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TLPH logoTalphera, Inc.(TLPH)Earnings, Financials & Key Ratios

TLPH•NASDAQ
$0.87
$43M mkt cap·Price updated May 6, 2026
SectorHealthcareIndustrySpecialty & Generic PharmaSub-IndustryComplex generics and injectables
AboutTalphera, Inc., a specialty pharmaceutical company, focuses on the development and commercialization of therapies for use in medically supervised settings. Its lead product candidate is Niyad, a lyophilized formulation of nafamostat, which is under an investigational device exemption as an anticoagulant for the extracorporeal circuit. It is also developing LTX-608, an anti-inflammatory and antiviral potential for the treatment of multiple conditions, including COVID-19, disseminated intravascular coagulation (DIC), acute respiratory distress syndrome (ARDS), and acute pancreatitis; Fedsyra, a pre-filled ephedrine syringe; and PFS-02, a pre-filled phenylephrine syringe. The company was formerly known as AcelRx Pharmaceuticals, Inc. and changed its name to Talphera, Inc. in January 2024. Talphera, Inc. was incorporated in 2005 and is headquartered in San Mateo, California.Show more
  • Revenue$28K
  • EBITDA-$13M+11.0%
  • Net Income-$14M-9.9%
  • EPS (Diluted)-0.34+32.0%
  • EBITDA Margin-48157.14%
  • Operating Margin-48157.14%
  • Net Margin-51035.71%
  • ROE-114.16%+3.0%
  • ROIC-120.35%+26.1%
Technical→

TLPH Key Insights

Talphera, Inc. (TLPH) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Sales declining 65.1% over 5 years
  • ✗Shares diluted 64.1% in last year
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

TLPH Price & Volume

Talphera, Inc. (TLPH) stock price & volume — 10-year historical chart

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TLPH Growth Metrics

Talphera, Inc. (TLPH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-47.97%
5 Years-65.11%
3 Years-
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-9.89%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM33.5%

Return on Capital

10 Years-55.67%
5 Years-61.45%
3 Years-76.67%
Last Year-64.98%

TLPH Peer Comparison

Talphera, Inc. (TLPH) competitors in Complex generics and injectables — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
PRGO logoPRGOPerrigo Company plcDirect Competitor1.69B12.26-1.19-2.75%-43.5%-50.65%1.35
HALO logoHALOHalozyme Therapeutics, Inc.Product Competitor7.81B66.3525.9237.55%22.69%6.49%
NKTR logoNKTRNektar TherapeuticsProduct Competitor1.67B85.09-8.75-43.89%-192.87%-356.81%0.95
PCRX logoPCRXPacira BioSciences, Inc.Product Competitor931.85M23.69148.063.63%1.27%1.31%0.66
INVA logoINVAInnoviva, Inc.Product Competitor1.91B22.526.8218.52%118.91%46.47%0.23
MCK logoMCKMcKesson CorporationSupply Chain91.09B743.6728.9116.22%1.09%
CAH logoCAHCardinal Health, Inc.Supply Chain45.06B191.4929.69-1.87%0.62%
XTLB logoXTLBXTL Biopharmaceuticals Ltd.Often Compared357.58K3.25-0.34-227.72%-25.53%0.03

Compare TLPH vs Peers

Talphera, Inc. (TLPH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PRGO

Most directly comparable listed peer for TLPH.

Scale Benchmark

vs MCK

Larger-name benchmark to compare TLPH against a more recognizable public peer.

