TALPHERA (TLPH) CMO buys stock and receives 205,000-share option

Rhea-AI Filing Summary

TALPHERA, INC. Chief Medical Officer Aslam Shakil reported two insider transactions. He was granted a stock option covering 205,000 shares of common stock at an exercise price of $0.0000 per share. One fourth of this option vests on the one-year anniversary of the February 12, 2026 grant date, with the remaining shares vesting in 36 equal monthly installments, subject to continued service. On the same date, he also purchased 35,000 shares of common stock in the open market at $0.8123 per share, bringing his direct common stock holdings to 83,178 shares and his option holdings to 205,000 shares.

Insider Trade Summary

Net Buyer: 35,000 shares ($28,431)

Net Buy 2 txns

Insider Aslam Shakil

Role Chief Medical Officer

Bought 35,000 shs ($28K)

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	205,000	$0.00	--
Purchase	Common Stock	35,000	$0.8123	$28K

Holdings After Transaction: Stock Option (Right to Buy) — 205,000 shares (Direct); Common Stock — 83,178 shares (Direct)

Footnotes (1)

1. The restricted stock units shall vest in three equal consecutive annual installments on February 12, 2027, February 12, 2028 and February 12, 2029. On February 12, 2026, the reporting person was granted an option to purchase 205,000 shares of common stock. One fourth (1/4th) of the option shares shall vest on the one year anniversary of the grant date, and the remaining balance of the option shares shall vest in 36 equal consecutive monthly installments thereafter until fully vested so long as the reporting person remains in continuous service through such applicable vesting periods.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
hours per response:			0.5

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^*

Aslam Shakil

(Last) (First) (Middle)

C/O TALPHERA, INC.

1850 GATEWAY DRIVE, 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
02/12/2026

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	02/12/2026		P		35,000(1)	A	$0.8123	83,178	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
Stock Option (Right to Buy)	$0.8123	02/12/2026		A		205,000		(2)	02/11/2036	Common Stock	205,000	$0	205,000	D

Explanation of Responses:

1. The restricted stock units shall vest in three equal consecutive annual installments on February 12, 2027, February 12, 2028 and February 12, 2029.

2. On February 12, 2026, the reporting person was granted an option to purchase 205,000 shares of common stock. One fourth (1/4th) of the option shares shall vest on the one year anniversary of the grant date, and the remaining balance of the option shares shall vest in 36 equal consecutive monthly installments thereafter until fully vested so long as the reporting person remains in continuous service through such applicable vesting periods.

	/s/ Martha Adler, Attorney-in-Fact	02/20/2026
	** 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 insider transactions did TALPHERA (TLPH) Chief Medical Officer Aslam Shakil report?

Aslam Shakil reported a grant of stock options for 205,000 shares at $0.0000 per share and an open-market purchase of 35,000 TALPHERA common shares at $0.8123 per share on February 12, 2026.

How many TALPHERA (TLPH) shares does Aslam Shakil own after these Form 4 transactions?

After the reported transactions, Aslam Shakil directly holds 83,178 shares of TALPHERA common stock and stock options for 205,000 shares. These positions reflect his updated ownership following the February 12, 2026 grant and open-market purchase.

What are the terms of the 205,000-share stock option granted to TALPHERA (TLPH) CMO Aslam Shakil?

The option for 205,000 shares was granted on February 12, 2026 with an exercise price of $0.0000 per share. One fourth vests after one year, and the remaining balance vests in 36 equal monthly installments, contingent on continuous service.

At what price did TALPHERA (TLPH) CMO Aslam Shakil buy common stock on February 12, 2026?

He purchased 35,000 shares of TALPHERA common stock at an open-market price of $0.8123 per share. This transaction increased his direct common share ownership to 83,178 shares following the reported purchase.

Does the TALPHERA (TLPH) Form 4 show any stock sales by Aslam Shakil?

The Form 4 reports no stock sales by Aslam Shakil. It instead shows an option grant for 205,000 shares and an open-market purchase of 35,000 TALPHERA common shares, resulting in a net increase in his holdings.