PVLA Phase 2 readout: a negative outcome, -9.7%

On December 15, 2025, QTORIN 3.9% Rapamycin Anhydrous Gel — PALVELLA THERAPEUTICS, INC. (Microcystic Lymphatic Malformation) reached its Phase 2 readout. The result was a negative outcome, and the stock moved -9.7% in the window around the event. It had already run +17.7% in the 30 days into the catalyst — the kind of pre-event run-up that often precedes binary readouts.