---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-010729"
form_type: "8-K"
ticker: "TLPH"
cik: "0001427925"
company_name: "TALPHERA, INC."
filed_at: "2025-04-02T23:59:59+00:00"
generated_at: "2026-05-23T23:25:02.833585+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Talphera raises $4.9M in first closing of private placement; additional closings contingent on trial enrollment

## Summary
- Gross proceeds of ~$4.9M from first closing: 3,405,118 shares and pre-funded warrants for 4,999,316 shares at $0.586/share.
- Second closing of ~$4.9M triggered by enrollment of ≥17 patients in Niyad NEPHRO CRRT study and VWAP ≥$0.7325.
- Third closing of ~$4.9M triggered by enrollment of ≥35 patients in same study and VWAP ≥$0.7325.
- Pre-funded warrants have $0.001 exercise price, unlimited term, and are exercisable immediately at each closing.
- Registration rights agreement filed; executive officers and directors subject to 90-day lock-up after effective date.

## SEC filing metadata
- accession: 0001437749-25-010729
- form_type: 8-K
- ticker: TLPH
- cik: 0001427925
- company_name: TALPHERA, INC.
- filed_at: 2025-04-02T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1427925/000143774925010729/0001437749-25-010729-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1427925/000143774925010729/acrx20250401_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-010729
- JSON: https://secwatch.observer/filing/0001437749-25-010729.json
- Plain text: https://secwatch.observer/filing/0001437749-25-010729.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.