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Talphera
(NASDAQ:TLPH)
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Rating:49Neutral
Price Target:
$1.50
▲(11.11% Upside)
Action:Reiterated
Date:07/11/26
The score is held down primarily by very weak financial performance (minimal recent revenue, large losses, and continued cash burn), even though leverage is currently low. Technicals show strong momentum but are overbought, which tempers the near-term setup. Earnings-call updates are constructive on clinical execution and timelines, but funding is partly contingent on conditional tranches, keeping risk meaningfully elevated.
Positive Factors
Low leverage / clean balance sheet
Zero reported debt and positive equity provide durable financial flexibility for a clinical-stage company. A clean balance sheet lowers refinancing pressure, supports negotiating leverage or partnerships, and reduces the probability that near-term development delays immediately force distressed financing choices.
Negative Factors
Persistent cash burn
Sustained negative operating and free cash flows create a structural funding requirement for continued development. Without durable revenue, the company must repeatedly access capital, which can be dilutive or costly, and raises the risk that clinical or timing hiccups force suboptimal financing choices.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / clean balance sheet
Zero reported debt and positive equity provide durable financial flexibility for a clinical-stage company. A clean balance sheet lowers refinancing pressure, supports negotiating leverage or partnerships, and reduces the probability that near-term development delays immediately force distressed financing choices.
Read all positive factors
Talphera (TLPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$66.43M
Dividend YieldN/A
Average Volume (3M)2.97M
Price to Earnings (P/E)―
Beta (1Y)0.88
Revenue Growth-96.30%
EPS Growth32.21%
CountryUS
Employees12
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.33
Shares Outstanding51,899,647
10 Day Avg. Volume675,544
30 Day Avg. Volume2,969,035
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)2.84
Price to Sales (P/S)1726.72
P/FCF Ratio-4.25
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue0.04
Enterprise Value/Gross Profit0.04
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$3.17Price Target Upside134.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.24
Revenue Forecast (FY)N/A
Talphera Business Overview & Revenue Model
Company Description
Talphera, Inc. is a specialty pharmaceutical company focused on developing and commercializing therapeutic products intended for use in carefully monitored medical environments. Their lead experimental candidate is Niyad, a lyophilized (freeze-dri...
How the Company Makes Money
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Talphera Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call conveyed strong clinical and operational momentum: enrollment has surpassed the 50% milestone, sites and KOLs reported favorable feedback on dosing simplicity and stability, and management expects a rapid top-line read in H2 2026 with a PMA plan for 2027. However, the company faces higher operating expenses and depends on two conditional financing tranches (~$16M) to fund the path to potential approval, with enrollment variability and financing contingency as primary risks. Overall, positive progress is balanced against execution and financing risk, but the highlights outweigh the lowlights.Positive Updates
Enrollment Progress & Milestones
Achieved the 50% enrollment milestone in early March 2026 and have since "well exceeded" 50%; company expects to complete enrollment in 2026 and to file a PMA for Niyad in 2027. 9 of 12 activated sites aligned with the new target profile and have enrolled over 90% of patients to date.
Negative Updates
Increase in Operating Expenses
Cash operating expenses (R&D + SG&A) for Q1 2026 were $3.9M vs $2.9M in Q1 2025, an increase of $1.0M (+34.5%). Excluding non-cash stock-based compensation, cash operating expenses were $3.7M vs $2.7M, an increase of $1.0M (+37.0%). Management attributed the increase to higher Niyad development costs (driven by increased enrollment) and higher G&A.
Read all updates
Q1-2026 Updates
Positive
Negative
Enrollment Progress & Milestones
Achieved the 50% enrollment milestone in early March 2026 and have since "well exceeded" 50%; company expects to complete enrollment in 2026 and to file a PMA for Niyad in 2027. 9 of 12 activated sites aligned with the new target profile and have enrolled over 90% of patients to date.
