TALPHERA, INC. TLPH
We are a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings.
Our portfolio is principally focused on our lead product candidate, Niyad (nafamostat mesylate), for use as a regional anticoagulant during continuous renal replacement therapy, or CRRT. In addition, we may develop LTX-608, a nafamostat formulation for direct IV infusion for one or more of the following indications: disseminated intravascular coagulation, or DIC, acute respiratory distress syndrome, or ARDS, acute pancreatitis, or as an anti-viral treatment. We have two pre-filled syringe product candidates that have been explored but are being evaluated for discontinuation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $28.0K | $0 | $651.0K | $0 | $378.0K | $5.4M | $2.3M | $2.2M | $8.0M | $17.4M |
| Cost of revenue | — | — | — | $0 | $571.0K | $6.0M | $6.8M | $4.0M | $10.7M | $12.3M |
| Gross profit | — | — | — | $0 | -$193.0K | -$616.0K | -$4.5M | -$1.8M | -$2.7M | $5.0M |
| R&D | $6.0M | $6.7M | $5.5M | $3.3M | $2.4M | $4.0M | $4.7M | $13.1M | $19.4M | $21.4M |
| SG&A | $7.5M | $8.5M | $12.0M | $17.0M | $15.5M | $36.3M | $45.0M | $20.8M | $16.6M | $15.6M |
| Total operating expenses | $13.5M | $15.3M | $17.5M | $25.3M | $18.5M | $46.4M | $56.5M | $37.9M | $46.7M | $49.3M |
| Operating income | -$13.5M | -$15.3M | -$16.9M | -$25.3M | -$18.1M | -$41.0M | -$54.2M | -$35.7M | -$38.7M | -$32.0M |
| Interest expense | — | $0 | $134.0K | $1.1M | $2.2M | $3.3M | $2.5M | $2.2M | $3.3M | $2.8M |
| Pre-tax income | -$14.3M | -$13.0M | -$10.3M | $59.1M | -$17.1M | -$40.4M | -$53.2M | -$47.1M | -$52.2M | -$43.2M |
| Income tax | $0 | $0 | $0 | $13.0K | $5.0K | $4.0K | $3.0K | $2.0K | $701.0K | $34.0K |
| Net income | -$14.3M | -$13.0M | -$18.4M | $47.8M | -$35.1M | -$40.4M | -$53.2M | -$47.1M | -$51.5M | -$43.2M |
| EPS, basic | -0.34 | -0.50 | -1.29 | 5.73 | -5.86 | — | — | — | -1.10 | -0.95 |
| EPS, diluted | — | — | -1.29 | 5.72 | -5.86 | -0.47 | -0.67 | -0.81 | -1.10 | -0.95 |
| Shares, diluted (wtd. avg.) | $42.4M | $25.8M | $14.3M | $7.4M | $6.0M | — | — | — | $46.9M | $45.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.9M | $8.9M | $5.7M | $15.3M | $7.7M | $27.3M | $14.7M | $88.0M | $52.9M | $80.3M |
| Short-term investments | $14.5M | $0 | $3.7M | $495.0K | $39.0M | $15.6M | $51.5M | $17.7M | $7.6M | — |
| Receivables | — | — | — | $309.0K | $160.0K | $635.0K | $432.0K | $49.0K | $1.5M | $5.8M |
| Inventory | — | — | — | $1.2M | $1.1M | $1.6M | $3.3M | $854.0K | $956.0K | $2.2M |
| Total current assets | $20.9M | $9.4M | $11.6M | $24.6M | $50.5M | $46.8M | $71.7M | $108.0M | $63.4M | $89.1M |
| Property, plant and equipment | — | — | — | $0 | $4.9M | $15.7M | $14.6M | $11.5M | $11.1M | $10.7M |
| Other intangibles | $8.8M | $8.8M | $8.8M | $8.8M | $0 | — | — | — | — | — |
| Total assets | $29.7M | $18.2M | $20.4M | $47.5M | $77.9M | $66.3M | $91.4M | $120.5M | $75.6M | $100.0M |
| Accounts payable | $544.0K | $670.0K | $1.3M | $1.3M | $917.0K | $2.7M | $1.7M | $2.1M | $1.4M | $1.6M |
| Short-term debt | — | — | $0 | $5.4M | $8.3M | $8.7M | $4.6M | $8.6M | $7.7M | $2.9M |
| Total current liabilities | $3.8M | $2.6M | $4.5M | $13.8M | $18.5M | $17.6M | $13.6M | $15.9M | $13.7M | $10.2M |
| Long-term debt | — | — | — | $0 | $5.0M | $13.1M | $20.5M | $3.4M | $11.4M | $18.6M |
| Total liabilities | $12.7M | $10.2M | $6.3M | $25.7M | $113.8M | $122.0M | $132.8M | $116.3M | $112.1M | $105.3M |
| Retained earnings | -$471.5M | -$457.2M | -$444.2M | -$425.8M | -$473.6M | -$438.5M | -$398.1M | -$345.0M | -$297.9M | -$246.4M |
| Total equity | $17.0M | $8.0M | $14.1M | $21.8M | -$35.9M | -$55.8M | -$41.4M | $4.3M | -$36.5M | -$5.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$11.4M | -$12.7M | -$17.5M | -$28.3M | -$30.0M | -$38.5M | -$51.2M | -$29.1M | -$29.8M | -$29.4M |
| Depreciation and amortisation | — | $0 | $311.0K | $1.6M | $2.0M | $1.9M | $1.7M | $575.0K | $1.7M | $2.1M |
| Stock-based compensation | $699.0K | $989.0K | $1.7M | $2.9M | $4.6M | $4.4M | $5.1M | $5.2M | $4.3M | $4.5M |
| Capital expenditure | — | $0 | $100.0K | $364.0K | $1.8M | $1.9M | $3.5M | $819.0K | $2.4M | $3.7M |
| Investing cash flow | -$14.3M | $3.8M | -$528.0K | $36.5M | -$26.1M | $34.1M | -$36.6M | -$10.9M | -$10.0M | $1.8M |
| Financing cash flow | $22.7M | $12.0M | $3.5M | -$507.0K | $41.5M | $17.0M | $14.5M | $75.0M | $12.3M | -$26.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-013895.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |