First-in-disease therapies for patients with rare diseases Q2 2026 Financial Results & Corporate Update August 4, 2026

Forward Looking Statements This presentation contains forward-looking statements of Palvella Therapeutics, Inc. (“the Company”) within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by terms such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. 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Leadership in Addressing Rare Skin Diseases and Vascular Malformations: Late-stage Pipeline and QTORIN™ Platform Completed Pre-NDA meeting with FDA; granted rolling review Positive Phase 2 data; Phase 3 study initiation on track for Q4 2026 First module of NDA submitted; completion of submission on track for 2H 2026 Veteran commercial leadership recruited; launch planning accelerating Microcystic Lymphatic Malformations: Advancing Towards Potential 1H 2027 Approval Cutaneous VMs DSAP Phase 2 LOTU study enrolling; Top-line results on track for 2H 2027 Angiokeratomas DSAP Strengthened IP with Yale-licensed U.S. patent; Planned Phase 2 initiation in 2H 2026 DSAP DSAP Planned expansion to three drug candidates across six indications by year-end 2026 Pipeline Expansion

Palvella: Driving the Next Wave of Innovation in Under-Appreciated Rare Skin Diseases and Vascular Malformations 1. Clarity Pharma, Trinity Life Sciences, MedaCorp, and ZS Associates. 2. MedaCorp market research. Diagnosed US Prevalence (Estimated)1 Number of FDA Approved Therapies % Physicians Who Would Consider QTORIN™ as First-line Therapy (Market Research)2 30k+ Microcystic LMs 75k+ Cutaneous VMs 50k+ Clinically Significant Angiokeratomas 50k+ Disseminated Superficial Actinic Porokeratosis None > 80%

Microcystic LMs Cutaneous VMs Clinically Significant Angiokeratomas Additional Potential Future Indications2 TODAY FUTURE = 5k 30k+ 75k+ 200k+ 50k+1 QTORIN™ Rapamycin: Fourth Indication Announcement in 2H 2026 1. Clarity Pharma research (July 2025), n=643 physicians surveyed. 2. Lapa et al., Journal of Cutaneous Medicine and Surgery, (2025). Pipeline-in-a-product strategy​ expands addressable U.S. patient pool by 10x beyond initial indication Estimated timeline for potential regulatory approval 2031+ 2032+ 2027 2029

QTORIN™ Rapamycin for Microcystic LMs: 1 1 2 2 2 3 2 4 2 5 RECRUIT AND DEPLOY Veteran Leadership Team POSITION AS Potential First Approved Therapy FIRST-LINE & STANDARD OF CARE ACTIVELY ENGAGE Physicians INCLUDING AT VASCULAR ANOMALY CENTERS BUILDING Patient Services Team FOR PATIENT ACCESS AND COVERAGE INVESTING Strong Balance Sheet TO ACCELERATE COMMERCIAL READINESS Pre-Launch Initiatives Informed by Successful First-in-Disease Orphan Drug Precedents

Leadership Executing on Key Pre-Launch Initiatives Ashley Kline Chief Commercial Officer Led Oxervate® to >$500M; commercial leadership roles at Dompé and Genentech Jen McDonough SVP Market Access Led VYJUVEK® market access; former SVP, Patient Access, Analytics & Operations at Krystal Biotech Vimal Patel, PharmD SVP Medical Affairs Led dermatology medical affairs at Incyte Sales force planned at ~40 reps (upper end of prior ~20-40 rep range) to strengthen launch execution, field coverage, physician education, and patient access from day one Partnering with world-class executive search firms to recruit top talent 1 Peter Finlayson VP Marketing Former Genentech marketing leader with extensive orphan disease and launch experience Kent Taylor SVP Sales Led U.S. sales for ZORYVE® at Arcutis; built sales organization supporting OPZELURA® at Incyte

QTORIN™ Rapamycin: Opportunity to be First Approved Therapy, First-Line and Standard of Care in Microcystic LMs Targets underlying mTOR pathobiology QTORIN™ 3.9% rapamycin anhydrous gel is for investigational use only and has not been approved or cleared by the FDA or by any other regulatory agency. The safety or efficacy has not been established for any use. Highly statistically significant across primary, key secondary, and all four secondary endpoints (all p<0.001) Favorable safety profile potentially allowing for chronic therapy QTORIN™ 3.9% Rapamycin 2

Engaged over 200 of our initial 400 target clinics Meaningful presence at major medical congresses Additional Pre-Launch Initiatives Accelerating Physician Engagement INCLUDING VASCULAR ANOMALY CENTERS Hired field-based patient access liaison team leader, with team expansion ongoing Recent third-party payor research confirms likelihood of favorable coverage at orphan pricing ranges Patient Services Team FOR PATIENT ACCESS AND COVERAGE Increased spending in 2026 following pre-NDA meeting to support commercial, marketing, and medical affairs launch preparations ahead of potential FDA approval and launch Strong Balance Sheet TO ACCELERATE COMMERCIAL READINESS 3 4 5

