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Talphera (TLPH) Financials

Talphera logo
$1.35 -0.09 (-6.25%)
Closing price 07/16/2026 04:00 PM Eastern
Extended Trading
$1.35 0.00 (0.00%)
As of 07/16/2026 07:55 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Talphera

Annual Income Statements for Talphera

This table shows Talphera's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -24 -43 -52 -47 -53 -40 -35 42 -18 -13 -14
Consolidated Net Income / (Loss)		 -24 -43 -52 -47 -53 -40 -35 48 -18 -13 -14
Net Income / (Loss) Continuing Operations		 -24 -43 -52 -47 -53 -40 -35 59 -10 -13 -14
Total Pre-Tax Income 		-24 -43 -52 -47 -53 -40 -35 59 -10 -13 -14
Total Operating Income		 -20 -32 -39 -36 -54 -41 -36 -25 -17 -15 -13
Total Gross Profit		 17 5.04 -2.66 -1.83 -4.52 -0.62 -0.94 0.00 0.65 0.00 0.03
Total Revenue		 19 17 8.00 2.15 2.29 5.42 2.82 0.00 0.65 0.00 0.03
Operating Revenue		 19 17 8.00 2.15 2.29 5.42 2.82 0.00 0.65 0.00 0.03
Total Cost of Revenue		 1.77 12 11 3.98 6.81 6.03 3.75 0.00 0.00 0.00 0.00
Total Operating Expenses		 37 37 36 34 50 40 35 25 18 15 14
Selling, General & Admin Expense		 14 16 17 21 45 36 31 17 12 8.53 7.48
Research & Development Expense		 22 21 19 13 4.66 4.02 4.10 3.34 5.55 6.72 6.03
Total Other Income / (Expense), net		 -3.69 -11 -14 -11 0.97 0.59 0.87 84 6.60 2.25 -0.88
Interest Expense		 5.41 12 14 13 1.20 3.31 2.29 1.12 0.13 0.39 0.00
Interest & Investment Income		 1.72 0.92 0.51 1.14 2.17 0.58 0.12 0.37 1.42 0.68 0.44
Other Income / (Expense), net		 - - - - - 3.31 3.04 85 5.32 1.96 -1.32
Net Income / (Loss) Discontinued Operations		 - - - - - - - -11 -8.11 0.00 0.07
Basic Earnings per Share		 ($0.55) ($0.95) ($1.10) ($0.81) ($0.67) ($0.47) ($5.86) $5.73 ($1.29) ($0.50) ($0.34)
Weighted Average Basic Shares Outstanding		 44.30M 45.31M 46.88M 58.41M 79.18M 85.26M 5.99M 7.39M 14.26M 25.85M 42.41M
Weighted Average Diluted Shares Outstanding		 44.47M 45.31M 46.88M 58.41M 79.18M 85.26M 5.99M 7.41M 16.97M 17.10M 50.05M
Weighted Average Basic & Diluted Shares Outstanding		 45.27M 45.31M 46.88M 58.41M 79.18M 85.26M 119.86M 10.92M 16.97M 17.10M 50.05M

