Palvella Therapeutics (PVLA) SC 13G PALVELLA THERAPEUTICS / Frazier Life Sciences Public Fund ownership change

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Palvella Therapeutics, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

697947109

(CUSIP Number)

12/13/2024

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

   Rule 13d-1(b)

   Rule 13d-1(c)

   Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

Frazier Life Sciences Public Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 440,575.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 440,575.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

440,575.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:   The shares consist of 440,575 shares of Common Stock held directly by Frazier Life Sciences Public Fund, L.P. FHMLSP, L.P. is the general partner of Frazier Life Sciences Public Fund, L.P. and FHMLSP, L.L.C. is the general partner of FHMLSP, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Fund, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

FHMLSP, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 440,575.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 440,575.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

440,575.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:   The shares consist of 440,575 shares of Common Stock held directly by Frazier Life Sciences Public Fund, L.P. FHMLSP, L.P. is the general partner of Frazier Life Sciences Public Fund, L.P. and FHMLSP, L.L.C. is the general partner of FHMLSP, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Fund, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

FHMLSP, L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 440,575.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 440,575.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

440,575.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:   The shares consist of 440,575 shares of Common Stock held directly by Frazier Life Sciences Public Fund, L.P. FHMLSP, L.P. is the general partner of Frazier Life Sciences Public Fund, L.P. and FHMLSP, L.L.C. is the general partner of FHMLSP, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Fund, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

Frazier Life Sciences Public Overage Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 129,905.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 129,905.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

129,905.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.2 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:   The shares consist of 129,905 shares of Common Stock held directly by Frazier Life Sciences Public Overage Fund, L.P. FHMLSP Overage, L.P. is the general partner of Frazier Life Sciences Public Overage Fund, L.P. and FHMLSP Overage, L.L.C. is the general partner of FHMLSP Overage, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP Overage, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Overage Fund, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

FHMLSP Overage, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 129,905.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 129,905.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

129,905.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.2 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:   The shares consist of 129,905 shares of Common Stock held directly by Frazier Life Sciences Public Overage Fund, L.P. FHMLSP Overage, L.P. is the general partner of Frazier Life Sciences Public Overage Fund, L.P. and FHMLSP Overage, L.L.C. is the general partner of FHMLSP Overage, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP Overage, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Overage Fund, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

FHMLSP Overage, L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 129,905.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 129,905.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

129,905.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.2 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:   The shares consist of 129,905 shares of Common Stock held directly by Frazier Life Sciences Public Overage Fund, L.P. FHMLSP Overage, L.P. is the general partner of Frazier Life Sciences Public Overage Fund, L.P. and FHMLSP Overage, L.L.C. is the general partner of FHMLSP Overage, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP Overage, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Overage Fund, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

Frazier Life Sciences X, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,648.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,648.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,648.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:   The shares consist of 2,648 shares of Common Stock held directly by Frazier Life Sciences X, L.P. FHMLS X, L.P. is the general partner of Frazier Life Sciences X, L.P. and FHMLS X, L.L.C. is the general partner of FHMLS X, L.P. Patrick J. Heron and James N. Topper are the members of FHMLS X, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences X, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

FHMLS X, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,648.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,648.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,648.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:   The shares consist of 2,648 shares of Common Stock held directly by Frazier Life Sciences X, L.P. FHMLS X, L.P. is the general partner of Frazier Life Sciences X, L.P. and FHMLS X, L.L.C. is the general partner of FHMLS X, L.P. Patrick J. Heron and James N. Topper are the members of FHMLS X, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences X, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

FHMLS X, L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,648.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,648.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,648.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:   The shares consist of 2,648 shares of Common Stock held directly by Frazier Life Sciences X, L.P. FHMLS X, L.P. is the general partner of Frazier Life Sciences X, L.P. and FHMLS X, L.L.C. is the general partner of FHMLS X, L.P. Patrick J. Heron and James N. Topper are the members of FHMLS X, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences X, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

