Talphera exhibits a persistent negative free cash flow trajectory, with quarterly outflows averaging approximately $2.9 million over the last ten quarters, necessitating constant reliance on external financing.
| 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 |
|---|
| Cash from Operations | -11.29M | -11.36M | -12.68M | -17.49M | -28.33M | -30M | -38.51M | -51.18M | -29.07M | -29.77M | -29.39M | -19.95M | -34.46M | -487K | -24.58M | -15.29M | -12.22M | -19.42M | -18.9M |
| Operating CF Margin % | - | -40585.71% | - | -2686.94% | - | -7937.04% | -710.95% | -2235.91% | -1351.7% | -372.3% | -169.36% | -103.58% | -660.46% | -1.65% | -1026.82% | -1426.03% | - | - | - |
| Operating CF Growth % | 44.5% | 10.4% | 27.49% | 38.26% | 5.57% | 22.08% | 24.77% | -76.03% | 2.32% | -1.26% | -47.32% | 42.09% | -6975.15% | 98.02% | -60.8% | -25.05% | 37.04% | -2.72% | - |
| Net Income | -14.25M | -14.29M | -13M | -18.4M | 47.76M | -35.1M | -40.38M | -53.24M | -47.15M | -51.51M | -43.16M | -24.4M | -33.35M | -23.43M | -33.36M | -20.1M | -14.34M | -20.12M | -20.66M |
| Depreciation & Amortization | -125K | -142K | -121K | 311K | 1.65M | 1.97M | 1.85M | 1.67M | 575K | 1.74M | 2.05M | 1.98M | 866K | 593K | 605K | 513K | 479K | 481K | 383K |
| Stock-Based Compensation | 503K | 699K | 989K | 1.73M | 2.89M | 4.61M | 4.42M | 5.06M | 5.17M | 4.29M | 4.48M | 5.01M | 4.44M | 3.48M | 2.15M | 1.83M | 1.42M | 463K | 456K |
| Deferred Taxes | 0 | 0 | 0 | 2.2M | 0 | 810K | 712K | -11.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 431K | 1.29M | -323K | -1.79M | -79.23M | -2.5M | -2.83M | 11.08M | 14.74M | 14.96M | 22.76M | 1.87M | -6.4M | 18.65M | 2.51M | 302K | 1.98M | 180K | 252K |
| Working Capital Changes | 2.22M | 1.08M | -224K | -1.54M | -1.39M | 203K | -2.29M | -3.91M | 1.87M | 3.7M | -2.27M | -4.42M | -11K | 214K | 3.52M | 2.17M | -1.76M | -423K | 668K |
| Change in Receivables | 0 | 0 | 0 | -189K | -149K | 475K | -203K | -31K | 1.48M | 3.6M | -2.55M | -3.29M | 0 | 0 | 705K | 987K | -371K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 61K | -107K | -295K | 957K | -3.39M | 102K | 920K | -1.69M | -466K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 347K | -208K | -671K | -575K | 551K | 111K | 1.02M | -19K | 458K | 309K | -437K | 0 | 0 | 0 | 705K | 987K | -371K | -271K | 319K |
| Cash from Investing | -17.06M | -14.35M | 3.78M | -528K | 36.45M | -26.12M | 34.14M | -36.56M | -10.88M | -9.97M | 1.81M | 8.2M | -5.78M | -6.92M | 14.96M | -29.58M | 4.76M | 8.62M | -9.94M |
| Capital Expenditures | 0 | 0 | 0 | -100K | -364K | -1.83M | -1.85M | -3.47M | -819K | -2.4M | -3.72M | -1.46M | -5.5M | -3.29M | -826K | -2.02M | -4K | -111K | -547K |
| CapEx % of Revenue | 0% | - | - | 15.36% | - | 483.33% | 34.25% | 151.59% | 38.08% | 30.08% | 21.43% | 7.56% | 105.52% | 11.14% | 34.5% | 188.34% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -821K | -35.99M | 33.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 2.72M | -1.69M | 0 | 35.99M | -33.09M | -10.06M | -7.57M | 5.53M | 9.66M | -271K | -3.63M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 26.79M | 22.74M | 12.04M | 3.47M | -507K | 41.51M | 16.96M | 14.45M | 75.03M | 12.33M | -26K | 59.63M | 11.87M | 47.88M | 49.77M | 49.6M | 3.37M | 11.88M | 31.9M |
| Debt Issued (Net) | 0 | 0 | 6.13M | -5.42M | -8.43M | -8.83M | -4.67M | 12.67M | -7.72M | -3.51M | 0 | -4.53M | 10M | -1.82M | -3.65M | 14.46M | 3.34M | -2.86M | 11.76M |
| Equity Issued (Net) | 26.79M | 22.74M | 5.91M | 8.86M | 7.91M | 50.28M | 21.34M | 1.23M | 81.53M | 15.69M | 0 | 0 | 0 | 47.94M | 53.17M | 34.94M | 70K | 14.74M | 20.14M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 26K | 16K | 69K | 286K | 553K | 1.22M | 147K | -26K | 64.17M | 1.87M | 1.76M | 246K | 201K | -49K | 0 | 0 |
| Net Change in Cash | -1.56M | -2.97M | 3.14M | -14.55M | 7.61M | -14.61M | 12.59M | -73.29M | 35.07M | -27.41M | -27.61M | 47.88M | -28.36M | 40.47M | 40.14M | 4.74M | -4.09M | 1.08M | 3.06M |
| Free Cash Flow | -11.29M | -11.36M | -12.68M | -17.59M | -28.7M | -31.83M | -40.36M | -54.65M | -29.89M | -32.17M | -33.12M | -21.41M | -39.96M | -3.77M | -25.41M | -17.31M | -12.23M | -19.53M | -19.45M |
