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Talphera, Inc. (TLPH) stock

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NASDAQ: TLPH Nasdaq Pharmaceuticals Next results ~November 11, 2026

E Fundamentals grade

Talphera, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Talphera, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Talphera, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 0 selling5 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds25 adding, 14 cuttingOf 4 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Talphera files

Where Talphera stands after its latest 10-Q

Talphera has little or no product revenue yet; it used $12m of cash in the twelve months to June 2026. That puts it 47 of 47 for growth among the pharmaceuticals companies we cover. The diluted share count is up 34.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 2 financial-health checks.

Our model value for Talphera is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 12, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 11, 2026 (estimated)

Talphera, Inc.'s trailing-twelve-month revenue fell 96.3% year on year, with a free-cash-flow margin of -1227000.0%. Where it lags: revenue growth of -96.3% ranks 74 of 74 pharmaceuticals companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 5.7% while net income fell 33.4%: a 28pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Results due soon. Results are expected around 11 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 96.3% over the last 12 months.
  • Loss-making. Operating margin is -1474700.0%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 1425240.7 points on a year ago.
  • Burning cash. Free cash flow was -1227000.0% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 79400.0% of revenue, against a median of 3.6% for pharmaceuticals companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2026 Q2

Filed August 12, 2026
Earnings per share
-$0.05 against an average estimate of -$0.07: beat by 23.5%
Share reaction
-17.7% in the first session after the results on August 12, 2026, against +0.9% for the S&P 500
Next report
November 11, 2026; average EPS estimate -$0.06

Talphera's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.9%
  • 1 week-5.6%
  • 1 month-10.6%
  • This year-11.4%
  • 1 year-24.6%
  • 5 years-94.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1,000
Operating margin
-1474700.0%
Net margin
-1507600.0%
EPS (TTM, diluted)
$-0.47

Growth

Revenue growth
−96.3%
Change in growth rate
+0.0 pts
Share count change
+34.4%

Cash

Free cash flow (TTM)
-$12.3M
FCF margin
-1227000.0%
Stock pay % of revenue
79400.0%

Earnings

Last results
August 12, 2026
Next results (est.)
November 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Talphera, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Talphera, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.0 ~$0.0–$0.0 Left out: out of range vs price (0.01x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Talphera, Inc. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$77.00$52.00$40.60$46.20$42.20$24.80$11.20$2.26$0.74$0.52$1.14
Market value$342m$236m$190m$270m$334m$211m$134m$33m$11m$13m$48m
+ Net debt (− = net cash)−$87m−$59m−$34m−$76m$10m−$399000$6m−$10m−$6m−$9m−$6m
Enterprise value$255m$177m$157m$194m$345m$211m$140m$24m$5m$5m$42m
Multiples
Price / sales 17.8x13.6x23.8x125.5x146.0x39.0x47.6x—16.2x—n/m
Price / earnings ———————0.7x———
Price / free cash flow ———————————
EV / EBITDA ———————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

5 /100

Weak moat

How hard Talphera's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -49.8% of total assets over 5 years.

  • Pricing power 0 / 20

    Gross margin has been a median -59.1%, moving by 166.1 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -1194.6%; its worst year was -1474700.0%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 10 years, at a median -1439.4% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 734.4% over five years; stock-based pay has been a median 184.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (10 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 11, 2026, after the close. Analysts expect revenue of $0 and EPS of −$0.06 (range −$0.06 to −$0.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.20 +40% — −100%
Next −$0.22 −9% $447000 0%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −8.9% on 90 days ago. In the last 30 days, 1 analyst raised Talphera, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Talphera, Inc., last 90 days
−$0.30 −$0.20 −$0.10 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.23 Current fiscal year, 60 days ago: −$0.24 Current fiscal year, 30 days ago: −$0.24 Current fiscal year, 7 days ago: −$0.24 Current fiscal year, Now: −$0.20 −$0.20 Next fiscal year, 90 days ago: −$0.20 Next fiscal year, 60 days ago: −$0.23 Next fiscal year, 30 days ago: −$0.23 Next fiscal year, 7 days ago: −$0.23 Next fiscal year, Now: −$0.22 −$0.22

