TALPHERA, INC.
TLPH · Pharmaceutical Preparations · 51.9M shares · +24%/yr ↑ dilution · EDGAR filings ↗
Reference price $0.59 · est. market cap ~$30M — last insider purchase, 2026-03-13 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Sub-scale specialty-pharma micro-cap wholly dependent on the single unapproved Niyad CRRT program.
Strengths
- Healthy current ratio (5.5, 62nd pct) and Breakthrough Device-designated lead with 2026 registrational readout
- Modest, controlled annual cash burn (~$14M net loss)
Risks
- Only ~$20M cash (33rd pct) against a single binary Phase 3 asset; financing/dilution risk is acute
- The strong sufentanil Phase 3 data in trial_results are for divested DSUVIA/Zalviso products no longer driving value, not Niyad
- Negative ROE (31st pct) and no revenue engine; pre-filer with no approved product
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +24%/yr over 1y (dilution, book value/share -48%)
- Insider buyingInsider buying — 5 open-market buy(s) by 4 insider(s) (cluster of 4 insiders, ~$304,001, last 6mo) Form 4 ↗
- Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC, STATE STREET CORP +1 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: FMR LLC
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-83.9%
Return on assets
-48.1%
Revenue growth (QoQ)
62.6%
Current ratio
5.5×
Tangible book value
$8M
Cash & investments
$20M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | JAIN ABHINAV | Grant | 5.1K | — |
| 2026-06-22 | Bozilenko Marina | Grant | 5.1K | — |
| 2026-06-22 | Todisco Joseph | Grant | 5.1K | — |
| 2026-06-22 | Broadfoot Jill Marie | Grant | 5.1K | — |
| 2026-06-22 | ADAMS ADRIAN | Grant | 5.1K | — |
| 2026-06-22 | WAN MARK A | Grant | 5.1K | — |
| 2026-06-22 | HOFFMAN STEPHEN J | Grant | 5.1K | — |
| 2026-05-20 | Aslam Shakil | Tax withheld | 4.5K | $0.82 |
| 2026-04-02 | ASADORIAN RAFFI | Tax withheld | 2.4K | $0.72 |
| 2026-04-02 | Aslam Shakil | Tax withheld | 2.1K | $0.72 |
| 2026-04-02 | Angotti Vincent J. | Tax withheld | 9.9K | $0.72 |
| 2026-04-02 | Dasu Badri N | Tax withheld | 2.4K | $0.72 |
| 2026-03-13 | Angotti Vincent J. | Buy | 213K | $0.59 |
| 2026-02-14 | Dasu Badri N | Tax withheld | 2.3K | $0.79 |
| 2026-02-14 | ASADORIAN RAFFI | Tax withheld | 2.9K | $0.79 |
| 2026-02-14 | Angotti Vincent J. | Tax withheld | 9.6K | $0.79 |
| 2026-02-12 | Aslam Shakil | Buy | 35K | $0.81 |
| 2026-02-12 | Dasu Badri N | Buy | 35K | $0.81 |
| 2026-02-12 | ASADORIAN RAFFI | Buy | 45K | $0.81 |
| 2026-02-12 | Angotti Vincent J. | Buy | 105K | $0.81 |
| 2026-02-10 | ASADORIAN RAFFI | Tax withheld | 958 | $0.84 |
| 2026-02-10 | Angotti Vincent J. | Tax withheld | 3.2K | $0.84 |
| 2026-02-10 | Dasu Badri N | Tax withheld | 781 | $0.84 |
| 2025-10-23 | Bozilenko Marina | Grant | 4.3K | — |
| 2025-10-23 | Broadfoot Jill Marie | Grant | 4.3K | — |
| 2025-10-23 | ADAMS ADRIAN | Grant | 4.3K | — |
| 2025-10-23 | JAIN ABHINAV | Grant | 4.3K | — |
| 2025-10-23 | WAN MARK A | Grant | 4.3K | — |
