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.8 per 10K words · 67th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$13M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$28M	$25M	$39M	—	—
Operating income	−$52M	−$43M	−$12M	−$14M	−$39M	174%
Net income	−$46M	−$33M	$19M	−$17M	−$42M	139%
Operating cash flow	−$8M	−$60M	−$14M	−$11M	−$25M	131%
Capex	$949K	$1M	$171K	—	—
Stock-based comp	$5M	$4M	$603K	$830K	$6M	671%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 20, 2024	Kaupinen Wes	SCHEDULE 13D	14.6%	Passive
Aug 17, 2023	BIOTECHNOLOGY VALUE FUND L P	SC 13D/A	20.8%	Passive
May 22, 2023	BIOTECHNOLOGY VALUE FUND L P	SC 13D	12.0%	Passive

Insider trading

Open-market buys, 12 mo: $850K · 3
Open-market sells, 12 mo: $14M · 63
Net: −$13M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	126	—
FY2024	—	—	14	—
FY2023	—	—	18	—