Rosalind Advisors and affiliates have filed an amended Schedule 13G reporting a sizable passive stake in Talphera, Inc. common shares. Rosalind Advisors Inc., Rosalind Master Fund L.P., and portfolio managers Steven Salamon and Gilad Aharon report beneficial ownership of 13,150,954 Talphera common shares, representing 9.9% of the class based on 46,609,618 shares outstanding as of November 5, 2025.
The position consists of 3,579,273 common shares plus additional shares issuable from warrants and pre‑funded warrants, some of which are subject to a 9.99% ownership blocker. The reporting persons certify the holdings are in the ordinary course of business and not for the purpose of influencing control.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
TALPHERA, INC.
(Name of Issuer)
Common Shares
(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
Rosalind Advisors, Inc.
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
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,150,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,150,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,150,954.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: This percentage is calculated based upon 46,609,618 ordinary shares of the Issuers common stock outstanding as of November 5, 2025, based on the 10Q Filing of November 12, 2025. However, as more fully described in Item 4, the securities reported in rows 6, 8 and 9 show the number of shares of Common Stock that would be issuable upon full conversion and exercise of such reported securities and do not give effect to such blockers. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows 6, 8 and 9.
(6) 3,579,273 shares of Common Stock
5,074,285 shares of Common Stock issuable upon exercise of warrants
4,497,396 shares of Common Stock issuable upon exercise of pre-funded warrants
SCHEDULE 13G
CUSIP No.
00444T209
1
Names of Reporting Persons
SALAMON STEVEN A J
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
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,150,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,150,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,150,954.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (6) 3,579,273 shares of Common Stock
5,074,285 shares of Common Stock issuable upon exercise of warrants
4,497,396 shares of Common Stock issuable upon exercise of pre-funded warrants
SCHEDULE 13G
CUSIP No.
00444T209
1
Names of Reporting Persons
Aharon Gil
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
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,150,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,150,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,150,954.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (6) 3,579,273 shares of Common Stock
5,074,285 shares of Common Stock issuable upon exercise of warrants
4,497,396 shares of Common Stock issuable upon exercise of pre-funded warrants
SCHEDULE 13G
CUSIP No.
00444T209
1
Names of Reporting Persons
Rosalind Master Fund L.P.
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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,150,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,150,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,150,954.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (6) 3,579,273 shares of Common Stock
5,074,285 shares of Common Stock issuable upon exercise of warrants
4,497,396 shares of Common Stock issuable upon exercise of pre-funded warrants
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
TALPHERA, INC.
(b)
Address of issuer's principal executive offices:
1850 GATEWAY DRIVE, 1850 GATEWAY DRIVE, SAN MATEO, CALIFORNIA, 94404
Item 2.
(a)
Name of person filing:
Rosalind Advisors Inc. Advisor to RMF
Rosalind Master Fund L.P. RMF
Steven Salamon President
Steven Salamon is the portfolio manager of the Advisor which advises RMF.
Gilad Aharon is the portfolio manager and member of the Advisor which advises RMF.
(b)
Address or principal business office or, if none, residence:
Rosalind Advisors, Inc.
15 Wellesley Street West
Suite 326
Toronto, Ontario
M4Y 0G7 Canada
Rosalind Master Fund L.P.
P.O. Box 309
Ugland House, Grand Cayman
KY1-1104, Cayman Islands
Steven Salamon
15 Wellesley Street West
Suite 326
Toronto, Ontario
M4Y 0G7 Canada
Gilad Aharon
15 Wellesley Street West
Suite 326
Toronto, Ontario
M4Y 0G7 Canada
(c)
Citizenship:
Mr. Salamon and Mr. Aharon are citizens of Canada, resident in Ontario
(d)
Title of class of securities:
Common Shares
(e)
CUSIP No.:
00444T209
Item 4.
Ownership
(a)
Amount beneficially owned:
The information as of the date of the event which requires filing of this statement required by Items 4a to c is set forth in Rows 7 to 13 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The percentage set forth in Row 11 of the cover page for each Reporting Person is based upon 46,609,618 ordinary shares of the Issuers common stock outstanding as of November 5, 2025, based on the 10Q Filing of November 12, 2025.
Rosalind Master Fund L.P. may have been deemed to have the beneficial ownership of 3,579,273 shares of common stock representing the beneficial ownership of approximately 7.68% of the common stocks as mentioned above, which excludes the 9,571,681 shares issuable upon the exercise of pre-funded warrants and warrants because they contain a blocker provision under which the holder thereof does not have the right to exercise any of the warrant to the extent that such exercise would result in beneficial ownership by the holder in excess of 9.99% of the Common Stock. Consequently, as of the date of the event which requires the filing of this statement, the Reporting Persons were not able to exercise any of the warrants due to the Blockers.
Rosalind Advisors Inc. is the investment advisor to RMF and may be deemed to be the beneficial owner of shares held by RMF. Steven Salamon is the portfolio manager of the Advisor and may be deemed to be the beneficial owner of shares held by RMF. Notwithstanding the foregoing, the Advisor and Mr. Salamon disclaim beneficial ownership of the shares.
(b)
Percent of class:
Rosalind Advisors Inc. 9.9%
Rosalind Master Fund L.P. 9.9%
Steven Salamon 9.9%
Gilad Aharon 9.9%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
Rosalind Advisors Inc. 3,579,273
Rosalind Master Fund L.P. 3,579,273
Steven Salamon 3,579,273
Gilad Aharon 3,579,273
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
Rosalind Advisors Inc. 3,579,273
Rosalind Master Fund L.P. 3,579,273
Steven Salamon 3,579,273
Gilad Aharon 3,579,273
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 acquired and are held in the ordinary course of business and 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.
Rosalind Advisors, Inc.
Signature:
Steven Salamon
Name/Title:
President
Date:
02/11/2026
SALAMON STEVEN A J
Signature:
Steven Salamon
Name/Title:
Steven Salamon
Date:
02/11/2026
Aharon Gil
Signature:
Aharon Gil
Name/Title:
Aharon Gil
Date:
02/11/2026
Rosalind Master Fund L.P.
Signature:
Mike McDonald
Name/Title:
Director, Rosalind (Cayman) Ltd. (as General Partner to Rosalind Master Fund)