| 2025-10-23 | HOFFMAN STEPHEN J | Grant | 4.3K | — |
| 2025-10-15 | Todisco Joseph | Grant | 6.4K | — |
| 2025-05-20 | Aslam Shakil | Tax withheld | 4.5K | $0.52 |
| 2025-04-02 | Angotti Vincent J. | Buy | 213K | $0.59 |
| 2025-04-02 | Aslam Shakil | Grant | 15K | — |
| 2025-04-02 | Dasu Badri N | Grant | 15K | — |
| 2025-04-02 | ASADORIAN RAFFI | Grant | 15K | — |
| 2025-04-02 | Angotti Vincent J. | Grant | 61K | — |
| 2025-02-14 | Dasu Badri N | Tax withheld | 2.6K | $0.67 |
| 2025-02-14 | ASADORIAN RAFFI | Tax withheld | 3.2K | $0.67 |
| 2025-02-14 | Angotti Vincent J. | Tax withheld | 11K | $0.67 |
| 2025-02-11 | Angotti Vincent J. | Tax withheld | 3.5K | $0.62 |
| 2025-02-11 | Dasu Badri N | Tax withheld | 880 | $0.62 |
| 2025-02-11 | ASADORIAN RAFFI | Tax withheld | 1.1K | $0.62 |
| 2025-02-10 | Dasu Badri N | Tax withheld | 879 | $0.63 |
| 2025-02-10 | Angotti Vincent J. | Tax withheld | 3.5K | $0.63 |
| 2025-02-10 | ASADORIAN RAFFI | Tax withheld | 1.1K | $0.63 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06150742 ↗ | Nafamostat Efficacy in Phase 3 Registrational CRRT Study Acute Kidney Injury | NA | Recruiting | 2025-12-01 |
| NCT02662764 ↗ | Study to Evaluate the Overall Performance of the Zalviso System™ (Sufentanil Sublingual Tablet System) 15 mcg Moderate-to-severe Acute Pain | PHASE3 | Completed | 2017-04-14 |
| NCT02662556 ↗ | A Multicenter, Open-Label Trial to Evaluate the Safety and Efficacy of the Sufentanil Sublingual Tablet 30 mcg in Patients With Post-Operative Pain Acute Moderate-to-severe Pain | PHASE3 | Completed | 2016-06-01 |
| NCT02447848 ↗ | Open-Label Safety and Efficacy of the Sufentanil Sublingual Tablet 30 mcg for Acute Pain Moderate-to-severe Acute Pain | PHASE3 | Completed | 2016-06-01 |
| NCT02356588 ↗ | A Trial Evaluating the Efficacy and Safety of the Sublingual Sufentanil Tablet 30 mcg for Post-Operative Pain After Abdominal Surgery Post-Operative Pain | PHASE3 | Completed | 2015-06-01 |
| NCT02082236 ↗ | Pharmacokinetics of Sufentanil Sublingual Microtablet 30 mcg and 15 mcg in Healthy Subjects Healthy | PHASE1 | Completed | 2014-05-01 |
| NCT01660763 ↗ | Efficacy and Safety Trial to Evaluate the Sufentanil NanoTab® PCA System/15 mcg (Zalviso™) for Post-Operative Pain in Patients After Knee or Hip Replacement Surgery Post Operative Pain | PHASE3 | Completed | 2013-04-01 |
| NCT01761565 ↗ | Single and Multiple Dose Pharmacokinetics of Sufentanil NanoTab Plasma Concentrations | PHASE1 | Completed | 2013-02-01 |
| NCT01710345 ↗ | Safety and Efficacy of Sufentanil NanoTab for Management of Acute Pain Following Bunionectomy Acute Pain | PHASE2 | Completed | 2013-02-01 |
| NCT01539642 ↗ | A Multicenter, Randomized, Double-Blind, Placebo-Controlled Trial to Evaluate the Efficacy and Safety of the Sufentanil NanoTab PCA System/15 mcg (Zalviso™) for the Treatment of Post-Operative Pain in Patients After Open Abdominal Surgery Post-Operative Pain | PHASE3 | Completed | 2013-01-01 |
