Talphera Q1 2025 net loss narrows to $0.10/share; NEPHRO study reduced to 70 patients

TALPHERA, INC.

2025-Q1 EPS reported -$0.10 revenue$27,000

Net loss from continuing ops $2.7M vs $4.0M YoY; diluted EPS loss $0.10 vs $0.16.
Cash $5.4M at March 31; adjusted to $9.8M after $4.4M net proceeds from April financing tranche.
FDA agreed to reduce NEPHRO CRRT study from 166 to 70 patients; primary endpoint powered at 90%.
Three new clinical sites activated in 2025; five more expected by mid-year for total of 13.
2025 cash operating expense guidance $17-19M, including completing registration trial by year-end.

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