Phase 3 SELVA and Phase 2 studies highly statistically significant and clinically meaningful; real-world studies as supportive evidence 2 Previously granted Breakthrough, Fast Track, and Orphan Designations, and FDA Orphan Drug Grant 505(b)(2) submission: leveraging FDA’s prior findings for rapamycin to streamline review process 1 Seeking broad label and traditional approval (not accelerated) based on clinical endpoints 3 Regulatory Status: NDA Submission On Track for 2H 2026 Rolling NDA Submission Granted; First Module Submitted in June 2026 Completed in-person Pre-NDA Meeting with FDA Rolling NDA Review Granted First NDA Module Submitted

Rare Disease Pipeline Updates

Strong Medical Affairs Presence with Sponsorship and Presentations at Key Medical Congresses Platinum Sponsor at ISSVA World Congress (May 19-22, 2026) Title: QTORIN™ 3.9% Rapamycin Anhydrous Gel: Statistically Significant, Clinically Meaningful Improvement in Microcystic Lymphatic Malformations (Phase 3 SELVA Study) and Cutaneous Venous Malformations (Phase 2 TOIVA Study) LATE-BREAKER PRESENTATION SCIENTIFIC SYMPOSIUM Title: Clinical Development in Rare Cutaneous Vascular Disorders: Lessons Learned from SELVA and TOIVA Trials BEYOND mLM LOUNGE Attendees can participate in discussions on mLM and sign up to receive educational resources and communications for both themselves and their patients JAMES TREAT, MD Professor of Clinical Pediatrics and Dermatology, CHOP May 12, 2026 Chicago, IL Jul 22-25, 2026Minneapolis, MN Oct 15-17, 2026 Alexandria, VA Attendees participated in discussions on mLM and signed up to receive educational resources and communications for both themselves and their patients

All pre-specified age cohorts in ITT were highly statistically significant New SELVA Data Highlight Benefits of Early Intervention and Chronic Disease Management in Children Aged 6–11 Pre-Treatment On Treatment Day 1 Day 168 mLM-IGA: +3 “Very Much Improved” Age 7, Female Mean: +2.46 (p<0.001) Very Much Improved Very Much Worse Much Improved Minimally Improved No Change Much Worse Minimally Worse 100% of the 6-11 y/o cohort were “Much Improved” (+2) or “Very Much Improved” (+3) All these patients rolled over into Treatment Extension, supporting chronic disease management Dynamic change scale (7-point scale ranging from "Very Much Worse" (-3) to "Very Much Improved" (+3); positive values indicate improvements from baseline)

Run-in Evaluation Period 8 Weeks Prespecified Blinded Independent Review Confirmed Disease Stability During Run-In and Marked Improvement with Treatment Note: To preserve blinding, different raters were used to compare Day -56 vs Day 1 and Day 1 vs Day 168 photographs. 1. Kato M et al., Plast Reconstr Surg Glob Open. 2017 Sep 25;5(9):e1501. Day -56 Day 1 mLM-MCSS: Sum of 3 static severity scales: Height, Leaking/Bleeding, Vesicle Appearance Each scale rated 1 to 5; total score 3-15; Negative values indicate improvements from baseline n=51 enrolled Day 168 Treatment Period 24 Weeks Findings consistent with microcystic LM natural history study from Kato et al.1 which demonstrated no spontaneous regression Pre-Treatment Change: -0.1 Blinded mLM-MCSS Following 24 weeks of QTORIN™ rapamycin: -3.4 (p<0.001) Blinded mLM-MCSS Score: Day 1 (9.9)  Day 168 (6.6) Represents 48% of maximum potential improvement from Day 1

Cutaneous Venous Malformations:Near-term Phase 3 Pivotal Study Planned No FDA-approved therapies Fast Track Designation Granted Pipeline-in-a-product: sNDA planned > 75k patients ESTIMATED DIAGNOSED IN THE U.S. POSITIVE PHASE 2 DATA ANNOUNCED DEC 2025 Most common vascular malformation Significant treater overlap with microcystic lymphatic malformations New 24-week data presented at ISSVA World Congress May 2026 by Dr. Jim Treat (CHOP) Clinical development plan: On track for Phase 3 trial initiation in Q4 2026 following completion of planned EOP2 meeting Breakthrough Therapy resubmission planned following completion of planned EOP2 meeting Plan to include patient interview transcripts, augmented by 24-week efficacy data