Read all positive updates
Company Guidance
Management guided that Talphera expects to complete enrollment in the NEPHRO CRRT study in 2026, will announce last‑patient‑out and then top‑line data within about one month (guiding to a second‑half‑2026 readout), and is targeting a PMA filing for Niyad in 2027; they do not plan interim enrollment updates prior to LPO. Key financial metrics: cash of $21.1M at March 31, 2026, a $4.1M tranche closed in Q1 (from the March 2025 placement) and two remaining conditional tranches totaling ≈$16M expected to close around the topline data, which management believes, together with cash on hand, funds the company through a potential PMA approval next year; Q1 cash operating expenses (R&D + SG&A) were $3.9M vs $2.9M in Q1 2025 (or $3.7M vs $2.7M excluding non‑cash stock‑based compensation). Clinical metrics cited include having well exceeded the 50% enrollment milestone, 9 of 12 activated sites aligned with the new target profile that have enrolled >90% of patients, up to 14 FDA‑granted sites with two additional sites to be added, a 24‑hour primary endpoint (72‑hour secondary), and pharmacodynamic results showing ~70% of patients reach target ACT at first dose, ~25% require one titration and a few require two, with all in range by the end of the first hour.Talphera Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
58
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.00K | 28.00K | 0.00 | 651.00K | 0.00 | 378.00K |
| Gross Profit | 1.00K | 28.00K | -6.72M | -4.89M | -1.65M | -2.63M |
| EBITDA | -14.25M | -14.36M | -12.51M | -10.06M | 61.90M | -12.88M |
| Net Income | -14.25M | -14.29M | -13.00M | -18.40M | 42.52M | -35.10M |
Balance Sheet | ||||||
| Total Assets | 30.16M | 29.72M | 18.24M | 20.39M | 47.49M | 77.89M |
| Cash, Cash Equivalents and Short-Term Investments | 21.11M | 20.38M | 8.86M | 9.38M | 15.77M | 46.63M |
| Total Debt | 0.00 | 6.50M | 6.53M | 0.00 | 10.02M | 18.62M |
| Total Liabilities | 11.68M | 12.68M | 10.24M | 6.29M | 25.67M | 113.79M |
| Stockholders Equity | 18.48M | 17.04M | 8.00M | 14.11M | 21.81M | -35.89M |
Cash Flow | ||||||
| Free Cash Flow | -11.29M | -11.36M | -12.68M | -17.59M | -28.70M | -31.83M |
| Operating Cash Flow | -11.29M | -11.36M | -12.68M | -17.49M | -28.33M | -30.00M |
| Investing Cash Flow | -17.06M | -14.35M | 3.78M | -528.00K | 36.45M | -26.12M |
| Financing Cash Flow | 26.79M | 22.74M | 12.04M | 3.47M | -507.00K | 41.51M |
Talphera Technical Analysis
Positive
1.35
Price Trends
1.07
Positive
0.94
Positive
1.02
Positive
Market Momentum
0.06
Positive
53.41
Neutral
46.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TLPH, the sentiment is Positive. The current price of 1.35 is above the 20-day moving average (MA) of 1.32, above the 50-day MA of 1.07, and above the 200-day MA of 1.02, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 53.41 is Neutral, neither overbought nor oversold. The STOCH value of 46.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TLPH.
Talphera Risk Analysis
Talphera disclosed 45 risk factors in its most recent earnings report. Talphera reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Talphera Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $304.96M | -16.21 | -0.07% | ― | 12.19% | 1.97% | |
52 Neutral | $384.59M | -8.74 | 174.92% | ― | 9.56% | 24.52% | |
52 Neutral | $175.40M | -16.95 | -35.57% | ― | 15.00% | 3.18% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $66.43M | -3.56 | -92.98% | ― | -96.30% | 32.21% | |
49 Neutral | $1.40B | -0.77 | -50.65% | 11.50% | -3.62% | -932.84% | |
45 Neutral | $5.27M | -0.58 | -88.38% | ― | 36.68% | 38.00% |
* Healthcare Sector Average
TLPH
Talphera
1.28
0.88
217.62%
SNOA
Sonoma Pharmaceuticals
1.10
-1.98
-64.29%
PRGO
Perrigo Company
10.11
-14.73
-59.29%
ORGO
Organogenesis Holdings
2.37
-2.23
-48.48%
EOLS
Evolus
5.84
-3.27
-35.89%
DERM
Journey Medical Corp
6.37
-0.77
-10.78%
Talphera Corporate Events
Executive/Board ChangesShareholder Meetings
Talphera Shareholders Approve Directors and Governance Proposals
Positive
Jun 23, 2026
At its annual meeting held on June 22, 2026, Talphera shareholders elected Marina Bozilenko, Joseph Todisco and Mark Wan as Class III directors to serve until the 2029 annual meeting, while the remaining board members will continue in their curren...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.