Revenue has effectively ceased, with the company reporting zero revenue in 2026Q1 while maintaining a rigid R&D-heavy cost structure that averaged $1.6 million per quarter throughout the last fiscal year.
Talphera, Inc. (TLPH) annual income statement — 18-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 1K | 28K | 0 | 651K | 0 | 378K | 5.42M | 2.29M | 2.15M | 8M | 17.36M | 19.26M | 5.22M | 29.5M | 2.39M | 1.07M | 0 | 0 | 0 |
| Revenue Growth % | -96.3% | - | -100% | - | -100% | -93.02% | 136.61% | 6.42% | -73.1% | -53.94% | -9.89% | 269.24% | -82.32% | 1132.33% | 123.32% | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 6.72M | 5.55M | 1.65M | 3.01M | 6.03M | 6.81M | 3.98M | 10.66M | 12.31M | 24.26M | 24.52M | 26.29M | 605K | 0 | 479K | 481K | 383K |
| COGS % of Revenue | - | - | - | 851.92% | - | 795.24% | 111.37% | 297.34% | 184.84% | 133.32% | 70.95% | 125.93% | 470% | 89.12% | 25.27% | - | - | - | - |
| Gross Profit | 1K | 28K | -6.72M | -4.89M | -1.65M | -2.63M | -616K | -4.52M | -1.82M | -2.66M | 5.04M | -5M | -19.3M | 3.21M | 1.79M | 1.07M | -479K | -481K | -383K |
| Gross Margin % | 100% | 100% | - | -751.92% | - | -695.24% | -11.37% | -197.34% | -84.84% | -33.32% | 29.05% | -25.93% | -370% | 10.88% | 74.73% | 100% | - | - | - |
| Gross Profit Growth % | - | 100.42% | -37.24% | -197.21% | 37.33% | -326.62% | 86.36% | -147.51% | 31.49% | -152.84% | 200.94% | 74.12% | -701.34% | 79.43% | 66.88% | 323.8% | 0.42% | -25.59% | - |
| Operating Expenses | 14.75M | 13.51M | 8.53M | 11.99M | 18.7M | 15.49M | 40.35M | 49.69M | 33.9M | 36.02M | 37M | 13.32M | 11.41M | 25.15M | 32.11M | 20.42M | 11.71M | 18.55M | 20.31M |
| OpEx % of Revenue | - | 48257.14% | - | 1842.4% | - | 4097.35% | 744.96% | 2170.73% | 1576.1% | 450.51% | 213.16% | 69.16% | 218.73% | 85.25% | 1341.14% | 1905.22% | - | - | - |
| Selling, General & Admin | 8.04M | 7.48M | 0 | 0 | 17.01M | 0 | 36.33M | 45.03M | 20.77M | 16.61M | 15.6M | 14.2M | 18.35M | 9.88M | 7.2M | 6.8M | 3.51M | 3.05M | 1.98M |
| SG&A % of Revenue | - | 26710.71% | - | - | - | - | 670.79% | 1967.1% | 965.36% | 207.74% | 89.86% | 73.73% | 351.66% | 33.48% | 300.71% | 634.33% | - | - | - |
| Research & Development | 6.7M | 6.03M | 6.72M | 5.55M | 1.69M | 2.44M | 4.02M | 4.66M | 13.14M | 19.41M | 21.4M | 22.49M | 24.52M | 26.29M | 24.91M | 13.62M | 8.19M | 15.5M | 18.32M |
| R&D % of Revenue | - | 21546.43% | - | 851.92% | - | 644.18% | 74.17% | 203.63% | 610.74% | 242.76% | 123.3% | 116.74% | 470% | 89.12% | 1040.43% | 1270.9% | - | - | - |
| Other Operating Expenses | 0 | 0 | 1.82M | 6.45M | 0 | 13.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -14.75M | -13.48M | -15.25M | -16.89M | -20.35M | -18.12M | -40.96M | -54.2M | -35.73M | -38.68M | -31.96M | -19.2M | -37.65M | -6.67M | -29.71M | -19.35M | -12.19M | -19.03M | -20.69M |
| Operating Margin % | -1474700% | -48157.14% | - | -2594.32% | - | -4792.59% | -756.33% | -2368.06% | -1660.95% | -483.83% | -184.12% | -99.66% | -721.66% | -22.6% | -1241.14% | -1805.22% | - | - | - |
| Operating Income Growth % | - | 11.59% | 9.69% | 17.02% | -12.34% | 55.77% | 24.43% | -51.72% | 7.64% | -21.04% | -66.46% | 49.01% | -464.71% | 77.56% | -53.54% | -58.81% | 35.97% | 8.02% | - |
| EBITDA | -14.13M | -14.36M | -15.16M | -16.79M | -18.7M | -16.14M | -39.11M | -52.54M | -35.15M | -36.94M | -29.91M | -17.21M | -36.78M | -6.07M | -29.11M | -18.84M | -11.71M | -18.55M | -20.31M |
