Talphera, Inc. Reports $3.5 Million Net Loss in Q2 2025, Seeks Additional Capital

Talphera, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $3.5 million, or $0.10 per share, compared to a net loss of $3.8 million, or $0.15 per share, for the same period in 2024. For the six months ended June 30, 2025, the company recorded a net loss of $6.1 million, down from $7.8 million in the prior year. The decrease in losses is attributed to reduced operating costs, particularly in research and development, which fell to $1.5 million from $1.9 million year-over-year, and selling, general, and administrative expenses, which decreased to $2.2 million from $2.4 million.

Talphera's total assets as of June 30, 2025, were reported at $16.5 million, a decline from $18.2 million at the end of 2024. The company's cash and cash equivalents also decreased to $6.8 million from $8.9 million during the same period. The reduction in cash is primarily due to ongoing operational losses and a decrease in cash flows from financing activities, which totaled $4.3 million in the first half of 2025, down from $12 million in the same period of 2024. The company has indicated that it will need to secure additional capital to fund its operations in the coming year.

Strategically, Talphera has made significant moves, including a private placement in March 2025, which raised approximately $4.9 million. This funding is intended to support the development of its lead product candidate, Niyad™, a regional anticoagulant currently under investigation. The company has also received FDA agreement to reduce the size of its registrational study for Niyad from 166 to 70 patients, which is expected to expedite the clinical trial process. However, Talphera faces challenges, including the discontinuation of sales efforts for its DSUVIA product by its partner, Alora Pharmaceuticals, which may impact future revenue streams.

Operationally, Talphera's employee headcount has been reduced, contributing to lower compensation expenses. The company reported a total of 20,522,655 shares outstanding as of August 7, 2025. Despite these efforts, Talphera continues to face uncertainties regarding its ability to maintain compliance with Nasdaq listing requirements, particularly concerning the minimum bid price for its common stock. The company has been granted an additional 180 days to regain compliance, and it is considering a reverse stock split if necessary.

Looking ahead, Talphera's management has expressed concerns about its ability to continue as a going concern, citing the need for additional capital to fund operations. The company plans to explore various financing options, including public or private equity offerings and potential collaborations. The ongoing development of Niyad and other product candidates remains a priority, but the company acknowledges that achieving profitability will depend on successful clinical trials and regulatory approvals.