Peer Set

Compare Top 5

vs PRGO, HALO, NKTR, PCRX

TLPH Income Statement

Talphera, Inc. (TLPH) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue8M2.15M2.29M5.42M378K0651K028K
Revenue Growth %-53.94%-73.1%6.42%136.61%-93.02%-100%--100%-
Cost of Goods Sold10.66M3.98M6.81M6.03M3.01M1.65M5.55M6.72M0
COGS % of Revenue133.32%184.84%297.34%111.37%795.24%-851.92%--
Gross Profit
-2.66M▲ 0%
-1.82M▲ 31.5%
-4.52M▼ 147.5%
-616K▲ 86.4%
-2.63M▼ 326.6%
-1.65M▲ 37.3%
-4.89M▼ 197.2%
-6.72M▼ 37.2%
0▲ 100.0%
Gross Margin %-33.32%-84.84%-197.34%-11.37%-695.24%--751.92%--
Gross Profit Growth %-152.84%31.49%-147.51%86.36%-326.62%37.33%-197.21%-37.24%100%
Operating Expenses36.02M33.9M49.69M40.35M15.49M18.7M11.99M8.53M13.51M
OpEx % of Revenue450.51%1576.1%2170.73%744.96%4097.35%-1842.4%-48257.14%
Selling, General & Admin16.61M20.77M45.03M36.33M017.01M007.48M
SG&A % of Revenue207.74%965.36%1967.1%670.79%----26710.71%
Research & Development19.41M13.14M4.66M4.02M2.44M1.69M5.55M6.72M6.03M
R&D % of Revenue242.76%610.74%203.63%74.17%644.18%-851.92%-21546.43%
Other Operating Expenses000013.05M06.45M1.82M0
Operating Income
-38.68M▲ 0%
-35.73M▲ 7.6%
-54.2M▼ 51.7%
-40.96M▲ 24.4%
-18.12M▲ 55.8%
-20.35M▼ 12.3%
-16.89M▲ 17.0%
-15.25M▲ 9.7%
-13.48M▲ 11.6%
Operating Margin %-483.83%-1660.95%-2368.06%-756.33%-4792.59%--2594.32%--48157.14%
Operating Income Growth %-21.04%7.64%-51.72%24.43%55.77%-12.34%17.02%9.69%11.59%
EBITDA-36.94M-35.15M-52.54M-39.11M-16.14M-18.7M-16.79M-15.16M-13.48M
EBITDA Margin %-462.01%-1634.22%-2295.19%-722.12%-4270.63%--2579.57%--48157.14%
EBITDA Growth %-23.52%4.84%-49.46%25.56%58.72%-15.87%10.22%9.75%11.03%
D&A (Non-Cash Add-back)1.74M575K1.67M1.85M1.97M1.65M96K96K0
EBIT-38.17M-34.59M-50.7M-37.07M-18.12M60.25M-16.89M-15.25M0
Net Interest Income-13.53M-11.42M968K588K871K386K6.6M-394K0
Interest Income510K1.14M3.5M3.89M3.16M1.5M6.74M00
Interest Expense14.04M12.56M2.54M3.31M2.29M1.12M134K394K0
Other Income/Expense-13.53M-11.42M968K588K969K79.49M6.6M2.25M-806K
Pretax Income
-52.21M▲ 0%
-47.15M▲ 9.7%
-53.24M▼ 12.9%
-40.38M▲ 24.2%
-17.15M▲ 57.5%
59.14M▲ 444.9%
-10.29M▼ 117.4%
-13M▼ 26.4%
-14.29M▼ 9.9%
Pretax Margin %-653.02%-2191.86%-2325.78%-745.48%-4536.24%--1580.18%--51035.71%
Income Tax-701K2K3K4K5K13K000
Effective Tax Rate %1.34%-0%-0.01%-0.01%-0.03%0.02%0%0%0%
Net Income
-51.51M▲ 0%
-47.15M▲ 8.5%
-53.24M▼ 12.9%
-40.38M▲ 24.2%
-35.1M▲ 13.1%
42.52M▲ 221.1%
-18.4M▼ 143.3%
-13M▲ 29.3%
-14.29M▼ 9.9%
Net Margin %-644.25%-2191.96%-2325.91%-745.55%-9285.45%--2825.96%--51035.71%
Net Income Growth %-19.35%8.46%-12.92%24.16%13.08%221.13%-143.27%29.31%-9.89%
Net Income (Continuing)-51.51M-47.15M-53.24M-40.38M-17.15M59.13M-10.29M-13M-14.29M
Discontinued Operations0000-17.95M-11.37M-8.11M00
Minority Interest000000000
EPS (Diluted)
-21.97▲ 0%
-16.14▲ 26.5%
-13.45▲ 16.7%
-9.47▲ 29.6%
-5.86▲ 38.1%
5.72▲ 197.6%
-1.29▼ 122.6%
-0.50▲ 61.2%
-0.34▲ 32.0%
EPS Growth %-15.33%26.54%16.67%29.59%38.12%197.61%-122.55%61.24%32%
EPS (Basic)-21.97-16.14-13.45-9.47-5.865.73-1.29-0.50-0.34
Diluted Shares Outstanding2.34M2.92M3.96M4.26M5.99M7.41M14.26M25.85M42.41M
Basic Shares Outstanding2.34M2.92M3.96M4.26M5.99M7.41M14.26M25.85M42.41M
Dividend Payout Ratio---------

