TALPHERA, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $28,000 | $0 | $651,000 | $0 | $2.8M |
| Cost of revenue | — | — | — | $2.6M | $3.8M |
| Selling, general & administrative | $7.5M | $8.5M | $12.0M | $17.0M | $30.9M |
| Research and development | $6.0M | $6.7M | $5.5M | $3.3M | $4.1M |
| Operating income | -$13.5M | -$15.3M | -$16.9M | -$25.3M | -$36.0M |
| Interest expense | — | $0 | $134,000 | $1.1M | $2.3M |
| Pretax income | — | — | -$10.3M | $59.1M | -$35.1M |
| Income tax expense | $0 | $0 | $0 | $13,000 | $5,000 |
| Net income | -$14.3M | -$13.0M | -$18.4M | $47.8M | -$35.1M |
| Balance Sheet | |||||
| Cash and equivalents | $5.9M | $8.9M | $5.7M | $15.3M | $7.7M |
| Current assets | $20.9M | $9.4M | $11.6M | $24.6M | $50.5M |
| Total assets | $29.7M | $18.2M | $20.4M | $47.5M | $77.9M |
| Current liabilities | $3.8M | $2.6M | $4.5M | $13.8M | $18.5M |
| Total liabilities | $12.7M | $10.2M | $6.3M | $25.7M | $113.8M |
| Stockholders' equity | $17.0M | $8.0M | $14.1M | $21.8M | -$35.9M |
| Cash Flow Statement | |||||
| Cash from operations | -$11.4M | -$12.7M | -$17.5M | -$28.3M | -$30.0M |
| Depreciation and amortization | — | $0 | $311,000 | $1.6M | $2.0M |
| Stock-based compensation | $699,000 | $989,000 | $1.7M | $2.9M | $4.6M |
| Capital expenditure | — | $0 | $100,000 | $364,000 | $1.8M |
| Free cash flow | — | -$12.7M | -$17.6M | -$28.7M | -$31.8M |
| Impairments | — | — | $0 | $4.9M | $0 |
Shares outstanding 51.9M · Free float 57.4%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.