TLPH Stock — Talphera Inc.: Cash, EV, Pipeline

Share price

$1.16

Market cap

$60.2M

Cash

$17.1M

Enterprise value

$43.1M

Balance sheet

Cash	$17.1M
Debt	$0.0M
Net cash	$17.1M
Enterprise value	$43.1M
Basic shares	51.9M shares
Fully diluted shares	60.6M shares
Fully diluted market cap	$70.3M
Cash per share	$0.33

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Pipeline assets

Niyad

Phase 3 · Active Modality: lyophilized formulation of nafamostat

Target serine proteases

Partnerships CorMedix: right of first negotiation on acquisition of the company for 60 days after public announcement of NEPHRO CRRT topline (terminates Dec 31, 2027, or on study termination).

Indications

Regional anticoagulant for the dialysis circuit during continuous renal replacement therapy (CRRT) in acute kidney injury (Phase 3)
Regional anticoagulant for the dialysis circuit in intermittent hemodialysis (CKD) (Stage not disclosed)

Catalysts

— 2026

Status note Lead candidate. NEPHRO CRRT (Nafamostat Efficacy in Phase 3 Registrational CRRT Study): IDE-approved, double-blind, up to 14 US ICUs, 70 adult patients; 35 patients enrolled as of Mar 2026. PMA submission planned on trial completion. FDA Breakthrough Device Designation.

LTX-608

Stage not disclosed · Active Modality: nafamostat formulation for direct IV infusion

Target serine proteases

Indications

Disseminated intravascular coagulation (DIC) (Stage not disclosed)
Acute respiratory distress syndrome (ARDS) (Stage not disclosed)
Acute pancreatitis (Stage not disclosed)
Anti-viral treatment (Stage not disclosed)

Status note Nafamostat formulation for direct IV infusion that the company may develop for one or more listed indications.

Fedsyra

Stage not disclosed · Active Modality: pre-filled syringe

Aliases ephedrine pre-filled syringe

Partnerships Laboratoire Aguettant: US development/commercialization license (Jul 2021); agreement being evaluated for potential termination.

Status note Product candidates being evaluated for discontinuation given the competitive environment.

Phenylephrine PFS

Stage not disclosed · Active Modality: pre-filled syringe

Aliases phenylephrine pre-filled syringe

Partnerships Laboratoire Aguettant: US development/commercialization license (Jul 2021); agreement being evaluated for potential termination.

Status note Product candidates being evaluated for discontinuation given the competitive environment.

Per-asset detail extracted from the 10-Q filed 2026-08-12. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Nafamostat
Lead indication	Acute Kidney Injury
Lead phase	Phase 3
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06150742	Not disclosed	Recruiting	Sponsor	TLPH	—	Acute Kidney Injury	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Talphera, Inc on ClinicalTrials.gov

No specialist-fund holders in 13F data for this company.

TLPH — Talphera Inc.

Balance sheet

Price history

Pipeline assets

Pipeline

Active clinical trials