Sphera Funds Management’s Palvella Therapeutics, Inc. Common Stock PVLA Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2021 Q2	–	Sell	-650,000	Closed	-$1.67M	–	163
2021 Q1	$1.67M	Buy	650,000 +100,000	+18%	+$257K	0.13%	107
2020 Q4	$1.38M	Buy	+550,000	New	+$1.38M	0.12%	87
2019 Q1	–	Sell	-700,000	Closed	-$1.86M	–	117
2018 Q4	$1.86M	Sell	700,000 -204,686	-23%	-$544K	0.21%	76
2018 Q3	$5.07M	Buy	904,686 +62,054	+7%	+$347K	0.58%	45
2018 Q2	$4.27M	Buy	842,632 +42,632	+5%	+$216K	0.59%	49
2018 Q1	$5.46M	Hold	800,000	–	–	0.83%	34
2017 Q4	$6.04M	Sell	800,000 -200,000	-20%	-$1.51M	0.71%	28
2017 Q3	$5.76M	Sell	1,000,000 -100,000	-9%	-$576K	0.82%	25
2017 Q2	$5.57M	Buy	1,100,000 +100,000	+10%	+$506K	0.95%	21
2017 Q1	$2.6M	Buy	1,000,000 +190,000	+23%	+$494K	0.51%	50
2016 Q4	$1.13M	Hold	810,000	–	–	0.29%	76
2016 Q3	$1.48M	Hold	810,000	–	–	0.24%	80
2016 Q2	$1.3M	Hold	810,000	–	–	0.34%	64
2016 Q1	$1.54M	Hold	810,000	–	–	0.33%	63
2015 Q4	$1.86M	Sell	810,000 -90,000	-10%	-$206K	0.27%	85
2015 Q3	$1.65M	Sell	900,000 -300,000	-25%	-$549K	0.21%	95
2015 Q2	$3.3M	Buy	+1,200,000	New	+$3.3M	0.32%	70