[Form 4] TALPHERA, INC. Insider Trading Activity

Rhea-AI Filing Summary

Talphera, Inc. (TLPH) reported a director equity grant on a Form 4. On 10/15/2025, the director received 6,397 restricted stock units at $0 and a stock option for 38,381 shares with a $1.11 exercise price.

Both the RSUs and the option vest in three equal annual installments on October 14, 2026, October 14, 2027, and October 14, 2028, with continuous service required for the option. Following these transactions, the filing lists 6,397 shares of common stock and 38,381 options as directly owned.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Todisco Joseph

(Last) (First) (Middle)

C/O TALPHERA, INC.

1850 GATEWAY, SUITE 175

(Street)

SAN MATEO CA 94404

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TALPHERA, INC. [ TLPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	10/15/2025		A		6,397(2)	A	$0	6,397	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Director Stock Option (right to buy)	$1.11	10/15/2025		A		38,381		(3)	10/14/2035	Common Stock	38,381	$0	38,381	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock.

2. The restricted stock units shall vest in three equal consecutive annual installments on October 14, 2026, October 14, 2027, and October 14, 2028.

3. The shares subject to the option shall vest in three equal consecutive annual installments on October 14, 2026, October 14, 2027, and October 14, 2028, subject to the Reporting Person's continuous service to the Company.

	/s/ Joseph Todisco	10/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Talphera (TLPH) report in this Form 4?

A director received 6,397 RSUs at $0 and 38,381 stock options with a $1.11 exercise price on 10/15/2025.

What is the vesting schedule for the RSUs and options at TLPH?

They vest in three equal annual installments on 10/14/2026, 10/14/2027, and 10/14/2028.

How many shares/options are listed as owned after the transaction?

The filing shows 6,397 shares of common stock and 38,381 options as directly owned.

What is the exercise price and expiration of the director’s option?

The option exercise price is $1.11 per share and it expires on 10/14/2035.

What is the reporting person’s relationship to Talphera?

The individual is a Director of Talphera, Inc.

Are there service conditions tied to vesting?

Yes. The option vests subject to the Reporting Person’s continuous service to the company.