Talphera reports Q4 net loss $3.8M; NEPHRO CRRT study 50% enrolled, all 12 sites active

TALPHERA, INC.

Cash and investments $20.4M at Dec 31, 2025; net loss $3.8M ($0.06 per share) vs $1.9M ($0.07) in Q4 2024.
NEPHRO CRRT registrational study reached 35 of 70 patients (50% enrollment); all 12 sites now enrolling.
Closed $4.1M tranche of private placement upon achieving 35-patient milestone; total financing proceeds $1.6M in October 2025.
Combined R&D and SG&A expenses $3.5M in Q4 2025 vs $3.0M in Q4 2024; increase driven by Niyad development costs.
2026 cash operating expense guidance $17M-$18M, up from ~$13M in 2025, including finalizing CRRT trial and CMC/validation.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.