Palvella Therapeutics (PVLA) S-1/A 14 Jan 25 2024 Q3 IPO registration (amended) Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2024
Document Information [Line Items]
Entity Central Index Key	0001583648
Entity Registrant Name	Palvella Therapeutics, Inc.
Amendment Flag	true
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	S-1/A
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	30-0784346
Entity Address, Address Line One	125 Strafford Ave Suite 360
Entity Address, City or Town	Wayne
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Amendment Description	The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 14,207	$ 7,350
Deferred transaction costs	1,673	0
Prepaid expenses and other current assets	441	198
Total current assets	16,321	7,548
Total assets	16,321	7,548
Current liabilities:
Accounts payable	3,130	936
Accrued expenses and other current liabilities	4,505	1,424
Total current liabilities	7,635	2,360
Royalty agreement liability	10,819	8,054
Derivative liabilities – royalty agreement	1,418	1,014
Convertible notes payable	13,250	0
Total liabilities	33,122	11,428
Commitments and contingencies (Note 10)
Convertible preferred stock, $0.00001 par value; 20,655,895 shares authorized; 15,360,787 shares issued and outstanding at September 30, 2024 and December 31, 2023; aggregate liquidation value of $66,063 at September 30, 2024	70,603	70,603
Stockholders’ deficit:
Common stock, $0.00001 par value; 29,000,000 (25,500,000 voting and 3,500,000 non-voting) shares authorized; 5,720,009 (5,050,000 voting and 670,009 non-voting) shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	2,380	1,818
Accumulated deficit	(89,784)	(76,301)
Total stockholders’ deficit	(87,404)	(74,483)
Total liabilities, convertible preferred stock and stockholders’ deficit	$ 16,321	$ 7,548

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Convertible preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Convertible preferred stock, shares authorized (in shares)	20,655,895	20,655,895	20,655,895
Convertible preferred stock, shares issued (in shares)	15,360,787	15,360,787	15,360,787
Convertible preferred stock, shares outstanding (in shares)	15,360,787	15,360,787	15,360,787
Convertible preferred stock, liquidation value	$ 66,063	$ 65,377
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	29,000,000	29,000,000	29,000,000
Common stock, shares issued (in shares)	5,720,009	5,720,009	5,720,009
Common stock, shares outstanding (in shares)	5,720,009	5,720,009	5,720,009
Voting Common Stock [Member]
Common stock, shares authorized (in shares)	25,500,000	25,500,000	25,500,000
Common stock, shares issued (in shares)	5,050,000	5,050,000	5,050,000
Common stock, shares outstanding (in shares)	5,050,000	5,050,000	5,050,000
Nonvoting Common Stock [Member]
Common stock, shares authorized (in shares)	3,500,000	3,500,000	3,500,000
Common stock, shares issued (in shares)	670,009	670,009	670,009
Common stock, shares outstanding (in shares)	670,009	670,009	670,009

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and Development Expense (Income)		$ 3,182	$ 1,096	$ 5,608	$ 8,094	$ 8,793	$ 13,884
General and administrative		1,880	457	4,121	2,359	3,076	4,156
Total operating expenses		5,062	1,553	9,729	10,453	11,869	18,040
Operating loss		(5,062)	(1,553)	(9,729)	(10,453)	(11,869)	(18,040)
Other (expense) income:
Interest (expense) income - royalty agreement		(1,017)	(1,298)	(2,764)	7,407	6,265	(10,364)
Interest expense – convertible notes payable		(220)	0	(249)	0
Fair value adjustments on derivative liabilities - royalty agreement		(75)	(52)	(404)	541	485	(300)
Fair value adjustments on convertible notes payable		(568)	0	(568)	0
Other (expense) income, net		167	71	231	657	712	126
Net loss	$ (13,500)	$ (6,775)	$ (2,832)	$ (13,483)	$ (1,848)	$ 18,691	$ (27,552)
Net loss per share:
Basic and diluted (in dollars per share)		$ (1.22)	$ (0.53)	$ (2.46)	$ (0.42)	$ 0.68	$ (4.82)
Weighted-average shares used in computing net loss per share:
Basic and diluted (in shares)		5,720,009	5,720,009	5,720,009	5,720,009	5,720,009	5,718,926

Statements of Changes in Conver

Statements of Changes in Convertible Preferred Stock and Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	13,525,560	5,708,030
Balance at Dec. 31, 2021	$ 61,071	$ 0	$ 754	$ (67,440)	$ (66,686)
Stock-based compensation	0	0	427	0	427
Net loss	$ 0	$ 0	0	(27,552)	(27,552)
Balance (in shares) at Dec. 31, 2022	15,360,787	5,720,009
Balance at Dec. 31, 2022	$ 70,603	$ 0	1,215	(94,992)	(93,777)
Stock-based compensation	0	0	454	0	454
Net loss	$ 0	$ 0	0	(1,848)	(1,848)
Balance (in shares) at Sep. 30, 2023	15,360,787	5,720,009
Balance at Sep. 30, 2023	$ 70,603	$ 0	1,669	(96,840)	(95,171)
Balance (in shares) at Dec. 31, 2022	15,360,787	5,720,009
Balance at Dec. 31, 2022	$ 70,603	$ 0	1,215	(94,992)	(93,777)
Stock-based compensation	0	0	603	0	603
Net loss	$ 0	$ 0	0	18,691	18,691
Balance (in shares) at Dec. 31, 2023	15,360,787	5,720,009
Balance at Dec. 31, 2023	$ 70,603	$ 0	1,818	(76,301)	(74,483)
Balance (in shares) at Jun. 30, 2023	15,360,787	5,720,009
Balance at Jun. 30, 2023	$ 70,603	$ 0	1,515	(94,008)	(92,493)
Stock-based compensation	0	0	154	0	154
Net loss	$ 0	$ 0	0	(2,832)	(2,832)
Balance (in shares) at Sep. 30, 2023	15,360,787	5,720,009
Balance at Sep. 30, 2023	$ 70,603	$ 0	1,669	(96,840)	(95,171)
Balance (in shares) at Dec. 31, 2023	15,360,787	5,720,009
Balance at Dec. 31, 2023	$ 70,603	$ 0	1,818	(76,301)	(74,483)
Stock-based compensation	0	0	562	0	562
Net loss	$ 0	$ 0	0	(13,483)	(13,483)
Balance (in shares) at Sep. 30, 2024	15,360,787	5,720,009
Balance at Sep. 30, 2024	$ 70,603	$ 0	2,380	(89,784)	(87,404)
Balance (in shares) at Jun. 30, 2024	15,360,787	5,720,009
Balance at Jun. 30, 2024	$ 70,603	$ 0	2,181	(83,009)	(80,828)
Stock-based compensation	0	0	199	0	199
Net loss	$ 0	$ 0	0	(6,775)	(6,775)
Balance (in shares) at Sep. 30, 2024	15,360,787	5,720,009
Balance at Sep. 30, 2024	$ 70,603	$ 0	$ 2,380	$ (89,784)	$ (87,404)

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (13,483)	$ (1,848)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash interest (income) expense – royalty agreement	2,764	(7,407)
Non-cash interest expense – convertible notes payable	249	0
Change in fair value of derivative liabilities - royalty agreement	404	(541)
Change in fair value of convertible notes payable	568	0
Stock-based compensation	562	454
Costs to issue convertible notes payable	129	0
Change in operating assets and liabilities:
Prepaid expenses and other current assets	(243)	290
Accounts payable	2,195	(1,184)
Accrued expenses and other current liabilities	1,408	(1,040)
Net cash used in operating activities	(5,447)	(11,276)
Cash flows from financing activities
Proceeds from the issuance of convertible notes payable	12,433	0
Costs to issue convertible notes payable	(129)	0
Net cash provided by financing activities	12,304	0
Net increase (decrease) in cash and cash equivalents	6,857	(11,276)
Cash and cash equivalents at beginning of year	7,350	16,053
Cash and cash equivalents at end of period	14,207	4,777
Supplementary schedule of non-cash financing activities:
Deferred transaction costs, accrued but not paid	$ 1,673	$ 0

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 14,207		$ 7,350			$ 16,053
Prepaid expenses and other current assets	441		198			471
Total current assets	16,321		7,548			16,524
Total assets	16,321		7,548			16,524
Current liabilities:
Accounts payable	3,130		936			3,181
Accrued expenses and other current liabilities	4,505		1,424			2,601
Total current liabilities	7,635		2,360			5,782
Royalty agreement liability	10,819		8,054			32,417
Derivative liabilities – royalty agreement	1,418		1,014			1,499
Total liabilities	33,122		11,428			39,698
Commitments and contingencies (Note 10)
Convertible preferred stock, $0.00001 par value; 20,655,895 shares authorized; 15,360,787 shares issued and outstanding at September 30, 2024 and December 31, 2023; aggregate liquidation value of $66,063 at September 30, 2024	70,603		70,603			70,603
Stockholders’ deficit:
Common stock, $0.00001 par value; 29,000,000 (25,500,000 voting and 3,500,000 non-voting) shares authorized; 5,720,009 (5,050,000 voting and 670,009 non-voting) shares issued and outstanding at September 30, 2024 and December 31, 2023	0		0			0
Additional paid-in capital	2,380		1,818			1,215
Accumulated deficit	(89,784)		(76,301)			(94,992)
Total stockholders’ deficit	(87,404)	$ (80,828)	(74,483)	$ (95,171)	$ (92,493)	(93,777)	$ (66,686)
Total liabilities, convertible preferred stock and stockholders’ deficit	$ 16,321		$ 7,548			$ 16,524

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Convertible preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Convertible preferred stock, shares authorized (in shares)	20,655,895	20,655,895	20,655,895
Convertible preferred stock, shares issued (in shares)	15,360,787	15,360,787	15,360,787
Convertible preferred stock, shares outstanding (in shares)	15,360,787	15,360,787	15,360,787
Convertible preferred stock, liquidation value	$ 66,063	$ 65,377
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	29,000,000	29,000,000	29,000,000
Common stock, shares issued (in shares)	5,720,009	5,720,009	5,720,009
Common stock, shares outstanding (in shares)	5,720,009	5,720,009	5,720,009
Voting Common Stock [Member]
Common stock, shares authorized (in shares)	25,500,000	25,500,000	25,500,000
Common stock, shares issued (in shares)	5,050,000	5,050,000	5,050,000
Common stock, shares outstanding (in shares)	5,050,000	5,050,000	5,050,000
Nonvoting Common Stock [Member]
Common stock, shares authorized (in shares)	3,500,000	3,500,000	3,500,000
Common stock, shares issued (in shares)	670,009	670,009	670,009
Common stock, shares outstanding (in shares)	670,009	670,009	670,009

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and Development Expense (Income)	$ 8,793	$ 13,884
General and administrative	3,076	4,156
Total operating expenses	11,869	18,040
Operating loss	(11,869)	(18,040)
Other (expense) income:
Interest (expense) income - royalty agreement	6,265	(10,364)
Fair value adjustments on derivative liabilities - royalty agreement	485	(300)
Gain on extinguishment – royalty agreement	23,098	0
Other (expense) income, net	712	126
Income (loss) before income taxes	18,691	(28,578)
Income tax benefit	0	1,026
Net loss	18,691	(27,552)
Less: Cumulative Series D preferred dividends	(776)	0
Net income (loss) attributable to common stockholders	$ 17,915	$ (27,552)
Net loss per share:
Basic and diluted (in dollars per share)	$ 0.68	$ (4.82)
Diluted (in dollars per share)	$ 0.67	$ (4.82)
Weighted-average shares used in computing net loss per share:
Basic and diluted (in shares)	5,720,009	5,718,926
Diluted (in shares)	5,796,956	5,718,926

Statements of Changes in Conv_2

Statements of Changes in Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Series D Preferred Stock [Member] Preferred Stock [Member]	Series D Preferred Stock [Member] Common Stock [Member]	Series D Preferred Stock [Member] Additional Paid-in Capital [Member]	Series D Preferred Stock [Member] Retained Earnings [Member]	Series D Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021						13,525,560	5,708,030
Balance at Dec. 31, 2021						$ 61,071	$ 0	$ 754	$ (67,440)	$ (66,686)
Issuance of Series D preferred stock, net of issuance costs of $173 (in shares)	1,835,227	0
Issuance of Series D preferred stock, net of issuance costs of $173	$ 9,532	$ 0	$ 0	$ 0	$ 0
Stock options exercised (in shares)						0	11,979
Stock options exercised						$ 0	$ 0	34	0	34
Stock-based compensation						0	0	427	0	427
Net loss						$ 0	$ 0	0	(27,552)	(27,552)
Balance (in shares) at Dec. 31, 2022						15,360,787	5,720,009
Balance at Dec. 31, 2022						$ 70,603	$ 0	1,215	(94,992)	(93,777)
Stock-based compensation						0	0	454	0	454
Net loss						$ 0	$ 0	0	(1,848)	(1,848)
Balance (in shares) at Sep. 30, 2023						15,360,787	5,720,009
Balance at Sep. 30, 2023						$ 70,603	$ 0	1,669	(96,840)	(95,171)
Balance (in shares) at Dec. 31, 2022						15,360,787	5,720,009
Balance at Dec. 31, 2022						$ 70,603	$ 0	1,215	(94,992)	(93,777)
Stock-based compensation						0	0	603	0	603
Net loss						$ 0	$ 0	0	18,691	18,691
Balance (in shares) at Dec. 31, 2023						15,360,787	5,720,009
Balance at Dec. 31, 2023						$ 70,603	$ 0	1,818	(76,301)	(74,483)
Balance (in shares) at Jun. 30, 2023						15,360,787	5,720,009
Balance at Jun. 30, 2023						$ 70,603	$ 0	1,515	(94,008)	(92,493)
Stock-based compensation						0	0	154	0	154
Net loss						$ 0	$ 0	0	(2,832)	(2,832)
Balance (in shares) at Sep. 30, 2023						15,360,787	5,720,009
Balance at Sep. 30, 2023						$ 70,603	$ 0	1,669	(96,840)	(95,171)
Balance (in shares) at Dec. 31, 2023						15,360,787	5,720,009
Balance at Dec. 31, 2023						$ 70,603	$ 0	1,818	(76,301)	(74,483)
Stock-based compensation						0	0	562	0	562
Net loss						$ 0	$ 0	0	(13,483)	(13,483)
Balance (in shares) at Sep. 30, 2024						15,360,787	5,720,009
Balance at Sep. 30, 2024						$ 70,603	$ 0	2,380	(89,784)	(87,404)
Balance (in shares) at Jun. 30, 2024						15,360,787	5,720,009
Balance at Jun. 30, 2024						$ 70,603	$ 0	2,181	(83,009)	(80,828)
Stock-based compensation						0	0	199	0	199
Net loss						$ 0	$ 0	0	(6,775)	(6,775)
Balance (in shares) at Sep. 30, 2024						15,360,787	5,720,009
Balance at Sep. 30, 2024						$ 70,603	$ 0	$ 2,380	$ (89,784)	$ (87,404)

Statements of Changes in Conv_3

Statements of Changes in Convertible Preferred Stock and Stockholders' Deficit (Parentheticals) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Series D Preferred Stock [Member]
Issuance costs	$ 173

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ 18,691	$ (27,552)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash interest (income) expense – royalty agreement	(6,265)	10,364
Change in fair value of derivative liabilities - royalty agreement	(485)	300
Gain on extinguishment – royalty agreement	(23,098)	0
Stock-based compensation	603	427
Change in operating assets and liabilities:
Prepaid expenses and other assets	273	695
Accounts payable	(2,245)	1,980
Accrued expenses and other current liabilities	(1,177)	(1,054)
Net cash used in operating activities	(13,703)	(14,840)
Cash flows from financing activities
Proceeds from issuance of Series D preferred stock, net	0	9,532
Proceeds from amendment to royalty agreement	5,000	0
Exercise of stock options	0	34
Net cash provided by financing activities	5,000	9,566
Net increase (decrease) in cash and cash equivalents	(8,703)	(5,274)
Cash and cash equivalents at beginning of year	16,053	21,327
Cash and cash equivalents at end of period	$ 7,350	$ 16,053

