Talphera Q3 net loss $4.4M; cash $21.3M; Niyad study on track for H1 2026

TALPHERA, INC.

Net loss $4.4M ($0.11/sh) vs $3.4M ($0.13/sh) in Q3 2024.
Cash and investments $21.3M at Sept 30; sufficient through potential Niyad PMA approval late 2026.
Closed $17M first tranche financing led by CorMedix (CRMD); second tranche up to $29M conditional.
Five of nine NEPHRO trial sites activated; enrollment completion expected H1 2026.
Reduced 2025 cash operating expense guidance to $14-15M from $16-17M.

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