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.23−$0.20
60 days ago −$0.24−$0.23
30 days ago −$0.24−$0.23
7 days ago −$0.24−$0.23
Now −$0.20−$0.22

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.07 −$0.05 +23.5%
Mar 2026 −$0.08 −$0.05 +36.1%
Dec 2025 −$0.07 −$0.06 +20.0%
Sept 2025 −$0.13 −$0.13 −6.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

4 analysts, Oct 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026134

Counts of recommendations published by analysts covering Talphera, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
7.34
at average volume
Short interest, 1 month
+52%
to October 15, 2026
Held by institutions
46%
of shares
Held by insiders
21.4%
of shares
Employees
12
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TLPH−55%−80%−67%−30%+119%−11%
Industry peers (median)−18%−49%−13%−2%+7%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TLPH17%17%33%42%33%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TLPH−82%−85%−82%−65%−47%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 100% from November 23, 2015 to August 5, 2025. Getting back needed a 29439% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.72 – $1.47
From 52-week high
−31.3%
vs 50-day average
−11.5%
vs 200-day average
−0.2%
Volatility (1 year)
73%
Beta vs S&P 500
1.13

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±12.8%
After a week
4 up, 8 down
typical move ±11.1%
After a month
3 up, 9 down
typical move ±21.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 12, 2026 −17.7% +0.9% −19.0% −15.6%
May 13, 2026 +4.7% +1.4% −4.7% +1.2%
March 23, 2026 −12.0% +0.7% −9.6% −4.8%
November 12, 2025 −18.6% −1.6% +2.3% −7.8%
August 14, 2025 0.0% −0.2% +14.0% +127.9%
May 14, 2025 −5.8% +0.6% −1.9% −5.8%
March 31, 2025 −10.2% +1.0% −15.3% −16.9%
November 13, 2024 −27.5% −0.6% −22.0% −28.6%
August 14, 2024 −4.4% +2.0% 0.0% −1.1%
May 14, 2024 +18.4% +1.7% +1.9% −4.9%
March 6, 2024 −8.8% +1.5% −6.4% −4.0%
January 22, 2024 +25.0% +0.5% +36.4% +38.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Talphera, Inc. in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Talphera, Inc.
$0 $200K $400K $600K $800K FY22 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY22 Q3: $444K Revenue (TTM), FY22 Q4: $442K Revenue (TTM), FY24 Q1: $651K Revenue (TTM), FY24 Q2: $398K Revenue (TTM), FY24 Q3: $281K Revenue (TTM), FY24 Q4: $0 Revenue (TTM), FY25 Q1: $27K Revenue (TTM), FY25 Q2: $27K Revenue (TTM), FY25 Q3: $28K Revenue (TTM), FY25 Q4: $28K Revenue (TTM), FY26 Q1: $1K Revenue (TTM), FY26 Q2: $1K $1K