| NCT01539538 ↗ | A Multicenter, Randomized, Open-Label, Parallel-Group Trial to Compare the Efficacy and Safety of the Sufentanil NanoTab PCA System/15 mcg (Zalviso™)to Intravenous Patient-Controlled Analgesia With Morphine for the Treatment of Acute Post-Operative Pain Post-Operative Pain | PHASE3 | Completed | 2012-12-01 |
| NCT01721070 ↗ | Effect of Ketoconazole on Sufentanil NanoTab Pharmacokinetics Pharmacokinetics | PHASE1 | Completed | 2012-12-01 |
| NCT01639729 ↗ | Effect of Delivery Route on PK of Sufentanil NanoTab Pharmacokinetics | PHASE1 | Completed | 2012-07-01 |
| NCT00833040 ↗ | A Study for the Evaluation of the Safety, Tolerability, and Efficacy of ARX-F02 (Sufentanil NanoTab) Compared to Placebo in the Treatment of Cancer Breakthrough Pain Cancer, Pain | PHASE2 | Completed | 2010-03-01 |
| NCT00894699 ↗ | A Study to Evaluate the Clinical Efficacy, Safety and Tolerability of ARX-F03 Sublingual Sufentanil/Triazolam NanoTab™ in Patients Undergoing an Elective Abdominal Liposuction Procedure Sedation, Anxiety | PHASE2 | Completed | 2009-09-01 |
| NCT00859313 ↗ | An Open-Label Functionality, Safety and Efficacy Study in Patients Undergoing Elective Unilateral Knee Replacement Pain, Postoperative | PHASE2 | Completed | 2009-08-01 |
| NCT00718081 ↗ | A Multicenter, Randomized, Placebo-Controlled Phase 2 Study to Evaluate the Clinical Efficacy, Safety, and Tolerability of ARX-F01 Sublingual Sufentanil in Patients Undergoing Major Abdominal Surgery Major Upper or Lower Abdominal Surgery | PHASE2 | Completed | 2009-03-01 |
| NCT00612534 ↗ | A Multicenter, Randomized, Placebo-Controlled Phase 2 Study to Evaluate the Clinical Efficacy, Safety, and Tolerability of ARX-F01 Sublingual Sufentanil in Patients Undergoing Elective Unilateral Total Knee Replacement Post Operative Pain | PHASE2 | Completed | 2008-10-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-13 | ResultsExhibits | filing ↗ |
| 2026-03-23 | ResultsExhibits | filing ↗ |
| 2026-03-16 | 3.02 | filing ↗ |
| 2026-03-13 | Delisting notice | filing ↗ |
| 2025-11-12 | ResultsExhibits | filing ↗ |
| 2025-10-24 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2025-10-22 | 3.02Other | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-22 | 0001437749-26-021446 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001437749-26-016748 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001437749-26-016724 ↗ |
| 10-K | 2026-03-23 | 2025-12-31 | 0001437749-26-009387 ↗ |
| 8-K | 2026-03-23 | 2026-03-23 | 0001437749-26-009299 ↗ |
| 8-K | 2026-03-16 | 2026-03-13 | 0001437749-26-008318 ↗ |
| 8-K | 2026-03-13 | 2026-03-11 | 0001437749-26-008217 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001437749-25-034499 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001437749-25-034446 ↗ |
| 8-K | 2025-10-24 | 2025-10-23 | 0001437749-25-031731 ↗ |
| 8-K | 2025-10-22 | 2025-10-20 | 0001437749-25-031468 ↗ |
| 8-K | 2025-10-16 | 2025-10-14 | 0001437749-25-031162 ↗ |