The company's financial position is increasingly precarious, evidenced by a massive accumulated deficit of $474.1 million and the recent removal of $8.8 million in goodwill from the balance sheet.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Current Assets | 21.34M | 20.9M | 9.42M | 11.56M | 24.57M | 50.49M | 46.83M | 71.69M | 107.99M | 63.41M | 89.05M | 118.95M | 76.3M | 104.56M | 61.77M | 38.15M | 5.78M | 12.94M | 20.98M |
| Cash & Short-Term Investments | 21.11M | 20.38M | 8.86M | 9.38M | 15.77M | 46.63M | 42.89M | 66.14M | 105.72M | 60.47M | 80.31M | 113.46M | 75.35M | 103.66M | 59.76M | 35.78M | 3.68M | 12.55M | 20.21M |
| Cash Only | 3.82M | 5.89M | 8.86M | 5.72M | 15.28M | 7.66M | 27.27M | 14.68M | 87.97M | 52.9M | 80.31M | 107.92M | 60.04M | 88.4M | 47.93M | 7.79M | 3.06M | 7.15M | 6.07M |
| Short-Term Investments | 17.29M | 14.49M | 0 | 3.66M | 495K | 38.97M | 15.61M | 51.45M | 17.74M | 7.57M | 0 | 5.54M | 15.31M | 15.26M | 11.83M | 27.99M | 627K | 5.4M | 14.13M |
| Accounts Receivable | 0 | 0 | 0 | 0 | 309K | 160K | 635K | 432K | 401K | 1.53M | 5.83M | 3.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | 154.5 | 42.79 | 68.89 | 68.05 | 69.99 | 122.66 | 62.26 | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 1.18M | 1.11M | 1.63M | 3.29M | 854K | 956K | 2.15M | 466K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 261.06 | 134.9 | 98.39 | 176.71 | 78.4 | 32.74 | 63.84 | 7.01 | - | - | - | - | - | - | - |
| Other Current Assets | 228K | 519K | 0 | -20K | 2.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 8.82M | 8.82M | 8.82M | 8.84M | 22.92M | 27.4M | 19.46M | 19.67M | 12.54M | 12.14M | 10.94M | 8.84M | 10.12M | 5.47M | 2.75M | 2.69M | 1.05M | 1.55M | 1.7M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 13.86M | 20.23M | 18.81M | 18.48M | 11.48M | 11.05M | 10.71M | 8.61M | 9.82M | 5.18M | 2.48M | 2.31M | 800K | 1.28M | 1.41M |
| Fixed Asset Turnover | - | - | - | - | - | 0.02x | 0.29x | 0.12x | 0.19x | 0.72x | 1.62x | 2.24x | 0.53x | 5.70x | 0.96x | 0.46x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 8.82M | 8.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 529K | 881K | 178K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 8.82M | 8.82M | 8.82M | 20K | 246K | 7.17M | 656K | 1.19M | 527K | 207K | 50K | 228K | 300K | 292K | 269K | 383K | 251K | 268K | 287K |
| Total Assets | 30.16M | 29.72M | 18.24M | 20.39M | 47.49M | 77.89M | 66.3M | 91.36M | 120.53M | 75.55M | 99.99M | 127.78M | 86.42M | 110.03M | 64.52M | 40.84M | 6.83M | 14.49M | 22.68M |
| Asset Turnover | 0.00x | 0.00x | - | 0.03x | - | 0.00x | 0.08x | 0.03x | 0.02x | 0.11x | 0.17x | 0.15x | 0.06x | 0.27x | 0.04x | 0.03x | - | - | - |
| Asset Growth % | 176.8% | 62.97% | -10.59% | -57.05% | -39.04% | 17.49% | -27.43% | -24.21% | 59.54% | -24.44% | -21.75% | 47.87% | -21.46% | 70.54% | 58% | 497.88% | -52.87% | -36.1% | - |
| Total Current Liabilities | 4.03M | 3.81M | 2.65M | 4.51M | 13.77M | 18.51M | 17.64M | 13.61M | 15.93M | 13.66M | 10.19M | 12.78M | 13.73M | 6.87M | 14.33M | 7.84M | 13.41M | 6.01M | 4.53M |
| Accounts Payable | 927K | 544K | 670K | 1.34M | 1.26M | 2.12M | 2.74M | 1.72M | 2.07M | 1.42M | 1.56M | 1.56M | 2.43M | 2.34M | 2.23M | 1.53M | 543K | 917K | 1.19M |
| Days Payables Outstanding | - | - | 36.4 | 87.93 | 278.35 | 257.54 | 165.62 | 92.24 | 190.03 | 48.76 | 46.18 | 23.49 | 36.19 | 32.5 | 1.35K | - | 413.77 | 695.85 | 1.13K |
