Talphera, Inc. issued a press release announcing fourth quarter and full year 2025 financial results, including Q4 net loss of $3.8 million ($0.06 per share), full year net loss of $14.3 million ($0.34 per share), and cash and investments of $20.4 million as of December 31, 2025. The company reported 50% enrollment in the NEPHRO CRRT study, closure of a $4.1 million financing tranche, and 2026 cash operating expenses guidance of $17-18 million excluding stock-based compensation.
Key takeaways
Reached 35-patient (50%) enrollment milestone in 70-patient NEPHRO CRRT registrational study
Closed $4.1 million third tranche of March 2025 private placement financing upon enrollment milestone
Cash and investments balance of $20.4 million as of December 31, 2025
Q4 2025 net loss of $3.8 million ($0.06 per basic and diluted share) vs $1.9 million ($0.07 per share) in Q4 2024
Full year 2025 net loss of $14.3 million ($0.34 per basic and diluted share) vs $13.0 million ($0.50 per share) in 2024
2026 cash operating expenses excluding stock-based compensation expected in $17-18 million range