First-in-disease therapies for patients with rare diseases Phase 3 SELVA Topline Data in Microcystic Lymphatic Malformations February 24, 2026

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Phase 3 SELVA Topline Data: Today’s Presenters Bohan Wei VP Corporate Development & New Product Planning Wes Kaupinen Founder and CEO Jeff Martini, PhD Chief Scientific Officer Matt Korenberg Chief Financial Officer Michael Kelly, MD, PhD Pediatric hematologist-oncologist at Cleveland Clinic Executive Director of Lymphangiomatosis & Gorham's Disease Alliance (LGDA) Study investigator in Phase 3 SELVA study Member of Palvella Medical and Scientific Advisory Board Consultant to Palvella

Opening Remarks Wes Kaupinen Founder and CEO QTORIN™ Rapamycin for Microcystic Lymphatic Malformations

PALVELLA (pɑlʋelːɑ, Finnish): TO SERVE Building the leading rare disease biopharma company focused on developing and commercializing first-in-disease therapies for serious, rare skin diseases and vascular malformations

mLM-IGA = Microcystic Lymphatic Malformation Investigator Global Assessment. Note: Data analyzed per statistical analysis plan; non-completer data imputed per statistical analysis plan for primary endpoint; endpoints tested according to pre-specified hierarchical testing procedure; statistical significance (p<0.05). : A Clear Path Forward for Patients QTORIN™ Rapamycin at Week 24: Highly statistically significant across primary, key secondary, and all four secondary endpoints (all p<0.001) +2.13 Mean improvement on mLM-IGA primary endpoint (p<0.001) 95% Participants aged ≥ 6 who completed the efficacy evaluation period: Palvella plans to advance quickly towards NDA filing, with potential approval in 1H:2027 86% “Much Improved” (+2) or “Very Much Improved” (+3) on mLM-IGA Improved on mLM-IGA

Phase 3 SELVA Topline Results Dr. Jeff Martini Chief Scientific Officer QTORIN™ Rapamycin for Microcystic Lymphatic Malformations

Microcystic Lymphatic Malformations:Serious, Debilitating, and Lifelong Genetics & Biology: Monogenic somatic PIK3CA mutations cause hyperactivated PI3K/mTOR Lymphorrhea: Persistent discharge of lymphatic fluid through skin layers Deep infections: Recurrent cellulitis and serious soft tissue infections, resulting in hospitalizations Proliferative, progressive disease with infiltrative lesions and no spontaneous regression No FDA-approved therapies > 30k patients ESTIMATED DIAGNOSED IN THE U.S.1 Early onset: Present at birth and significant impact to adolescents 1. Incidence, prevalence, and care for patients with lymphatic malformations (LMs) in the U.S.: A claims-based analysis, Society of Investigative Dermatology, (2025) and Gallagher et al, Orphanet Journal of Rare Diseases, (2022). Includes microcystic LM and mixed LM (patients with both microcystic and macrocystic disease).

QTORIN™: Targeted mTOR Inhibition with Dermal Target Engagement 3.9% concentration enabled through synergistic multi-excipient anhydrous solubilization system Elevated thermodynamic activity drives rapamycin vehicle release and skin bioavailability Deep dermal penetration & sustained dermal retention for prolonged inhibition of hyperactivated mTOR signaling Adherence-optimized vehicle designed for chronic dosing in pediatric and adult populations Single-phase gel maintaining dissolved rapamycin without crystallization or suspension QTORIN™ 3.9% Rapamycin Anhydrous Gel

Upside Target Clinical Profile SELVA Outcome Statistically significant primary endpoint with mean mLM-IGA of ≥+1.5 at Week 24 Statistical significance on independent, blinded key secondary endpoint Safety profile: well-tolerated and similar to previous clinical trials Highly statistically significant with mean mLM-IGA of +2.13 at Week 24 (p<0.001) Highly statistically significant (p<0.001), including on all three clinical signs: vesicle appearance, height, leaking/bleeding Well-tolerated across both adult and pediatric patients, supporting chronic administration : QTORIN™ Rapamycin Exceeded Upside Case Profile Rollover into extension period in line with best-in-class drugs for rare diseases 98% of Week 24 completers (43/44) rolled over to Extension period Note: Data analyzed per statistical analysis plan; non-completer data handled via multiple imputation per statistical analysis plan; endpoints tested sequentially according to pre-specified hierarchical testing; statistical significance (p<0.05). Week 24 completers included 43 participants ≥6 years old and 1 participant 3-5 years old.

Phase 3 SELVA Trial Design Single-arm, baseline-controlled, QD dose Primary Endpoint: mLM-IGA (Investigator Global Assessment) Key Secondary Endpoint: Blinded mLM Multi-Component Static Scale (mLM-MCSS): independent, blinded review of randomized Baseline and Week 24 photos evaluating three key signs of disease: Vesicle Appearance, Height, Leaking/Bleeding Secondary Endpoints: Live mLM-MCSS, Patient Global Impression of Change (PGI-C), Clinician and Patient Global Impression of Severity (CGI-S, PGI-S), and Incidence and Severity of Adverse Events Note: Of the 51 participants enrolled, 50 initiated treatment, including 49 aged ≥6 years (ITT population). During the 24-week efficacy evaluation period, six participants discontinued treatment: four participants discontinued for reasons unrelated to adverse events, one participant discontinued due to an adverse event not related to study drug, and one participant discontinued due to an adverse event possibly related to study drug. n=50 dosed (n=49 ITT population, n=1 in 3-5 year old cohort) Extension Period 24+ weeks Efficacy Evaluation 24 weeks Baseline  Photo Baseline (≥ 8 weeks) n=51 enrolled Live Clinician Assessment Supported by FDA Orphan Products Grant: Two tranches of non-dilutive funding received (most recent in Oct ‘25) n=43/44 completers rolled over to Extension period End of Treatment Photo Screening Photo

Phase 3 SELVA: Baseline Characteristics ITT Population (n=49)1 Age, Mean [Range] 19.4 [6-57] Sex M:F 24:25 Prior Medical Interventions for mLM2 34 (69%) Laser 17 (35%) Sclerotherapy 14 (29%) Surgery 13 (27%) Topical Sirolimus [Rapamycin] 13 (27%) Oral Sirolimus [Rapamycin] 2 (4%) 1. 51 participants entered Baseline period; 50 dosed with QTORIN™ rapamycin (49 participants ≥6 years old = ITT population; 1 participant 3-5 years old included in safety database). 2. Percentages may not sum to 100% due to some patients having more than one intervention.