Frazier Life Sciences XI, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,764.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,764.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,764.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:   The shares consist of 2,764 shares of Common Stock held directly by Frazier Life Sciences XI, L.P. FHMLS XI, L.P. is the general partner of Frazier Life Sciences XI, L.P. and FHMLS XI, L.L.C. is the general partner of FHMLS XI, L.P. Patrick J. Heron, James N. Topper and Daniel Estes are the members of FHMLS XI, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences XI, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

FHMLS XI, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,764.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,764.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,764.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:   The shares consist of 2,764 shares of Common Stock held directly by Frazier Life Sciences XI, L.P. FHMLS XI, L.P. is the general partner of Frazier Life Sciences XI, L.P. and FHMLS XI, L.L.C. is the general partner of FHMLS XI, L.P. Patrick J. Heron, James N. Topper and Daniel Estes are the members of FHMLS XI, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences XI, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

FHMLS XI, L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,764.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,764.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,764.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:   The shares consist of 2,764 shares of Common Stock held directly by Frazier Life Sciences XI, L.P. FHMLS XI, L.P. is the general partner of Frazier Life Sciences XI, L.P. and FHMLS XI, L.L.C. is the general partner of FHMLS XI, L.P. Patrick J. Heron, James N. Topper and Daniel Estes are the members of FHMLS XI, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences XI, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

James N. Topper

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 575,892.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 575,892.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

575,892.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:   The shares consist of (i) 440,575 shares of Common Stock held directly by Frazier Life Sciences Public Fund, L.P., (ii) 129,905 shares of Common Stock held directly by Frazier Life Sciences Public Overage Fund, L.P., (iii) 2,648 shares of Common Stock held directly by Frazier Life Sciences X, L.P., and (iv) 2,764 shares of Common Stock held directly by Frazier Life Sciences XI, L.P. FHMLSP, L.P. is the general partner of Frazier Life Sciences Public Fund, L.P. and FHMLSP, L.L.C. is the general partner of FHMLSP, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Fund, L.P. FHMLSP Overage, L.P. is the general partner of Frazier Life Sciences Public Overage Fund, L.P. and FHMLSP Overage, L.L.C. is the general partner of FHMLSP Overage, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP Overage, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Overage Fund, L.P. FHMLS X, L.P. is the general partner of Frazier Life Sciences X, L.P. and FHMLS X, L.L.C. is the general partner of FHMLS X, L.P. Patrick J. Heron and James N. Topper are the members of FHMLS X, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences X, L.P. FHMLS XI, L.P. is the general partner of Frazier Life Sciences XI, L.P. and FHMLS XI, L.L.C. is the general partner of FHMLS XI, L.P. Patrick J. Heron, James N. Topper and Daniel Estes are the members of FHMLS XI, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences XI, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

Patrick J. Heron

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 575,892.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 575,892.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

575,892.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:   The shares consist of (i) 440,575 shares of Common Stock held directly by Frazier Life Sciences Public Fund, L.P., (ii) 129,905 shares of Common Stock held directly by Frazier Life Sciences Public Overage Fund, L.P., (iii) 2,648 shares of Common Stock held directly by Frazier Life Sciences X, L.P., and (iv) 2,764 shares of Common Stock held directly by Frazier Life Sciences XI, L.P. FHMLSP, L.P. is the general partner of Frazier Life Sciences Public Fund, L.P. and FHMLSP, L.L.C. is the general partner of FHMLSP, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Fund, L.P. FHMLSP Overage, L.P. is the general partner of Frazier Life Sciences Public Overage Fund, L.P. and FHMLSP Overage, L.L.C. is the general partner of FHMLSP Overage, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP Overage, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Overage Fund, L.P. FHMLS X, L.P. is the general partner of Frazier Life Sciences X, L.P. and FHMLS X, L.L.C. is the general partner of FHMLS X, L.P. Patrick J. Heron and James N. Topper are the members of FHMLS X, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences X, L.P. FHMLS XI, L.P. is the general partner of Frazier Life Sciences XI, L.P. and FHMLS XI, L.L.C. is the general partner of FHMLS XI, L.P. Patrick J. Heron, James N. Topper and Daniel Estes are the members of FHMLS XI, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences XI, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