| FCF Margin % | -1129400% | -40585.71% | - | -2702.3% | - | -8420.37% | -745.2% | -2387.51% | -1389.77% | -402.38% | -190.79% | -111.14% | -765.98% | -12.79% | -1061.32% | -1614.37% | - | - | - |
| FCF Growth % | 14.89% | 10.4% | 27.9% | 38.69% | 9.85% | 21.14% | 26.15% | -82.81% | 7.07% | 2.85% | -54.68% | 46.43% | -958.85% | 85.15% | -46.82% | -41.52% | 37.38% | -0.41% | - |
| FCF per Share | -0.27 | -0.27 | -0.49 | -1.23 | -3.87 | -5.31 | -9.47 | -13.80 | -10.24 | -13.72 | -14.62 | -9.63 | -18.03 | -1.90 | -22.97 | -19.96 | -11.89 | -18.99 | -18.91 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.80x | 0.98x | 0.95x | -0.67x | 0.85x | 0.95x | 0.96x | 0.62x | 0.58x | 0.68x | 0.82x | 1.03x | 0.02x | 0.74x | 0.76x | 0.85x | 0.97x | 0.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 837K | 0 | 0 | 0 | 1.67M | 0 | 0 | 0 | 0 | 0 | 1.63M | 1.16M | 584K | 979K | 204K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent clinical funding shortfall
According to quarterly financial statements, Talphera consistently reports operating cash outflows that frequently exceed net losses, with the OCF/NI ratio fluctuating between 0.57 and 1.34, indicating that the company's cash burn is driven by structural operational deficits rather than non-cash accounting adjustments or accrual timing.
The consistent gap between net income and operating cash flow suggests that the company's cash requirements are fundamentally tied to its ongoing R&D and clinical trial activities. Investors should monitor this relationship, as the lack of a positive conversion cycle underscores the firm's total dependence on external capital to fund its development-stage operations.
As reported in recent filings, Talphera maintains a persistent negative free cash flow trajectory, with quarterly outflows averaging approximately $2.9 million over the last ten quarters, reflecting a business model that is currently entirely dependent on external financing to sustain its clinical development pipeline.
The absence of positive free cash flow is expected for a pre-commercial entity, yet the magnitude of these outflows relative to the company's limited cash reserves warrants close scrutiny. This trajectory suggests that without a successful commercialization of Niyad, the firm will continue to face significant liquidity pressure.
Based on the provided cash flow data, working capital changes have been highly erratic, swinging from a $892,000 outflow in 2025Q1 to a $754,000 inflow in 2025Q4, which suggests that the company's cash position is sensitive to the timing of clinical trial payments and vendor obligations.
This volatility in working capital appears to be a byproduct of the company's transition and its reliance on third-party clinical research organizations. Investors should interpret these fluctuations as evidence of the firm's limited control over its cash conversion cycle while it remains in a pre-revenue, development-heavy state.
Data from recent financial reports indicates that Talphera utilizes stock-based compensation, averaging over $200,000 per quarter, which effectively masks the true cash cost of talent acquisition and retention during this critical clinical development phase, potentially understating the total economic burn rate experienced by shareholders.
While stock-based compensation is a non-cash expense, it represents a significant dilution risk that investors must account for when evaluating the company's long-term cash requirements. The reliance on equity-based incentives suggests that management is attempting to preserve cash, though this comes at the expense of existing shareholder equity.
Quick answers to the most common questions about buying TLPH stock.
Talphera, Inc. (TLPH) generated $-11.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Talphera, Inc. (TLPH) reported negative free cash flow of $11.4M in 2025, indicating capital requirements exceeded cash from operations.
Talphera, Inc. (TLPH) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.