TALPHERA, INC.
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $28,000 | $0 | $651,000 | $0 | $2.8M |
| Operating income | -$13.5M | -$15.3M | -$16.9M | -$25.3M | -$36.0M |
| Cost of revenue | — | — | — | $2.6M | $3.8M |
| Cash from operations | -$11.4M | -$12.7M | -$17.5M | -$28.3M | -$30.0M |
| Capital expenditure | — | $0 | $100,000 | $364,000 | $1.8M |
| Free cash flow | — | -$12.7M | -$17.6M | -$28.7M | -$31.8M |
| Impairments | — | — | $0 | $4.9M | $0 |
| Total assets | $29.7M | $18.2M | $20.4M | $47.5M | $77.9M |
| Total liabilities | $12.7M | $10.2M | $6.3M | $25.7M | $113.8M |
Shares outstanding 51.9M · Free float 57.4%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.