Albert Cha

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 570,480.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 570,480.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

570,480.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:   The shares consist of (i) 440,575 shares of Common Stock held directly by Frazier Life Sciences Public Fund, L.P., and (ii) 129,905 shares of Common Stock held directly by Frazier Life Sciences Public Overage Fund, L.P. FHMLSP, L.P. is the general partner of Frazier Life Sciences Public Fund, L.P. and FHMLSP, L.L.C. is the general partner of FHMLSP, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Fund, L.P. FHMLSP Overage, L.P. is the general partner of Frazier Life Sciences Public Overage Fund, L.P. and FHMLSP Overage, L.L.C. is the general partner of FHMLSP Overage, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP Overage, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Overage Fund, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

James Brush

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 570,480.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 570,480.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

570,480.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:   The shares consist of (i) 440,575 shares of Common Stock held directly by Frazier Life Sciences Public Fund, L.P., and (ii) 129,905 shares of Common Stock held directly by Frazier Life Sciences Public Overage Fund, L.P. FHMLSP, L.P. is the general partner of Frazier Life Sciences Public Fund, L.P. and FHMLSP, L.L.C. is the general partner of FHMLSP, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Fund, L.P. FHMLSP Overage, L.P. is the general partner of Frazier Life Sciences Public Overage Fund, L.P. and FHMLSP Overage, L.L.C. is the general partner of FHMLSP Overage, L.P. Patrick J. Heron, James N. Topper, Albert Cha and James Brush are the members of FHMLSP Overage, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences Public Overage Fund, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

CUSIP No. 697947109

1

Names of Reporting Persons

Daniel Estes

2

Check the appropriate box if a member of a Group (see instructions)

  (a)
  (b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,764.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,764.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,764.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:   The shares consist of 2,764 shares of Common Stock held directly by Frazier Life Sciences XI, L.P. FHMLS XI, L.P. is the general partner of Frazier Life Sciences XI, L.P. and FHMLS XI, L.L.C. is the general partner of FHMLS XI, L.P. Patrick J. Heron, James N. Topper and Daniel Estes are the members of FHMLS XI, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences XI, L.P. The percentage is calculated based on 11,221,307 shares of Common Stock outstanding on December 13, 2024, as set forth in the Issuer's Current Report on Form 8-K filed with the SEC on December 16, 2024.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Palvella Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 125 Strafford Ave, Suite 360, , Wayne, PA, 19087.
Item 2.
(a)	Name of person filing: The entities and persons filing this statement (collectively, the "Reporting Persons") are: Frazier Life Sciences Public Fund, L.P. ("FLSPF") FHMLSP, L.P. FHMLSP, L.L.C. Frazier Life Sciences Public Overage Fund, L.P. ("FLSPOF") FHMLSP Overage, L.P. FHMLSP Overage, L.L.C. Frazier Life Sciences XI, L.P. ("FLS XI") FHMLS XI, L.P. FHMLS XI, L.L.C. Frazier Life Sciences X, L.P. ("FLS X") FHMLS X, L.P. FHMLS X, L.L.C. James N. Topper ("Topper") Patrick J. Heron ("Heron") Albert Cha ("Cha") James Brush ("Brush") Daniel Estes ("Estes" and together with Topper, Heron, Cha and Brush, the "Members")
(b)	Address or principal business office or, if none, residence: The address and principal business office of the Reporting Persons is: c/o Frazier Life Sciences Management, L.P. 1001 Page Mill Rd, Building 4, Suite B Palo Alto, CA 94304
(c)	Citizenship: Entities: FLSPF - Delaware, U.S.A. FHMLSP, L.P. - Delaware, U.S.A. FHMLSP, L.L.C. - Delaware, U.S.A. FLSPOF - Delaware, U.S.A. FHMLSP Overage, L.P. - Delaware, U.S.A. FHMLSP, L.L.C. - Delaware, U.S.A. FLS XI - Delaware, U.S.A. FHMLS XI, L.P. - Delaware, U.S.A. FHMLS XI, L.L.C. - Delaware, U.S.A. FLS X - Delaware, U.S.A. FHMLS X, L.P. - Delaware, U.S.A. FHMLS X, L.L.C. - Delaware, U.S.A. Individuals: Topper - United States Citizen Heron - United States Citizen Cha - United States Citizen Brush - United States Citizen Estes - United States Citizen
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 697947109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),        please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Row 9 of cover page for each Reporting Person.
(b)	Percent of class: See Row 11 of cover page for each Reporting Person.  %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Row 5 of cover page for each Reporting Person.
	(ii) Shared power to vote or to direct the vote: See Row 6 of cover page for each Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: See Row 7 of cover page for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Row 8 of cover page for each Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE
	After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Frazier Life Sciences Public Fund, L.P.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLSP, L.L.C., GP of FHMLSP, L.P., GP of Frazier Life Sciences Public Fund, L.P.
Date:	01/08/2025