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY22 Q3 $444K
FY22 Q4 $442K
FY24 Q1 $651K
FY24 Q2 $398K
FY24 Q3 $281K
FY24 Q4 $0
FY25 Q1 $27K
FY25 Q2 $27K
FY25 Q3 $28K
FY25 Q4 $28K
FY26 Q1 $1K
FY26 Q2 $1K
Revenue growth, TTM YoY Talphera, Inc.
-100% -50% 0% FY21 Q2 FY22 Q1 FY22 Q4 FY26 Q2 Revenue growth, TTM YoY, FY21 Q2: -30.3% Revenue growth, TTM YoY, FY21 Q3: -31.0% Revenue growth, TTM YoY, FY21 Q4: -48.0% Revenue growth, TTM YoY, FY22 Q1: -50.4% Revenue growth, TTM YoY, FY22 Q2: -24.6% Revenue growth, TTM YoY, FY22 Q3: -87.5% Revenue growth, TTM YoY, FY22 Q4: -84.3% Revenue growth, TTM YoY, FY25 Q1: -95.9% Revenue growth, TTM YoY, FY25 Q2: -93.2% Revenue growth, TTM YoY, FY25 Q3: -90.0% Revenue growth, TTM YoY, FY26 Q1: -96.3% Revenue growth, TTM YoY, FY26 Q2: -96.3% -96.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q2 -30.3%
FY21 Q3 -31.0%
FY21 Q4 -48.0%
FY22 Q1 -50.4%
FY22 Q2 -24.6%
FY22 Q3 -87.5%
FY22 Q4 -84.3%
FY25 Q1 -95.9%
FY25 Q2 -93.2%
FY25 Q3 -90.0%
FY26 Q1 -96.3%
FY26 Q2 -96.3%
Operating margin (TTM) Talphera, Inc.
-1500000% -1000000% -500000% 0% FY21 Q3 FY22 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY21 Q3: -1042.0% Operating margin (TTM), FY21 Q4: -1276.3% Operating margin (TTM), FY22 Q1: -1155.3% Operating margin (TTM), FY22 Q2: -1531.5% Operating margin (TTM), FY22 Q3: -7503.6% Operating margin (TTM), FY22 Q4: -4805.7% Operating margin (TTM), FY25 Q1: -51596.3% Operating margin (TTM), FY25 Q2: -49459.3% Operating margin (TTM), FY25 Q3: -46525.0% Operating margin (TTM), FY25 Q4: -48157.1% Operating margin (TTM), FY26 Q1: -1451600.0% Operating margin (TTM), FY26 Q2: -1474700.0% -1474700.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY21 Q3 -1042.0%
FY21 Q4 -1276.3%
FY22 Q1 -1155.3%
FY22 Q2 -1531.5%
FY22 Q3 -7503.6%
FY22 Q4 -4805.7%
FY25 Q1 -51596.3%
FY25 Q2 -49459.3%
FY25 Q3 -46525.0%
FY25 Q4 -48157.1%
FY26 Q1 -1451600.0%
FY26 Q2 -1474700.0%
FCF margin (TTM) Talphera, Inc.
-1500000% -1000000% -500000% 0% FY22 Q2 FY24 Q1 FY25 Q1 FY26 Q2 FCF margin (TTM), FY22 Q2: -1300.8% FCF margin (TTM), FY22 Q3: -7041.9% FCF margin (TTM), FY22 Q4: -6492.1% FCF margin (TTM), FY24 Q1: -2323.3% FCF margin (TTM), FY24 Q2: -3618.6% FCF margin (TTM), FY24 Q3: -5116.7% FCF margin (TTM), FY25 Q1: -49148.1% FCF margin (TTM), FY25 Q2: -42992.6% FCF margin (TTM), FY25 Q3: -39935.7% FCF margin (TTM), FY25 Q4: -40585.7% FCF margin (TTM), FY26 Q1: -1129400.0% FCF margin (TTM), FY26 Q2: -1227000.0% -1227000.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY22 Q2 -1300.8%
FY22 Q3 -7041.9%
FY22 Q4 -6492.1%
FY24 Q1 -2323.3%
FY24 Q2 -3618.6%
FY24 Q3 -5116.7%
FY25 Q1 -49148.1%
FY25 Q2 -42992.6%
FY25 Q3 -39935.7%
FY25 Q4 -40585.7%
FY26 Q1 -1129400.0%
FY26 Q2 -1227000.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1 2 30 5 19 17 8 2 2 5 3 0 1 0 0 0
Gross profit — — — — — 5 −3 −2 −5 −1 −1 −3 — — — —
EBITDA — — −6 −37 −18 −30 −37 −35 −53 −39 −34 −24 −17 −15 — —
Operating income — — −7 −38 −20 −32 −39 −36 −54 −41 −36 −25 −17 −15 −13 −15
Net income −20 −33 −23 −33 −24 −43 −52 −47 −53 −40 −35 48 −18 −13 −14 −15
Diluted EPS −$11.60 −$0.76 −$0.29 −$0.46 −$0.30 −$0.47 −$11.00 −$0.41 −$0.34 −$0.23 −$2.93 $2.86 −$1.29 — — —
Growth (year on year)
Revenue — +123.3% +>999% −82.3% +269.2% −9.9% −53.9% −73.1% +6.4% +136.6% −48.0% −100.0% — −100.0% — −96.3%
Net income — — — — — — — — — — — — −138.5% — — —
Diluted EPS — — — — — — — — — — — — −145.1% — — —
Margins
Gross margin — — — — — 29.0% −33.3% −84.8% −197.3% −11.4% −33.2% — — — — —
EBITDA margin — — −20.6% −705.1% −93.3% −172.3% −462.0% <−999% <−999% −722.1% <−999% — <−999% — — —
Operating margin — — −22.6% −721.7% −103.6% −184.1% −483.8% <−999% <−999% −756.3% <−999% — <−999% — <−999% <−999%
Net margin <−999% <−999% −79.4% −639.3% −126.7% −248.6% −644.3% <−999% <−999% −745.6% <−999% — <−999% — <−999% <−999%
Free-cash-flow margin <−999% <−999% −12.8% −766.0% −111.1% −190.8% −402.4% <−999% <−999% −745.2% <−999% — <−999% — <−999% <−999%
Cash flow
Cash from operations −15 −25 −0 −34 −20 −29 −30 −29 −51 −39 −30 −28 −17 −13 −11 −12
Capital spending 2 1 3 6 1 4 2 1 3 2 2 0 0 0 0 0
Free cash flow −17 −25 −4 −40 −21 −33 −32 −30 −55 −40 −32 −29 −18 −13 −11 −12
Stock-based pay 2 2 3 4 5 4 4 5 5 4 5 3 2 1 1 1
Free cash flow after stock pay −19 −28 −7 −44 −26 −38 −36 −35 −60 −45 −36 −32 −19 −14 −12 −13
Balance sheet
Cash 8 48 88 60 108 80 53 88 15 22 8 15 6 9 6 1
Total debt 19 16 14 25 21 22 19 12 25 22 14 6 — 0 0 0
Net debt (negative = net cash) 11 −32 −74 −35 −87 −59 −34 −76 10 −0 6 −10 −6 −9 −6 −1
Diluted shares 2m 2m 4m 4m 4m 5m 5m 6m 8m 9m 12m 15m 14m 26m 42m —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $27m
Short-term assets $18mLonger-term assets $9m
What it owes, and who funded it · $27m
Short-term liabilities $4mLonger-term liabilities $8mShareholders' equity $14m
  • Short-term assets cover short-term liabilities $18m of assets due within a year against $4m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $18m short-term assets against $8m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Talphera, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+34.4%
year over year
R&D spending
670400.0%
of revenue
Sales & admin spending
804400.0%
of revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated TLPH PRFX AKAN SCNX SXTP SXTC Median
Revenue, last 12 months $1000 $17000 $258075 $821315 $1m $1m $276m
Revenue growth, last 12 months −96.3% — −69.2% 540.6% 73.2% −34.6% 9.9%
Revenue growth, 3-year average −92.4% — — −58.5% 74.9% — 5.5%
Revenue growth, latest quarter −100.0% — — 449.1% 106.0% — 6.5%
Gross margin −486.2% −311.8% −60.5% 87.7% 19.4% 21.9% 62.0%
Operating margin <−999% <−999% <−999% <−999% −774.9% −625.9% −5.9%
Operating margin, 3-year average <−999% — — <−999% <−999% −267.4% −7.4%
Net margin <−999% <−999% −467.1% <−999% −729.9% −545.2% −7.3%
Cash from operations / revenue <−999% <−999% <−999% <−999% −789.8% −353.0% 10.2%
Free-cash-flow margin <−999% <−999% <−999% <−999% −800.6% −353.0% 8.6%
Free-cash-flow margin, 3-year average <−999% — — <−999% — −126.6% 7.4%
Stock pay / revenue >999% >999% 21.3% 257.1% 37.2% 466.2% 3.6%
Change in share count 34.4% 368.7% −93.4% 2.1% — >999% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth -96.3% 10.0% 74 of 74
Change in growth rate Growth +0.0pp -0.3pp 36 of 74
Operating margin Profitability -1474700.0% -5.9% 67 of 67
Net margin Profitability -1507600.0% -7.3% 75 of 75
Free-cash-flow margin Cash generation -1227000.0% 10.1% 74 of 74
Stock pay as % of revenue Cash generation 79400.0% 3.6% 69 of 69
Change in share count Balance sheet 34.4% 1.5% 58 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$29.1M
Institutions reporting
48
Shares held vs prior quarter
▲ 29.2%
Positions opened / closed
11 / 8