| EBITDA Margin % | -1412800% | -51296.43% | - | -2579.57% | - | -4270.63% | -722.12% | -2295.19% | -1634.22% | -462.01% | -172.29% | -89.36% | -705.06% | -20.59% | -1215.87% | -1757.37% | - | - | - |
| EBITDA Growth % | -38.7% | 5.23% | 9.75% | 10.22% | -15.87% | 58.72% | 25.56% | -49.46% | 4.84% | -23.52% | -73.72% | 53.2% | -505.58% | 79.13% | -54.51% | -60.92% | 36.89% | 8.65% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 96K | 96K | 1.65M | 1.97M | 1.85M | 1.67M | 575K | 1.74M | 2.05M | 1.98M | 866K | 593K | 605K | 513K | 479K | 481K | 383K |
| EBIT | -14.13M | -14.36M | -12.61M | -10.15M | 60.25M | -14.86M | -37.07M | -50.7M | -34.59M | -38.17M | -31.04M | -18.23M | -30.71M | -6.67M | -29.71M | -17.79M | -12.95M | -18.88M | -20.26M |
| Net Interest Income | 625K | 436K | 285K | 6.6M | 386K | 871K | 588K | 968K | -11.42M | -13.53M | -11.23M | -3.69M | 4.3M | -16.76M | -3.65M | -749K | -1.39M | -1.21M | 80K |
| Interest Income | 625K | 436K | 679K | 6.74M | 1.5M | 3.16M | 3.89M | 3.5M | 1.14M | 510K | 918K | 1.72M | 6.93M | 0 | 0 | 1.56M | 4K | 33K | 484K |
| Interest Expense | 0 | 0 | 394K | 134K | 1.12M | 2.29M | 3.31M | 2.54M | 12.56M | 14.04M | 12.15M | 5.41M | 2.64M | 16.76M | 3.65M | 2.31M | 1.4M | 1.24M | 404K |
| Other Income/Expense | -329K | -879K | 2.25M | 6.6M | 79.49M | 969K | 588K | 968K | -11.42M | -13.53M | -11.23M | -4.44M | 4.3M | -16.76M | -3.65M | -749K | -2.16M | -1.09M | 28K |
| Pretax Income | -15.08M | -14.36M | -13M | -10.29M | 59.14M | -17.15M | -40.38M | -53.24M | -47.15M | -52.21M | -43.19M | -23.64M | -33.35M | -23.43M | -33.36M | -20.1M | -14.34M | -20.12M | -20.66M |
| Pretax Margin % | -1507600% | -51296.43% | - | -1580.18% | - | -4536.24% | -745.48% | -2325.78% | -2191.86% | -653.02% | -248.84% | -122.72% | -639.31% | -79.4% | -1393.61% | -1875.09% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 13K | 5K | 4K | 3K | 2K | -701K | -34K | 760K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0.02% | -0.03% | -0.01% | -0.01% | -0% | 1.34% | 0.08% | -3.22% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -15.08M | -14.29M | -13M | -18.4M | 42.52M | -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 |
| Net Margin % | -1507600% | -51035.71% | - | -2825.96% | - | -9285.45% | -745.55% | -2325.91% | -2191.96% | -644.25% | -248.64% | -126.66% | -639.31% | -79.4% | -1393.61% | -1875.09% | - | - | - |
| Net Income Growth % | -33.36% | -9.89% | 29.31% | -143.27% | 221.13% | 13.08% | 24.16% | -12.92% | 8.46% | -19.35% | -76.88% | 26.85% | -42.38% | 29.78% | -65.98% | -40.14% | 28.7% | 2.63% | - |
| Net Income (Continuing) | -15.08M | -14.36M | -13M | -10.29M | 59.13M | -17.15M | -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 |
| Discontinued Operations | 0 | 73K | 0 | -8.11M | -11.37M | -17.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.20 | -0.34 | -0.50 | -1.29 | 5.72 | -5.86 | -9.47 | -13.45 | -16.14 | -21.97 | -19.05 | -10.97 | -15.05 | -11.79 | -30.16 | -23.18 | -13.95 | -19.56 | -20.09 |
| EPS Growth % | 20.46% | 32% | 61.24% | -122.55% | 197.61% | 38.12% | 29.59% | 16.67% | 26.54% | -15.33% | -73.66% | 27.11% | -27.65% | 60.91% | -30.11% | -66.16% | 28.68% | 2.64% | - |
| EPS (Basic) | - | -0.34 | -0.50 | -1.29 | 5.73 | -5.86 | -9.47 | -13.45 | -16.14 | -21.97 | -19.05 | -11.93 | -18.20 | -11.80 | -30.16 | -23.18 | -13.95 | -19.56 | -20.09 |
| Diluted Shares Outstanding | 75.53M | 42.41M | 25.85M | 14.26M | 7.41M | 5.99M | 4.26M | 3.96M | 2.92M | 2.34M | 2.27M | 2.22M | 2.22M | 1.99M | 1.11M | 867.24K | 1.03M | 1.03M | 1.03M |