FHMLSP, L.P.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLSP, L.L.C., GP of FHMLSP, L.P.
Date:	01/08/2025

FHMLSP, L.L.C.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLSP, L.L.C.
Date:	01/08/2025

Frazier Life Sciences Public Overage Fund, L.P.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLSP Overage, L.L.C., GP of FHMLSP Overage, L.P., GP of Frazier Life Sciences Public Overage Fund, L.P.
Date:	01/08/2025

FHMLSP Overage, L.P.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLSP Overage, L.L.C., GP of FHMLSP Overage, L.P.
Date:	01/08/2025

FHMLSP Overage, L.L.C.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLSP Overage, L.L.C.
Date:	01/08/2025

Frazier Life Sciences X, L.P.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLS X, L.L.C., GP of FHMLS X, L.P., GP of Frazier Life Sciences X, L.P.
Date:	01/08/2025

FHMLS X, L.P.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLS X, L.L.C., GP of FHMLS X, L.P.
Date:	01/08/2025

FHMLS X, L.L.C.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLS X, L.L.C.
Date:	01/01/2025

Frazier Life Sciences XI, L.P.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLS XI, L.L.C., GP of FHMLS XI, L.P., GP of Frazier Life Sciences XI, L.P.
Date:	01/08/2025

FHMLS XI, L.P.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLS XI, L.L.C., GP of FHMLS XI, L.P.
Date:	01/08/2025

FHMLS XI, L.L.C.

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, CFO of FHMLS XI, L.L.C.
Date:	01/08/2025

James N. Topper

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, Attorney-in-Fact for James N. Topper, pursuant to a Power of Attorney, a copy of which was filed with the SEC on July 31, 2017
Date:	01/08/2025

Patrick J. Heron

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, Attorney-in-Fact for Patrick J. Heron, pursuant to a Power of Attorney, a copy of which was filed with the SEC on July 31, 2017
Date:	01/08/2025

Albert Cha

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, Attorney-in-Fact for Albert Cha, pursuant to a Power of Attorney, a copy of which was filed with the SEC on August 16, 2021
Date:	01/08/2025

James Brush

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, Attorney-in-Fact for James Brush, pursuant to a Power of Attorney, a copy of which was filed with the SEC on August 16, 2021
Date:	01/08/2025

Daniel Estes

Signature:	Steve R. Bailey
Name/Title:	Steve R. Bailey, Attorney-in-Fact for Daniel Estes, pursuant to a Power of Attorney, a copy of which was filed with the SEC on April 18, 2022
Date:	01/08/2025