| Short-Term Debt | 0 | 0 | 0 | 0 | 5.36M | 8.8M | 8.73M | 4.98M | 9M | 8.33M | 3.68M | 4.66M | 6.86M | 0 | 7.44M | 3.8M | 12.01M | 4.73M | 2.84M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 115K | 86K | 0 | 0 | 315K | 362K | 362K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.1M | 3.27M | 723K | 1.17M | 2.8M | 2.97M | 155K | 411K | 3.61M | 2.19M | 2.56M | 2.6M | 1.29M | 1.35M | 1.61M | 1.3M | 0 | 0 | 0 |
| Current Ratio | 5.30x | 5.49x | 3.56x | 2.56x | 1.78x | 2.73x | 2.66x | 5.27x | 6.78x | 4.64x | 8.74x | 9.31x | 5.56x | 15.22x | 4.31x | 4.86x | 0.43x | 2.15x | 4.63x |
| Quick Ratio | 5.30x | 5.49x | 3.56x | 2.56x | 1.70x | 2.67x | 2.56x | 5.02x | 6.73x | 4.57x | 8.53x | 9.27x | 5.56x | 15.22x | 4.31x | 4.86x | 0.43x | 2.15x | 4.63x |
| Cash Conversion Cycle | - | - | - | - | - | 31.86 | -24.43 | 153.35 | -43.58 | 53.96 | 140.33 | 45.79 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 7.65M | 8.88M | 7.59M | 1.78M | 11.9M | 95.28M | 104.41M | 119.16M | 100.35M | 98.4M | 95.14M | 81.89M | 26.03M | 30M | 16.34M | 15.52M | 59.31M | 61.47M | 51.48M |
| Long-Term Debt | 0 | 6.5M | 6.53M | 0 | 0 | 5.01M | 13.14M | 112.2M | 96.67M | 94.35M | 90.86M | 79.88M | 18.02M | 14.36M | 8.53M | 15.28M | 0 | 5.01M | 9.49M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 2.96M | 3.75M | 2.61M | 3.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 7.65M | 2.38M | 1.06M | 1.78M | 7.91M | 85.37M | 88.66M | 3.32M | 537K | 585K | 455K | 2.02M | 8.01M | 15.64M | 7.81M | 247K | 59.07M | 56.04M | 41.4M |
| Total Liabilities | 11.68M | 12.68M | 10.24M | 6.29M | 25.67M | 113.79M | 122.05M | 132.77M | 116.28M | 112.06M | 105.33M | 94.67M | 39.76M | 36.87M | 30.67M | 23.37M | 72.72M | 67.48M | 56.01M |
| Total Debt | 0 | 6.5M | 6.53M | 0 | 10.02M | 18.62M | 25.6M | 121.79M | 105.67M | 102.68M | 94.54M | 84.53M | 24.87M | 14.36M | 15.97M | 19.08M | 12.01M | 9.73M | 12.33M |
| Net Debt | -3.82M | 605K | -2.34M | -5.72M | -5.25M | 10.96M | -1.68M | 107.11M | 17.7M | 49.78M | 14.23M | -23.39M | -35.16M | -74.04M | -31.96M | 11.29M | 8.95M | 2.58M | 6.26M |
| Debt / Equity | 0.00x | 0.38x | 0.82x | - | 0.46x | - | - | - | 24.85x | - | - | 2.55x | 0.53x | 0.20x | 0.47x | 1.09x | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.24x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | -38.71x | -126.04x | 53.99x | -7.91x | -11.22x | -20.00x | -2.75x | -2.72x | -2.55x | -3.37x | -11.64x | -0.40x | -8.14x | -7.71x | -9.27x | -15.20x | -50.14x |
| Total Equity | 18.48M | 17.04M | 8M | 14.11M | 21.81M | -35.89M | -55.75M | -41.42M | 4.25M | -36.51M | -5.34M | 33.11M | 46.66M | 73.16M | 33.85M | 17.47M | -65.89M | -52.99M | -33.34M |
| Equity Growth % | 393.9% | 112.91% | -43.28% | -35.34% | 160.78% | 35.62% | -34.6% | -1073.85% | 111.65% | -584.07% | -116.12% | -29.03% | -36.23% | 116.15% | 93.77% | 126.51% | -24.34% | -58.97% | - |
| Book Value per Share | 0.44 | 0.40 | 0.31 | 0.99 | 2.95 | -5.99 | -13.08 | -10.46 | 1.46 | -15.57 | -2.36 | 14.89 | 21.05 | 36.81 | 30.60 | 20.14 | -64.06 | -51.52 | -32.41 |
| Total Shareholders' Equity | 18.48M | 17.04M | 8M | 14.11M | 21.81M | -35.89M | -55.75M | -41.42M | 4.25M | -36.51M | -5.34M | 33.11M | 46.66M | 73.16M | 33.85M | 17.47M | -65.89M | -52.99M | -33.34M |
| Common Stock | 50K | 49K | 17K | 17K | 8K | 7K | 98K | 79K | 78K | 51K | 45K | 45K | 43K | 43K | 37K | 22K | 3K | 3K | 1K |
| Retained Earnings | -474.08M | -471.52M | -457.23M | -444.23M | -425.83M | -473.58M | -438.49M | -398.11M | -345.02M | -297.87M | -246.36M | -203.21M | -178.81M | -145.45M | -122.03M | -88.66M | -68.56M | -54.22M | -34.1M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | -1K | -4K | 1K | 1K | 0 | 0 | -2K | 39K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent clinical funding shortfall