SELVA: Primary and Key Secondary Endpoints Achieved Mean Change at Week 24 (95% CI) p-value Primary Endpoint: Microcystic Lymphatic Malformation Investigator Global Assessment (mLM-IGA)* +2.13 (1.88, 2.38) p<0.001 Key Secondary Endpoint: Blinded Microcystic Lymphatic Malformation Multi-Component Static Scale** -3.36 (-4.34, -2.38) p<0.001 Note: Data analyzed per statistical analysis plan; non-completer data imputed per statistical analysis plan for primary endpoint; endpoints tested according to pre-specified hierarchical testing procedure; statistical significance (p<0.05). *Dynamic change scales (7-point scales ranging from "Very Much Worse" (-3) to "Very Much Improved" (+3); positive values indicate improvements from baseline) **mLM-MCSS (Sum of three static severity scales: Height, Leaking/Bleeding, Vesicle Appearance: Each scale rated "Clear or Almost Clear" (1) to "Very Severe" (5); total score 3-15. Test baseline to Week 24 change; negative values indicate improvements from baseline)

SELVA: All Additional Secondary Endpoints Achieved Mean Change at Week 24 (95% CI) p-value Patient Global Impression of Change* +1.9 (1.66, 2.16) p<0.001 Live mLM-MCSS** -4.6 (-5.20, -3.92) p<0.001 Clinician Global Impression of Severity*** -1.7 (-1.91, -1.39) p<0.001 Patient Global Impression of Severity*** -1.0 (-1.26, -0.74) p<0.001 Note: Data analyzed per statistical analysis plan; non-completer data imputed per statistical analysis plan for primary endpoint; endpoints tested according to pre-specified hierarchical testing procedure; statistical significance (p<0.05). *Dynamic change scales (7-point scales ranging from "Very Much Worse" (-3) to "Very Much Improved" (+3); positive values indicate improvements from baseline) **mLM-MCSS (Sum of three static severity scales: Height, Leaking/Bleeding, Vesicle Appearance: Each scale rated "Clear or Almost Clear" (1) to "Very Severe" (5); total score 3-15. Test baseline to Week 24 change; negative values indicate improvements from baseline) ***Static severity scales (5-point scales ranging from 1 to 5; negative values indicate improvements from baseline)

Phase 3 Results: Well-Tolerated and Favorable Safety Profile Rapamycin levels were below 2 ng/mL2 in systemic circulation on for all participants at all timepoints in the study Note: n=50 participants in efficacy evaluation evaluated for safety. 1. Denotes related or possibly related. 2. Validated assay of lower limit of quantification (100 pg/mL). Number of Participants (%) Any Treatment-Emergent Adverse Event 35 (70%) Severe (not related to study drug) 1 (2%) Serious (not related to study drug) 4 (8%) Any Treatment-Related1 Adverse Event 17 (34%) Severe 0 (0%) Serious 0 (0%) Treatment-Related1 AEs with ≥ 5% Incidence Application site acne 3 (6%) Application site discoloration 3 (6%) Application site pruritus 3 (6%) Possibly Treatment-Related AE Leading to Discontinuation 1 (2%)

KOL Perspective Dr. Michael Kelly Cleveland Clinic QTORIN™ Rapamycin for Microcystic Lymphatic Malformations

Phase 3 Results: Age 10, Female Note: Selective photos. Back

Week 24 Baseline Phase 3 Results: Age 10, Female, mLM-IGA: +2 “Much Improved” Note: Selective photos. Back Back

Phase 3 Results: Age 10, Male Note: Selective photos. Back

Week 24 Baseline Phase 3 Results: Age 10, Male, mLM-IGA: +2 “Much Improved” Note: Selective photos. Thigh Thigh

Week 24 Baseline Phase 3 Results: Age 14, Female, mLM-IGA: +3 “Very Much Improved” Note: Selective photos. Neck Neck

Week 24 Baseline Phase 3 Results: Age 7, Female, mLM-IGA: +3 “Very Much Improved” Note: Selective photos. Elbow Elbow

QTORIN™ Rapamycin Has the Potential to be First-Line and Standard of Care in Microcystic Lymphatic Malformations Targets underlying 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. Large magnitude treatment effect in two prospective trials Favorable safety profile allowing for chronic therapy QTORIN™ 3.9% Rapamycin

Summary Wes Kaupinen Founder and CEO QTORIN™ Rapamycin for Microcystic Lymphatic Malformations

Palvella: Leading the Way in Addressing Rare Skin Diseases and Vascular Malformations Planned NDA submission in 2H:2026 Potential first FDA-approved therapy in mLM; U.S. launch prep accelerating Pipeline-in-a-product: Broad potential to address mTOR-driven diseases Platform: QTORIN™ pitavastatin and new QTORIN™ program (2H:2026) 1 2 4 5 $1-$3 billion U.S. peak sales potential (mLM + cVM) 3

Striving to be first for rare disease patients Thank You