Top buyers and sellers, Q2 2026: 25 institutions bought and 14 sold ; the biggest buyer was Nantahala Capital Management, LLC (+3.5M shares) and the biggest seller Empery Asset Management, LP (−590K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Nantahala Capital Management, LLC $7.2M 7.0M 24.7% ▲ 100.0%
Rosalind Advisors, Inc. $5.3M 5.2M 18.3% ▲ 54.1%
Aigh Capital Management LLC $4.7M 4.6M 16.3% ▼ 1.3%
Rock Springs Capital Management LP $3.7M 3.6M 12.7% 0.0%
Cantor Fitzgerald, L. P. $1.8M 1.8M 6.3% ▲ 100.0%
Bleichroeder LP $1.3M 1.3M 4.6% 0.0%
Dauntless Investment Group, LLC $768,433 746K 2.6% ▲ 71.4%
Vanguard Capital Management LLC $722,933 702K 2.5% ▲ 58.9%
Caption Management, LLC $530,418 515K 1.8% ▼ 8.3%
Almitas Capital LLC $481,167 467K 1.7% 0.0%
Geode Capital Management, LLC $442,001 429K 1.5% ▲ 2.2%
Shay Capital LLC $417,937 406K 1.4% ▲ 62.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Talphera, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $304,348 5 trades by 4 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $304,348 net buying
Insider Date Trade Shares Price Value
Angotti Vincent J. CHIEF EXECUTIVE OFFICER March 13, 2026 Buy 213,310 $0.59 $125,853
Asadorian Raffi Chief Financial Officer February 12, 2026 Buy 45,000 $0.81 $36,450
Dasu Badri N Chief Engineering Officer February 12, 2026 Buy 35,000 $0.81 $28,350
Aslam Shakil Chief Medical Officer February 12, 2026 Buy 35,000 $0.81 $28,350
Angotti Vincent J. CHIEF EXECUTIVE OFFICER February 12, 2026 Buy 105,364 $0.81 $85,345

