TLPH · Talphera, Inc.

Talphera reported first quarter 2026 results with a GAAP net loss of $2.6 million, or $0.04 per share, matching the prior year's loss amount but on significantly more shares outstanding (69.8 million vs. 26.3 million), reflecting dilution from financing. Revenue was zero compared to $27 thousand in Q1 2025 from discontinued operations. Operating expenses rose 34% to $3.9 million, driven by higher Niyad development costs from increased NEPHRO CRRT enrollment and elevated G&A, with non-GAAP expenses at $3.7 million excluding $0.2 million stock-based compensation. Cash position strengthened slightly to $21.1 million from $20.4 million at year-end, bolstered by closing a $4.1 million financing tranche upon hitting the 35-patient enrollment milestone in March. CEO Vince Angotti highlighted steady enrollment progress beyond 50%, with study completion anticipated later 2026, positioning Niyad as a potential regional anticoagulant for CRRT patients intolerant to heparin. The company presented supporting data at AKI & CRRT 2026 and hosted a KOL event underscoring market needs. Niyad holds FDA Breakthrough Device Designation under IDE for this registrational study.