Note 1 - Description of Busines

Note 1 - Description of Business, Organization and Liquidity	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Business Risks and Liquidity Palvella Therapeutics, Inc. (the “Company”) is a late clinical-stage biopharmaceutical company committed to serving individuals suffering from serious, rare genetic skin diseases without approved therapies. The Company’s lead product candidate, QTORIN 3.9% two Liquidity Since inception, the Company has incurred net losses and negative cash flows from operations. During the three nine September 30, 2024, September 30, 2024, The Company has financed its operations to date primarily through the sale of its convertible preferred stock, funding received under a royalty agreement, and entering into a convertible note purchase agreement that are convertible into the Company’s common stock based on certain conditions and events. $13.2 million of the convertible note purchase agreements has been issued as of September 30, 2024, December 13, 2024. not no one no one December 2024, The accompanying financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not	1. Business Palvella Therapeutics, Inc. (the “Company”) is a late clinical-stage biopharmaceutical company committed to serving individuals suffering from serious, rare genetic skin diseases without approved therapies. The Company’s lead product candidate, QTORIN 3.9% two Liquidity Since inception, the Company has incurred net losses and negative cash flows from operations. During the year ended December 31, 2023, 4 December 31, 2023, December 31, 2023. The Company has financed its operations to date primarily through the sale of its convertible preferred stock, funding received under a royalty agreement, and entering into a convertible note purchase agreement under which the Company raised $11.9 million of gross proceeds from the issuance of convertible promissory notes through the issuance date of these financial statements that are convertible into the Company’s common stock based on certain conditions and events. Management does not not one one Management’s plans to address this going concern uncertainty include raising additional financing through public or private equity offerings, debt financings, collaborations and licensing arrangements, strategic transactions, or other sources to fund its operations; however, there can be no The accompanying financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Research and Development Expense (Income)	$ 3,182	$ 1,096	$ 5,608	$ 8,094	$ 8,793	$ 13,884
Notes to Financial Statements
Significant Accounting Policies [Text Block]			2. Basis of presentation The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim reporting. Any references in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Accordingly, these interim Financial Statements do not September 30, 2024, three nine September 30, 2024 2023, nine September 30, 2024 2023. three nine September 30, 2024 not The information contained within the unaudited interim financial statements should be read in conjunction with the audited financial statements and accompanying notes as of and for the year ended December 31, 2023. Use of estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process and actual results could differ materially from those estimates. Concentration of credit risk and other risks and uncertainties Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company holds all cash at two not not The Company is dependent on contract manufacturing organizations (“CMOs”) to supply products for research and development of its product candidates, including pre-clinical and clinical studies, and for commercialization of its product candidates, if approved. The Company’s development programs could be adversely affected by any significant interruption in its CMOs’ operations or by a significant interruption in the supply of active pharmaceutical ingredients and other components. Products developed by the Company require approval from the U.S. Food and Drug Administration (“FDA”) or other international regulatory agencies prior to commercial sales. There can be no Cash and cash equivalents Cash and cash equivalents are held in accounts at two 90 Fair value measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one three first two ● Level 1 ● Level 2 1 not ● Level 3 no At September 30, 2024 December 31, 2023, September 30, 2024 December 31, 2023, 3 Derivative instruments The Company has milestone payments which may 4 3 The derivative liabilities – royalty agreement was initially recorded at fair value, with gains and losses arising for changes in fair value of the derivative liabilities – royalty agreement recognized within the statements of operations as fair value adjustments on the derivative liabilities at each financial reporting period. Convertible Notes The fair value of the Convertible Notes was based on a probability-weighted expected return model ("PWERM"), which represents Level 3 not As permitted under FASB ASC Topic 825, 825” September 2024 825, not 6. Research and development expenses Research and development costs are charged to expense as incurred. Research and development expenses include, among other costs, salaries and benefits of scientific personnel and the external cost of producing and testing the clinical material for clinical trials. The Company has entered various research and development and clinical trial-related contracts. The Company defers and capitalizes prepaid nonrefundable advance research and development payments to third Stock-based compensation The Company measures all stock options and other stock-based awards granted to employees, directors, consultants, and other nonemployees based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period on a straight-line basis, which is generally the vesting period of the respective award. The Company recognizes forfeitures at the time forfeitures occur. The Company classifies stock-based compensation expense in its statements of operations in the same way the payroll costs or service payments are classified for the related stock-based award recipient. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model (“Black-Scholes”). Black-Scholes requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no Government Grants The Company recognizes grants from governmental agencies when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. The Company evaluates the conditions of each grant as of each reporting period to evaluate whether the Company has reached reasonable assurance of meeting the conditions of each grant arrangement and that it is expected that the grant will be received as a result of meeting the necessary conditions. Grants are recognized in the consolidated statements of operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, grant income related to research and development costs is recognized as such expenses are incurred. Grant income is recorded as a reduction of research and development costs in the statements of operations. In September 2024, 3 August 2025. September 30, 2024, research and development costs Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not not The Company may not not Related party transactions The Company’s board of directors reviews and approves transactions with directors, officers, and holders of 5% not not Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its chief executive officer. The Company has determined it operates in one segment. Net (loss) income per share The Company’s convertible preferred stock are participating securities. Accordingly, in any period in which the Company reports net income, basic earnings per share is computed using the “two-class” method which includes the weighted- average number of shares of common stock outstanding during the period and other securities that participate in dividends (a participating security). During the periods where the Company incurs net losses, the Company allocates no no Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not three nine September 30, 2024 2023 Recently issued accounting standards In December 2023, No. 2023 09, No. 2023 09 December 15, 2024 December 15, 2025 In November 2023, No. 2023 07, December 15, 2023 December 15, 2024.		2. Basis of presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Any references in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process and actual results could differ materially from those estimates. Concentration of credit risk and other risks and uncertainties Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company holds all cash at two not not The Company is dependent on contract manufacturing organizations (“CMOs”) to supply products for research and development of its product candidates, including pre-clinical and clinical studies, and for commercialization of its product candidates, if approved. The Company’s development programs could be adversely affected by any significant interruption in its CMOs’ operations or by a significant interruption in the supply of active pharmaceutical ingredients and other components. Products developed by the Company require approval from the U.S. Food and Drug Administration (“FDA”) or other international regulatory agencies prior to commercial sales. There can be no Cash and cash equivalents Cash and cash equivalents are held in accounts at two 90 Fair value measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one three first two ● Level 1 ● Level 2 1 not ● Level 3 no At December 31, 2023 2022, December 31, 2023, November 2023 4 Derivative instruments The Company has milestone payments which may 4 3 The derivative liabilities – royalty agreement was initially recorded at fair value, with gains and losses arising for changes in fair value of the derivative liabilities – royalty agreement recognized within the statements of operations as fair value adjustments on the derivative liabilities at each financial reporting period. Research and development expenses Research and development costs are charged to expense as incurred. Research and development expenses include, among other costs, salaries and benefits of scientific personnel and the external cost of producing and testing the clinical material for clinical trials. The Company has entered various research and development and clinical trial-related contracts. The Company defers and capitalizes prepaid nonrefundable advance research and development payments to third Stock-based compensation The Company measures all stock options and other stock-based awards granted to employees, directors, consultants, and other nonemployees based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period on a straight-line basis, which is generally the vesting period of the respective award. The Company recognizes forfeitures at the time forfeitures occur. The Company classifies stock-based compensation expense in its statements of operations in the same way the payroll costs or service payments are classified for the related stock-based award recipient. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model (“Black-Scholes”). Black-Scholes requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The Company uses the simplified method to calculate the expected term for options granted whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero no As the Company’s common stock has not third Valuation of Privately-Held-Company Equity Securities Issued as Compensation one third may third Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not not The Company may not not Related party transactions The Company’s board of directors reviews and approves transactions with directors, officers, and holders of 5% not not Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its chief executive officer. The Company has determined it operates in one segment. Net income (loss) per share The Company’s convertible preferred stock are participating securities. Accordingly, in any period in which the Company reports net income attributable to common stockholders, basic earnings per share is computed using the “two-class” method. Under this method, net income is reduced by any dividends earned and the remaining earnings (undistributed earnings) are allocated to common stock and each series of convertible preferred stock to the extent that each preferred security may two not no two two not 10 Recently adopted accounting standards In June 2016, 2016 13, 326 2016 13” 2016 13 2016 13 January 1, 2023 not Recently issued accounting standards In December 2023, No. 2023 09, No. 2023 09 December 15, 2024 December 15, 2025 In November 2023, No. 2023 07, December 15, 2023 December 15, 2024. December 15, 2024,

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	3. The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 13,889 $ — $ — $ 13,889 Total assets measured at fair value $ 13,889 $ — $ — $ 13,889 Liabilities: Derivative liabilities - royalty agreement $ — $ — $ 1,418 $ 1,418 Convertible notes payable — — 13,250 13,250 Total liabilities measured at fair value $ — $ — $ 14,668 $ 14,668 December 31, 2023 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 7,203 $ — $ — $ 7,203 Total assets measured at fair value $ 7,203 $ — $ — $ 7,203 Liabilities: Derivative liabilities - royalty agreement $ — $ — $ 1,014 $ 1,014 Total liabilities measured at fair value $ — $ — $ 1,014 $ 1,014 Money market funds are highly liquid investments and are actively traded. The pricing information on the Company’s money market funds is based on quoted prices in active markets for identical securities. This approach results in a classification of these securities as Level 1 September 30, 2024 December 31, 2023. The Company measures the Convertible Notes and warrant liabilities at fair value based on significant inputs not 3 no September 30, 2024. The fair value of the Convertible Notes and warrant liabilities may may not may The key assumptions used to determine the fair value of the derivative liabilities – royalty agreement at September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Discount rate 24.0 % 25.0 % Probability rate of achieving FDA approval of a product 56.6 % 50.0 % Expected term to FDA regulatory approval of a product (in years) 2.67 3.50 The following assumptions were used in determining the fair value of the Convertible Notes as of September 30, 2024: September 30, 2024 Risk-free interest rate 4.40 % Volatility 77.50 % Dividend yield 0.00 % Probability-weighted remaining term (years) 0.5 Stock price $ 3.67 The following tables provide reconciliations of the liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 September 30, 2024 ( Derivative Liabilities Royalty Agreement Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Balance, beginning of period $ 1,343 $ 1,014 Fair value adjustments 75 404 Balance, end of the period $ 1,418 $ 1,418 Convertible Notes Payable Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Balance, beginning of period $ 10,029 $ - Initial fair value at issuance - 10,000 Issuance of convertible notes during the period 2,433 2,433 Accrued interest expense 220 249 Fair value adjustments 568 568 Balance, end of the period $ 13,250 $ 13,250	3. The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): December 31, 2023 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 7,203 $ — $ — $ 7,203 Total assets measured at fair value $ 7,203 $ — $ — $ 7,203 Liabilities: Derivative liabilities – royalty agreement $ — $ — $ 1,014 $ 1,014 Total liabilities measured at fair value $ — $ — $ 1,014 $ 1,014 December 31, 2022 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 15,203 $ — $ — $ 15,203 Total assets measured at fair value $ 15,203 $ — $ — $ 15,203 Liabilities: Derivative liabilities – royalty agreement $ — $ — $ 1,499 $ 1,499 Total liabilities measured at fair value $ — $ — $ 1,499 $ 1,499 Money market funds are highly liquid investments and are actively traded. The pricing information on the Company’s money market funds is based on quoted prices in active markets for identical securities. This approach results in a classification of these securities as Level 1 December 31, 2023 2022. The key assumptions used to determine the fair value of the derivative liabilities – royalty agreement at December 31, 2023 2022 December 31, 2023 2022 Discount rate 25.0 % 25.0 % Probability rate of achieving FDA approval of a product 50 % 50 % Expected term to FDA regulatory approval of a product (in years) 3.50 1.75 The following table provides a reconciliation of the liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 2023 2022 Derivative liabilities – royalty agreement Balance at January 1 $ 1,499 $ 1,199 Fair value adjustments on derivative liabilities (485 ) 300 Balance at December 31 $ 1,014 $ 1,499 The derivative liabilities – royalty agreement is classified as long term on the Company’s balance sheets according to the estimated timing of the occurrence of the potential payments. As discussed in Note 4 3

Note 4 - Strategic Agreements

Note 4 - Strategic Agreements	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Strategic Agreements [Text Block]	4. Ligand Development Funding Agreement In December 2018, one one first fifteenth first eight seven eight Ligand may no may not The total amount of potential future milestone payments remaining under the arrangement were $5.0 million as of September 30, 2024 December 31, 2023. September 30, 2024 December 31, 2023, 3 The Company’s obligation to pay tiered royalties under the Ligand Agreement was determined to be a debt instrument based on the likelihood of repaying the amounts provided to fund the development of QTORIN rapamycin and that the Company has significant continuing involvement in the generation of the cash flows potentially due to Ligand. This obligation is reflected as royalty agreement liability which is classified as a long-term liability on the accompanying balance sheets. Interest expense with respect to the royalty agreement liability is determined using the effective interest method based upon probability-adjusted cash flow estimates of the Company’s potential future royalty payments under the Ligand Agreement, yielding an effective interest rate of 39.9% and 20.2% for the three nine September 30, 2024 2023, second 2023, second 2024, three September 30, 2024 2023, nine September 30, 2024 nine September 30, 2023. In November 2023, one December 31, 2023. The Ligand Agreement requires the Company to make certain estimates and assumptions about the future development, FDA approval, commercialization, and net sales of any product containing QTORIN rapamycin. These estimates and assumptions are subject to significant variability and are thus subject to significant uncertainty. Therefore, these estimates and assumptions are likely to change as the Company develops and commercializes products containing QTORIN rapamycin that may	4. Ligand Development Funding Agreement In December 2018, one one first fifteenth first eight seven eight Ligand may no may not The total amount of potential future milestone payments remaining under the arrangement were $5.0 million as of December 31, 2023 2022. December 31, 2023 2022, 3 The Company’s obligation to pay tiered royalties under the Ligand Agreement was determined to be a debt instrument based on the likelihood of repaying the amounts provided to fund the development of QTORIN rapamycin and that the Company has significant continuing involvement in the generation of the cash flows potentially due to Ligand. This obligation is reflected as royalty agreement liability which is classified as a long-term liability on the accompanying balance sheets. Interest expense with respect to the royalty agreement liability is determined using the effective interest method based upon probability-adjusted cash flow estimates of the Company’s potential future royalty payments under the Ligand Agreement, yielding an effective interest rate of 38.9% and 30.3% as of December 31, 2023 2022, second 2023, December 31, 2023. December 31, 2023 2022, In November 2023, may 470, Debt 10% 3 The Amended Ligand Agreement includes an option for Ligand to purchase additional product revenue participation rights from Palvella over a 10 first not not not not The Ligand Agreement requires the Company to make certain estimates and assumptions about the timing and probability of FDA approval and commercialization, and the amount of future net sales for any product containing QTORIN rapamycin. The estimated future net sales are based on subjective assumptions that include the estimated size of the addressable patient population and the anticipated pricing of the Company’s products. These estimates and assumptions are subject to significant variability and are thus subject to significant uncertainty. Therefore, these estimates and assumptions are likely to change as the Company develops and commercializes products containing QTORIN rapamycin that may

Note 5 - Accrued Expenses and O

Note 5 - Accrued Expenses and Other Current Liabilities	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Accrued Expenses and Other Current Liabilities [Text Block]	5. Accrued expenses and other current liabilities consist of the following (in thousands): September 30, December 31, 2024 2023 Professional fees $ 2,343 $ 960 Compensation expense 1,462 175 Research and development expenses 418 120 Other 282 169 Total accrued expenses and other current liabilities $ 4,505 $ 1,424	5. Accrued expenses and other current liabilities consist of the following (in thousands): December 31, 2023 2022 Professional fees $ 960 $ 997 Compensation expense 175 762 Research and development expenses 120 683 Other 169 159 Total accrued expenses and other current liabilities $ 1,424 $ 2,601

Note 6 - Convertible Notes Paya

Note 6 - Convertible Notes Payable	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	6. To facilitate the ongoing operations of the Company, the Company entered into the following Convertible Notes during the periods ended September 30, 2024: Issuance Date Original Issuance Amount Maturity Date Interest Rate Fair Value as of September 30, 2024 Note 1 6/4/2024 $ 5,000,000 6/6/2027 SOFR + 2 % $ 5,348,754 Note 2 6/26/2024 2,500,000 6/6/2027 SOFR + 2 % 2,662,842 Note 3 6/26/2024 2,500,000 6/6/2027 SOFR + 2 % 2,662,842 Note 4 7/17/2024 50,000 6/6/2027 SOFR + 2 % 53,037 Note 5 7/17/2024 50,000 6/6/2027 SOFR + 2 % 53,036 Note 6 7/19/2024 20,000 6/6/2027 SOFR + 2 % 159,047 Note 7 7/19/2024 143,000 6/6/2027 SOFR + 2 % 151,624 Note 8 7/19/2024 100,000 6/6/2027 SOFR + 2 % 106,031 Note 9 7/19/2024 70,000 6/6/2027 SOFR + 2 % 74,222 Note 10 7/19/2024 150,000 6/6/2027 SOFR + 2 % 21,206 Note 11 7/22/2024 700,000 6/6/2027 SOFR + 2 % 741,776 Note 12 7/22/2024 500,000 6/6/2027 SOFR + 2 % 529,840 Note 13 7/22/2024 150,000 6/6/2027 SOFR + 2 % 158,952 Note 14 8/20/2024 500,000 6/6/2027 SOFR + 2 % 526,791 $ 12,433,000 $ 13,250,000 Total interest expense incurred on the Convertible Notes during the nine September 30, 2024 three nine September 30, 2024, Upon a Qualified Financing, defined as either the earlier to occur of a) issuance of shares of preferred stock resulting in aggregate gross proceeds of at least $20,000,000 or b) an initial public offering, in each case on or before the maturity date, the principal and accrued interest on the Convertible Notes shall automatically convert into shares of the Company. In the case of the Qualified Financing being an issuance of preferred stock resulting in aggregate gross proceeds of at least $20,000,000, the Convertible Notes shall convert into shares of preferred stock having identical rights, privileges, preferences and restrictions as those issued to the investors in the Qualified Financing. In the case of the Qualified Financing being an initial public offering, the Convertible Notes shall convert into shares of common stock. The Qualified Financing Conversion Price is equal to the lesser of (a) 80% of the price paid per share by the investors in the Qualified Financing or (b) the price per share as calculated by dividing $126,188,357 by the number of shares of common stock outstanding on an as-converted basis immediately prior to the Qualified Financing. If the Company consummates a reverse merger within 12 months of the issuance date, then the Qualified Financing Conversion Price shall be equal to the lowest cash price per share paid by the purchasers of the equity securities in connection with the private investment in public entity (the “PIPE”) or other related financing transaction consummated concurrently with the reverse merger. Upon a Non-Qualified Financing, defined as any issuance of preferred stock to investors on or before the maturity date with the purpose of raising capital that does not The Non-Qualified Financing Conversion Price is equal to the lesser of (a) 80% of the price paid per share by the investors in the Non-Qualified Financing or (b) the price per share as calculated by dividing $126,188,357 by the number of shares of common stock outstanding on an as-converted basis immediately prior to the Non-Qualified Financing. Upon a Corporate Transaction, as defined as a) the closing of the sale, transfer, or other disposition of all or substantially all of the Company’s assets, b) the consummation of a merger with or into another entity (except for a reverse merger), or c) a liquidation or dissolution of the company, the holders will receive the greater of 1 2 3 If the shares are neither repaid nor converted in connection with a Qualified Financing, Non-Qualified Financing, or Corporate Transaction, the outstanding principal and accrued interest of the Convertible Notes shall be due and payable within 30 days of the earlier of a) the date the Company receives approval of a new drug Application (NDA) by the United States Food and Drug Administration of QTORIN rapamycin b) September 6, 2027

