[SCHEDULE 13G/A] TALPHERA, INC. Amended Passive Investment Disclosure

Rhea-AI Filing Summary

Talphera, Inc. received an updated ownership filing showing that investor Laurence W. Lytton and the Lytton-Kambara Foundation together report beneficial ownership of 2,730,718 shares of Talphera common stock, or 5.9% of the company.

Both reporting persons have shared voting and shared dispositive power over these shares, with no sole power to vote or dispose. The percentage is based on 46,609,618 shares outstanding as of November 5, 2025, as cited from Talphera’s Form 10-Q. They certify the holdings were not acquired to change or influence control of Talphera.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

TALPHERA, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00444T209

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 00444T209

1

Names of Reporting Persons

LYTTON LAURENCE W

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,730,718.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,730,718.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,730,718.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.9 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Percentage calculated based on 46,609,618 shares of Common Stock outstanding on November 5, 2025, as reported in the Form 10-Q filed by the Issuer for the quarterly period ended September 30, 2025.

SCHEDULE 13G

CUSIP No. 00444T209

1

Names of Reporting Persons

LYTTON-KAMBARA FOUNDATION

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,730,718.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,730,718.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,730,718.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.9 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Percentage calculated based on 46,609,618 shares of Common Stock outstanding on November 5, 2025, as reported in the Form 10-Q filed by the Issuer for the quarterly period ended September 30, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TALPHERA, INC.
(b)	Address of issuer's principal executive offices: 1850 Gateway Drive, Suite 175, San Mateo, CA 94404
Item 2.
(a)	Name of person filing: Laurence W. Lytton and Lytton-Kambara Foundation ("Foundation").
(b)	Address or principal business office or, if none, residence: 467 CENTRAL PARK WEST, NEW YORK, NY 10025
(c)	Citizenship: United States
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 00444T209
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Lytton: 2,730,718 Foundation: 2,730,718
(b)	Percent of class: Lytton: 5.9% Foundation: 5.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Lytton: 0 Foundation: 0
	(ii) Shared power to vote or to direct the vote: Lytton: 2,730,718 Foundation: 2,730,718
	(iii) Sole power to dispose or to direct the disposition of: Lytton: 0 Foundation: 0
	(iv) Shared power to dispose or to direct the disposition of: Lytton: 2,730,718 Foundation: 2,730,718
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

LYTTON LAURENCE W

Signature:	/s/ Laurence W. Lytton
Name/Title:	Reporting Person
Date:	02/17/2026

LYTTON-KAMBARA FOUNDATION

Signature:	/s/ Laurence W. Lytton
Name/Title:	President
Date:	02/17/2026

Exhibit Information

EXHIBIT 99.1 - AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G