Talphera Q2 net loss $3.5M ($0.10/sh); NEPHRO study enrollment accelerates

TALPHERA, INC.

15 patients enrolled in NEPHRO registrational study; on track for completion by end of 2025, PMA submission Q1 2026.
Cash and equivalents $6.8M at June 30, 2025; closed $4.9M first tranche of $14.8M financing.
Net loss from continuing ops $3.5M vs $3.8M YoY; combined R&D/SG&A expenses $3.7M vs $4.3M.
Reduced 2025 cash operating expense guidance to $16M-$17M from prior $17M-$19M.

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