Talphera (TLPH) AI Stock Analysis

• Market Cap: $46.26M
• Dividend Yield: N/A
• Average Volume (3M): 2.97M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.75
• Revenue Growth: -90.04%
• EPS Growth: 44.40%
• Country: US
• Employees: 13
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.11
• Shares Outstanding: 46,609,620
• 10 Day Avg. Volume: 675,544
• 30 Day Avg. Volume: 2,969,035
• PEG Ratio: 0.02
• Price to Book (P/B): 1.69
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.07
• Enterprise Value/Market Cap: 0.34
• Enterprise Value/Revenue: 557.10
• Enterprise Value/Gross Profit: -6.33
• Enterprise Value/Ebitda: -1.43
• 1Y Price Target: $3.25
• Price Target Upside: 195.45% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: $1.00 ▼(-9.09% Downside)

The score is held back primarily by very weak financial performance (minimal revenue, ongoing losses, and continued cash burn). The latest earnings call adds support through improved liquidity and reduced expense guidance, but trial delays and conditional financing keep execution risk elevated. Technicals are mixed with some longer-term improvement but softer near-term signals, while valuation remains unattractive due to negative earnings and no dividend.

Positive Factors

Regulatory Advantage

Breakthrough Device designation materially shortens regulatory review and enables faster FDA interaction. This reduces time-to-market and regulatory uncertainty for Niyad, improving the probability of approval and creating a durable competitive edge versus slower-to-approve alternatives.

Strategic Financing & Partnership

A $17M first tranche and a $5M strategic CorMedix investment both bolster liquidity and validate the program. CorMedix’s board seat and right of first negotiation strengthen commercial/exit optionality and potential partnership or acquisition pathways over the medium term.

Improved Runway from Cash & Cost Cuts

A $21.3M cash position combined with lower 2025 cash operating expense guidance ($14–$15M) extends runway into anticipated late-2026 regulatory milestones. This provides durable funding visibility to complete pivotal work absent immediate commercial revenue.

Negative Factors

Weak Financial Performance & Cash Burn

Minimal revenue and persistent ~-$11M annual cash burn leave the company dependent on external capital to fund operations. Without commercial sales, profitability and free-cash-flow remain unattainable until regulatory approval and successful market launch, raising long-term dilution risk.

Financing Contingencies & Leverage

Reliance on a contingent $12M tranche tied to clinical success and a stock-price trigger increases execution and market-risk exposure. Rising debt and past zero-debt comparisons indicate higher leverage, making future operations sensitive to financing conditions and potential dilution.

Clinical Execution Risk from Trial Delays

Slower site activations and enrollment delays materially extend timelines to pivotal readouts and approval. Prolonged clinical timelines increase cumulative burn, heighten the need for further financing, and raise the probability of operational setbacks before commercialization can generate sustainable revenue.

Talphera Business Overview & Revenue Model

Company Description

Talphera, Inc., a specialty pharmaceutical company, focuses on the development and commercialization of therapies for use in medically supervised settings. Its lead product candidate is Niyad, a lyophilized formulation of nafamostat, which is under an investigational device exemption as an anticoagulant for the extracorporeal circuit. It is also developing LTX-608, an anti-inflammatory and antiviral potential for the treatment of multiple conditions, including COVID-19, disseminated intravascular coagulation (DIC), acute respiratory distress syndrome (ARDS), and acute pancreatitis; Fedsyra, a pre-filled ephedrine syringe; and PFS-02, a pre-filled phenylephrine syringe. The company was formerly known as AcelRx Pharmaceuticals, Inc. and changed its name to Talphera, Inc. in January 2024. Talphera, Inc. was incorporated in 2005 and is headquartered in San Mateo, California.

How the Company Makes Money

Talphera generates revenue primarily through its cloud computing and SaaS offerings. The company provides subscription-based services for its software products, which include productivity tools, data analytics platforms, and customer relationship management (CRM) systems. Additionally, Talphera offers customized IT consulting services, charging clients based on project scope and duration. Significant partnerships with major technology firms enhance its service offerings and extend its market reach, contributing to its earnings. The company's revenue model emphasizes recurring income through subscription renewals and long-term consulting contracts, ensuring a stable and predictable cash flow.

Talphera Financial Statement Overview

Summary

Talphera's financial performance is concerning, with negative net income and declining revenue. Despite a reduction in debt and some equity improvement, the company faces operational inefficiencies and negative cash flows.

Income Statement

Talphera's income statement reveals significant challenges with consistently negative net income and declining revenue. The company has experienced a decrease in total revenue from $5.42 million in 2020 to $0 in 2024, indicating a severe contraction in sales. Gross profit margins have also been negative, demonstrating inefficiencies in production or sales. EBIT and EBITDA margins are substantially negative, highlighting ongoing operational difficulties.