TLPH Balance Sheet

Talphera, Inc. (TLPH) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets63.41M107.99M71.69M46.83M50.49M24.57M11.56M9.42M20.9M
Cash & Short-Term Investments60.47M105.72M66.14M42.89M46.63M15.77M9.38M8.86M20.38M
Cash Only52.9M87.97M14.68M27.27M7.66M15.28M5.72M8.86M5.89M
Short-Term Investments7.57M17.74M51.45M15.61M38.97M495K3.66M014.49M
Accounts Receivable1.53M401K432K635K160K309K000
Days Sales Outstanding69.9968.0568.8942.79154.5----
Inventory956K854K3.29M1.63M1.11M1.18M000
Days Inventory Outstanding32.7478.4176.7198.39134.9261.06---
Other Current Assets000002.31M-20K0519K
Total Non-Current Assets12.14M12.54M19.67M19.46M27.4M22.92M8.84M8.82M8.82M
Property, Plant & Equipment11.05M11.48M18.48M18.81M20.23M13.86M000
Fixed Asset Turnover0.72x0.19x0.12x0.29x0.02x----
Goodwill000000000
Intangible Assets000008.82M8.82M00
Long-Term Investments881K529K0000000
Other Non-Current Assets207K527K1.19M656K7.17M246K20K8.82M8.82M
Total Assets
75.55M▲ 0%
120.53M▲ 59.5%
91.36M▼ 24.2%
66.3M▼ 27.4%
77.89M▲ 17.5%
47.49M▼ 39.0%
20.39M▼ 57.1%
18.24M▼ 10.6%
29.72M▲ 63.0%
Asset Turnover0.11x0.02x0.03x0.08x0.00x-0.03x-0.00x
Asset Growth %-24.44%59.54%-24.21%-27.43%17.49%-39.04%-57.05%-10.59%62.97%
Total Current Liabilities13.66M15.93M13.61M17.64M18.51M13.77M4.51M2.65M3.81M
Accounts Payable1.42M2.07M1.72M2.74M2.12M1.26M1.34M670K544K
Days Payables Outstanding48.76190.0392.24165.62257.54278.3587.9336.4-
Short-Term Debt8.33M9M4.98M8.73M8.8M5.36M000
Deferred Revenue (Current)362K315K0086K115K000
Other Current Liabilities2.19M3.61M411K155K2.97M2.8M1.17M723K3.81M
Current Ratio4.64x6.78x5.27x2.66x2.73x1.78x2.56x3.56x5.49x
Quick Ratio4.57x6.73x5.02x2.56x2.67x1.70x2.56x3.56x5.49x
Cash Conversion Cycle53.96-43.58153.35-24.4331.86----
Total Non-Current Liabilities98.4M100.35M119.16M104.41M95.28M11.9M1.78M7.59M8.88M
Long-Term Debt94.35M96.67M112.2M13.14M5.01M006.53M0
Capital Lease Obligations003.64M2.61M3.75M2.96M000
Deferred Tax Liabilities000000000
Other Non-Current Liabilities585K537K3.32M88.66M85.37M7.91M1.78M1.06M8.88M
Total Liabilities112.06M116.28M132.77M122.05M113.79M25.67M6.29M10.24M12.68M
Total Debt102.68M105.67M121.79M25.6M18.62M10.02M06.53M0
Net Debt49.78M17.7M107.11M-1.68M10.96M-5.25M-5.72M-2.34M-5.89M
Debt / Equity-24.85x---0.46x-0.82x-
Debt / EBITDA---------
Net Debt / EBITDA---------
Interest Coverage-2.76x-2.84x-21.38x-12.39x-7.91x-18.24x-126.04x-38.71x-
Total Equity
-36.51M▲ 0%
4.25M▲ 111.6%
-41.42M▼ 1073.9%
-55.75M▼ 34.6%
-35.89M▲ 35.6%
21.81M▲ 160.8%
14.11M▼ 35.3%
8M▼ 43.3%
17.04M▲ 112.9%
Equity Growth %-584.07%111.65%-1073.85%-34.6%35.62%160.78%-35.34%-43.28%112.91%
Book Value per Share-15.571.46-10.46-13.08-5.992.950.990.310.40
Total Shareholders' Equity-36.51M4.25M-41.42M-55.75M-35.89M21.81M14.11M8M17.04M
Common Stock51K78K79K98K7K8K17K17K49K
Retained Earnings-297.87M-345.02M-398.11M-438.49M-473.58M-425.83M-444.23M-457.23M-471.52M
Treasury Stock000000000
Accumulated OCI000000000
Minority Interest000000000

