Talphera Inc Financials

TLPH

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Talphera Inc (TLPH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 20 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TLPH FY2025 2026-05-13

Talphera’s liquidity has been rebuilt through equity financing, while the underlying business still operates as a cash-consuming development platform.

FY2025 ended with only $5.9M of cash despite a -$11.4M operating cash outflow, so the strong current ratio of 5.5x reflects fresh financing more than self-funded operations; financing added $22.7M and shares outstanding rose from 17.0M to 49.3M. The short-term balance sheet improved even though the company still needed outside capital to keep funding its programs.

Across FY2023 to FY2025, operating cash burn improved from -$17.5M to -$11.4M, but the mix matters: SG&A fell from $12.0M to $7.5M while R&D stayed near $6.0M. That points to overhead reduction rather than a pullback from core development work.

The business appears light on capital spending: in FY2023 and FY2024, free cash flow was almost the same as operating cash flow, so cash use came mainly from running the organization rather than building fixed assets. With FY2025 liabilities of $12.7M against equity of $17.0M and current liabilities of $3.8M, the near-term constraint is funding losses, not debt service.

Financial Health Signals

Financial health score pending refresh

We are recalculating Talphera Inc's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-19.68

Talphera Inc scores -19.68, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($70.6M) relative to total liabilities ($12.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/7

Talphera Inc passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.80x

For every $1 of reported earnings, Talphera Inc generates $0.80 in operating cash flow (-$11.4M OCF vs -$14.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$28K

5Y CAGR-65.1%

10Y CAGR-48.0%

Talphera Inc generated $28K in revenue in fiscal year 2025.

EBITDA

N/A

Net Income

-$14.3M

YoY-9.9%

Talphera Inc reported -$14.3M in net income in fiscal year 2025. This represents a decrease of 9.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$5.9M

YoY-33.5%

5Y CAGR-23.3%

10Y CAGR-25.2%

Talphera Inc held $5.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

49M

YoY+189.7%

5Y CAGR-13.0%

10Y CAGR+0.9%

Talphera Inc had 49M shares outstanding in fiscal year 2025. This represents an increase of 189.7% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-48157.1%

5Y CAGR-47400.8pp

10Y CAGR-48053.5pp

Talphera Inc's operating margin was -48157.1% in fiscal year 2025, reflecting core business profitability.

Net Margin

-51035.7%

5Y CAGR-50290.2pp

10Y CAGR-50909.1pp

Talphera Inc's net profit margin was -51035.7% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

-83.9%

YoY+78.6pp

10Y CAGR-10.2pp

Talphera Inc's ROE was -83.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 78.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$6.0M

YoY-10.2%

5Y CAGR+8.5%

10Y CAGR-12.3%

Talphera Inc invested $6.0M in research and development in fiscal year 2025. This represents a decrease of 10.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

TLPH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$28K	$0-100.0%	$651K	$0-100.0%	$378K-93.0%	$5.4M
Cost of Revenue	N/A	N/A	N/A	$0-100.0%	$571K-90.5%	$6.0M
Gross Profit	N/A	N/A	N/A	$0+100.0%	-$193K+68.7%	-$616K
R&D Expenses	$6.0M-10.2%	$6.7M+21.1%	$5.5M+66.0%	$3.3M+37.2%	$2.4M-39.4%	$4.0M
SG&A Expenses	$7.5M-12.4%	$8.5M-28.8%	$12.0M-29.5%	$17.0M+9.8%	$15.5M-57.4%	$36.3M
Operating Income	-$13.5M+11.6%	-$15.3M+9.7%	-$16.9M+33.2%	-$25.3M-39.7%	-$18.1M+55.8%	-$41.0M
Interest Expense	N/A	$0-100.0%	$134K-88.0%	$1.1M-49.1%	$2.2M-33.6%	$3.3M
Income Tax	$0	$0	$0-100.0%	$13K+160.0%	$5K+25.0%	$4K
Net Income	-$14.3M-9.9%	-$13.0M+29.3%	-$18.4M-138.5%	$47.8M+236.1%	-$35.1M+13.1%	-$40.4M
EPS (Diluted)	N/A	N/A	$-1.29-122.6%	$5.72+197.6%	$-5.86	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$0	N/A	$1K	$0-100.0%	$27K	N/A	$0	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$1.6M	N/A	$1.8M+20.2%	$1.5M+28.3%	$1.2M	N/A	$2.1M+7.5%	$1.9M
SG&A Expenses	$2.3M	N/A	$1.6M-26.1%	$2.2M+23.6%	$1.8M	N/A	$1.7M-28.2%	$2.4M
Operating Income	-$3.9M	N/A	-$3.4M+7.3%	-$3.7M-26.6%	-$2.9M	N/A	-$3.7M+12.2%	-$4.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Net Income	-$2.6M	N/A	-$4.4M-27.1%	-$3.5M-34.6%	-$2.6M	N/A	-$3.4M+12.4%	-$3.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	$-0.10	N/A	N/A	N/A

