---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-028787"
form_type: "8-K"
ticker: "TLPH"
cik: "0001427925"
company_name: "TALPHERA, INC."
filed_at: "2025-09-10T23:59:59+00:00"
generated_at: "2026-05-17T06:58:35.773415+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Talphera raises ~$17M in private placement with CorMedix; second closing tied to NEPHRO CRRT

## Summary
- Issued 25,036,360 shares at $0.55/share and pre-funded warrants for 5,845,455 shares; gross proceeds ~$17M.
- Second closing of ~$12M contingent on achieving primary endpoint in NEPHRO CRRT study and VWAP >= $0.6875.
- CorMedix gets board designation right if it holds >=25% of first-closing shares; 60-day exclusive negotiation right after positive NEPHRO CRRT results.
- Registration rights agreement requires Talphera to file resale registration statement within 15 days after each closing.
- Right of first negotiation terminates if NEPHRO CRRT study is terminated before primary endpoint or by Dec 31, 2027.

## SEC filing metadata
- accession: 0001437749-25-028787
- form_type: 8-K
- ticker: TLPH
- cik: 0001427925
- company_name: TALPHERA, INC.
- filed_at: 2025-09-10T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1427925/000143774925028787/0001437749-25-028787-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1427925/000143774925028787/acrx20250909_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-028787
- JSON: https://secwatch.observer/filing/0001437749-25-028787.json
- Plain text: https://secwatch.observer/filing/0001437749-25-028787.txt

## Key facts
- Equity Issuances
  TALPHERA, INC. issued 25,036,360 shares of common stock of common stock to CorMedix Inc. and several institutional investors for $0.55 per share.
  - Security: common stock
  - Shares: 25,036,360 shares of common stock
  - Purchaser: CorMedix Inc. and several institutional investors
  - Consideration: $0.55 per share
  source text: At the first closing of the private placement on September 10, 2025, we issued and sold to the Purchasers: ● 25,036,360 shares of common stock at a purchase price of $0.55 per share;
  evidence_url: https://www.sec.gov/Archives/edgar/data/1427925/000143774925028787/0001437749-25-028787-index.htm
- Equity Issuances
  TALPHERA, INC. issued 5,845,455 shares of common stock of warrant to CorMedix Inc. and several institutional investors for $0.549 per share.
  - Security: warrant
  - Shares: 5,845,455 shares of common stock
  - Purchaser: CorMedix Inc. and several institutional investors
  - Consideration: $0.549 per share
  source text: Pre-funded warrants to purchase up to an aggregate of 5,845,455 shares of common stock at a purchase price of $0.549 per share and an exercise price of $0.001 per share.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1427925/000143774925028787/0001437749-25-028787-index.htm

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