Note 7 - Convertible Preferred

Note 7 - Convertible Preferred Stock	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Equity [Text Block]	7. The Company amended and restated its certificate of incorporation (as amended, the “Amended Certificate”) such that it is authorized to issue 29,000,000 shares of common stock (25,500,000 voting and 3,500,000 non-voting) and 20,655,895 shares of preferred stock, with 2,241,903 shares designated as Series A- 1 1 2 2 The following table summarizes outstanding convertible preferred stock (in thousands, except share and per share amounts): September 30, 2024 and December 31, 2023 September 30, 2024 Issued and Original Issue Authorized Outstanding Liquidation Price Per Share Shares Shares Preference Series A-1 Preferred $ 1.31 2,241,903 2,241,903 $ 2,937 Series A-2 Preferred $ 1.64 1,240,134 1,240,134 2,034 Series B Preferred $ 3.19 1,533,528 1,533,528 4,892 Series C Preferred $ 5.29 8,509,995 8,509,995 45,000 Series D Preferred $ 5.29 7,130,335 1,835,227 11,200 20,655,895 15,360,787 $ 66,063 The rights and preferences of the Series A‑1 A‑2 Dividends The Series D Preferred holders, in preference to holders of any other series of the Company’s stock, are entitled to cumulative dividends in an amount in cash equal to 8% of the applicable Series D Preferred original issue price of $5.29 per annum on each outstanding share of such Series D Preferred calculated from the date of issuance of such share, if and when declared by the Company’s board of directors. The Series C Preferred holders, in preference to holders of any other series of the Company’s stock other than the Series D Preferred, are entitled to non-cumulative dividends in an amount in cash equal to 8% of the applicable Series C Preferred original issue price of $5.29 per annum on each outstanding share of such Series C Preferred calculated from the date of issuance of such share, if and when declared by the Company’s board of directors. The holders of Preferred Stock and Common Stock are entitled to participate in the distribution of the dividend as they would have received if all outstanding shares of Preferred Stock had been converted into common stock on the date of such event, after all holders of the Series D Preferred and the Series C Preferred have received such dividend in full. No dividends were declared or paid as of September 30, 2024. September 30, 2024 December 31, 2023, Liquidation In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, holders of the Series D Preferred shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and in the event of a deemed liquidation event, as defined in the Amended Certificate, the holders of Series D Preferred then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such deemed liquidation event or out of the available proceeds, as applicable, before any payment shall be made to the holders of the Series A- 1 2 In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, holders of the Series C Preferred shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and in the event of a deemed liquidation event, as defined in the Amended Certificate, the holders of Series C Preferred then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such deemed liquidation event or out of the available proceeds, as applicable, before any payment shall be made to the holders of the Series A- 1 2 In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, after payment in full of the Series D Liquidation Amount to the holders of Series D Preferred and the Series C Liquidation Amount to the holders of the Series C Preferred, holders of shares of Series A- 1 2 1 2 1 2 1 2 1 2 Voting The holders of outstanding shares of Preferred Stock are entitled to vote on all matters and shall be entitled to vote based on the number of shares of common stock into which each share of the preferred stock is convertible. Redemption Preferred Stock is not not not not Conversion Preferred Stock is convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing (a) the applicable original issue price by (b) the applicable conversion price in effect at the time of conversion. Preferred Stock automatically converts upon the closing of a firm commitment underwritten initial public offering of common stock, in which the price per share is at least two times the Series D original issue price, subject to adjustment, resulting in gross proceeds of at least $50.0 million to the Company. Preferred Conversion Price to Preferred Stock Common Stock Series A-1 Preferred $ 1.31 Series A-2 Preferred $ 1.64 Series B Preferred $ 3.19 Series C Preferred $ 5.29 Series D Preferred $ 5.29 For Preferred Stock, the preferred conversion price and the rate at which applicable shares may September 30, 2024 December 31, 2023,	6. In December 2022, 3 not not not not not July 2024. In connection with the issuance of the Series D Preferred, the Company amended and restated its certificate of incorporation (as amended, the “Amended Certificate”) such that it is authorized to issue 29,000,000 shares of common stock (25,500,000 voting and 3,500,000 non-voting) and 20,655,895 shares of preferred stock, with 2,241,903 shares designated as Series A- 1 1 2 2 The following tables summarize outstanding convertible preferred stock (in thousands, except share and per share amounts): December 31, 2023 and 2022 December 31, 2023 Issued and Original Issue Authorized Outstanding Liquidation Price Per Share Shares Shares Preference Series A-1 Preferred $ 1.31 2,241,903 2,241,903 $ 2,937 Series A-2 Preferred $ 1.64 1,240,134 1,240,134 2,034 Series B Preferred $ 3.19 1,533,528 1,533,528 4,892 Series C Preferred $ 5.29 8,509,995 8,509,995 45,000 Series D Preferred $ 5.29 7,130,335 1,835,227 10,514 20,655,895 15,360,787 $ 65,377 The rights and preferences of the Series A‑1 A‑2 Dividends The Series D Preferred holders, in preference to holders of any other series of the Company’s stock, are entitled to cumulative dividends in an amount in cash equal to 8% of the applicable Series D Preferred original issue price of $5.29 per annum on each outstanding share of such Series D Preferred calculated from the date of issuance of such share, if and when declared by the Company’s board of directors. The Series C Preferred holders, in preference to holders of any other series of the Company’s stock other than the Series D Preferred, are entitled to non-cumulative dividends in an amount in cash equal to 8% of the applicable Series C Preferred original issue price of $5.29 per annum on each outstanding share of such Series C Preferred calculated from the date of issuance of such share, if and when declared by the Company’s board of directors. The holders of Preferred Stock and Common Stock are entitled to participate in the distribution of the dividend as they would have received if all outstanding shares of Preferred Stock had been converted into common stock on the date of such event, after all holders of the Series D Preferred and the Series C Preferred have received such dividend in full. No dividends were declared or paid as of December 31, 2023. December 31, 2023 December 31, 2022. Liquidation In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, holders of the Series D Preferred shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and in the event of a deemed liquidation event, as defined in the Amended Certificate, the holders of Series D Preferred then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such deemed liquidation event or out of the available proceeds, as applicable, before any payment shall be made to the holders of the Series A- 1 2 In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, holders of the Series C Preferred shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and in the event of a deemed liquidation event, as defined in the Amended Certificate, the holders of Series C Preferred then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such deemed liquidation event or out of the available proceeds, as applicable, before any payment shall be made to the holders of the Series A- 1 2 In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, after payment in full of the Series D Liquidation Amount to the holders of Series D Preferred and the Series C Liquidation Amount to the holders of the Series C Preferred, holders of shares of Series A- 1 2 1 2 1 2 1 2 1 2 Voting The holders of outstanding shares of Preferred Stock are entitled to vote on all matters and shall be entitled to vote based on the number of shares of common stock into which each share of the preferred stock is convertible. Redemption Preferred Stock is not not not no Conversion Preferred Stock is convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing (a) the applicable original issue price by (b) the applicable conversion price in effect at the time of conversion. Preferred Stock automatically converts upon the closing of a firm commitment underwritten initial public offering of common stock, in which the price per share is at least two times the Series D original issue price, subject to adjustment, resulting in gross proceeds of at least $50.0 million to the Company. Preferred Conversion Price to Preferred Stock Common Stock Series A-1 Preferred $ 1.31 Series A-2 Preferred $ 1.64 Series B Preferred $ 3.19 Series C Preferred $ 5.29 Series D Preferred $ 5.29 For Preferred Stock, the preferred conversion price and the rate at which applicable shares may December 31, 2023 2022,

Note 8 - 2019 Equity Incentive

Note 8 - 2019 Equity Incentive Plan	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	8. 2019 In March 2019, 2019 March 2024, 2019 may September 30, 2024, For incentive stock options and non-statutory stock options, the option exercise price may not 100% four may ten A summary of activity under the Plan for the nine September 30, 2024 Common Weighted Weighted Shares Average Average Underlying Exercise Remaining Stock Price per Contractual Options Share Life (Years) Outstanding at December 31, 2023 1,581,041 $ 2.72 7.3 Granted 568,097 2.33 Exercised — Forfeited / Cancelled — Outstanding at September 30, 2024 2,149,138 $ 2.62 7.4 Exercisable at September 30, 2024 1,287,990 $ 2.61 6.2 The aggregate intrinsic value for both options outstanding and options exercisable as of September 30, 2024 During the three September 30, 2024 2023, During the nine September 30, 2024 2023, As of September 30, 2024,	7. 2019 In March 2019, 2019 May 2020, 2019 may December 31, 2023, For incentive stock options and non-statutory stock options, the option exercise price may not 100% four may ten A summary of activity under the Plan for the year ended December 31, 2023 Common Weighted Weighted Shares Average Average Underlying Exercise Remaining Stock Price per Contractual Options Share Life (Years) Outstanding at January 1, 2023 1,024,628 $ 2.53 7.1 Granted 608,388 3.03 Exercised — Forfeited / Cancelled (51,975 ) 2.64 Outstanding at December 31, 2023 1,581,041 $ 2.72 7.3 Exercisable at December 31, 2023 1,009,011 $ 2.56 6.5 The aggregate intrinsic value of options outstanding and options exercisable as of December 31, 2023 During the year ended December 31, 2023 2022, December 31, 2023, The weighted average fair value of stock options granted during the year ended December 31, 2023 Expected volatility 80.14% - 81.01 % Risk-free interest 4.05% - 4.08 % Expected term (years) 5.4 - 6.0 Expected dividend yield — There were no stock options granted during the year ended December 31, 2022.

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9. The Company recorded no provision for income taxes for both the periods ended September 30, 2024 2023. In assessing the realizability of the net deferred tax asset, the Company considers all relevant positive and negative evidence in determining whether it is more likely than not not not not September 30, 2024 December 31, 2023. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of September 30, 2024 December 31, 2023, 2020	8. The Company had no provision for income taxes for the year ended December 31, 2023. December 31, 2022 2022 2018 A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows: December 31, 2023 2022 U.S. federal statutory rate 21.0 % 21.0 % Uncertain tax position and interest 0.0 3.8 State and local taxes 4.0 (3.9 ) Permanent items 0.3 (1.0 ) Change in valuation allowance (25.4 ) (16.3 ) Other 0.1 0.0 Effective income tax rate 0.0 % 3.6 % The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Royalty agreement liabilities $ 1,587 $ 9,080 Net operating loss 9,179 7,850 Section 174 R&D capitalization 4,548 3,152 Accrued expenses and other 406 364 Orphan drug credit 199 199 Startup costs 95 104 Net deferred tax assets 16,014 20,749 Valuation allowance (16,014 ) (20,749 ) Net deferred tax assets $ — $ — Decrease (increase) in valuation allowance $ 4,735 $ (4,637 ) In assessing the realizability of the net deferred tax asset, the Company considers all relevant positive and negative evidence in determining whether it is more likely than not not not not December 31, 2023 2022, The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2023, 2019 2023 At December 31, 2023, 2038. 2039.

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. Lease The Company leases office space in Wayne, Pennsylvania, under a lease agreement, as amended, expiring on October 31, 2025 12 September 30, 2024 ( Year ended December 31, 2024 $ 20 2025 67 Total future minimum payments $ 87 Rent expense recorded during the three September 30, 2024 2023 nine September 30, 2024, 2023 Litigation Liabilities for loss contingencies arising from claims, assessments, ligation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no	9. Lease The Company leases office space in Wayne, Pennsylvania, under a lease agreement, as amended, expiring on October 31, 2024 12 December 31, 2023 ( Year ended December 31, 2024 $ 67 Total future minimum payments $ 67 Rent expense recorded during the years ended December 31, 2023 2022 Litigation Liabilities for loss contingencies arising from claims, assessments, ligation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no

Note 11 - Net Loss Per Share

Note 11 - Net Loss Per Share	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	11. Basic and diluted net loss per share is calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss per share of common stock Numerator: Net loss $ (6,775 ) $ (2,832 ) $ (13,483 ) $ (1,848 ) Less cumulative preferred Series D dividends (194 ) (194 ) (582 ) (582 ) Net loss available to common shareholders – basic and diluted $ (6,969 ) $ (3,026 ) $ (14,065 ) $ (2,430 ) Denominator: Weighted-average number of shares outstanding used in computing net loss per share, basic and diluted 5,720,009 5,720,009 5,720,009 5,720,009 Net loss per share, basic and diluted $ (1.22 ) $ (0.53 ) $ (2.46 ) $ (0.42 ) The following potentially dilutive securities have been excluded from the calculation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Convertible preferred stock 15,360,787 15,360,787 15,360,787 15,360,787 Stock options to purchase common stock 2,149,138 1,611,041 2,149,138 1,611,041 Amounts in the above table reflect the common stock equivalent.	10. Basic and diluted net income (loss) per share is calculated as follows (in thousands, except share and per share amounts): Year Ended December 31, 2023 2022 Net income (loss) per share of common stock Numerator: Net income (loss) attributable to common stockholders $ 17,915 $ (27,552 ) Less: non-cumulative preferred Series C dividends (3,600 ) — Less: allocation of undistributed earnings to participating securities - preferred stock (10,431 ) — Net income (loss) attributable to common stockholders – basic and diluted $ 3,884 $ (27,552 ) Denominator: Weighted-average number of shares outstanding used in computing net income (loss) per share - basic 5,720,009 5,718,926 Effect of dilutive securities: Stock options 76,947 — Denominator for diluted net income (loss) per share – adjusted weighted average shares 5,796,956 5,718,926 Net income (loss) per share, basic $ 0.68 $ (4.82 ) Net income (loss) per share, diluted $ 0.67 $ (4.82 ) The following potentially dilutive securities have been excluded from the calculation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: December 31, 2023 2022 Convertible preferred stock 15,360,787 15,360,787 Stock options to purchase common stock 1,119,732 1,024,628 Amounts in the above table reflect the common stock equivalent.

Note 12 - Subsequent Events

Note 12 - Subsequent Events	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	12. In December 2024, September 2027 In December 2024,	11. On July 23, 2024, Subject to the terms and conditions of the Merger Agreement (a) each then-outstanding share of the Company’s capital stock will be converted into the right to receive a number of shares of Pieris common stock (subject to the payment of cash in lieu of fractional shares) calculated in accordance with the Merger Agreement; and (b) each then-outstanding stock option to purchase the Company’s common stock will be assumed by Pieris, subject to adjustment as set forth in the Merger Agreement. Consummation of the Merger is subject to certain closing conditions, including, among other things, ( 1 2 3 The Merger Agreement contains certain termination rights of each of Pieris and the Company, including the right of each party to terminate the Merger Agreement to enter into a definitive agreement for a superior proposal. Upon termination of the Merger Agreement under specified circumstances, Pieris may may In June 2024, June 2027 In March 2024, 2019 Subsequent events have been evaluated through August 9, 2024,

Note 1 - Description of Busin_2

Note 1 - Description of Business, Organization and Liquidity 1	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Business Risks and Liquidity Palvella Therapeutics, Inc. (the “Company”) is a late clinical-stage biopharmaceutical company committed to serving individuals suffering from serious, rare genetic skin diseases without approved therapies. The Company’s lead product candidate, QTORIN 3.9% two Liquidity Since inception, the Company has incurred net losses and negative cash flows from operations. During the three nine September 30, 2024, September 30, 2024, The Company has financed its operations to date primarily through the sale of its convertible preferred stock, funding received under a royalty agreement, and entering into a convertible note purchase agreement that are convertible into the Company’s common stock based on certain conditions and events. $13.2 million of the convertible note purchase agreements has been issued as of September 30, 2024, December 13, 2024. not no one no one December 2024, The accompanying financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not	1. Business Palvella Therapeutics, Inc. (the “Company”) is a late clinical-stage biopharmaceutical company committed to serving individuals suffering from serious, rare genetic skin diseases without approved therapies. The Company’s lead product candidate, QTORIN 3.9% two Liquidity Since inception, the Company has incurred net losses and negative cash flows from operations. During the year ended December 31, 2023, 4 December 31, 2023, December 31, 2023. The Company has financed its operations to date primarily through the sale of its convertible preferred stock, funding received under a royalty agreement, and entering into a convertible note purchase agreement under which the Company raised $11.9 million of gross proceeds from the issuance of convertible promissory notes through the issuance date of these financial statements that are convertible into the Company’s common stock based on certain conditions and events. Management does not not one one Management’s plans to address this going concern uncertainty include raising additional financing through public or private equity offerings, debt financings, collaborations and licensing arrangements, strategic transactions, or other sources to fund its operations; however, there can be no The accompanying financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies 1	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Basis of presentation The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim reporting. Any references in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Accordingly, these interim Financial Statements do not September 30, 2024, three nine September 30, 2024 2023, nine September 30, 2024 2023. three nine September 30, 2024 not The information contained within the unaudited interim financial statements should be read in conjunction with the audited financial statements and accompanying notes as of and for the year ended December 31, 2023. Use of estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process and actual results could differ materially from those estimates. Concentration of credit risk and other risks and uncertainties Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company holds all cash at two not not The Company is dependent on contract manufacturing organizations (“CMOs”) to supply products for research and development of its product candidates, including pre-clinical and clinical studies, and for commercialization of its product candidates, if approved. The Company’s development programs could be adversely affected by any significant interruption in its CMOs’ operations or by a significant interruption in the supply of active pharmaceutical ingredients and other components. Products developed by the Company require approval from the U.S. Food and Drug Administration (“FDA”) or other international regulatory agencies prior to commercial sales. There can be no Cash and cash equivalents Cash and cash equivalents are held in accounts at two 90 Fair value measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one three first two ● Level 1 ● Level 2 1 not ● Level 3 no At September 30, 2024 December 31, 2023, September 30, 2024 December 31, 2023, 3 Derivative instruments The Company has milestone payments which may 4 3 The derivative liabilities – royalty agreement was initially recorded at fair value, with gains and losses arising for changes in fair value of the derivative liabilities – royalty agreement recognized within the statements of operations as fair value adjustments on the derivative liabilities at each financial reporting period. Convertible Notes The fair value of the Convertible Notes was based on a probability-weighted expected return model ("PWERM"), which represents Level 3 not As permitted under FASB ASC Topic 825, 825” September 2024 825, not 6. Research and development expenses Research and development costs are charged to expense as incurred. Research and development expenses include, among other costs, salaries and benefits of scientific personnel and the external cost of producing and testing the clinical material for clinical trials. The Company has entered various research and development and clinical trial-related contracts. The Company defers and capitalizes prepaid nonrefundable advance research and development payments to third Stock-based compensation The Company measures all stock options and other stock-based awards granted to employees, directors, consultants, and other nonemployees based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period on a straight-line basis, which is generally the vesting period of the respective award. The Company recognizes forfeitures at the time forfeitures occur. The Company classifies stock-based compensation expense in its statements of operations in the same way the payroll costs or service payments are classified for the related stock-based award recipient. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model (“Black-Scholes”). Black-Scholes requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no Government Grants The Company recognizes grants from governmental agencies when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. The Company evaluates the conditions of each grant as of each reporting period to evaluate whether the Company has reached reasonable assurance of meeting the conditions of each grant arrangement and that it is expected that the grant will be received as a result of meeting the necessary conditions. Grants are recognized in the consolidated statements of operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, grant income related to research and development costs is recognized as such expenses are incurred. Grant income is recorded as a reduction of research and development costs in the statements of operations. In September 2024, 3 August 2025. September 30, 2024, research and development costs Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not not The Company may not not Related party transactions The Company’s board of directors reviews and approves transactions with directors, officers, and holders of 5% not not Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its chief executive officer. The Company has determined it operates in one segment. Net (loss) income per share The Company’s convertible preferred stock are participating securities. Accordingly, in any period in which the Company reports net income, basic earnings per share is computed using the “two-class” method which includes the weighted- average number of shares of common stock outstanding during the period and other securities that participate in dividends (a participating security). During the periods where the Company incurs net losses, the Company allocates no no Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not three nine September 30, 2024 2023 Recently issued accounting standards In December 2023, No. 2023 09, No. 2023 09 December 15, 2024 December 15, 2025 In November 2023, No. 2023 07, December 15, 2023 December 15, 2024.	2. Basis of presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Any references in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process and actual results could differ materially from those estimates. Concentration of credit risk and other risks and uncertainties Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company holds all cash at two not not The Company is dependent on contract manufacturing organizations (“CMOs”) to supply products for research and development of its product candidates, including pre-clinical and clinical studies, and for commercialization of its product candidates, if approved. The Company’s development programs could be adversely affected by any significant interruption in its CMOs’ operations or by a significant interruption in the supply of active pharmaceutical ingredients and other components. Products developed by the Company require approval from the U.S. Food and Drug Administration (“FDA”) or other international regulatory agencies prior to commercial sales. There can be no Cash and cash equivalents Cash and cash equivalents are held in accounts at two 90 Fair value measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one three first two ● Level 1 ● Level 2 1 not ● Level 3 no At December 31, 2023 2022, December 31, 2023, November 2023 4 Derivative instruments The Company has milestone payments which may 4 3 The derivative liabilities – royalty agreement was initially recorded at fair value, with gains and losses arising for changes in fair value of the derivative liabilities – royalty agreement recognized within the statements of operations as fair value adjustments on the derivative liabilities at each financial reporting period. Research and development expenses Research and development costs are charged to expense as incurred. Research and development expenses include, among other costs, salaries and benefits of scientific personnel and the external cost of producing and testing the clinical material for clinical trials. The Company has entered various research and development and clinical trial-related contracts. The Company defers and capitalizes prepaid nonrefundable advance research and development payments to third Stock-based compensation The Company measures all stock options and other stock-based awards granted to employees, directors, consultants, and other nonemployees based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period on a straight-line basis, which is generally the vesting period of the respective award. The Company recognizes forfeitures at the time forfeitures occur. The Company classifies stock-based compensation expense in its statements of operations in the same way the payroll costs or service payments are classified for the related stock-based award recipient. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model (“Black-Scholes”). Black-Scholes requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The Company uses the simplified method to calculate the expected term for options granted whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero no As the Company’s common stock has not third Valuation of Privately-Held-Company Equity Securities Issued as Compensation one third may third Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not not The Company may not not Related party transactions The Company’s board of directors reviews and approves transactions with directors, officers, and holders of 5% not not Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its chief executive officer. The Company has determined it operates in one segment. Net income (loss) per share The Company’s convertible preferred stock are participating securities. Accordingly, in any period in which the Company reports net income attributable to common stockholders, basic earnings per share is computed using the “two-class” method. Under this method, net income is reduced by any dividends earned and the remaining earnings (undistributed earnings) are allocated to common stock and each series of convertible preferred stock to the extent that each preferred security may two not no two two not 10 Recently adopted accounting standards In June 2016, 2016 13, 326 2016 13” 2016 13 2016 13 January 1, 2023 not Recently issued accounting standards In December 2023, No. 2023 09, No. 2023 09 December 15, 2024 December 15, 2025 In November 2023, No. 2023 07, December 15, 2023 December 15, 2024. December 15, 2024,