TLPH Cash Flow Statement

Talphera, Inc. (TLPH) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-29.77M-29.07M-51.18M-38.51M-30M-28.33M-17.49M-12.68M-11.36M
Operating CF Margin %-372.3%-1351.7%-2235.91%-710.95%-7937.04%--2686.94%--40585.71%
Operating CF Growth %-1.26%2.32%-76.03%24.77%22.08%5.57%38.26%27.49%10.4%
Net Income-51.51M-47.15M-53.24M-40.38M-35.1M47.76M-18.4M-13M-14.29M
Depreciation & Amortization1.74M575K1.67M1.85M1.97M1.65M311K-121K-142K
Stock-Based Compensation4.29M5.17M5.06M4.42M4.61M2.89M1.73M989K699K
Deferred Taxes00-11.84M712K810K02.2M00
Other Non-Cash Items14.96M14.74M11.08M-2.83M-2.5M-79.23M-1.79M-323K2.37M
Working Capital Changes3.7M1.87M-3.91M-2.29M203K-1.39M-1.54M-224K0
Change in Receivables3.6M1.48M-31K-203K475K-149K-189K00
Change in Inventory920K102K-3.39M957K-295K-107K61K00
Change in Payables309K458K-19K1.02M111K551K-575K-671K-208K
Cash from Investing-9.97M-10.88M-36.56M34.14M-26.12M36.45M-528K3.78M-14.35M
Capital Expenditures-2.4M-819K-3.47M-1.85M-1.83M-364K-100K00
CapEx % of Revenue30.08%38.08%151.59%34.25%483.33%-15.36%--
Acquisitions0033.09M-35.99M-821K0000
Investments---------
Other Investing-7.57M-10.06M-33.09M35.99M0-1.69M2.72M00
Cash from Financing12.33M75.03M14.45M16.96M41.51M-507K3.47M12.04M22.74M
Debt Issued (Net)-3.51M-7.72M12.67M-4.67M-8.83M-8.43M-5.42M6.13M0
Equity Issued (Net)15.69M81.53M1.23M21.34M50.28M7.91M8.86M5.91M0
Dividends Paid000000000
Share Repurchases000000000
Other Financing147K1.22M553K286K69K16K26K022.74M
Net Change in Cash
-27.41M▲ 0%
35.07M▲ 228.0%
-73.29M▼ 309.0%
12.59M▲ 117.2%
-14.61M▼ 216.1%
7.61M▲ 152.1%
-14.55M▼ 291.2%
3.14M▲ 121.6%
-2.97M▼ 194.5%
Free Cash Flow
-32.17M▲ 0%
-29.89M▲ 7.1%
-54.65M▼ 82.8%
-40.36M▲ 26.1%
-31.83M▲ 21.1%
-28.7M▲ 9.8%
-17.59M▲ 38.7%
-12.68M▲ 27.9%
-11.36M▲ 10.4%
FCF Margin %-402.38%-1389.77%-2387.51%-745.2%-8420.37%--2702.3%--40585.71%
FCF Growth %2.85%7.07%-82.81%26.15%21.14%9.85%38.69%27.9%10.4%
FCF per Share-13.72-10.24-13.80-9.47-5.31-3.87-1.23-0.49-0.27
FCF Conversion (FCF/Net Income)0.58x0.62x0.96x0.95x0.85x-0.67x0.95x0.98x0.80x
Interest Paid01.67M000837K000
Taxes Paid02K0000000

TLPH Key Ratios

Talphera, Inc. (TLPH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-310.75%--1108.61%---194.9%-102.44%-117.65%-114.16%
Return on Invested Capital (ROIC)-257.52%-261.81%-152.16%-92.78%-743.43%--92.16%-101.55%-162.84%-120.35%
Gross Margin29.05%-33.32%-84.84%-197.34%-11.37%-695.24%--751.92%--
Net Margin-248.64%-644.25%-2191.96%-2325.91%-745.55%-9285.45%--2825.96%--51035.71%
Debt / Equity--24.85x---0.46x-0.82x-
Interest Coverage-2.63x-2.76x-2.84x-21.38x-12.39x-7.91x-18.24x-126.04x-38.71x-
FCF Conversion0.68x0.58x0.62x0.96x0.95x0.85x-0.67x0.95x0.98x0.80x
Revenue Growth-9.89%-53.94%-73.1%6.42%136.61%-93.02%-100%--100%-

TLPH Frequently Asked Questions

Talphera, Inc. (TLPH) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Talphera, Inc. (TLPH) reported $0.0M in revenue for fiscal year 2025.

Talphera, Inc. (TLPH) grew revenue by 0.0% over the past year. Growth has been modest.

Talphera, Inc. (TLPH) reported a net loss of $14.3M for fiscal year 2025.

Dividend & Returns

Talphera, Inc. (TLPH) has a return on equity (ROE) of -114.2%. Negative ROE indicates the company is unprofitable.

Talphera, Inc. (TLPH) had negative free cash flow of $11.4M in fiscal year 2025, likely due to heavy capital investments.

Explore More TLPH

Talphera, Inc. (TLPH) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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