TLPH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$29.7M+63.0%	$18.2M-10.6%	$20.4M-57.1%	$47.5M-39.0%	$77.9M+17.5%	$66.3M
Current Assets	$20.9M+121.9%	$9.4M-18.7%	$11.6M-52.9%	$24.6M-51.3%	$50.5M+7.8%	$46.8M
Cash & Equivalents	$5.9M-33.5%	$8.9M+54.9%	$5.7M-62.5%	$15.3M+99.3%	$7.7M-65.6%	$22.3M
Inventory	N/A	N/A	N/A	$1.2M+6.0%	$1.1M-31.7%	$1.6M
Accounts Receivable	N/A	N/A	N/A	$309K+93.1%	$160K-74.8%	$635K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$12.7M+23.9%	$10.2M+62.7%	$6.3M-75.5%	$25.7M-77.4%	$113.8M-6.8%	$122.0M
Current Liabilities	$3.8M+43.9%	$2.6M-41.3%	$4.5M-67.2%	$13.8M-25.6%	$18.5M+5.0%	$17.6M
Long-Term Debt	N/A	N/A	N/A	$0-100.0%	$5.0M-61.9%	$13.1M
Total Equity	$17.0M+112.9%	$8.0M-43.3%	$14.1M-35.3%	$21.8M+160.8%	-$35.9M+35.6%	-$55.8M
Retained Earnings	-$471.5M-3.1%	-$457.2M-2.9%	-$444.2M-4.3%	-$425.8M+10.1%	-$473.6M-8.0%	-$438.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$30.2M+1.5%	$29.7M-3.3%	$30.7M+86.1%	$16.5M+10.1%	$15.0M-17.8%	$18.2M-13.2%	$21.0M-15.5%	$24.9M
Current Assets	$21.3M+2.1%	$20.9M-4.7%	$21.9M+184.9%	$7.7M+24.6%	$6.2M-34.4%	$9.4M-22.8%	$12.2M-24.0%	$16.0M
Cash & Equivalents	$3.8M-35.1%	$5.9M+70.5%	$3.5M-49.1%	$6.8M+26.0%	$5.4M-39.2%	$8.9M-20.3%	$11.1M-17.2%	$13.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$11.7M-7.9%	$12.7M+9.7%	$11.6M+17.0%	$9.9M+5.2%	$9.4M-8.2%	$10.2M-10.0%	$11.4M-6.2%	$12.1M
Current Liabilities	$4.0M+5.7%	$3.8M+18.6%	$3.2M+22.1%	$2.6M+32.2%	$2.0M-24.9%	$2.6M-4.2%	$2.8M-15.6%	$3.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$18.5M+8.5%	$17.0M-11.2%	$19.2M+189.4%	$6.6M+18.4%	$5.6M-30.0%	$8.0M-17.0%	$9.6M-24.3%	$12.7M
Retained Earnings	-$474.1M-0.5%	-$471.5M-0.8%	-$467.7M-1.0%	-$463.3M-0.8%	-$459.8M-0.6%	-$457.2M-0.4%	-$455.4M-0.7%	-$452.0M

