10-Q · May 13, 2026
Talphera, Inc. reported improved financials for Q1 2026, with a loss of $2.6 million (or $0.04 per share), an improvement in EPS from a loss of $0.10 in Q1 2025, while revenues were absent as anticipated. With cash and…
Earnings analysis · 10-Q
TLPH earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
The extracted 10-Q text does not include the financial statements needed to assess quarterly revenue, margins, EPS, balance-sheet movements, operating cash flow, free cash flow, or capex. The principal financial signal…
Read full summary
The extracted 10-Q text does not include the financial statements needed to assess quarterly revenue, margins, EPS, balance-sheet movements, operating cash flow, free cash flow, or capex. The principal financial signal is severe liquidity pressure: the company says current capital may not fund operations for the next 12 months and expects significant losses in 2026. Clinical execution, regulatory approval, single-source manufacturing, tariffs, and potential tax-attribute limitations remain material headwinds.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Disclosure controls remain effective
Under Item 4, management concluded that disclosure controls were effective at the reasonable-assurance level, and stated that there had been no changes during the period that materially affected internal control over financial reporting.
What to watch
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Going-concern and liquidity risk
The filing states that, based on current operating expenses, existing capital is not expected to fund operations for the next 12 months if additional financing is unsuccessful. It also expects significant losses in 2026, creating substantial doubt about going-concern status.
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Tax attribute limitations
The company states that an issuance of common stock totaling over 50% on September 10, 2025 triggered an ownership change, limiting its net operating losses and tax credits under Sections 382 and 383 and potentially increasing future tax liabilities.
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Tariff and single-source supply risk
The filing adds material international trade exposure: the active ingredient for Niyad is manufactured in Japan and Niyad is manufactured in China, while tariffs and trade restrictions may increase development costs and disrupt supply. The company also states that its nafamostat-based product candidates currently rely on a single source for active ingredient and finished product.
Management's outlook
No quantitative revenue or EPS outlook is provided in the extracted 10-Q text. The filing states that the company expects significant losses in 2026 and that current capital is not expected to fund operations for the next 12 months if additional capital cannot be raised.
Earlier filings 4
10-K · March 23, 2026
Talphera’s 10-K emphasizes a concentrated strategy: develop, obtain FDA approval for, and commercialize Niyad (nafamostat) as the first FDA‑approved regional anticoagulant for CRRT, while deprioritizing some pre-filled…
10-Q · August 14, 2025
Talphera reported Q2 2025 GAAP net loss of $3,489,000 (‑$0.10 per share), an improvement versus Q2 2024 net loss of $3,827,000 (‑$0.15). Cash and cash equivalents declined to $6,791,000 as of June 30, 2025 from…
10-Q · November 13, 2024
Talphera reported Q3 revenue of $0 (Q3 2023: $117) and GAAP loss per share of $(0.13) (Q3 2023: $(0.08)), with operating loss widening to $(3,749)k from $(3,309)k. Cash improved to $11,117k as of September 30, 2024…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.