Day 28 Day 56 Day 84 Day 168 (n=14) p-value 0.001 0.001 <0.001 <0.001 New TOIVA Data: Height/Engorgement and Appearance Improvements Continued Through 24 Weeks Demonstrating Deepening of Treatment Effect Over Time Day 28 Day 56 Day 84 Day 168 (n=14) p-value 0.027 0.001 <0.001 <0.001 Note: Mean change and p-values collected on observed data only. cVM-MCSS (cutaneous VM multi-component static scale) Height and Appearance are rated on 5-point scales ranging from 1 to 5; negative values indicate improvements from Day 1 Lesion height/engorgement and appearance are key manifestations of cVM disease burden and clinically meaningful indicators of disease impact

> 50k patients ESTIMATED DIAGNOSED IN THE U.S. Clinically Significant Angiokeratomas: Superficial Lymphatic Malformations FIRST PATIENTS DOSED IN PHASE 2 TRIAL MAY 2026 A type of isolated lymphatic malformation: direct scientific adjacency to microcystic LMs FDA granted Fast Track Designation in Dec 2025 Phase 2 LOTU study is a 12 week, single-arm, baseline-controlled clinical trial evaluating QTORIN™ rapamycin applied topically once daily Plan to enroll up to 15 patients at leading vascular anomaly centers and high-volume dermatology centers in the U.S. Topline results are expected in 2H 2027 Market research (n=50 physicians): 96% would incorporate QTORIN™ rapamycin into their practice No FDA-approved therapies Fast Track Designation Granted Pipeline-in-a-product: sNDA planned

New Articles Emphasize the Unmet Need of Clinically Significant Angiokeratomas Fordyce Angiokeratoma: An Unusual Localised Form in Childhood M. F. Reis, J. Lage, C. Ferreira, B. Henriques, and C. Amaro  Journal of Paediatrics and Child Health 62, no. 2 (2026): 298–300,  https://doi.org/10.1111/jpc.70261. Angiokeratomas proliferate during adolescence Present with bleeding, pain, pruritus Identifies mTOR inhibition as therapeutic option Penile angiokeratomas (PEAKERs) and clitoral angiokeratomas (CLANKERs) are unique variants of genital angiokeratomas Cohen PR Journal of the American Academy of Dermatology 2026 Jul 17:S0190-9622(26)03107-5. https://doi.org/10.1016/j.jaad.2026.07.033 Highlights the clinical spectrum of genital angiokeratomas Most common symptom is bleeding Treatment remains limited to destructive procedures underscoring the need for a non-invasive targeted therapy A Case of a Solitary Angiokeratoma Circumscriptum of the Lower Leg C. Chang, C. Pak, M. Braniecki, O. B. Omoleye, and M. Bain Pediatric Dermatology 43, no. 1 (2026): 217–219 https://doi.org/10.1111/pde.70059 Angiokeratoma circumscriptum are persistent, pruritic, hyperkeratotic plaques characterized by epidermal acanthosis and hyperkeratosis Lesions do not spontaneously resolve, and minor trauma can lead to recurrent bleeding

> 50k patients ESTIMATED DIAGNOSED IN THE U.S. Disseminated Superficial Actinic Porokeratosis (DSAP): Chronic, Pre-Cancerous, and Progressive No FDA-approved therapies Current options: Laser, surgery, and off-label topical chemo agents & mevalonate pathway inhibitors QTORIN™ PITAVASTATIN POTENTIAL TO BE FIRST FDA-APPROVED THERAPY AND STANDARD OF CARE First pathogenesis-directed therapy targeting the casual mevalonate pathway Phase 2 initiation on track for 2H 2026 Strong patient interest for planned Phase 2 study; over 70 inbound patient inquiries, including: “Thank you for doing the work you’re doing. Our lives go dark after having this. It mentally and physically takes a toll on a person. Life cannot be enjoyed the way it once was.” “Looking for a breakthrough. This has been devastating.”

Finance & Cash Update

Key strategic priorities accelerating: NDA initiated in 1H 2026 with rolling review Commercial and medical affairs expansion Major QTORIN™ pipeline and platform value drivers $251 million 6/30/26 cash Anticipated full-year 2026 cash expenses of $85 to $95 million U.S. Launch and Rare Disease Pipeline are Well-Funded with $251mm on the Balance Sheet as of 6/30/26 Upsized $230M raise in February from high quality investors

Closing Remarks

What Makes Palvella Stand Apart Repeatably unlocking multi-billion dollar market opportunities in previously untreated orphan diseases First-in-Disease Focus Rare Diseases with Clear Disease Biology Leveraging Existing Human Proof-of-Concept and Safety Data Innovative QTORIN™ Platform: Durable IP Generation Veteran team executing rare disease model designed to reduce time and capital to FDA approval 1 2 3 4

Q&A

Striving to be first for rare disease patients Thank You