TALPHERA, INC. TLPH

Healthcare SIC 2834 - Pharmaceutical Preparations NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Pharmaceutical Preparation Manufacturing derived Nasdaq

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.

Last close 1.08 2026-10-23
Market cap $56.1M 2026-06-30 share count
52-week range 0.69 - 1.57

Valuation FY2025 figures against the last close

P/S2,002.1x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -0.34-0.50-1.295.73-5.86———-1.10-0.95
EPS, diluted ——-1.295.72-5.86-0.47-0.67-0.81-1.10-0.95
Shares, diluted (wtd. avg.) 42.4M25.8M14.3M7.4M6.0M———46.9M45.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M -50M 0 50M Revenue, FY2016: 17.4M Gross profit, FY2016: 5M Net income, FY2016: -43.2M Revenue, FY2017: 8M Gross profit, FY2017: -2.7M Net income, FY2017: -51.5M Revenue, FY2018: 2.2M Gross profit, FY2018: -1.8M Net income, FY2018: -47.1M Revenue, FY2019: 2.3M Gross profit, FY2019: -4.5M Net income, FY2019: -53.2M Revenue, FY2020: 5.4M Gross profit, FY2020: -616K Net income, FY2020: -40.4M Revenue, FY2021: 378K Gross profit, FY2021: -193K Net income, FY2021: -35.1M Revenue, FY2022: 0 Gross profit, FY2022: 0 Net income, FY2022: 47.8M Revenue, FY2023: 651K Net income, FY2023: -18.4M Revenue, FY2024: 0 Net income, FY2024: -13M Revenue, FY2025: 28K Net income, FY2025: -14.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $17.4M $8.0M $2.2M $2.3M $5.4M $378.0K $0 $651.0K $0 $28.0K
Gross profit $5.0M -$2.7M -$1.8M -$4.5M -$616.0K -$193.0K $0 — — —
Net income -$43.2M -$51.5M -$47.1M -$53.2M -$40.4M -$35.1M $47.8M -$18.4M -$13.0M -$14.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Shareholder vote Item 5.07
  • Unregistered share sale Item 3.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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