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements 1	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	3. The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 13,889 $ — $ — $ 13,889 Total assets measured at fair value $ 13,889 $ — $ — $ 13,889 Liabilities: Derivative liabilities - royalty agreement $ — $ — $ 1,418 $ 1,418 Convertible notes payable — — 13,250 13,250 Total liabilities measured at fair value $ — $ — $ 14,668 $ 14,668 December 31, 2023 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 7,203 $ — $ — $ 7,203 Total assets measured at fair value $ 7,203 $ — $ — $ 7,203 Liabilities: Derivative liabilities - royalty agreement $ — $ — $ 1,014 $ 1,014 Total liabilities measured at fair value $ — $ — $ 1,014 $ 1,014 Money market funds are highly liquid investments and are actively traded. The pricing information on the Company’s money market funds is based on quoted prices in active markets for identical securities. This approach results in a classification of these securities as Level 1 September 30, 2024 December 31, 2023. The Company measures the Convertible Notes and warrant liabilities at fair value based on significant inputs not 3 no September 30, 2024. The fair value of the Convertible Notes and warrant liabilities may may not may The key assumptions used to determine the fair value of the derivative liabilities – royalty agreement at September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Discount rate 24.0 % 25.0 % Probability rate of achieving FDA approval of a product 56.6 % 50.0 % Expected term to FDA regulatory approval of a product (in years) 2.67 3.50 The following assumptions were used in determining the fair value of the Convertible Notes as of September 30, 2024: September 30, 2024 Risk-free interest rate 4.40 % Volatility 77.50 % Dividend yield 0.00 % Probability-weighted remaining term (years) 0.5 Stock price $ 3.67 The following tables provide reconciliations of the liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 September 30, 2024 ( Derivative Liabilities Royalty Agreement Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Balance, beginning of period $ 1,343 $ 1,014 Fair value adjustments 75 404 Balance, end of the period $ 1,418 $ 1,418 Convertible Notes Payable Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Balance, beginning of period $ 10,029 $ - Initial fair value at issuance - 10,000 Issuance of convertible notes during the period 2,433 2,433 Accrued interest expense 220 249 Fair value adjustments 568 568 Balance, end of the period $ 13,250 $ 13,250	3. The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): December 31, 2023 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 7,203 $ — $ — $ 7,203 Total assets measured at fair value $ 7,203 $ — $ — $ 7,203 Liabilities: Derivative liabilities – royalty agreement $ — $ — $ 1,014 $ 1,014 Total liabilities measured at fair value $ — $ — $ 1,014 $ 1,014 December 31, 2022 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 15,203 $ — $ — $ 15,203 Total assets measured at fair value $ 15,203 $ — $ — $ 15,203 Liabilities: Derivative liabilities – royalty agreement $ — $ — $ 1,499 $ 1,499 Total liabilities measured at fair value $ — $ — $ 1,499 $ 1,499 Money market funds are highly liquid investments and are actively traded. The pricing information on the Company’s money market funds is based on quoted prices in active markets for identical securities. This approach results in a classification of these securities as Level 1 December 31, 2023 2022. The key assumptions used to determine the fair value of the derivative liabilities – royalty agreement at December 31, 2023 2022 December 31, 2023 2022 Discount rate 25.0 % 25.0 % Probability rate of achieving FDA approval of a product 50 % 50 % Expected term to FDA regulatory approval of a product (in years) 3.50 1.75 The following table provides a reconciliation of the liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 2023 2022 Derivative liabilities – royalty agreement Balance at January 1 $ 1,499 $ 1,199 Fair value adjustments on derivative liabilities (485 ) 300 Balance at December 31 $ 1,014 $ 1,499 The derivative liabilities – royalty agreement is classified as long term on the Company’s balance sheets according to the estimated timing of the occurrence of the potential payments. As discussed in Note 4 3

Note 4 - Strategic Agreements 1

Note 4 - Strategic Agreements 1	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Strategic Agreements [Text Block]	4. Ligand Development Funding Agreement In December 2018, one one first fifteenth first eight seven eight Ligand may no may not The total amount of potential future milestone payments remaining under the arrangement were $5.0 million as of September 30, 2024 December 31, 2023. September 30, 2024 December 31, 2023, 3 The Company’s obligation to pay tiered royalties under the Ligand Agreement was determined to be a debt instrument based on the likelihood of repaying the amounts provided to fund the development of QTORIN rapamycin and that the Company has significant continuing involvement in the generation of the cash flows potentially due to Ligand. This obligation is reflected as royalty agreement liability which is classified as a long-term liability on the accompanying balance sheets. Interest expense with respect to the royalty agreement liability is determined using the effective interest method based upon probability-adjusted cash flow estimates of the Company’s potential future royalty payments under the Ligand Agreement, yielding an effective interest rate of 39.9% and 20.2% for the three nine September 30, 2024 2023, second 2023, second 2024, three September 30, 2024 2023, nine September 30, 2024 nine September 30, 2023. In November 2023, one December 31, 2023. The Ligand Agreement requires the Company to make certain estimates and assumptions about the future development, FDA approval, commercialization, and net sales of any product containing QTORIN rapamycin. These estimates and assumptions are subject to significant variability and are thus subject to significant uncertainty. Therefore, these estimates and assumptions are likely to change as the Company develops and commercializes products containing QTORIN rapamycin that may	4. Ligand Development Funding Agreement In December 2018, one one first fifteenth first eight seven eight Ligand may no may not The total amount of potential future milestone payments remaining under the arrangement were $5.0 million as of December 31, 2023 2022. December 31, 2023 2022, 3 The Company’s obligation to pay tiered royalties under the Ligand Agreement was determined to be a debt instrument based on the likelihood of repaying the amounts provided to fund the development of QTORIN rapamycin and that the Company has significant continuing involvement in the generation of the cash flows potentially due to Ligand. This obligation is reflected as royalty agreement liability which is classified as a long-term liability on the accompanying balance sheets. Interest expense with respect to the royalty agreement liability is determined using the effective interest method based upon probability-adjusted cash flow estimates of the Company’s potential future royalty payments under the Ligand Agreement, yielding an effective interest rate of 38.9% and 30.3% as of December 31, 2023 2022, second 2023, December 31, 2023. December 31, 2023 2022, In November 2023, may 470, Debt 10% 3 The Amended Ligand Agreement includes an option for Ligand to purchase additional product revenue participation rights from Palvella over a 10 first not not not not The Ligand Agreement requires the Company to make certain estimates and assumptions about the timing and probability of FDA approval and commercialization, and the amount of future net sales for any product containing QTORIN rapamycin. The estimated future net sales are based on subjective assumptions that include the estimated size of the addressable patient population and the anticipated pricing of the Company’s products. These estimates and assumptions are subject to significant variability and are thus subject to significant uncertainty. Therefore, these estimates and assumptions are likely to change as the Company develops and commercializes products containing QTORIN rapamycin that may

Note 5 - Accrued Expenses and_2

Note 5 - Accrued Expenses and Other Current Liabilities 1	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Accrued Expenses and Other Current Liabilities [Text Block]	5. Accrued expenses and other current liabilities consist of the following (in thousands): September 30, December 31, 2024 2023 Professional fees $ 2,343 $ 960 Compensation expense 1,462 175 Research and development expenses 418 120 Other 282 169 Total accrued expenses and other current liabilities $ 4,505 $ 1,424	5. Accrued expenses and other current liabilities consist of the following (in thousands): December 31, 2023 2022 Professional fees $ 960 $ 997 Compensation expense 175 762 Research and development expenses 120 683 Other 169 159 Total accrued expenses and other current liabilities $ 1,424 $ 2,601

Note 6 - Convertible Preferred

Note 6 - Convertible Preferred Stock 1	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Equity [Text Block]	7. The Company amended and restated its certificate of incorporation (as amended, the “Amended Certificate”) such that it is authorized to issue 29,000,000 shares of common stock (25,500,000 voting and 3,500,000 non-voting) and 20,655,895 shares of preferred stock, with 2,241,903 shares designated as Series A- 1 1 2 2 The following table summarizes outstanding convertible preferred stock (in thousands, except share and per share amounts): September 30, 2024 and December 31, 2023 September 30, 2024 Issued and Original Issue Authorized Outstanding Liquidation Price Per Share Shares Shares Preference Series A-1 Preferred $ 1.31 2,241,903 2,241,903 $ 2,937 Series A-2 Preferred $ 1.64 1,240,134 1,240,134 2,034 Series B Preferred $ 3.19 1,533,528 1,533,528 4,892 Series C Preferred $ 5.29 8,509,995 8,509,995 45,000 Series D Preferred $ 5.29 7,130,335 1,835,227 11,200 20,655,895 15,360,787 $ 66,063 The rights and preferences of the Series A‑1 A‑2 Dividends The Series D Preferred holders, in preference to holders of any other series of the Company’s stock, are entitled to cumulative dividends in an amount in cash equal to 8% of the applicable Series D Preferred original issue price of $5.29 per annum on each outstanding share of such Series D Preferred calculated from the date of issuance of such share, if and when declared by the Company’s board of directors. The Series C Preferred holders, in preference to holders of any other series of the Company’s stock other than the Series D Preferred, are entitled to non-cumulative dividends in an amount in cash equal to 8% of the applicable Series C Preferred original issue price of $5.29 per annum on each outstanding share of such Series C Preferred calculated from the date of issuance of such share, if and when declared by the Company’s board of directors. The holders of Preferred Stock and Common Stock are entitled to participate in the distribution of the dividend as they would have received if all outstanding shares of Preferred Stock had been converted into common stock on the date of such event, after all holders of the Series D Preferred and the Series C Preferred have received such dividend in full. No dividends were declared or paid as of September 30, 2024. September 30, 2024 December 31, 2023, Liquidation In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, holders of the Series D Preferred shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and in the event of a deemed liquidation event, as defined in the Amended Certificate, the holders of Series D Preferred then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such deemed liquidation event or out of the available proceeds, as applicable, before any payment shall be made to the holders of the Series A- 1 2 In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, holders of the Series C Preferred shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and in the event of a deemed liquidation event, as defined in the Amended Certificate, the holders of Series C Preferred then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such deemed liquidation event or out of the available proceeds, as applicable, before any payment shall be made to the holders of the Series A- 1 2 In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, after payment in full of the Series D Liquidation Amount to the holders of Series D Preferred and the Series C Liquidation Amount to the holders of the Series C Preferred, holders of shares of Series A- 1 2 1 2 1 2 1 2 1 2 Voting The holders of outstanding shares of Preferred Stock are entitled to vote on all matters and shall be entitled to vote based on the number of shares of common stock into which each share of the preferred stock is convertible. Redemption Preferred Stock is not not not not Conversion Preferred Stock is convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing (a) the applicable original issue price by (b) the applicable conversion price in effect at the time of conversion. Preferred Stock automatically converts upon the closing of a firm commitment underwritten initial public offering of common stock, in which the price per share is at least two times the Series D original issue price, subject to adjustment, resulting in gross proceeds of at least $50.0 million to the Company. Preferred Conversion Price to Preferred Stock Common Stock Series A-1 Preferred $ 1.31 Series A-2 Preferred $ 1.64 Series B Preferred $ 3.19 Series C Preferred $ 5.29 Series D Preferred $ 5.29 For Preferred Stock, the preferred conversion price and the rate at which applicable shares may September 30, 2024 December 31, 2023,	6. In December 2022, 3 not not not not not July 2024. In connection with the issuance of the Series D Preferred, the Company amended and restated its certificate of incorporation (as amended, the “Amended Certificate”) such that it is authorized to issue 29,000,000 shares of common stock (25,500,000 voting and 3,500,000 non-voting) and 20,655,895 shares of preferred stock, with 2,241,903 shares designated as Series A- 1 1 2 2 The following tables summarize outstanding convertible preferred stock (in thousands, except share and per share amounts): December 31, 2023 and 2022 December 31, 2023 Issued and Original Issue Authorized Outstanding Liquidation Price Per Share Shares Shares Preference Series A-1 Preferred $ 1.31 2,241,903 2,241,903 $ 2,937 Series A-2 Preferred $ 1.64 1,240,134 1,240,134 2,034 Series B Preferred $ 3.19 1,533,528 1,533,528 4,892 Series C Preferred $ 5.29 8,509,995 8,509,995 45,000 Series D Preferred $ 5.29 7,130,335 1,835,227 10,514 20,655,895 15,360,787 $ 65,377 The rights and preferences of the Series A‑1 A‑2 Dividends The Series D Preferred holders, in preference to holders of any other series of the Company’s stock, are entitled to cumulative dividends in an amount in cash equal to 8% of the applicable Series D Preferred original issue price of $5.29 per annum on each outstanding share of such Series D Preferred calculated from the date of issuance of such share, if and when declared by the Company’s board of directors. The Series C Preferred holders, in preference to holders of any other series of the Company’s stock other than the Series D Preferred, are entitled to non-cumulative dividends in an amount in cash equal to 8% of the applicable Series C Preferred original issue price of $5.29 per annum on each outstanding share of such Series C Preferred calculated from the date of issuance of such share, if and when declared by the Company’s board of directors. The holders of Preferred Stock and Common Stock are entitled to participate in the distribution of the dividend as they would have received if all outstanding shares of Preferred Stock had been converted into common stock on the date of such event, after all holders of the Series D Preferred and the Series C Preferred have received such dividend in full. No dividends were declared or paid as of December 31, 2023. December 31, 2023 December 31, 2022. Liquidation In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, holders of the Series D Preferred shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and in the event of a deemed liquidation event, as defined in the Amended Certificate, the holders of Series D Preferred then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such deemed liquidation event or out of the available proceeds, as applicable, before any payment shall be made to the holders of the Series A- 1 2 In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, holders of the Series C Preferred shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and in the event of a deemed liquidation event, as defined in the Amended Certificate, the holders of Series C Preferred then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such deemed liquidation event or out of the available proceeds, as applicable, before any payment shall be made to the holders of the Series A- 1 2 In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, after payment in full of the Series D Liquidation Amount to the holders of Series D Preferred and the Series C Liquidation Amount to the holders of the Series C Preferred, holders of shares of Series A- 1 2 1 2 1 2 1 2 1 2 Voting The holders of outstanding shares of Preferred Stock are entitled to vote on all matters and shall be entitled to vote based on the number of shares of common stock into which each share of the preferred stock is convertible. Redemption Preferred Stock is not not not no Conversion Preferred Stock is convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing (a) the applicable original issue price by (b) the applicable conversion price in effect at the time of conversion. Preferred Stock automatically converts upon the closing of a firm commitment underwritten initial public offering of common stock, in which the price per share is at least two times the Series D original issue price, subject to adjustment, resulting in gross proceeds of at least $50.0 million to the Company. Preferred Conversion Price to Preferred Stock Common Stock Series A-1 Preferred $ 1.31 Series A-2 Preferred $ 1.64 Series B Preferred $ 3.19 Series C Preferred $ 5.29 Series D Preferred $ 5.29 For Preferred Stock, the preferred conversion price and the rate at which applicable shares may December 31, 2023 2022,

Note 7 - 2019 Equity Incentive

Note 7 - 2019 Equity Incentive Plan 1	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	8. 2019 In March 2019, 2019 March 2024, 2019 may September 30, 2024, For incentive stock options and non-statutory stock options, the option exercise price may not 100% four may ten A summary of activity under the Plan for the nine September 30, 2024 Common Weighted Weighted Shares Average Average Underlying Exercise Remaining Stock Price per Contractual Options Share Life (Years) Outstanding at December 31, 2023 1,581,041 $ 2.72 7.3 Granted 568,097 2.33 Exercised — Forfeited / Cancelled — Outstanding at September 30, 2024 2,149,138 $ 2.62 7.4 Exercisable at September 30, 2024 1,287,990 $ 2.61 6.2 The aggregate intrinsic value for both options outstanding and options exercisable as of September 30, 2024 During the three September 30, 2024 2023, During the nine September 30, 2024 2023, As of September 30, 2024,	7. 2019 In March 2019, 2019 May 2020, 2019 may December 31, 2023, For incentive stock options and non-statutory stock options, the option exercise price may not 100% four may ten A summary of activity under the Plan for the year ended December 31, 2023 Common Weighted Weighted Shares Average Average Underlying Exercise Remaining Stock Price per Contractual Options Share Life (Years) Outstanding at January 1, 2023 1,024,628 $ 2.53 7.1 Granted 608,388 3.03 Exercised — Forfeited / Cancelled (51,975 ) 2.64 Outstanding at December 31, 2023 1,581,041 $ 2.72 7.3 Exercisable at December 31, 2023 1,009,011 $ 2.56 6.5 The aggregate intrinsic value of options outstanding and options exercisable as of December 31, 2023 During the year ended December 31, 2023 2022, December 31, 2023, The weighted average fair value of stock options granted during the year ended December 31, 2023 Expected volatility 80.14% - 81.01 % Risk-free interest 4.05% - 4.08 % Expected term (years) 5.4 - 6.0 Expected dividend yield — There were no stock options granted during the year ended December 31, 2022.

Note 8 - Income Taxes 1

Note 8 - Income Taxes 1	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9. The Company recorded no provision for income taxes for both the periods ended September 30, 2024 2023. In assessing the realizability of the net deferred tax asset, the Company considers all relevant positive and negative evidence in determining whether it is more likely than not not not not September 30, 2024 December 31, 2023. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of September 30, 2024 December 31, 2023, 2020	8. The Company had no provision for income taxes for the year ended December 31, 2023. December 31, 2022 2022 2018 A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows: December 31, 2023 2022 U.S. federal statutory rate 21.0 % 21.0 % Uncertain tax position and interest 0.0 3.8 State and local taxes 4.0 (3.9 ) Permanent items 0.3 (1.0 ) Change in valuation allowance (25.4 ) (16.3 ) Other 0.1 0.0 Effective income tax rate 0.0 % 3.6 % The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Royalty agreement liabilities $ 1,587 $ 9,080 Net operating loss 9,179 7,850 Section 174 R&D capitalization 4,548 3,152 Accrued expenses and other 406 364 Orphan drug credit 199 199 Startup costs 95 104 Net deferred tax assets 16,014 20,749 Valuation allowance (16,014 ) (20,749 ) Net deferred tax assets $ — $ — Decrease (increase) in valuation allowance $ 4,735 $ (4,637 ) In assessing the realizability of the net deferred tax asset, the Company considers all relevant positive and negative evidence in determining whether it is more likely than not not not not December 31, 2023 2022, The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2023, 2019 2023 At December 31, 2023, 2038. 2039.

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies 1	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. Lease The Company leases office space in Wayne, Pennsylvania, under a lease agreement, as amended, expiring on October 31, 2025 12 September 30, 2024 ( Year ended December 31, 2024 $ 20 2025 67 Total future minimum payments $ 87 Rent expense recorded during the three September 30, 2024 2023 nine September 30, 2024, 2023 Litigation Liabilities for loss contingencies arising from claims, assessments, ligation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no	9. Lease The Company leases office space in Wayne, Pennsylvania, under a lease agreement, as amended, expiring on October 31, 2024 12 December 31, 2023 ( Year ended December 31, 2024 $ 67 Total future minimum payments $ 67 Rent expense recorded during the years ended December 31, 2023 2022 Litigation Liabilities for loss contingencies arising from claims, assessments, ligation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no

Note 10 - Net Income (Loss) Per

Note 10 - Net Income (Loss) Per Share 1	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	11. Basic and diluted net loss per share is calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss per share of common stock Numerator: Net loss $ (6,775 ) $ (2,832 ) $ (13,483 ) $ (1,848 ) Less cumulative preferred Series D dividends (194 ) (194 ) (582 ) (582 ) Net loss available to common shareholders – basic and diluted $ (6,969 ) $ (3,026 ) $ (14,065 ) $ (2,430 ) Denominator: Weighted-average number of shares outstanding used in computing net loss per share, basic and diluted 5,720,009 5,720,009 5,720,009 5,720,009 Net loss per share, basic and diluted $ (1.22 ) $ (0.53 ) $ (2.46 ) $ (0.42 ) The following potentially dilutive securities have been excluded from the calculation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Convertible preferred stock 15,360,787 15,360,787 15,360,787 15,360,787 Stock options to purchase common stock 2,149,138 1,611,041 2,149,138 1,611,041 Amounts in the above table reflect the common stock equivalent.	10. Basic and diluted net income (loss) per share is calculated as follows (in thousands, except share and per share amounts): Year Ended December 31, 2023 2022 Net income (loss) per share of common stock Numerator: Net income (loss) attributable to common stockholders $ 17,915 $ (27,552 ) Less: non-cumulative preferred Series C dividends (3,600 ) — Less: allocation of undistributed earnings to participating securities - preferred stock (10,431 ) — Net income (loss) attributable to common stockholders – basic and diluted $ 3,884 $ (27,552 ) Denominator: Weighted-average number of shares outstanding used in computing net income (loss) per share - basic 5,720,009 5,718,926 Effect of dilutive securities: Stock options 76,947 — Denominator for diluted net income (loss) per share – adjusted weighted average shares 5,796,956 5,718,926 Net income (loss) per share, basic $ 0.68 $ (4.82 ) Net income (loss) per share, diluted $ 0.67 $ (4.82 ) The following potentially dilutive securities have been excluded from the calculation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: December 31, 2023 2022 Convertible preferred stock 15,360,787 15,360,787 Stock options to purchase common stock 1,119,732 1,024,628 Amounts in the above table reflect the common stock equivalent.

Note 11 - Subsequent Events 1

Note 11 - Subsequent Events 1	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	12. In December 2024, September 2027 In December 2024,	11. On July 23, 2024, Subject to the terms and conditions of the Merger Agreement (a) each then-outstanding share of the Company’s capital stock will be converted into the right to receive a number of shares of Pieris common stock (subject to the payment of cash in lieu of fractional shares) calculated in accordance with the Merger Agreement; and (b) each then-outstanding stock option to purchase the Company’s common stock will be assumed by Pieris, subject to adjustment as set forth in the Merger Agreement. Consummation of the Merger is subject to certain closing conditions, including, among other things, ( 1 2 3 The Merger Agreement contains certain termination rights of each of Pieris and the Company, including the right of each party to terminate the Merger Agreement to enter into a definitive agreement for a superior proposal. Upon termination of the Merger Agreement under specified circumstances, Pieris may may In June 2024, June 2027 In March 2024, 2019 Subsequent events have been evaluated through August 9, 2024,

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of presentation The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim reporting. Any references in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Accordingly, these interim Financial Statements do not September 30, 2024, three nine September 30, 2024 2023, nine September 30, 2024 2023. three nine September 30, 2024 not The information contained within the unaudited interim financial statements should be read in conjunction with the audited financial statements and accompanying notes as of and for the year ended December 31, 2023.	Basis of presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Any references in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates, Policy [Policy Text Block]	Use of estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process and actual results could differ materially from those estimates.	Use of estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process and actual results could differ materially from those estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of credit risk and other risks and uncertainties Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company holds all cash at two not not The Company is dependent on contract manufacturing organizations (“CMOs”) to supply products for research and development of its product candidates, including pre-clinical and clinical studies, and for commercialization of its product candidates, if approved. The Company’s development programs could be adversely affected by any significant interruption in its CMOs’ operations or by a significant interruption in the supply of active pharmaceutical ingredients and other components. Products developed by the Company require approval from the U.S. Food and Drug Administration (“FDA”) or other international regulatory agencies prior to commercial sales. There can be no	Concentration of credit risk and other risks and uncertainties Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company holds all cash at two not not The Company is dependent on contract manufacturing organizations (“CMOs”) to supply products for research and development of its product candidates, including pre-clinical and clinical studies, and for commercialization of its product candidates, if approved. The Company’s development programs could be adversely affected by any significant interruption in its CMOs’ operations or by a significant interruption in the supply of active pharmaceutical ingredients and other components. Products developed by the Company require approval from the U.S. Food and Drug Administration (“FDA”) or other international regulatory agencies prior to commercial sales. There can be no
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents Cash and cash equivalents are held in accounts at two 90	Cash and cash equivalents Cash and cash equivalents are held in accounts at two 90
Fair Value Measurement, Policy [Policy Text Block]	Fair value measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one three first two ● Level 1 ● Level 2 1 not ● Level 3 no At September 30, 2024 December 31, 2023, September 30, 2024 December 31, 2023, 3 Derivative instruments The Company has milestone payments which may 4 3 The derivative liabilities – royalty agreement was initially recorded at fair value, with gains and losses arising for changes in fair value of the derivative liabilities – royalty agreement recognized within the statements of operations as fair value adjustments on the derivative liabilities at each financial reporting period. Convertible Notes The fair value of the Convertible Notes was based on a probability-weighted expected return model ("PWERM"), which represents Level 3 not As permitted under FASB ASC Topic 825, 825” September 2024 825, not 6.	Fair value measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one three first two ● Level 1 ● Level 2 1 not ● Level 3 no At December 31, 2023 2022, December 31, 2023, November 2023 4
Research and Development Expense, Policy [Policy Text Block]	Research and development expenses Research and development costs are charged to expense as incurred. Research and development expenses include, among other costs, salaries and benefits of scientific personnel and the external cost of producing and testing the clinical material for clinical trials. The Company has entered various research and development and clinical trial-related contracts. The Company defers and capitalizes prepaid nonrefundable advance research and development payments to third	Research and development expenses Research and development costs are charged to expense as incurred. Research and development expenses include, among other costs, salaries and benefits of scientific personnel and the external cost of producing and testing the clinical material for clinical trials. The Company has entered various research and development and clinical trial-related contracts. The Company defers and capitalizes prepaid nonrefundable advance research and development payments to third
Share-Based Payment Arrangement [Policy Text Block]	Stock-based compensation The Company measures all stock options and other stock-based awards granted to employees, directors, consultants, and other nonemployees based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period on a straight-line basis, which is generally the vesting period of the respective award. The Company recognizes forfeitures at the time forfeitures occur. The Company classifies stock-based compensation expense in its statements of operations in the same way the payroll costs or service payments are classified for the related stock-based award recipient. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model (“Black-Scholes”). Black-Scholes requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no	Stock-based compensation The Company measures all stock options and other stock-based awards granted to employees, directors, consultants, and other nonemployees based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period on a straight-line basis, which is generally the vesting period of the respective award. The Company recognizes forfeitures at the time forfeitures occur. The Company classifies stock-based compensation expense in its statements of operations in the same way the payroll costs or service payments are classified for the related stock-based award recipient. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model (“Black-Scholes”). Black-Scholes requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The Company uses the simplified method to calculate the expected term for options granted whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero no As the Company’s common stock has not third Valuation of Privately-Held-Company Equity Securities Issued as Compensation one third may third
Government Assistance [Policy Text Block]	Government Grants The Company recognizes grants from governmental agencies when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. The Company evaluates the conditions of each grant as of each reporting period to evaluate whether the Company has reached reasonable assurance of meeting the conditions of each grant arrangement and that it is expected that the grant will be received as a result of meeting the necessary conditions. Grants are recognized in the consolidated statements of operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, grant income related to research and development costs is recognized as such expenses are incurred. Grant income is recorded as a reduction of research and development costs in the statements of operations. In September 2024, 3 August 2025. September 30, 2024, research and development costs
Income Tax, Policy [Policy Text Block]	Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not not The Company may not not	Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not not The Company may not not
Related Party Transactions [Policy Text Block]	Related party transactions The Company’s board of directors reviews and approves transactions with directors, officers, and holders of 5% not not	Related party transactions The Company’s board of directors reviews and approves transactions with directors, officers, and holders of 5% not not
Segment Reporting, Policy [Policy Text Block]	Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its chief executive officer. The Company has determined it operates in one segment.	Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its chief executive officer. The Company has determined it operates in one segment.
Earnings Per Share, Policy [Policy Text Block]	Net (loss) income per share The Company’s convertible preferred stock are participating securities. Accordingly, in any period in which the Company reports net income, basic earnings per share is computed using the “two-class” method which includes the weighted- average number of shares of common stock outstanding during the period and other securities that participate in dividends (a participating security). During the periods where the Company incurs net losses, the Company allocates no no Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not three nine September 30, 2024 2023	Net income (loss) per share The Company’s convertible preferred stock are participating securities. Accordingly, in any period in which the Company reports net income attributable to common stockholders, basic earnings per share is computed using the “two-class” method. Under this method, net income is reduced by any dividends earned and the remaining earnings (undistributed earnings) are allocated to common stock and each series of convertible preferred stock to the extent that each preferred security may two not no two two not 10
New Accounting Pronouncements, Policy [Policy Text Block]	Recently issued accounting standards In December 2023, No. 2023 09, No. 2023 09 December 15, 2024 December 15, 2025 In November 2023, No. 2023 07, December 15, 2023 December 15, 2024.	Recently adopted accounting standards In June 2016, 2016 13, 326 2016 13” 2016 13 2016 13 January 1, 2023 not Recently issued accounting standards In December 2023, No. 2023 09, No. 2023 09 December 15, 2024 December 15, 2025 In November 2023, No. 2023 07, December 15, 2023 December 15, 2024. December 15, 2024,
Derivatives, Policy [Policy Text Block]		Derivative instruments The Company has milestone payments which may 4 3 The derivative liabilities – royalty agreement was initially recorded at fair value, with gains and losses arising for changes in fair value of the derivative liabilities – royalty agreement recognized within the statements of operations as fair value adjustments on the derivative liabilities at each financial reporting period.

Note 3 - Fair Value Measureme_3

Note 3 - Fair Value Measurements (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	September 30, 2024 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 13,889 $ — $ — $ 13,889 Total assets measured at fair value $ 13,889 $ — $ — $ 13,889 Liabilities: Derivative liabilities - royalty agreement $ — $ — $ 1,418 $ 1,418 Convertible notes payable — — 13,250 13,250 Total liabilities measured at fair value $ — $ — $ 14,668 $ 14,668 December 31, 2023 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 7,203 $ — $ — $ 7,203 Total assets measured at fair value $ 7,203 $ — $ — $ 7,203 Liabilities: Derivative liabilities - royalty agreement $ — $ — $ 1,014 $ 1,014 Total liabilities measured at fair value $ — $ — $ 1,014 $ 1,014	December 31, 2023 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 7,203 $ — $ — $ 7,203 Total assets measured at fair value $ 7,203 $ — $ — $ 7,203 Liabilities: Derivative liabilities – royalty agreement $ — $ — $ 1,014 $ 1,014 Total liabilities measured at fair value $ — $ — $ 1,014 $ 1,014 December 31, 2022 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 15,203 $ — $ — $ 15,203 Total assets measured at fair value $ 15,203 $ — $ — $ 15,203 Liabilities: Derivative liabilities – royalty agreement $ — $ — $ 1,499 $ 1,499 Total liabilities measured at fair value $ — $ — $ 1,499 $ 1,499
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	September 30, 2024 December 31, 2023 Discount rate 24.0 % 25.0 % Probability rate of achieving FDA approval of a product 56.6 % 50.0 % Expected term to FDA regulatory approval of a product (in years) 2.67 3.50 September 30, 2024 Risk-free interest rate 4.40 % Volatility 77.50 % Dividend yield 0.00 % Probability-weighted remaining term (years) 0.5 Stock price $ 3.67	December 31, 2023 2022 Discount rate 25.0 % 25.0 % Probability rate of achieving FDA approval of a product 50 % 50 % Expected term to FDA regulatory approval of a product (in years) 3.50 1.75
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Balance, beginning of period $ 1,343 $ 1,014 Fair value adjustments 75 404 Balance, end of the period $ 1,418 $ 1,418	2023 2022 Derivative liabilities – royalty agreement Balance at January 1 $ 1,499 $ 1,199 Fair value adjustments on derivative liabilities (485 ) 300 Balance at December 31 $ 1,014 $ 1,499
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Balance, beginning of period $ 10,029 $ - Initial fair value at issuance - 10,000 Issuance of convertible notes during the period 2,433 2,433 Accrued interest expense 220 249 Fair value adjustments 568 568 Balance, end of the period $ 13,250 $ 13,250

Note 5 - Accrued Expenses and_3

Note 5 - Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block]	September 30, December 31, 2024 2023 Professional fees $ 2,343 $ 960 Compensation expense 1,462 175 Research and development expenses 418 120 Other 282 169 Total accrued expenses and other current liabilities $ 4,505 $ 1,424	December 31, 2023 2022 Professional fees $ 960 $ 997 Compensation expense 175 762 Research and development expenses 120 683 Other 169 159 Total accrued expenses and other current liabilities $ 1,424 $ 2,601

