PALVELLA THERAPEUTICS INC NE

Ticker: PVLA CUSIP: 697947109 Class: Common Stock

Tower Research Capital LLC (TRC)'s Holding History (CIK: 0001533421)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 437 Value ($000) $46 Avg Close $85.31 Range $60.49 - $114.69

Q3 2025

Shares 449 Value ($000) $28 Avg Close $44.59 Range $21.55 - $65.57

Q2 2025

Shares 192 Value ($000) $4 Avg Close $23.47 Range $18.23 - $28.71

Q4 2024

Shares 175 Value ($000) $2 Avg Close $15.71 Range $11.17 - $17.70

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	437	$46	$85.31	$60.49 - $114.69
Q3 2025	449	$28	$44.59	$21.55 - $65.57
Q2 2025	192	$4	$23.47	$18.23 - $28.71
Q4 2024	175	$2	$15.71	$11.17 - $17.70