Talphera, Inc.
TLPHHealthcare|Drug Manufacturers - Specialty & Generic|US
$1.05
+0.04 (+3.96%)
Tangible Book / Share
$0.19
Cash / Share
$0.23
Financials
Financial Snapshot
Market Cap
$54.5M
Enterprise Value
$53.8M
Revenue (TTM)
$1.0K
Net Income (TTM)
-$15.1M
Cash & Investments
$17.1M
Net Cash
$17.1M
Free Cash Flow (TTM)
-$12.3M
Operating CF (TTM)
-$12.3M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$17.1M
Quarterly Burn
$3.1M
Monthly Burn
$1.0M
Est. Runway
~5.6 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $80.3M | $60.5M | $105.7M | $66.1M | $42.9M | $46.6M | $15.8M | $9.4M | $8.9M | $20.4M | $17.1M | |
| Operating Cash Flow | -$29.4M | -$29.8M | -$29.1M | -$51.2M | -$38.5M | -$30.0M | -$28.3M | -$17.5M | -$12.7M | -$11.4M | -$12.3M | |
| Free Cash Flow | -$33.1M | -$32.2M | -$29.9M | -$54.6M | -$40.4M | -$31.8M | -$28.7M | -$17.6M | -$12.7M | -$11.4M | -$12.3M | |
| Capital Expenditure | -$3.7M | -$2.4M | -$819.0K | -$3.5M | -$1.9M | -$1.8M | -$364.0K | -$100.0K | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | -$26.0K | $12.3M | $75.0M | $14.5M | $17.0M | $41.5M | -$507.0K | $3.5M | $12.0M | $22.7M | $22.2M |
R&D Spending
R&D (TTM)
$6.7M
R&D Intensity
670400.0%
R&D Growth vs Prior
+11.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.4M | $8.0M | $2.2M | $2.3M | $5.4M | $378.0K | $0.00 | $651.0K | $0.00 | $28.0K | $1.0K | |
| R&D Expense | $21.4M | $19.4M | $13.1M | $4.7M | $4.0M | $2.4M | $1.7M | $5.5M | $6.7M | $6.0M | $6.7M | |
| R&D % of Revenue | 123.3% | 242.8% | 610.7% | 203.6% | 74.2% | 644.2% | — | 851.9% | — | 21546.4% | 670400.0% | |
| SG&A | $15.6M | $16.6M | $20.8M | $45.0M | $36.3M | $0.00 | $17.0M | $0.00 | $0.00 | $7.5M | $8.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.4M | $8.0M | $2.2M | $2.3M | $5.4M | $378.0K | $0.00 | $651.0K | $0.00 | $28.0K | $1.0K | |
| Cost of Revenue | $12.3M | $10.7M | $4.0M | $6.8M | $6.0M | $3.0M | $1.6M | $5.5M | $6.7M | $0.00 | $0.00 | |
| Gross Profit | $5.0M | -$2.7M | -$1.8M | -$4.5M | -$616.0K | -$2.6M | -$1.6M | -$4.9M | -$6.7M | $28.0K | $1.0K | |
| R&D | $21.4M | $19.4M | $13.1M | $4.7M | $4.0M | $2.4M | $1.7M | $5.5M | $6.7M | $6.0M | $6.7M | |
| SG&A | $15.6M | $16.6M | $20.8M | $45.0M | $36.3M | $0.00 | $17.0M | $0.00 | $0.00 | $7.5M | $8.0M | |
| Operating Income | -$32.0M | -$38.7M | -$35.7M | -$54.2M | -$41.0M | -$18.1M | -$20.4M | -$16.9M | -$15.3M | -$13.5M | -$14.7M | |
| Interest Expense | $12.2M | $14.0M | $12.6M | $2.5M | $3.3M | $2.3M | $1.1M | $134.0K | $394.0K | $0.00 | $0.00 | |
| Pretax Income | -$43.2M | -$52.2M | -$47.1M | -$53.2M | -$40.4M | -$17.1M | $59.1M | -$10.3M | -$13.0M | -$14.4M | -$15.1M | |
| Net Income | -$43.2M | -$51.5M | -$47.1M | -$53.2M | -$40.4M | -$35.1M | $42.5M | -$18.4M | -$13.0M | -$14.3M | -$15.1M | |
| EPS (Diluted) | -19.05 | -21.97 | -16.14 | -13.45 | -9.47 | -5.86 | 5.72 | -1.29 | -0.50 | -0.34 | -0.32 | |
| EBITDA | -$29.0M | -$36.4M | -$34.0M | -$49.0M | -$35.2M | -$12.9M | $61.9M | -$9.8M | -$12.5M | -$14.4M | -$14.1M | |
| Shares Out. (M) | 2.27 | 2.34 | 2.92 | 3.96 | 4.26 | 5.99 | 7.41 | 14.26 | 25.85 | 42.41 | 75.53 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $80.3M | $52.9M | $88.0M | $14.7M | $27.3M | $7.7M | $15.3M | $5.7M | $8.9M | $5.9M | $742.0K | |