| Basic Shares Outstanding | 75.53M | 42.41M | 25.85M | 14.26M | 7.41M | 5.99M | 4.26M | 3.96M | 2.92M | 2.34M | 2.27M | 2.05M | 1.83M | 1.99M | 1.11M | 867.24K | 1.03M | 1.03M | 1.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TLPH stock.
For fiscal year 2025, Talphera, Inc. (TLPH) reported total revenue of $0.0M.
Talphera, Inc. (TLPH) reported a net loss of $14.3M for the fiscal year ending 2025.
Talphera, Inc. (TLPH) reported an operating income of $-13.5M, resulting in an operating profit margin of -48157.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Talphera, Inc. (TLPH) generated $0.0M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Clinical trial funding shortfall
Metrics are mathematically derived from official filings.
Revenue Base Remains Effectively Nonexistent
As indicated by recent financial disclosures, Talphera's revenue has effectively evaporated, with the company reporting zero revenue in the most recent quarter following a TTM total of only $28,000, confirming the firm's current status as a pre-commercial entity undergoing a significant strategic pivot.
The transition from the legacy AcelRx business model to the current Niyad-focused platform has resulted in a complete cessation of meaningful top-line activity. Investors should interpret the current revenue figures as noise rather than a reflection of market demand, as the company is currently devoid of a functional commercial engine.
Operating Expenses Dominated By R&D
Based on the provided income statement data, Talphera maintains a rigid cost structure where R&D expenditures consistently consume the majority of operating resources, with quarterly R&D spending averaging approximately $1.6 million throughout the most recent fiscal year to support ongoing clinical development.
The company's cost profile is entirely characteristic of a development-stage biotech firm, where SG&A and R&D are the primary drivers of the persistent operating deficit. The lack of variable cost scaling suggests that management is prioritizing clinical trial milestones over operational efficiency at this stage of the corporate lifecycle.
Persistent Deficits Masked By Rebranding
According to historical income statements, Talphera has consistently generated negative net income, with quarterly losses frequently exceeding $3 million, a trend that persists despite the corporate rebranding and the divestiture of legacy assets intended to streamline the company's focus toward the Niyad platform.
The quality of earnings is currently non-existent, as the company relies on external capital to fund its operations rather than internal cash generation. The recurring net losses highlight the significant financial burden of the NEPTUNE trial, which remains the primary factor influencing the company's bottom-line performance.
Liquidity Constraints Threaten Operational Continuity
As reported in recent filings, the company's cash position of $5.89 million against a quarterly burn rate of roughly $3.5 million suggests a precarious liquidity profile that may necessitate further dilutive financing to sustain operations through the completion of the NEPTUNE clinical trial.
The primary risk to the investment thesis is the potential for significant equity dilution, which could severely impact shareholder value if the company fails to secure non-dilutive funding or partnerships. Investors should monitor the cash runway closely, as the current burn rate leaves little margin for error in the clinical development timeline.