Balance Sheet

The balance sheet shows a reduction in total debt over recent years, leading to a current Debt-to-Equity ratio of zero, which is positive. However, the company has struggled with equity deficits in previous years, though it has improved to positive equity in 2024. The Equity Ratio remains low, suggesting limited financial stability. The return on equity is not calculable given the fluctuating and negative net income history.

Cash Flow

Cash flow analysis reveals consistent negative free cash flow, indicating challenges in generating operational cash. However, there is some improvement in operating cash flow from 2023 to 2024, albeit still negative. The company's reliance on financing activities to support cash flows is evident, highlighting a potential risk if external funding sources become restricted.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	28.00K	0.00	651.00K	0.00	378.00K	5.42M
Gross Profit	-2.46M	-6.72M	-4.89M	-1.65M	-2.63M	-616.00K
EBITDA	-10.90M	-15.16M	-16.79M	61.90M	-16.14M	-35.22M
Net Income	-12.39M	-13.00M	-18.40M	42.52M	-35.10M	-40.38M
Balance Sheet
Total Assets	30.74M	18.24M	20.39M	47.49M	77.89M	66.30M
Cash, Cash Equivalents and Short-Term Investments	21.29M	8.86M	9.38M	15.77M	46.63M	42.89M
Total Debt	6.50M	6.53M	0.00	10.02M	18.62M	25.60M
Total Liabilities	11.56M	10.24M	6.29M	25.67M	113.79M	122.05M
Stockholders Equity	19.18M	8.00M	14.11M	21.81M	-35.89M	-55.75M
Cash Flow
Free Cash Flow	-11.18M	-12.68M	-17.59M	-28.70M	-31.83M	-40.36M
Operating Cash Flow	-11.18M	-12.68M	-17.49M	-28.33M	-30.00M	-38.51M
Investing Cash Flow	-17.82M	3.78M	-528.00K	36.45M	-26.12M	34.14M
Financing Cash Flow	21.34M	12.04M	3.47M	-507.00K	41.51M	16.96M

Talphera Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TLPH, the sentiment is Negative. The current price of 1.1 is below the 20-day moving average (MA) of 1.11, below the 50-day MA of 1.20, and above the 200-day MA of 0.78, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 37.62 is Neutral, neither overbought nor oversold. The STOCH value of 15.62 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TLPH.

Talphera Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
TLPH	51 Neutral	$46.26M	-2.65	-86.48%	―	-90.04%	44.40%
YCBD	47 Neutral	$10.17M	-0.24	-44.42%	―	-1.50%	80.17%
SBFM	44 Neutral	$5.99M	-0.66	-24.34%	―	13.24%	98.80%
IMCC	40 Underperform	$7.08M	-1.75	-93.87%	―	-0.74%	81.49%

Talphera Corporate Events

Talphera Holds Annual Meeting with Key Decisions

On October 23, 2025, Talphera held its Annual Meeting where several key proposals were voted on by shareholders. Vincent J. Angotti, Stephen J. Hoffman, M.D., Ph.D., and Abhinav Jain were elected as Class II directors to serve until the 2028 Annual Meeting. The selection of BPM LLP as the independent registered public accounting firm was ratified, and the compensation for the company’s named executive officers was approved. Additionally, the company decided to hold an annual advisory vote on executive compensation. The 2020 Equity Incentive Plan and the 2011 Employee Stock Purchase Plan were both approved. An amendment to the company’s Certificate of Incorporation was also approved, allowing for a potential reverse stock split to maintain compliance with Nasdaq’s minimum bid price requirements, although the company had already regained compliance as of October 20, 2025.

The most recent analyst rating on (TLPH) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Talphera stock, see the TLPH Stock Forecast page.

Talphera Regains Nasdaq Compliance After Grace Period

Talphera faced a compliance issue with Nasdaq’s minimum bid price requirement as its stock price fell below $1.00 for 30 consecutive business days, leading to a transfer from The Nasdaq Global Select Market to The Nasdaq Capital Market. After receiving an additional 180-day grace period, Talphera successfully regained compliance on October 20, 2025, as its stock price met the required threshold for 10 consecutive business days.

The most recent analyst rating on (TLPH) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Talphera stock, see the TLPH Stock Forecast page.

Talphera Appoints Joseph Todisco to Board of Directors

On October 14, 2025, Talphera, Inc. appointed Joseph Todisco as a Class III member of its board of directors and member of the compensation committee, with his term expiring at the 2026 annual meeting of stockholders. Mr. Todisco, currently the CEO of CorMedix Inc., has a rich background in the pharmaceutical industry, having held senior roles at Amneal Pharmaceuticals and co-founding Gemini Laboratories. His appointment is linked to a securities purchase agreement with CorMedix, which grants CorMedix the right to designate a board member as long as they hold at least 25% of their purchased shares. Additionally, CorMedix has a Right of First Negotiation for acquiring Talphera, contingent on the results of the NEPHRO CRRT clinical study for Talphera’s product candidate Niyad.

The most recent analyst rating on (TLPH) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Talphera stock, see the TLPH Stock Forecast page.