T
TALPHERA, INC.
TLPHCIK 0001427925NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-14.29M
Total Assets
$29.72M
Equity
$17.04M
Shares Out
50.05M
Op. Cash Flow
$-11.36M
Business
Talphera, Inc. is a specialty pharmaceutical company developing therapies for medically supervised settings. Main products include nafamostat candidates—Niyad for regional extracorporeal anticoagulation and LTX-608 for IV indications—and ready-to-use pre-filled syringe medicines. Key activities comprise clinical and regulatory development for drug and device approvals, patent protection and outsourced manufacturing through contract manufacturers. Geographic and distribution focus is U.S. hospitals and dialysis centers, hospital networks, wholesalers, group purchasing organizations and potential international regulatory filings.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 28,000 | 0 | 651,000 | 0 | 3 | |
| Research and development | 6 | 7 | 6 | 3 | 4 | |
| Selling, general and administrative | 7 | 9 | 12 | 17 | 31 | |
| Total operating costs and expenses | 14 | 15 | 18 | 25 | 39 | |
| Loss from operations | −13 | −15 | −17 | −25 | −36 | |
| Interest income and other income, net | 436,000 | 679,000 | 1 | 366,000 | 124,000 | |
| Gain on sale of future payments | 0 | 1 | 0 | — | — | |
| (Loss) gain on change in fair value of warrant liability | −1 | 717,000 | 5 | — | — | |
| Non-cash interest expense on liability related to the sale of future payments | 0 | −394,000 | 0 | — | — | |
| Total other income, net | −879,000 | 2 | 7 | 84 | 871,000 | |
| Net loss from continuing operations | −14 | −13 | −10 | 59 | — | |
| Net income from discontinued operations See Note 3 | 73,000 | 0 | −8 | −11 | — | |
| Net loss | −14 | −13 | −18 | 48 | −35 | |
| Basic and diluted, continuing operations (in dollars per share) | −0.34 | −0.5 | −0.72 | 7.27 | — | |
| Basic and diluted, discontinued operations (in dollars per share) | 0 | 0 | −0.57 | −1.54 | — | |
| Basic and diluted loss per share (in dollars per share) | −0.34 | −0.5 | −1.29 | 5.73 | −5.86 | |
| Shares used in computing net loss per share of common stock, basic and diluted See Note 10 (in shares) | 42 | 26 | 14 | 7 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 6 | 9 | 6 | 15 | 8 | |
| Short-term investments | 14 | 0 | 4 | 495,000 | 39 | |
| Prepaid expenses and other current assets | 519,000 | 554,000 | 2 | 2 | 3 | |
| Total current assets | 21 | 9 | 12 | 25 | 50 | |
| In-process research and development asset | 9 | 9 | 9 | 9 | 0 | |
| Total assets | 30 | 18 | 20 | 47 | 78 | |
| Accounts payable | 544,000 | 670,000 | 1 | 1 | 2 | |
| Accrued and other liabilities | 3 | 1 | 2 | 3 | 7 | |
| Liabilities of discontinued operations, current portion | 650,000 | 723,000 | 731,000 | 5 | — | |
| Total current liabilities | 4 | 3 | 5 | 14 | 19 | |
| Warrant liability | 2 | 1 | 2 | 7 | 0 | |
| Liability related to the sale of future payments | 6 | 7 | 0 | — | — | |
| Total liabilities | 13 | 10 | 6 | 26 | 114 | |
| Commitments and Contingencies | — | — | — | — | — | |
| Common stock, $0.001 par value200,000,000 shares authorized as of December 31, 2025 and 2024; 49,328,097 and 17,029,469 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 49,000 | 17,000 | 17,000 | 8,000 | 7,000 | |
| Additional paid-in capital | 489 | 465 | 458 | 448 | 438 | |
| Accumulated deficit | −472 | −457 | −444 | −426 | −474 | |
| Total stockholders equity | 17 | 8 | 14 | 22 | −36 | |
| Total Liabilities and Stockholders Equity | 30 | 18 | 20 | 47 | 78 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Non-cash revenue related to sale of future payments | −28,000 | 0 | — | — | — | |
| Net amortization of discount on short term investments | −142,000 | −121,000 | −24,000 | — | — | |
| Stock-based compensation | 699,000 | 989,000 | 2 | 3 | 5 | |
| Revaluation of warrant liability | 1 | −717,000 | — | — | — | |
| Prepaid expenses and other current assets | 35,000 | 2 | 281,000 | 299,000 | −908,000 | |
| Accounts payable | −208,000 | −671,000 | −575,000 | 551,000 | 111,000 | |
| Accrued liabilities | 1 | −1 | −1 | −2 | 79,000 | |
| Net cash used in operating activities | −11 | −13 | −17 | −28 | −30 | |
| Purchase of investments | −18 | −5 | — | — | — | |
| Proceeds from sale of investments | 10,000 | 0 | — | — | — | |
| Proceeds from maturities of investments | 3 | 9 | — | — | — | |
| Net cash (used in) provided by investing activities | −14 | 4 | −528,000 | 36 | −26 | |
| Gross proceeds from sale of future payments | 0 | 7 | 0 | — | — | |
| Issuance costs related to sale of future payments | 0 | −521,000 | 0 | — | — | |
| Net proceeds from issuance of common stock through equity plans | 17,000 | 27,000 | — | — | — | |
| Net cash provided by financing activities | 23 | 12 | 3 | −507,000 | 42 | |
| Net change in cash and cash equivalents | −3 | 3 | −15 | 8 | −15 | |
| Equity issuance costs from warrant modification | 0 | 251,000 | 0 | 47,000 | 0 | |
| Offering costs in accounts payable and accrued liabilities | 116,000 | 0 | 72,000 | — | — |
Filings
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