---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-009299"
form_type: "8-K"
ticker: "TLPH"
cik: "0001427925"
company_name: "TALPHERA, INC."
filed_at: "2026-03-23T23:59:59+00:00"
generated_at: "2026-05-15T09:21:13.451903+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-26-009299
- form_type: 8-K
- ticker: TLPH
- cik: 0001427925
- company_name: TALPHERA, INC.
- filed_at: 2026-03-23T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1427925/000143774926009299/0001437749-26-009299-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1427925/000143774926009299/acrx20260321_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-009299
- JSON: https://secwatch.observer/filing/0001437749-26-009299.json
- Plain text: https://secwatch.observer/filing/0001437749-26-009299.txt

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