Note 6 - Convertible Notes Pa_2

Note 6 - Convertible Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Convertible Debt [Table Text Block]	Issuance Date Original Issuance Amount Maturity Date Interest Rate Fair Value as of September 30, 2024 Note 1 6/4/2024 $ 5,000,000 6/6/2027 SOFR + 2 % $ 5,348,754 Note 2 6/26/2024 2,500,000 6/6/2027 SOFR + 2 % 2,662,842 Note 3 6/26/2024 2,500,000 6/6/2027 SOFR + 2 % 2,662,842 Note 4 7/17/2024 50,000 6/6/2027 SOFR + 2 % 53,037 Note 5 7/17/2024 50,000 6/6/2027 SOFR + 2 % 53,036 Note 6 7/19/2024 20,000 6/6/2027 SOFR + 2 % 159,047 Note 7 7/19/2024 143,000 6/6/2027 SOFR + 2 % 151,624 Note 8 7/19/2024 100,000 6/6/2027 SOFR + 2 % 106,031 Note 9 7/19/2024 70,000 6/6/2027 SOFR + 2 % 74,222 Note 10 7/19/2024 150,000 6/6/2027 SOFR + 2 % 21,206 Note 11 7/22/2024 700,000 6/6/2027 SOFR + 2 % 741,776 Note 12 7/22/2024 500,000 6/6/2027 SOFR + 2 % 529,840 Note 13 7/22/2024 150,000 6/6/2027 SOFR + 2 % 158,952 Note 14 8/20/2024 500,000 6/6/2027 SOFR + 2 % 526,791 $ 12,433,000 $ 13,250,000

Note 7 - Convertible Preferre_2

Note 7 - Convertible Preferred Stock (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Schedule of Stock by Class [Table Text Block]	September 30, 2024 and December 31, 2023 September 30, 2024 Issued and Original Issue Authorized Outstanding Liquidation Price Per Share Shares Shares Preference Series A-1 Preferred $ 1.31 2,241,903 2,241,903 $ 2,937 Series A-2 Preferred $ 1.64 1,240,134 1,240,134 2,034 Series B Preferred $ 3.19 1,533,528 1,533,528 4,892 Series C Preferred $ 5.29 8,509,995 8,509,995 45,000 Series D Preferred $ 5.29 7,130,335 1,835,227 11,200 20,655,895 15,360,787 $ 66,063	December 31, 2023 and 2022 December 31, 2023 Issued and Original Issue Authorized Outstanding Liquidation Price Per Share Shares Shares Preference Series A-1 Preferred $ 1.31 2,241,903 2,241,903 $ 2,937 Series A-2 Preferred $ 1.64 1,240,134 1,240,134 2,034 Series B Preferred $ 3.19 1,533,528 1,533,528 4,892 Series C Preferred $ 5.29 8,509,995 8,509,995 45,000 Series D Preferred $ 5.29 7,130,335 1,835,227 10,514 20,655,895 15,360,787 $ 65,377
Convertible Preferred Stock Conversion Price [Table Text Block]	Preferred Conversion Price to Preferred Stock Common Stock Series A-1 Preferred $ 1.31 Series A-2 Preferred $ 1.64 Series B Preferred $ 3.19 Series C Preferred $ 5.29 Series D Preferred $ 5.29	Preferred Conversion Price to Preferred Stock Common Stock Series A-1 Preferred $ 1.31 Series A-2 Preferred $ 1.64 Series B Preferred $ 3.19 Series C Preferred $ 5.29 Series D Preferred $ 5.29

Note 8 - 2019 Equity Incentiv_2

Note 8 - 2019 Equity Incentive Plan (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Common Weighted Weighted Shares Average Average Underlying Exercise Remaining Stock Price per Contractual Options Share Life (Years) Outstanding at December 31, 2023 1,581,041 $ 2.72 7.3 Granted 568,097 2.33 Exercised — Forfeited / Cancelled — Outstanding at September 30, 2024 2,149,138 $ 2.62 7.4 Exercisable at September 30, 2024 1,287,990 $ 2.61 6.2	Common Weighted Weighted Shares Average Average Underlying Exercise Remaining Stock Price per Contractual Options Share Life (Years) Outstanding at January 1, 2023 1,024,628 $ 2.53 7.1 Granted 608,388 3.03 Exercised — Forfeited / Cancelled (51,975 ) 2.64 Outstanding at December 31, 2023 1,581,041 $ 2.72 7.3 Exercisable at December 31, 2023 1,009,011 $ 2.56 6.5

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Year ended December 31, 2024 $ 20 2025 67 Total future minimum payments $ 87	Year ended December 31, 2024 $ 67 Total future minimum payments $ 67

Note 11 - Net Loss Per Share (T

Note 11 - Net Loss Per Share (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss per share of common stock Numerator: Net loss $ (6,775 ) $ (2,832 ) $ (13,483 ) $ (1,848 ) Less cumulative preferred Series D dividends (194 ) (194 ) (582 ) (582 ) Net loss available to common shareholders – basic and diluted $ (6,969 ) $ (3,026 ) $ (14,065 ) $ (2,430 ) Denominator: Weighted-average number of shares outstanding used in computing net loss per share, basic and diluted 5,720,009 5,720,009 5,720,009 5,720,009 Net loss per share, basic and diluted $ (1.22 ) $ (0.53 ) $ (2.46 ) $ (0.42 )	Year Ended December 31, 2023 2022 Net income (loss) per share of common stock Numerator: Net income (loss) attributable to common stockholders $ 17,915 $ (27,552 ) Less: non-cumulative preferred Series C dividends (3,600 ) — Less: allocation of undistributed earnings to participating securities - preferred stock (10,431 ) — Net income (loss) attributable to common stockholders – basic and diluted $ 3,884 $ (27,552 ) Denominator: Weighted-average number of shares outstanding used in computing net income (loss) per share - basic 5,720,009 5,718,926 Effect of dilutive securities: Stock options 76,947 — Denominator for diluted net income (loss) per share – adjusted weighted average shares 5,796,956 5,718,926 Net income (loss) per share, basic $ 0.68 $ (4.82 ) Net income (loss) per share, diluted $ 0.67 $ (4.82 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Convertible preferred stock 15,360,787 15,360,787 15,360,787 15,360,787 Stock options to purchase common stock 2,149,138 1,611,041 2,149,138 1,611,041	December 31, 2023 2022 Convertible preferred stock 15,360,787 15,360,787 Stock options to purchase common stock 1,119,732 1,024,628

Note 3 - Fair Value Measureme_4

Note 3 - Fair Value Measurements 1 (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	September 30, 2024 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 13,889 $ — $ — $ 13,889 Total assets measured at fair value $ 13,889 $ — $ — $ 13,889 Liabilities: Derivative liabilities - royalty agreement $ — $ — $ 1,418 $ 1,418 Convertible notes payable — — 13,250 13,250 Total liabilities measured at fair value $ — $ — $ 14,668 $ 14,668 December 31, 2023 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 7,203 $ — $ — $ 7,203 Total assets measured at fair value $ 7,203 $ — $ — $ 7,203 Liabilities: Derivative liabilities - royalty agreement $ — $ — $ 1,014 $ 1,014 Total liabilities measured at fair value $ — $ — $ 1,014 $ 1,014	December 31, 2023 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 7,203 $ — $ — $ 7,203 Total assets measured at fair value $ 7,203 $ — $ — $ 7,203 Liabilities: Derivative liabilities – royalty agreement $ — $ — $ 1,014 $ 1,014 Total liabilities measured at fair value $ — $ — $ 1,014 $ 1,014 December 31, 2022 Level 1 Level 2 Level 3 Total Current assets: Money market funds $ 15,203 $ — $ — $ 15,203 Total assets measured at fair value $ 15,203 $ — $ — $ 15,203 Liabilities: Derivative liabilities – royalty agreement $ — $ — $ 1,499 $ 1,499 Total liabilities measured at fair value $ — $ — $ 1,499 $ 1,499
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	September 30, 2024 December 31, 2023 Discount rate 24.0 % 25.0 % Probability rate of achieving FDA approval of a product 56.6 % 50.0 % Expected term to FDA regulatory approval of a product (in years) 2.67 3.50 September 30, 2024 Risk-free interest rate 4.40 % Volatility 77.50 % Dividend yield 0.00 % Probability-weighted remaining term (years) 0.5 Stock price $ 3.67	December 31, 2023 2022 Discount rate 25.0 % 25.0 % Probability rate of achieving FDA approval of a product 50 % 50 % Expected term to FDA regulatory approval of a product (in years) 3.50 1.75
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Balance, beginning of period $ 1,343 $ 1,014 Fair value adjustments 75 404 Balance, end of the period $ 1,418 $ 1,418	2023 2022 Derivative liabilities – royalty agreement Balance at January 1 $ 1,499 $ 1,199 Fair value adjustments on derivative liabilities (485 ) 300 Balance at December 31 $ 1,014 $ 1,499

Note 5 - Accrued Expenses and_4

Note 5 - Accrued Expenses and Other Current Liabilities 1 (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block]	September 30, December 31, 2024 2023 Professional fees $ 2,343 $ 960 Compensation expense 1,462 175 Research and development expenses 418 120 Other 282 169 Total accrued expenses and other current liabilities $ 4,505 $ 1,424	December 31, 2023 2022 Professional fees $ 960 $ 997 Compensation expense 175 762 Research and development expenses 120 683 Other 169 159 Total accrued expenses and other current liabilities $ 1,424 $ 2,601

Note 6 - Convertible Preferre_2

Note 6 - Convertible Preferred Stock 1 (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Schedule of Stock by Class [Table Text Block]	September 30, 2024 and December 31, 2023 September 30, 2024 Issued and Original Issue Authorized Outstanding Liquidation Price Per Share Shares Shares Preference Series A-1 Preferred $ 1.31 2,241,903 2,241,903 $ 2,937 Series A-2 Preferred $ 1.64 1,240,134 1,240,134 2,034 Series B Preferred $ 3.19 1,533,528 1,533,528 4,892 Series C Preferred $ 5.29 8,509,995 8,509,995 45,000 Series D Preferred $ 5.29 7,130,335 1,835,227 11,200 20,655,895 15,360,787 $ 66,063	December 31, 2023 and 2022 December 31, 2023 Issued and Original Issue Authorized Outstanding Liquidation Price Per Share Shares Shares Preference Series A-1 Preferred $ 1.31 2,241,903 2,241,903 $ 2,937 Series A-2 Preferred $ 1.64 1,240,134 1,240,134 2,034 Series B Preferred $ 3.19 1,533,528 1,533,528 4,892 Series C Preferred $ 5.29 8,509,995 8,509,995 45,000 Series D Preferred $ 5.29 7,130,335 1,835,227 10,514 20,655,895 15,360,787 $ 65,377
Convertible Preferred Stock Conversion Price [Table Text Block]	Preferred Conversion Price to Preferred Stock Common Stock Series A-1 Preferred $ 1.31 Series A-2 Preferred $ 1.64 Series B Preferred $ 3.19 Series C Preferred $ 5.29 Series D Preferred $ 5.29	Preferred Conversion Price to Preferred Stock Common Stock Series A-1 Preferred $ 1.31 Series A-2 Preferred $ 1.64 Series B Preferred $ 3.19 Series C Preferred $ 5.29 Series D Preferred $ 5.29

Note 7 - 2019 Equity Incentiv_2

Note 7 - 2019 Equity Incentive Plan 1 (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Common Weighted Weighted Shares Average Average Underlying Exercise Remaining Stock Price per Contractual Options Share Life (Years) Outstanding at December 31, 2023 1,581,041 $ 2.72 7.3 Granted 568,097 2.33 Exercised — Forfeited / Cancelled — Outstanding at September 30, 2024 2,149,138 $ 2.62 7.4 Exercisable at September 30, 2024 1,287,990 $ 2.61 6.2	Common Weighted Weighted Shares Average Average Underlying Exercise Remaining Stock Price per Contractual Options Share Life (Years) Outstanding at January 1, 2023 1,024,628 $ 2.53 7.1 Granted 608,388 3.03 Exercised — Forfeited / Cancelled (51,975 ) 2.64 Outstanding at December 31, 2023 1,581,041 $ 2.72 7.3 Exercisable at December 31, 2023 1,009,011 $ 2.56 6.5
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]		Expected volatility 80.14% - 81.01 % Risk-free interest 4.05% - 4.08 % Expected term (years) 5.4 - 6.0 Expected dividend yield —

Note 8 - Income Taxes 1 (Tables

Note 8 - Income Taxes 1 (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	December 31, 2023 2022 U.S. federal statutory rate 21.0 % 21.0 % Uncertain tax position and interest 0.0 3.8 State and local taxes 4.0 (3.9 ) Permanent items 0.3 (1.0 ) Change in valuation allowance (25.4 ) (16.3 ) Other 0.1 0.0 Effective income tax rate 0.0 % 3.6 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2023 2022 Deferred tax assets: Royalty agreement liabilities $ 1,587 $ 9,080 Net operating loss 9,179 7,850 Section 174 R&D capitalization 4,548 3,152 Accrued expenses and other 406 364 Orphan drug credit 199 199 Startup costs 95 104 Net deferred tax assets 16,014 20,749 Valuation allowance (16,014 ) (20,749 ) Net deferred tax assets $ — $ — Decrease (increase) in valuation allowance $ 4,735 $ (4,637 )

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies 1 (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Year ended December 31, 2024 $ 20 2025 67 Total future minimum payments $ 87	Year ended December 31, 2024 $ 67 Total future minimum payments $ 67

Note 10 - Net Income (Loss) P_2

Note 10 - Net Income (Loss) Per Share 1 (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss per share of common stock Numerator: Net loss $ (6,775 ) $ (2,832 ) $ (13,483 ) $ (1,848 ) Less cumulative preferred Series D dividends (194 ) (194 ) (582 ) (582 ) Net loss available to common shareholders – basic and diluted $ (6,969 ) $ (3,026 ) $ (14,065 ) $ (2,430 ) Denominator: Weighted-average number of shares outstanding used in computing net loss per share, basic and diluted 5,720,009 5,720,009 5,720,009 5,720,009 Net loss per share, basic and diluted $ (1.22 ) $ (0.53 ) $ (2.46 ) $ (0.42 )	Year Ended December 31, 2023 2022 Net income (loss) per share of common stock Numerator: Net income (loss) attributable to common stockholders $ 17,915 $ (27,552 ) Less: non-cumulative preferred Series C dividends (3,600 ) — Less: allocation of undistributed earnings to participating securities - preferred stock (10,431 ) — Net income (loss) attributable to common stockholders – basic and diluted $ 3,884 $ (27,552 ) Denominator: Weighted-average number of shares outstanding used in computing net income (loss) per share - basic 5,720,009 5,718,926 Effect of dilutive securities: Stock options 76,947 — Denominator for diluted net income (loss) per share – adjusted weighted average shares 5,796,956 5,718,926 Net income (loss) per share, basic $ 0.68 $ (4.82 ) Net income (loss) per share, diluted $ 0.67 $ (4.82 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Convertible preferred stock 15,360,787 15,360,787 15,360,787 15,360,787 Stock options to purchase common stock 2,149,138 1,611,041 2,149,138 1,611,041	December 31, 2023 2022 Convertible preferred stock 15,360,787 15,360,787 Stock options to purchase common stock 1,119,732 1,024,628

Note 1 - Description of Busin_3

Note 1 - Description of Business, Organization and Liquidity (Details Textual) - USD ($) $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2024	Dec. 31, 2024	Dec. 13, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Net Income (Loss) Attributable to Parent	$ (13,500)			$ (6,775)	$ (2,832)	$ (13,483)	$ (1,848)	$ 18,691	$ (27,552)
Net Cash Provided by (Used in) Operating Activities						(5,447)	(11,276)	(13,703)	(14,840)
Retained Earnings (Accumulated Deficit)				(89,784)		(89,784)		$ (76,301)	$ (94,992)
Proceeds from Notes Payable						12,433	$ 0
Forecast [Member] | Private Placement [Member]
Proceeds from Issuance or Sale of Equity		$ 66,000
Proceeds from Issuance of Private Placement		78,400
Forecast [Member] | Private Placement [Member] | PIPE Investors [Member]
Proceeds from Issuance or Sale of Equity		60,000
Forecast [Member] | Merger With Pieris [Member]
Cash Acquired from Acquisition		11,400
Convertible Debt [Member]
Convertible Notes Payable				13,200		13,200
Long-Term Debt, Gross				12,400		12,400
Interest Payable				$ 800		$ 800
Convertible Debt [Member] | Forecast [Member]
Proceeds from Notes Payable		6,000	$ 6,000
Convertible Debt [Member] | Forecast [Member] | Private Placement [Member]
Proceeds from Notes Payable		$ 18,400

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Income Statement [Abstract]
Research and Development Expense (Income)	$ 3,182,000	$ 1,096,000	$ 5,608,000	$ 8,094,000	$ 8,793,000	$ 13,884,000
Royalty Agreement Liability, Fair Value Disclosure	$ 11,900,000		$ 11,900,000		$ 8,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate			0%
Number of Operating Segments			1		1
Government Assistance, Operating Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]	Research and Development Expense (Income)
Grant From Department of Health and Human Services [Member]
Government Assistance, Award Amount	$ 500,000		$ 500,000
Government Assistance, Operating Income, Increase (Decrease)	14,000
Convertible Debt [Member]
Debt Instrument, Fee Amount	$ 100,000		$ 100,000
Measurement Input, Probability-weighted Cash Flow Estimates [Member]
Royalty Agreement Liability, Measurement Input	0.24		0.24
Measurement Input, Weighted Average Cost of Capital [Member]
Royalty Agreement Liability, Measurement Input	0.245		0.245

