secwatch.observer — SEC 8-K summary
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Issuer:     TALPHERA, INC. (TLPH)
CIK:        0001427925
Form:       8-K
Filed at:   2026-03-23T23:59:59+00:00
Accession:  0001437749-26-009299
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1427925/000143774926009299/0001437749-26-009299-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1427925/000143774926009299/acrx20260321_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-26-009299

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