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced

  • August 12, 2026
  • May 13, 2026
  • March 23, 2026
  • November 12, 2025
  • August 14, 2025
  • May 14, 2025

Recent SEC filings

Data status

When each part of this page on Talphera, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Talphera, Inc. in brief

What does Talphera, Inc. do?
Talphera, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Talphera, Inc.'s stock ticker?
Talphera, Inc. trades under the ticker TLPH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Talphera, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Talphera, Inc. reported revenue of $1,000, 96.3% lower than a year earlier, according to its SEC filings.
What is Talphera, Inc.'s free cash flow?
Talphera, Inc.'s free-cash-flow margin is -1227000.0% of revenue over the trailing twelve months, ranking 74 of the 74 pharmaceuticals companies we cover.
Who are Talphera, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Nantahala Capital Management, LLC, Rosalind Advisors, Inc. and Aigh Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Talphera, Inc.'s market cap?
On December 31, 2025, Talphera, Inc.'s market capitalisation was about $48.3M and net debt of -$5.9M. Market figures come from third-party market data and may be delayed.
Who are Talphera, Inc.'s competitors?
In our Pharmaceuticals peer group, the companies closest to Talphera, Inc. are PRF Technologies Ltd., Akanda Corp., Scienture Holdings, Inc., 60 Degrees Pharmaceuticals, Inc. and China SXT Pharmaceuticals, Inc. The side-by-side comparison below sets their revenue, margins and growth against Talphera, Inc.'s.
Are insiders buying or selling Talphera, Inc. stock?
Over the last 12 months, Talphera, Inc.'s directors and officers reported 5 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Talphera, Inc.'s next earnings date?
Around November 11, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Talphera, Inc. announces its own schedule.