Note 3 - Fair Value Measureme_5

Note 3 - Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Nov. 30, 2023	Dec. 31, 2022
Derivative liabilities - royalty agreement	$ 1,418	$ 1,014		$ 1,499
Fair Value, Recurring [Member]
Money market funds	13,889	7,203		15,203
Total assets measured at fair value	13,889	7,203		15,203
Derivative liabilities - royalty agreement	1,418	1,014	$ 7,800	1,499
Convertible notes payable	13,250
Total liabilities measured at fair value	14,668	1,014		1,499
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Money market funds	13,889	7,203		15,203
Total assets measured at fair value	13,889	7,203		15,203
Derivative liabilities - royalty agreement	0	0		0
Convertible notes payable	0
Total liabilities measured at fair value	0	0		0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Money market funds	0	0		0
Total assets measured at fair value	0	0		0
Derivative liabilities - royalty agreement	0	0		0
Convertible notes payable	0
Total liabilities measured at fair value	0	0		0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Money market funds	0	0		0
Total assets measured at fair value	0	0		0
Derivative liabilities - royalty agreement	1,418	1,014		1,499
Convertible notes payable	13,250
Total liabilities measured at fair value	$ 14,668	$ 1,014		$ 1,499

Note 3 - Fair Value Measureme_6

Note 3 - Fair Value Measurement - Key Assumptions (Details)	Sep. 30, 2024	Dec. 31, 2023	Nov. 30, 2023	Dec. 31, 2022
Measurement Input, Discount Rate [Member]
Derivative, assumption	0.24	0.25	0.22	0.25
Measurement Input, Risk Free Interest Rate [Member]
Debt, assumption	0.044
Measurement Input, Probability Rate of Achieving FDA Approval of a Product [Member]
Derivative, assumption	0.566	0.50		0.50
Measurement Input, Price Volatility [Member]
Debt, assumption	0.775
Measurement Input, Expected Term [Member]
Derivative, assumption	2.67	3.5		1.75
Debt, assumption	0.5
Measurement Input, Expected Dividend Rate [Member]
Debt, assumption	0
Measurement Input, Share Price [Member]
Debt, assumption	3.67

Note 3 - Fair Value Measureme_7

Note 3 - Fair Value Measurement - Derivative Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance, beginning of period	$ 1,343	$ 1,014	$ 1,499	$ 1,199
Fair value adjustments	75	404	(485)	300
Balance, end of the period	$ 1,418	$ 1,418	$ 1,014	$ 1,499

Note 3 - Fair Value Measureme_8

Note 3 - Fair Value Measurement - Convertible Notes Payable (Details) - Convertible Debt [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Balance, beginning of period	$ 10,029	$ 0
Initial fair value at issuance	0	10,000
Issuance of convertible notes during the period	2,433	2,433
Accrued interest expense	220	249
Fair value adjustments	568	568
Balance, end of the period	$ 13,250	$ 13,250

Note 4 - Strategic Agreements (

Note 4 - Strategic Agreements (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			9 Months Ended		12 Months Ended
	Nov. 30, 2023	Dec. 31, 2018	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Royalty Guarantees, Commitments, Amount			$ 10,819	$ 8,054		$ 10,819		$ 8,054	$ 32,417
Derivative Liability, Noncurrent			1,418	1,014		1,418		1,014	1,499
Non-cash Interest (Income) Expense, Royalty Agreement						2,764	$ (7,407)	(6,265)	10,364
Gain (Loss) on Contract Termination								23,098	0
Ligand Development Funding Agreement [Member]
Revenue from Collaborative Arrangement, Excluding Revenue from Contract with Customer		$ 10,000
Agreement, Maximum Milestone Payments		$ 8,000
Agreement, Royalty Term, Period From First Sale (Year)		15 years
Agreement, Termination Notice Period (Day)		90 days
Royalty Guarantees, Commitments, Amount			5,000	5,000		5,000		5,000	5,000
Derivative Liability, Noncurrent			$ 1,400	1,000		$ 1,400		$ 1,000	$ 1,500
Agreement, Effective Interest Rate			39.90%			20.20%		38.90%	30.30%
Non-cash Interest (Income) Expense, Royalty Agreement			$ 1,000		$ 1,300	$ 2,800	$ (7,400)	$ (6,300)	$ 10,400
Ligand Development Funding Agreement [Member] | Minimum [Member]
Royalty Percentage		5%
Agreement, Buy Down Payments, Decrease in Royalty Percentage		1%
Ligand Development Funding Agreement [Member] | Maximum [Member]
Royalty Percentage		9.80%
Agreement, Buy Down Payments, Decrease in Royalty Percentage		2%
Amended Ligand Agreement [Member]
Revenue from Collaborative Arrangement, Excluding Revenue from Contract with Customer	$ 5,000
Gain (Loss) on Contract Termination	$ 23,100			$ 23,100				$ 23,100
Amended Ligand Agreement [Member] | Minimum [Member]
Royalty Percentage	8%
Amended Ligand Agreement [Member] | Maximum [Member]
Royalty Percentage	9.80%

Note 5 - Accrued Expenses and_5

Note 5 - Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Professional fees	$ 2,343	$ 960	$ 997
Compensation expense	1,462	175	762
Research and development expenses	418	120	683
Other	282	169	159
Total accrued expenses and other current liabilities	$ 4,505	$ 1,424	$ 2,601

Note 6 - Convertible Notes Pa_3

Note 6 - Convertible Notes Payable (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Expense, Debt	$ 220,000	$ 0	$ 249,000	$ 0
Convertible Debt [Member]
Interest Expense, Debt			$ 249,000
Debt Instrument, Interest Rate, Effective Percentage	6.80%		6.80%
Debt Instrument, Qualified Financing, Gross Proceeds of Preferred Stock			$ 20,000,000
Debt Instrument, Qualified Financing Conversion Price, Percentage Price Paid	80%		80%
Debt Instrument, Qualified Financing Conversion Price, Numerator Value for Calculation	$ 126,188,357		$ 126,188,357
Debt Instrument, Qualified Financing Conversion Price, Period of Reverse Merger After Issuance (Month)			12 months
Debt Instrument, Non-qualified Financing Conversion Price, Percentage of Price Paid	80%		80%
Debt Instrument, Non-qualified Financing Conversion Price, Numerator Value for Calculation	$ 126,188,357		$ 126,188,357
Debt Instrument, Corporate transaction, Multiplier for Repayment	1.5		1.5
Debt Instrument, Corporate Transaction Conversion Price, Numerator Value for Calculation	$ 126,188,357		$ 126,188,357
Debt Instrument, Corporate Transaction Conversion Price, Percentage of Price Paid	80%		80%
Debt Instrument, Period of Repayment After Certain Events (Day)			30 days

Note 6 - Convertible Notes Pa_4

Note 6 - Convertible Notes Payable - Schedule of Convertible Notes (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Convertible Debt [Member]
Original issuance amount	$ 12,433,000
Fair value	$ 13,250,000
Note 1 [Member]
Issuance date	Jun. 04, 2024
Original issuance amount	$ 5,000,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 5,348,754
Note 2 [Member]
Issuance date	Jun. 26, 2024
Original issuance amount	$ 2,500,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 2,662,842
Note 3 [Member]
Issuance date	Jun. 26, 2024
Original issuance amount	$ 2,500,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 2,662,842
Note 4 [Member]
Issuance date	Jul. 17, 2024
Original issuance amount	$ 50,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 53,037
Note 5 [Member]
Issuance date	Jul. 17, 2024
Original issuance amount	$ 50,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 53,036
Note 6 [Member]
Issuance date	Jul. 19, 2024
Original issuance amount	$ 20,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 159,047
Note 7 [Member]
Issuance date	Jul. 19, 2024
Original issuance amount	$ 143,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 151,624
Note 8 [Member]
Issuance date	Jul. 19, 2024
Original issuance amount	$ 100,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 106,031
Note 9 [Member]
Issuance date	Jul. 19, 2024
Original issuance amount	$ 70,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 74,222
Note 10 [Member]
Issuance date	Jul. 19, 2024
Original issuance amount	$ 150,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 21,206
Note 11 [Member]
Issuance date	Jul. 22, 2024
Original issuance amount	$ 700,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 741,776
Note 12 [Member]
Issuance date	Jul. 22, 2024
Original issuance amount	$ 500,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 529,840
Note 13 [Member]
Issuance date	Jul. 22, 2024
Original issuance amount	$ 150,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 158,952
Note 14 [Member]
Issuance date	Aug. 20, 2024
Original issuance amount	$ 500,000
Maturity date	Jun. 06, 2027
Interest rate	2%
Fair value	$ 526,791

Note 7 - Convertible Preferre_3

Note 7 - Convertible Preferred Stock (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2022 $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Common Stock, Shares Authorized (in shares)	29,000,000	29,000,000	29,000,000
Preferred Stock, Shares Authorized (in shares)		20,655,895	20,655,895
Dividends, Preferred Stock | $		$ 0	$ 0
Preferred Stock, Convertible, Conversion Ratio	1	1	1
Minimum [Member]
Preferred Stock, Convertible, Conversion Price Ratio		2	2
Proceeds Upon Conversion of Convertible Preferred Stock | $		$ 50,000	$ 50,000
Voting Common Stock [Member]
Common Stock, Shares Authorized (in shares)	25,500,000	25,500,000	25,500,000
Nonvoting Common Stock [Member]
Common Stock, Shares Authorized (in shares)	3,500,000	3,500,000	3,500,000
Series A-1 Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)		2,241,903	2,241,903
Shares Issued, Price Per Share (in dollars per share) | $ / shares		$ 1.31	$ 1.31
Preferred Stock, Convertible, Conversion Price Ratio		1.31	1.31
Series A-2 Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)		1,240,134	1,240,134
Shares Issued, Price Per Share (in dollars per share) | $ / shares		$ 1.64	$ 1.64
Preferred Stock, Convertible, Conversion Price Ratio		1.64	1.64
Series B Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)		1,533,528	1,533,528
Shares Issued, Price Per Share (in dollars per share) | $ / shares		$ 3.19	$ 3.19
Preferred Stock, Convertible, Conversion Price Ratio		3.19	3.19
Series C Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)		8,509,995	8,509,995
Preferred Stock, Dividend Rate, Percentage	8%	8%
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 5.29	$ 5.29	$ 5.29
Preferred Stock, Convertible, Conversion Price Ratio		5.29	5.29
Series D Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)		7,130,335	7,130,335
Preferred Stock, Dividend Rate, Percentage	8%	8%
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 5.29	$ 5.29	$ 5.29
Preferred Stock, Amount of Preferred Dividends in Arrears | $		$ 1,500	$ 800
Preferred Stock, Convertible, Conversion Price Ratio		5.29	5.29

Note 7 - Convertible Preferre_4

Note 7 - Convertible Preferred Stock - Schedule of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, authorized (in shares)	20,655,895	20,655,895
Series A-1 Preferred Stock [Member]
Preferred stock, issue price (in dollars per share)	$ 1.31	$ 1.31
Preferred stock, authorized (in shares)	2,241,903	2,241,903
Preferred stock, issued and outstanding (in shares)	2,241,903	2,241,903
Preferred stock, liquidation preference	$ 2,937	$ 2,937
Series A-2 Preferred Stock [Member]
Preferred stock, issue price (in dollars per share)	$ 1.64	$ 1.64
Preferred stock, authorized (in shares)	1,240,134	1,240,134
Preferred stock, issued and outstanding (in shares)	1,240,134	1,240,134
Preferred stock, liquidation preference	$ 2,034	$ 2,034
Series B Preferred Stock [Member]
Preferred stock, issue price (in dollars per share)	$ 3.19	$ 3.19
Preferred stock, authorized (in shares)	1,533,528	1,533,528
Preferred stock, issued and outstanding (in shares)	1,533,528	1,533,528
Preferred stock, liquidation preference	$ 4,892	$ 4,892
Series C Preferred Stock [Member]
Preferred stock, issue price (in dollars per share)	$ 5.29	$ 5.29	$ 5.29
Preferred stock, authorized (in shares)	8,509,995	8,509,995
Preferred stock, issued and outstanding (in shares)	8,509,995	8,509,995
Preferred stock, liquidation preference	$ 45,000	$ 45,000
Series D Preferred Stock [Member]
Preferred stock, issue price (in dollars per share)	$ 5.29	$ 5.29	$ 5.29
Preferred stock, authorized (in shares)	7,130,335	7,130,335
Preferred stock, issued and outstanding (in shares)	1,835,227	1,835,227
Preferred stock, liquidation preference	$ 11,200	$ 10,514
Convertible Preferred Stock [Member]
Preferred stock, authorized (in shares)	20,655,895	20,655,895
Preferred stock, issued and outstanding (in shares)	15,360,787	15,360,787
Preferred stock, liquidation preference	$ 66,063	$ 65,377

Note 7 - Convertible Preferre_5

Note 7 - Convertible Preferred Stock - Conversion Price (Details)	Sep. 30, 2024	Dec. 31, 2023
Series A-1 Preferred Stock [Member]
Preferred stock, convertible, conversion price ratio	1.31	1.31
Series A-2 Preferred Stock [Member]
Preferred stock, convertible, conversion price ratio	1.64	1.64
Series B Preferred Stock [Member]
Preferred stock, convertible, conversion price ratio	3.19	3.19
Series C Preferred Stock [Member]
Preferred stock, convertible, conversion price ratio	5.29	5.29
Series D Preferred Stock [Member]
Preferred stock, convertible, conversion price ratio	5.29	5.29

Note 8 - 2019 Equity Incentiv_3

Note 8 - 2019 Equity Incentive Plan (Details Textual) - The 2019 Plan [Member] - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended		67 Months Ended
	Mar. 31, 2024	May 31, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	1,171,768	1,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)			2,782,809		2,782,809		1,690,000		2,782,809
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)					568,097		608,388	0	2,149,138
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)			633,671		633,671		30,000		633,671
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)					4 years		4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)					10 years		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value			$ 69,000		$ 69,000		$ 494,000		$ 69,000
Share-Based Payment Arrangement, Expense			199,000	$ 154,000	562,000	$ 454,000	603,000	$ 427,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			1,600,000		$ 1,600,000		$ 1,200,000		1,600,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					3 years		2 years 8 months 12 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value			69,000		$ 69,000		$ 470,000		$ 69,000
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense			52,000	13,000	126,000	42,000	55,000	80,000
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expense			$ 147,000	$ 141,000	$ 436,000	$ 412,000	$ 548,000	$ 347,000

Note 8 - 2019 Equity Incentiv_4

Note 8 - 2019 Equity Incentive Plan - Stock Options Activity (Details) - The 2019 Plan [Member] - $ / shares	9 Months Ended	12 Months Ended		67 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024
Outstanding, balance (in shares)	1,581,041	1,024,628
Outstanding, exercise price (in dollars per share)	$ 2.72	$ 2.53
Outstanding, contractual life (Year)	7 years 4 months 24 days	7 years 3 months 18 days	7 years 1 month 6 days
Granted, balance (in shares)	568,097	608,388	0	2,149,138
Granted, exercise price (in dollars per share)	$ 2.33	$ 3.03
Outstanding, balance (in shares)	2,149,138	1,581,041	1,024,628	2,149,138
Outstanding, exercise price (in dollars per share)	$ 2.62	$ 2.72	$ 2.53	$ 2.62
Exercisable, balance (in shares)	1,287,990	1,009,011		1,287,990
Exercisable, exercise price (in dollars per share)	$ 2.61	$ 2.56		$ 2.61
Exercisable, contractual life (Year)	6 years 2 months 12 days	6 years 6 months

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Current Income Tax Expense (Benefit)	$ 0	$ 0	$ (1,000)
Deferred Tax Liabilities, Net	0	0
Income Tax Examination, Penalties and Interest Expense	$ 0	$ 0

Note 10 - Commitments and Con_3

Note 10 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Lease, Cost	$ 20,000	$ 20,000	$ 60,000	$ 60,000	$ 80,000	$ 80,000

Note 10 - Commitments and Con_4

Note 10 - Commitments and Contingencies - Schedule of Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2024	$ 20	$ 67
2025	67
Total future minimum payments	$ 87	$ 67

Note 11 - Net Loss Per Share -

Note 11 - Net Loss Per Share - Schedule of Reconciliation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Net loss	$ (6,775)	$ (2,832)	$ (13,483)	$ (1,848)	$ 17,915	$ (27,552)
Less cumulative preferred Series D dividends					(3,600)	0
Net loss available to common shareholders – basic and diluted	$ (6,969)	$ (3,026)	$ (14,065)	$ (2,430)	$ 3,884	$ (27,552)
Weighted-average number of shares outstanding used in computing net loss per share, basic and diluted (in shares)	5,720,009	5,720,009	5,720,009	5,720,009	5,720,009	5,718,926
Net loss per share, basic and diluted (in dollars per share)	$ (1.22)	$ (0.53)	$ (2.46)	$ (0.42)	$ 0.68	$ (4.82)
Series D Preferred Stock [Member]
Less cumulative preferred Series D dividends	$ (194)	$ (194)	$ (582)	$ (582)

Note 11 - Net Loss Per Share _2

Note 11 - Net Loss Per Share - Schedule of Antidilutive Securities Excluded From Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Convertible Preferred Stock [Member]
Antidilutive securities (in shares)	15,360,787	15,360,787	15,360,787	15,360,787	15,360,787	15,360,787
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	2,149,138	1,611,041	2,149,138	1,611,041	1,119,732	1,024,628

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	9 Months Ended
	Dec. 31, 2024	Dec. 13, 2024	Sep. 30, 2024	Sep. 30, 2023
Proceeds from Notes Payable			$ 12,433	$ 0
Forecast [Member] | Private Placement [Member]
Proceeds from Issuance or Sale of Equity	$ 66,000
Proceeds from Issuance of Private Placement	78,400
Forecast [Member] | Private Placement [Member] | PIPE Investors [Member]
Proceeds from Issuance or Sale of Equity	60,000
Forecast [Member] | Merger With Pieris [Member]
Cash Acquired from Acquisition	$ 11,400
Forecast [Member] | Notes Receivable [Member]
Loans Receivable, Basis Spread on Variable Rate	2%
Convertible Debt [Member] | Forecast [Member]
Proceeds from Notes Payable	$ 6,000	$ 6,000
Convertible Debt [Member] | Forecast [Member] | Private Placement [Member]
Proceeds from Notes Payable	$ 18,400

Note 1 - Description of Busin_4

Note 1 - Description of Business, Organization and Liquidity 1 (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Jan. 01, 2024	Nov. 30, 2023	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Net Income (Loss) Attributable to Parent	$ (13,500)		$ (6,775)		$ (2,832)	$ (13,483)	$ (1,848)	$ 18,691	$ (27,552)
Gain (Loss) on Contract Termination								23,098	0
Net Cash Provided by (Used in) Operating Activities						(5,447)	$ (11,276)	(13,703)	(14,840)
Retained Earnings (Accumulated Deficit)			$ (89,784)	$ (76,301)		$ (89,784)		(76,301)	$ (94,992)
Convertible Debt [Member]
Proceeds from Issuance of Debt								11,900
Amended Ligand Agreement [Member]
Gain (Loss) on Contract Termination		$ 23,100		$ 23,100				$ 23,100