TLPH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$11.4M+10.4%	-$12.7M+27.5%	-$17.5M+38.3%	-$28.3M+5.6%	-$30.0M+22.1%	-$38.5M
Capital Expenditures	N/A	$0-100.0%	$100K-72.5%	$364K-80.1%	$1.8M-1.5%	$1.9M
Free Cash Flow	N/A	-$12.7M+27.9%	-$17.6M+38.7%	-$28.7M+9.8%	-$31.8M+21.1%	-$40.4M
Investing Cash Flow	-$14.3M-479.4%	$3.8M+816.1%	-$528K-101.4%	$36.5M+239.5%	-$26.1M-176.5%	$34.1M
Financing Cash Flow	$22.7M+88.8%	$12.0M+247.5%	$3.5M+783.6%	-$507K-101.2%	$41.5M+144.8%	$17.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$3.4M-39.6%	-$2.4M+2.9%	-$2.5M+14.9%	-$2.9M+15.0%	-$3.5M-53.9%	-$2.3M+23.2%	-$2.9M+36.3%	-$4.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$0	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$2.3M+23.2%	-$2.9M+36.3%	-$4.6M
Investing Cash Flow	-$2.7M-178.2%	$3.5M+119.5%	-$17.8M	$0	$0	$0-100.0%	$600K-89.8%	$5.9M
Financing Cash Flow	$4.0M+188.2%	$1.4M-91.7%	$17.0M+290.5%	$4.4M+87120.0%	-$5K	$0-100.0%	$30K	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TLPH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	-51.1%-39.7pp	-11.4%
Operating Margin	-48157.1%	N/A	-2594.3%	N/A	-4792.6%-4036.3pp	-756.3%
Net Margin	-51035.7%	N/A	-2826.0%	N/A	-9285.5%-8539.9pp	-745.5%
Return on Equity	-83.9%+78.6pp	-162.5%-32.1pp	-130.4%-349.4pp	218.9%	N/A	N/A
Return on Assets	-48.1%+23.2pp	-71.3%+18.9pp	-90.2%-190.8pp	100.6%+145.6pp	-45.1%+15.8pp	-60.9%
Current Ratio	5.49+1.9	3.56+1.0	2.57+0.8	1.78-0.9	2.73+0.1	2.66
Debt-to-Equity	0.74-0.5	1.28+0.8	0.45+0.4	0.00+0.1	-0.14+0.1	-0.24
FCF Margin	N/A	N/A	-2702.3%	N/A	-8420.4%-7675.2pp	-745.2%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-14622.2%	N/A	-342200.0%	N/A	-10800.0%	N/A	N/A	N/A
Net Margin	-9466.7%	N/A	-443600.0%	N/A	-9603.7%	N/A	N/A	N/A
Return on Equity	-13.8%	N/A	-23.1%+29.5pp	-52.6%-6.3pp	-46.3%	N/A	-34.8%-4.7pp	-30.1%
Return on Assets	-8.5%	N/A	-14.4%+6.7pp	-21.1%-3.8pp	-17.3%	N/A	-16.0%-0.6pp	-15.4%
Current Ratio	5.30-0.2	5.49-1.3	6.83+3.9	2.93-0.2	3.11-0.5	3.56-0.9	4.42-0.5	4.90
Debt-to-Equity	0.63-0.1	0.74+0.1	0.60-0.9	1.49-0.2	1.68+0.4	1.28+0.1	1.18+0.2	0.95
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Talphera Inc's annual revenue?

Talphera Inc (TLPH) reported $28K in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Talphera Inc profitable?

No, Talphera Inc (TLPH) reported a net income of -$14.3M in fiscal year 2025, with a net profit margin of -51035.7%.

What is Talphera Inc's operating margin?

Talphera Inc (TLPH) had an operating margin of -48157.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Talphera Inc's net profit margin?

Talphera Inc (TLPH) had a net profit margin of -51035.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Talphera Inc's return on equity (ROE)?

Talphera Inc (TLPH) has a return on equity of -83.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Talphera Inc's operating cash flow?

Talphera Inc (TLPH) generated -$11.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Talphera Inc's total assets?

Talphera Inc (TLPH) had $29.7M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Talphera Inc spend on research and development?

Talphera Inc (TLPH) invested $6.0M in research and development during fiscal year 2025.

How many shares does Talphera Inc have outstanding?

Talphera Inc (TLPH) had 49M shares outstanding as of fiscal year 2025.

What is Talphera Inc's current ratio?

Talphera Inc (TLPH) had a current ratio of 5.49 as of fiscal year 2025, which is generally considered healthy.

What is Talphera Inc's debt-to-equity ratio?

Talphera Inc (TLPH) had a debt-to-equity ratio of 0.74 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Talphera Inc's return on assets (ROA)?

Talphera Inc (TLPH) had a return on assets of -48.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Talphera Inc's cash runway?

Based on fiscal year 2025 data, Talphera Inc (TLPH) had $5.9M in cash against an annual operating cash burn of $11.4M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Talphera Inc's Altman Z-Score?

Talphera Inc (TLPH) has an Altman Z-Score of -19.68, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Talphera Inc's Piotroski F-Score?

Talphera Inc (TLPH) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Talphera Inc's earnings high quality?

Talphera Inc (TLPH) has an earnings quality ratio of 0.80x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.