---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-034446"
form_type: "8-K"
ticker: "TLPH"
cik: "0001427925"
company_name: "TALPHERA, INC."
filed_at: "2025-11-12T23:59:59+00:00"
generated_at: "2026-05-16T21:01:14.248069+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-25-034446
- form_type: 8-K
- ticker: TLPH
- cik: 0001427925
- company_name: TALPHERA, INC.
- filed_at: 2025-11-12T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1427925/000143774925034446/0001437749-25-034446-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1427925/000143774925034446/acrx20251108_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-034446
- JSON: https://secwatch.observer/filing/0001437749-25-034446.json
- Plain text: https://secwatch.observer/filing/0001437749-25-034446.txt

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