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies 1 (Details Textual)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Operating Segments	1	1

Note 3 - Fair Value Measureme_9

Note 3 - Fair Value Measurements 1 (Details Textual) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Derivative Liability, Noncurrent	$ 1,418	$ 1,014		$ 1,499
Fair Value, Recurring [Member]
Derivative Liability, Noncurrent	$ 1,418	$ 1,014	$ 7,800	$ 1,499
Measurement Input, Net Sales Discount Rate [Member]
Derivative Liability, Measurement Input			0.21
Measurement Input, Discount Rate [Member]
Derivative Liability, Measurement Input	0.24	0.25	0.22	0.25
Measurement Input, Weighted Average Cost of Capital [Member]
Derivative Liability, Measurement Input			0.245

Note 3 - Fair Value Measurem_10

Note 3 - Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis 1 (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Nov. 30, 2023	Dec. 31, 2022
Derivative liabilities - royalty agreement	$ 1,418	$ 1,014		$ 1,499
Fair Value, Recurring [Member]
Money market funds	13,889	7,203		15,203
Total assets measured at fair value	13,889	7,203		15,203
Derivative liabilities - royalty agreement	1,418	1,014	$ 7,800	1,499
Total liabilities measured at fair value	14,668	1,014		1,499
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Money market funds	13,889	7,203		15,203
Total assets measured at fair value	13,889	7,203		15,203
Derivative liabilities - royalty agreement	0	0		0
Total liabilities measured at fair value	0	0		0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Money market funds	0	0		0
Total assets measured at fair value	0	0		0
Derivative liabilities - royalty agreement	0	0		0
Total liabilities measured at fair value	0	0		0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Money market funds	0	0		0
Total assets measured at fair value	0	0		0
Derivative liabilities - royalty agreement	1,418	1,014		1,499
Total liabilities measured at fair value	$ 14,668	$ 1,014		$ 1,499

Note 3 - Fair Value Measurem_11

Note 3 - Fair Value Measurement - Key Assumptions 1 (Details)	Sep. 30, 2024	Dec. 31, 2023	Nov. 30, 2023	Dec. 31, 2022
Measurement Input, Discount Rate [Member]
Derivative, assumption	0.24	0.25	0.22	0.25
Measurement Input, Probability Rate of Achieving FDA Approval of a Product [Member]
Derivative, assumption	0.566	0.50		0.50
Measurement Input, Expected Term [Member]
Derivative, assumption	2.67	3.5		1.75

Note 3 - Fair Value Measurem_12

Note 3 - Fair Value Measurement - Derivative Liabilities 1 (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance, beginning of period	$ 1,343	$ 1,014	$ 1,499	$ 1,199
Fair value adjustments	75	404	(485)	300
Balance, end of the period	$ 1,418	$ 1,418	$ 1,014	$ 1,499

Note 4 - Strategic Agreements_2

Note 4 - Strategic Agreements 1 (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			9 Months Ended		12 Months Ended
	Nov. 30, 2023	Dec. 31, 2018	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Royalty Guarantees, Commitments, Amount			$ 10,819	$ 8,054		$ 10,819		$ 8,054	$ 32,417
Derivative Liability, Noncurrent			1,418	1,014		1,418		1,014	1,499
Non-cash Interest (Income) Expense, Royalty Agreement						2,764	$ (7,407)	(6,265)	10,364
Gain (Loss) on Contract Termination								23,098	0
Fair Value, Recurring [Member]
Derivative Liability, Noncurrent	$ 7,800		1,418	1,014		1,418		1,014	1,499
Ligand Development Funding Agreement [Member]
Revenue from Collaborative Arrangement, Excluding Revenue from Contract with Customer		$ 10,000
Agreement, Maximum Milestone Payments		$ 8,000
Agreement, Royalty Term, Period From First Sale (Year)		15 years
Agreement, Termination Notice Period (Day)		90 days
Royalty Guarantees, Commitments, Amount			5,000	5,000		5,000		5,000	5,000
Derivative Liability, Noncurrent			$ 1,400	1,000		$ 1,400		$ 1,000	$ 1,500
Agreement, Effective Interest Rate			39.90%			20.20%		38.90%	30.30%
Non-cash Interest (Income) Expense, Royalty Agreement			$ 1,000		$ 1,300	$ 2,800	$ (7,400)	$ (6,300)	$ 10,400
Ligand Development Funding Agreement [Member] | Minimum [Member]
Royalty Percentage		5%
Agreement, Buy Down Payments, Decrease in Royalty Percentage		1%
Ligand Development Funding Agreement [Member] | Maximum [Member]
Royalty Percentage		9.80%
Agreement, Buy Down Payments, Decrease in Royalty Percentage		2%
Amended Ligand Agreement [Member]
Revenue from Collaborative Arrangement, Excluding Revenue from Contract with Customer	5,000
Gain (Loss) on Contract Termination	$ 23,100			$ 23,100				$ 23,100
Amended Ligand Agreement [Member] | Minimum [Member]
Royalty Percentage	8%
Amended Ligand Agreement [Member] | Maximum [Member]
Royalty Percentage	9.80%

Note 5 - Accrued Expenses and_6

Note 5 - Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities 1 (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Professional fees	$ 2,343	$ 960	$ 997
Compensation expense	1,462	175	762
Research and development expenses	418	120	683
Other	282	169	159
Total accrued expenses and other current liabilities	$ 4,505	$ 1,424	$ 2,601

Note 6 - Convertible Preferre_3

Note 6 - Convertible Preferred Stock 1 (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2022 $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Common Stock, Shares Authorized (in shares)	29,000,000	29,000,000	29,000,000
Preferred Stock, Shares Authorized (in shares)		20,655,895	20,655,895
Dividends, Preferred Stock | $		$ 0	$ 0
Preferred Stock, Convertible, Conversion Ratio	1	1	1
Minimum [Member]
Preferred Stock, Convertible, Conversion Price Ratio		2	2
Proceeds Upon Conversion of Convertible Preferred Stock | $		$ 50,000	$ 50,000
Series D Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)	1,835,227
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 5.29	$ 5.29	$ 5.29
Preferred Stock, Shares Authorized (in shares)		7,130,335	7,130,335
Preferred Stock, Dividend Rate, Percentage	8%	8%
Preferred Stock, Amount of Preferred Dividends in Arrears | $		$ 1,500	$ 800
Preferred Stock, Convertible, Conversion Price Ratio		5.29	5.29
Series D Preferred Stock [Member] | Milestone Closing [Member]
Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares)	4,727,775
Voting Common Stock [Member]
Common Stock, Shares Authorized (in shares)	25,500,000	25,500,000	25,500,000
Nonvoting Common Stock [Member]
Common Stock, Shares Authorized (in shares)	3,500,000	3,500,000	3,500,000
Series A-1 Preferred Stock [Member]
Shares Issued, Price Per Share (in dollars per share) | $ / shares		$ 1.31	$ 1.31
Preferred Stock, Shares Authorized (in shares)		2,241,903	2,241,903
Preferred Stock, Convertible, Conversion Price Ratio		1.31	1.31
Series A-2 Preferred Stock [Member]
Shares Issued, Price Per Share (in dollars per share) | $ / shares		$ 1.64	$ 1.64
Preferred Stock, Shares Authorized (in shares)		1,240,134	1,240,134
Preferred Stock, Convertible, Conversion Price Ratio		1.64	1.64
Series B Preferred Stock [Member]
Shares Issued, Price Per Share (in dollars per share) | $ / shares		$ 3.19	$ 3.19
Preferred Stock, Shares Authorized (in shares)		1,533,528	1,533,528
Preferred Stock, Convertible, Conversion Price Ratio		3.19	3.19
Series C Preferred Stock [Member]
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 5.29	$ 5.29	$ 5.29
Preferred Stock, Shares Authorized (in shares)		8,509,995	8,509,995
Preferred Stock, Dividend Rate, Percentage	8%	8%
Preferred Stock, Convertible, Conversion Price Ratio		5.29	5.29

Note 6 - Convertible Preferre_4

Note 6 - Convertible Preferred Stock - Schedule of Preferred Stock 1 (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, authorized (in shares)	20,655,895	20,655,895
Series A-1 Preferred Stock [Member]
Preferred stock, issue price (in dollars per share)	$ 1.31	$ 1.31
Preferred stock, authorized (in shares)	2,241,903	2,241,903
Preferred stock, issued and outstanding (in shares)	2,241,903	2,241,903
Preferred stock, liquidation preference	$ 2,937	$ 2,937
Series A-2 Preferred Stock [Member]
Preferred stock, issue price (in dollars per share)	$ 1.64	$ 1.64
Preferred stock, authorized (in shares)	1,240,134	1,240,134
Preferred stock, issued and outstanding (in shares)	1,240,134	1,240,134
Preferred stock, liquidation preference	$ 2,034	$ 2,034
Series B Preferred Stock [Member]
Preferred stock, issue price (in dollars per share)	$ 3.19	$ 3.19
Preferred stock, authorized (in shares)	1,533,528	1,533,528
Preferred stock, issued and outstanding (in shares)	1,533,528	1,533,528
Preferred stock, liquidation preference	$ 4,892	$ 4,892
Series C Preferred Stock [Member]
Preferred stock, issue price (in dollars per share)	$ 5.29	$ 5.29	$ 5.29
Preferred stock, authorized (in shares)	8,509,995	8,509,995
Preferred stock, issued and outstanding (in shares)	8,509,995	8,509,995
Preferred stock, liquidation preference	$ 45,000	$ 45,000
Series D Preferred Stock [Member]
Preferred stock, issue price (in dollars per share)	$ 5.29	$ 5.29	$ 5.29
Preferred stock, authorized (in shares)	7,130,335	7,130,335
Preferred stock, issued and outstanding (in shares)	1,835,227	1,835,227
Preferred stock, liquidation preference	$ 11,200	$ 10,514
Convertible Preferred Stock [Member]
Preferred stock, authorized (in shares)	20,655,895	20,655,895
Preferred stock, issued and outstanding (in shares)	15,360,787	15,360,787
Preferred stock, liquidation preference	$ 66,063	$ 65,377

Note 6 - Convertible Preferre_5

Note 6 - Convertible Preferred Stock - Conversion Price 1 (Details)	Sep. 30, 2024	Dec. 31, 2023
Series A-1 Preferred Stock [Member]
Preferred stock, convertible, conversion price ratio	1.31	1.31
Series A-2 Preferred Stock [Member]
Preferred stock, convertible, conversion price ratio	1.64	1.64
Series B Preferred Stock [Member]
Preferred stock, convertible, conversion price ratio	3.19	3.19
Series C Preferred Stock [Member]
Preferred stock, convertible, conversion price ratio	5.29	5.29
Series D Preferred Stock [Member]
Preferred stock, convertible, conversion price ratio	5.29	5.29

Note 7 - 2019 Equity Incentiv_3

Note 7 - 2019 Equity Incentive Plan 1 (Details Textual) - The 2019 Plan [Member] - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended		67 Months Ended
	Mar. 31, 2024	May 31, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	1,171,768	1,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)			2,782,809		2,782,809		1,690,000		2,782,809
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)			633,671		633,671		30,000		633,671
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)					4 years		4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)					10 years		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value			$ 69,000		$ 69,000		$ 494,000		$ 69,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value			69,000		69,000		470,000		69,000
Share-Based Payment Arrangement, Expense			199,000	$ 154,000	562,000	$ 454,000	603,000	$ 427,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			1,600,000		$ 1,600,000		$ 1,200,000		$ 1,600,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					3 years		2 years 8 months 12 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value (in dollars per share)							$ 2.16
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)					568,097		608,388	0	2,149,138
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense			52,000	13,000	$ 126,000	42,000	$ 55,000	$ 80,000
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expense			$ 147,000	$ 141,000	$ 436,000	$ 412,000	$ 548,000	$ 347,000

Note 7 - 2019 Equity Incentiv_4

Note 7 - 2019 Equity Incentive Plan - Stock Options Activity 1 (Details) - The 2019 Plan [Member] - $ / shares	9 Months Ended	12 Months Ended		67 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024
Outstanding, balance (in shares)	1,581,041	1,024,628
Outstanding, exercise price (in dollars per share)	$ 2.72	$ 2.53
Outstanding, contractual life (Year)	7 years 4 months 24 days	7 years 3 months 18 days	7 years 1 month 6 days
Granted, balance (in shares)	568,097	608,388	0	2,149,138
Granted, exercise price (in dollars per share)	$ 2.33	$ 3.03
Forfeited / Cancelled, balance (in shares)		(51,975)
Forfeited / Cancelled, exercise price (in dollars per share)		$ 2.64
Outstanding, balance (in shares)	2,149,138	1,581,041	1,024,628	2,149,138
Outstanding, exercise price (in dollars per share)	$ 2.62	$ 2.72	$ 2.53	$ 2.62
Exercisable, balance (in shares)	1,287,990	1,009,011		1,287,990
Exercisable, exercise price (in dollars per share)	$ 2.61	$ 2.56		$ 2.61
Exercisable, contractual life (Year)	6 years 2 months 12 days	6 years 6 months

Note 7 - 2019 Equity Incentiv_5

Note 7 - 2019 Equity Incentive Plan - Schedule of Share-based Payment Award, Stock Options 1 (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Expected dividend yield	0%
Share-Based Payment Arrangement, Option [Member]
Expected volatility, minimum		80.14%
Expected volatility, maximum		81.01%
Risk-free interest, minimum		4.05%
Risk-free interest, maximum		4.08%
Expected dividend yield		0%
Share-Based Payment Arrangement, Option [Member] | Minimum [Member]
Expected term (years) (Year)		5 years 4 months 24 days
Share-Based Payment Arrangement, Option [Member] | Maximum [Member]
Expected term (years) (Year)		6 years

Note 8 - Income Taxes 1 (Detail

Note 8 - Income Taxes 1 (Details Textual) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Current Income Tax Expense (Benefit)	$ 0	$ 0	$ (1,000)
Current Federal Tax Expense (Benefit)			(100)
Current State and Local Tax Expense (Benefit)			(900)
Deferred Tax Assets, Valuation Allowance		16,014	$ 20,749
Deferred Tax Liabilities, Net	0	0
Income Tax Examination, Penalties and Interest Expense	$ 0	0
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards		36,700
Domestic Tax Jurisdiction [Member] | Orphan Drug Credits [Member]
Tax Credit Carryforward, Amount		200
State and Local Jurisdiction [Member]
Operating Loss Carryforwards		$ 37,600

Note 8 - Income Taxes - Schedul

Note 8 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation 1 (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
U.S. federal statutory rate	21%	21%
Uncertain tax position and interest	0%	3.80%
State and local taxes	4%	(3.90%)
Permanent items	0.30%	(1.00%)
Change in valuation allowance	(25.40%)	(16.30%)
Other	0.10%	0%
Effective income tax rate	0%	3.60%

Note 8 - Income Taxes - Sched_2

Note 8 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities 1 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Royalty agreement liabilities	$ 1,587	$ 9,080
Net operating loss	9,179	7,850
Section 174 R&D capitalization	4,548	3,152
Accrued expenses and other	406	364
Orphan drug credit	199	199
Startup costs	95	104
Net deferred tax assets	16,014	20,749
Valuation allowance	(16,014)	(20,749)
Net deferred tax assets	0	0
Decrease (increase) in valuation allowance	$ 4,735	$ (4,637)

Note 9 - Commitments and Cont_3

Note 9 - Commitments and Contingencies 1 (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Lease, Cost	$ 20,000	$ 20,000	$ 60,000	$ 60,000	$ 80,000	$ 80,000

Note 9 - Commitments and Cont_4

Note 9 - Commitments and Contingencies - Schedule of Minimum Lease Payments 1 (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2024	$ 20	$ 67
Total future minimum payments	$ 87	$ 67

Note 10 - Net Income (Loss) P_3

Note 10 - Net Income (Loss) Per Share - Schedule of Reconciliation of Basic and Diluted Income Per Share 1 (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Net income (loss) attributable to common stockholders	$ (6,775)	$ (2,832)	$ (13,483)	$ (1,848)	$ 17,915	$ (27,552)
Less cumulative preferred Series D dividends					(3,600)	0
Less: allocation of undistributed earnings to participating securities - preferred stock					(10,431)	0
Net loss available to common shareholders – basic and diluted	$ (6,969)	$ (3,026)	$ (14,065)	$ (2,430)	$ 3,884	$ (27,552)
Weighted-average number of shares outstanding used in computing net loss per share, basic and diluted (in shares)	5,720,009	5,720,009	5,720,009	5,720,009	5,720,009	5,718,926
Stock options					$ 76,947	$ 0
Denominator for diluted net income (loss) per share – adjusted weighted average shares (in shares)					5,796,956	5,718,926
Net loss per share, basic and diluted (in dollars per share)	$ (1.22)	$ (0.53)	$ (2.46)	$ (0.42)	$ 0.68	$ (4.82)
Net income (loss) per share, diluted (in dollars per share)					$ 0.67	$ (4.82)

Note 10 - Net Income (Loss) P_4

Note 10 - Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded From Earnings Per Share 1 (Details) - shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Convertible Preferred Stock [Member]
Antidilutive securities (in shares)	15,360,787	15,360,787	15,360,787	15,360,787	15,360,787	15,360,787
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	2,149,138	1,611,041	2,149,138	1,611,041	1,119,732	1,024,628

Note 11 - Subsequent Events 1 (

Note 11 - Subsequent Events 1 (Details Textual) - USD ($) $ in Millions	1 Months Ended			2 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	May 31, 2020	Aug. 09, 2024	Jul. 23, 2024
The 2019 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)		1,171,768	1,000,000
Subsequent Event [Member] | Notes Receivable [Member]
Loans and Leases Receivable, Commitments to Purchase or Sell	$ 20
Proceeds from Sale and Collection of Loans Receivable				$ 11.9
Loans Receivable, Basis Spread on Variable Rate	2%
Subsequent Event [Member] | Pieris [Member]
Contingency, Termination Fee, Receivable					$ 1
Contingency, Termination Fee Payable					$ 2