As reported in recent financial statements, Talphera's total assets have declined from $30.2 million in 2026Q1 to $29.7 million by the end of 2025Q4, reflecting a contractionary trend as the company consumes its remaining capital to fund the ongoing NEPTUNE clinical trial and operational overhead.
The reduction in total assets highlights the company's reliance on cash reserves to sustain its pre-commercial development phase. Investors should monitor whether this downward trajectory in asset value accelerates as the firm approaches critical clinical milestones without a corresponding influx of non-dilutive capital.
Based on the provided balance sheet data, Talphera's debt profile remains volatile, with total debt reaching $6.5 million in 2025Q4 before being eliminated in 2026Q1, suggesting a reliance on short-term financing instruments to bridge liquidity gaps during the transition to the Niyad platform.
The intermittent presence of debt on the balance sheet indicates that the company lacks a stable, long-term capital structure. This reliance on transient debt suggests that management may be forced to pursue dilutive equity offerings if clinical trial costs continue to outpace available cash resources.
According to recent SEC filings, Talphera's cash position of $3.8 million as of 2026Q1 represents a significant decline from the $13.4 million reported in 2024Q2, indicating a rapidly narrowing buffer against the company's persistent operating losses and high research and development expenditure requirements.
While the current ratio of 5.30 appears superficially healthy, it is largely a function of low current liabilities rather than an abundance of liquid assets. The rapid depletion of cash reserves warrants close investigation, as the current runway may be insufficient to reach the next major clinical data readout.
As indicated by historical balance sheet data, Talphera's retained earnings have plummeted to a deficit of $474.1 million by 2026Q1, reflecting years of sustained operational losses that have consistently eroded the company's equity base and necessitated frequent capital raises to maintain corporate viability.
The persistent growth of the accumulated deficit underscores the high-risk nature of the company's development-stage business model. Shareholders should be aware that the current equity position is heavily influenced by past capital infusions, which may continue to be diluted as the company seeks to fund its pipeline.
Based on reported figures, the complete removal of $8.8 million in goodwill from the balance sheet between 2025Q4 and 2026Q1 suggests a significant accounting adjustment, likely reflecting the impairment of assets acquired during the predecessor entity's failed commercialization efforts for legacy opioid products.
The sudden disappearance of these intangible assets indicates that the company is aggressively cleaning its balance sheet to focus on the Niyad platform. Investors should interpret this as a necessary step to remove legacy distortions, though it highlights the historical failure of previous capital allocation strategies.
Quick answers to the most common questions about buying TLPH stock.
As of 2025, Talphera, Inc. (TLPH) had total assets of $29.7M including $20.9M in current assets.
Talphera, Inc. (TLPH) carries total debt of $6.5M, offset by $20.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Talphera, Inc. (TLPH) has total shareholders' equity (book value) of $17.0M ($0.40 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Talphera, Inc. (TLPH) reported a current ratio of 5.49x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.