Talphera, Inc.

Talphera, Inc. (TLPH) reported a net loss of $14.3 million for FY 2025, widening from $13.0 million in FY 2024, driven by higher operating expenses amid ongoing development of lead product Niyad. Research and development expenses decreased 10% to $6.0 million from $6.7 million, reflecting reduced Niyad trial costs, while selling, general, and administrative expenses fell 12% to $7.5 million from $8.5 million due to lower consulting and board fees. No significant revenue was recognized, with only $28K in non-cash revenue from the sale of future payments. Balance sheet strengthened with total assets at $29.7 million, including $20.9 million in current assets (cash $5.9M, short-term investments $14.5M), and stockholders' equity of $17.0 million. Cash flows showed $11.4 million used in operations, $14.3 million used in investing (net investment purchases), offset by $22.7 million from financing via private placements. Net cash decreased $3.0 million to $5.9 million end balance. Liquidity of $20.4 million supports Niyad registrational trial completion expected 2026, but additional capital needed as going concern doubt persists.

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