| Short-Term Investments | $0.00 | $7.6M | $17.7M | $51.5M | $15.6M | $39.0M | $495.0K | $3.7M | $0.00 | $14.5M | $16.3M | |
| Total Current Assets | $89.1M | $63.4M | $108.0M | $71.7M | $46.8M | $50.5M | $24.6M | $11.6M | $9.4M | $20.9M | $18.0M | |
| Total Assets | $100.0M | $75.6M | $120.5M | $91.4M | $66.3M | $77.9M | $47.5M | $20.4M | $18.2M | $29.7M | $26.8M | |
| Total Current Liabilities | $10.2M | $13.7M | $15.9M | $13.6M | $17.6M | $18.5M | $13.8M | $4.5M | $2.6M | $3.8M | $4.2M | |
| Long-Term Debt | $90.9M | $94.4M | $96.7M | $112.2M | $13.1M | $5.0M | $0.00 | $0.00 | $6.5M | $6.5M | $0.00 | |
| Total Liabilities | $105.3M | $112.1M | $116.3M | $132.8M | $122.0M | $113.8M | $25.7M | $6.3M | $10.2M | $12.7M | $12.4M | |
| Stockholders' Equity | -$5.3M | -$36.5M | $4.3M | -$41.4M | -$55.8M | -$35.9M | $21.8M | $14.1M | $8.0M | $17.0M | $14.4M | |
| Retained Earnings | -$246.4M | -$297.9M | -$345.0M | -$398.1M | -$438.5M | -$473.6M | -$425.8M | -$444.2M | -$457.2M | -$471.5M | -$478.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$29.4M | -$29.8M | -$29.1M | -$51.2M | -$38.5M | -$30.0M | -$28.3M | -$17.5M | -$12.7M | -$11.4M | -$12.3M | |
| Capital Expenditure | -$3.7M | -$2.4M | -$819.0K | -$3.5M | -$1.9M | -$1.8M | -$364.0K | -$100.0K | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$33.1M | -$32.2M | -$29.9M | -$54.6M | -$40.4M | -$31.8M | -$28.7M | -$17.6M | -$12.7M | -$11.4M | -$12.3M | |
| Investing Cash Flow | $1.8M | -$10.0M | -$10.9M | -$36.6M | $34.1M | -$26.1M | $36.5M | -$528.0K | $3.8M | -$14.3M | -$16.0M | |
| Financing Cash Flow | -$26.0K | $12.3M | $75.0M | $14.5M | $17.0M | $41.5M | -$507.0K | $3.5M | $12.0M | $22.7M | $22.2M | |
| Issuance of Stock | $179.0K | $15.7M | $81.5M | $1.2M | $21.3M | $50.3M | $8.0M | $8.9M | $5.9M | $22.7M | $22.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $8.0K | |
| Net Debt Issuance | $0.00 | -$3.5M | -$7.7M | $12.7M | -$4.7M | -$8.8M | -$8.4M | -$5.4M | $6.1M | $0.00 | $0.00 | |
| Stock Based Comp. | $4.5M | $4.3M | $5.2M | $5.1M | $4.4M | $4.6M | $2.9M | $1.7M | $989.0K | $699.0K | $794.0K | |
| Net Change in Cash | -$27.6M | -$27.4M | $35.1M | -$73.3M | $12.6M | -$14.6M | $7.6M | -$14.6M | $3.1M | -$3.0M | -$6.0M |
Dilution Tracker
Shares outstanding grew 894.9% over 5 years — significant dilution
Shares Outstanding
52M
5-Year Share Growth
+894.9%
Stock Issuance (TTM)
$22.2M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2.27 | 2.34 | 2.92 | 3.96 | 4.26 | 5.99 | 7.41 | 14.26 | 25.85 | 42.41 | 75.53 | |
| Change vs Prior % | — | 3.5% | 24.6% | 35.6% | 7.7% | 40.6% | 23.6% | 92.6% | 81.2% | 64.1% | 78.1% | |
| Stock Issuance | $179.0K | $15.7M | $81.5M | $1.2M | $21.3M | $50.3M | $8.0M | $8.9M | $5.9M | $22.7M | $22.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $8.0K | |
| Stock Based Comp. | $4.5M | $4.3M | $5.2M | $5.1M | $4.4M | $4.6M | $2.9M | $1.7M | $989.0K | $699.0K | $794.0K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 29.0% | -33.3% | -84.8% | -197.3% | -11.4% | -695.2% | — | -751.9% | — | 100.0% | 100.0% | |
| Operating Margin % | -184.1% | -483.8% | -1660.9% | -2368.1% | -756.3% | -4792.6% | — | -2594.3% | — | -48157.1% | -1474700.0% | |
| Net Margin % | -248.6% | -644.3% | -2192.0% | -2325.9% | -745.6% | -9285.4% | — | -2826.0% | — | -51035.7% | -1507600.0% | |
| EBITDA Margin % | -167.0% | -455.6% | -1581.3% | -2142.2% | -650.2% | -3408.2% | — | -1511.8% | — | -51296.4% | -1412800.0% | |
| FCF Margin % | -190.8% | -402.4% | -1389.8% | -2387.5% | -745.2% | -8420.4% | — | -2702.3% | — | -40585.7% | -1227000.0% | |
| ROE % | 808.6% | 141.1% | -1108.6% | 128.5% | 72.4% | 97.8% | 194.9% | -130.4% | -162.5% | -83.9% | -87.3% | |
| ROA % | -43.2% | -68.2% | -39.1% | -58.3% | -60.9% | -45.1% | 89.5% | -90.2% | -71.3% | -48.1% | -56.2% | |
| ROIC % | -34.0% | -53.7% | -30.7% | -64.8% | -70.0% | -26.2% | -49.9% | -106.3% | -97.8% | -52.0% | -65.2% | |
| R&D / Revenue % | 123.3% | 242.8% | 610.7% | 203.6% | 74.2% | 644.2% | — | 851.9% | — | 21546.4% | 670400.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -9.9% | -53.9% | -73.1% | 6.4% | 136.6% | -93.0% | -100.0% | 0.0% | -100.0% | 0.0% | |
| Gross Profit | 200.9% | -152.8% | 31.5% | -147.5% | 86.4% | -326.6% | 37.3% | -197.2% | -37.2% | 100.4% | |
| Operating Income | -66.5% | -21.0% | 7.6% | -51.7% | 24.4% | 55.8% | -12.3% | 17.0% | 9.7% | 11.6% | |
| Net Income | -76.9% | -19.4% | 8.5% | -12.9% | 24.2% | 13.1% | 221.1% | -143.3% | 29.3% | -9.9% | |
| EPS (Diluted) | -73.7% | -15.3% | 26.5% | 16.7% | 29.6% | 38.1% | 197.6% | -122.6% | 61.2% | 32.0% | |
| Operating Cash Flow | -47.3% | -1.3% | 2.3% | -76.0% | 24.8% | 22.1% | 5.6% | 38.3% | 27.5% | 10.4% | |
| Free Cash Flow | -54.7% | 2.9% | 7.1% | -82.8% | 26.1% | 21.1% | 9.8% | 38.7% | 27.9% | 10.4% | |
| R&D Expense | -4.8% | -9.3% | -32.3% | -64.5% | -13.8% | -39.4% | -30.4% | 227.4% | 21.1% | -10.2% | |
| SG&A Expense | 9.8% | 6.5% | 25.0% | 116.8% | -19.3% | -100.0% | 0.0% | -100.0% | 0.0% | 0.0% | |
| Total Assets | -21.7% | -24.4% | 59.5% | -24.2% | -27.4% | 17.5% | -39.0% | -57.1% | -10.6% | 63.0% | |
| Book Value / Share | -114.6% | -561.2% | 109.4% | -818.3% | -25.0% | 54.2% | 149.2% | -66.4% | -68.7% | 29.8% | |
| Debt | 11.8% | 8.6% | 2.9% | 15.3% | -79.0% | -27.3% | -46.2% | -100.0% | 0.0% | -0.4% | |
| Diluted Shares | 1.9% | 3.5% | 24.6% | 35.6% | 7.7% | 40.6% | 23.6% | 92.6% | 81.2% | 64.1% |
Valuation
P/E (TTM)At Loss
P/S54501.09
10Y Low / Med / High6.79 / 62.73 / 1726.72
P/B5.50
10Y Low / Med / High0.75 / 1.69 / 31.72
EV/EBITDAAt Loss
EV/Revenue53759.09
10Y Low / Med / High7.43 / 70.95 / 1748.33
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.19
Net Current Assets / Share
$0.11
Graham Net-Net
$0.06
Cash / Share
$0.23
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.73 | -1.85 | -2.86 | -3.14 | -2.62 | -1.91 | 0.39 | -0.57 | -1.05 | -3.35 | -3.29 | |
| P/S Ratio | 6.79 | 11.90 | 62.73 | 72.99 | 19.52 | 177.57 | 0.00 | 16.21 | 0.00 | 1726.72 | 54501.09 | |
| P/B Ratio | -22.07 | -2.61 | 31.72 | -4.03 | -1.90 | -1.87 | 0.77 | 0.75 | 1.69 | 2.84 | 5.50 | |
| EV/EBITDA | -4.56 | -3.98 | -4.49 | -5.59 | -2.95 | -6.06 | 0.19 | -0.49 | -0.90 | -3.41 | -3.81 | |
| EV/Revenue | 7.61 | 18.13 | 70.95 | 119.78 | 19.21 | 206.56 | 0.00 | 7.43 | 0.00 | 1748.33 | 53759.09 |
Analyst Estimates & Quality
Altman Z-Score
-23.47
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $4.0M | $596.0K | $13.7M |
| Net Income | -$8.6M | -$9.0M | -$5.3M |
| EPS | $-0.20 | $-0.21 | $-0.13 |
| # Analysts (EPS) | 2 | 2 | 4 |