Quarterly Income Statements for Talphera

This table shows Talphera's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -1.36 -4.52 -3.95 -3.83 -3.35 -1.87 -2.59 -3.49 -4.44 -3.77 -2.56
Consolidated Net Income / (Loss)		 -1.36 -4.52 -3.95 -3.83 -3.35 -1.87 -2.59 -3.49 -4.44 -3.77 -2.56
Net Income / (Loss) Continuing Operations		 -1.42 -4.51 -3.95 -3.83 -3.35 -1.87 -2.67 -3.49 -4.44 -3.77 -2.56
Total Pre-Tax Income 		-1.42 -4.51 -3.95 -3.83 -3.35 -1.87 -2.67 -3.49 -4.44 -3.77 -2.56
Total Operating Income		 -3.31 -4.28 -4.24 -4.27 -3.75 -3.00 -2.92 -3.69 -3.42 -3.45 -3.95
Total Gross Profit		 0.12 0.28 0.00 0.00 0.00 - 0.03 0.00 0.00 - 0.00
Total Revenue		 0.12 0.28 0.00 0.00 0.00 - 0.03 0.00 0.00 - 0.00
Operating Revenue		 0.12 - 0.00 0.00 0.00 - 0.03 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 3.43 4.56 4.24 4.27 3.75 3.00 2.94 3.69 3.42 3.45 3.95
Selling, General & Admin Expense		 2.25 2.80 2.80 2.36 1.70 1.67 1.77 2.19 1.62 1.89 2.30
Research & Development Expense		 1.18 1.77 1.43 1.91 2.05 1.32 1.17 1.50 1.80 1.56 1.65
Total Other Income / (Expense), net		 1.89 -0.23 0.28 0.44 0.40 1.13 0.25 0.20 -1.01 -0.32 1.39
Interest & Investment Income		 0.19 0.17 0.22 0.20 0.16 0.10 0.07 0.08 0.08 0.20 0.17
Other Income / (Expense), net		 1.71 -0.40 0.24 0.46 0.24 1.02 0.18 0.12 -1.10 -0.52 1.22
Net Income / (Loss) Discontinued Operations		 0.06 -0.01 0.00 0.00 - - 0.07 - - - 0.00
Basic Earnings per Share		 ($0.08) ($0.32) ($0.16) ($0.15) ($0.13) ($0.07) ($0.10) ($0.10) ($0.11) ($0.03) ($0.04)
Weighted Average Basic Shares Outstanding		 16.76M 14.26M 24.72M 26.20M 26.21M 25.85M 26.27M 34.53M 41.45M 42.41M 69.82M
Weighted Average Diluted Shares Outstanding		 16.95M 16.97M 16.99M 16.99M 17.03M 17.10M 20.50M 20.52M 46.61M 50.05M 51.90M
Weighted Average Basic & Diluted Shares Outstanding		 16.95M 16.97M 16.99M 16.99M 17.03M 17.10M 20.50M 20.52M 46.61M 50.05M 51.90M

Annual Cash Flow Statements for Talphera

This table details how cash moves in and out of Talphera's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 48 -28 -27 35 -73 13 -15 7.61 -15 3.14 -2.97
Net Cash From Operating Activities		 -20 -29 -30 -29 -51 -39 -30 -28 -17 -13 -11
Net Cash From Continuing Operating Activities		 -20 -29 -30 -29 -51 -39 -30 -28 -17 -13 -11
Net Income / (Loss) Continuing Operations		 -24 -43 -52 -47 -53 -40 -35 48 -18 -13 -14
Consolidated Net Income / (Loss)		 -24 -43 -52 -47 -53 -40 -35 48 -18 -13 -14
Amortization Expense		 0.90 0.88 1.27 0.61 0.71 1.07 0.76 0.39 0.03 -0.12 -0.14
Non-Cash Adjustments To Reconcile Net Income		 5.99 13 15 15 3.59 0.35 1.71 -77 1.96 0.67 1.99
Changes in Operating Assets and Liabilities, net		 -4.42 -2.27 3.70 1.87 -3.91 -1.40 0.65 -1.11 -1.39 -0.22 1.08
Net Cash From Investing Activities		 8.20 1.81 -9.97 -11 -37 34 -26 36 -0.53 3.78 -14
Net Cash From Continuing Investing Activities		 8.20 1.81 -9.97 -11 -37 34 -26 36 -0.53 3.78 -14
Purchase of Investments		 -7.27 -1.00 -7.57 -31 -100 -45 -70 -7.86 -3.65 -4.98 -18
Sale and/or Maturity of Investments		 17 6.53 0.00 21 67 81 47 46 0.50 8.76 3.47
Net Cash From Financing Activities		 60 -0.03 12 75 14 17 42 -0.51 3.47 12 23
Net Cash From Continuing Financing Activities		 60 -0.03 12 75 14 17 42 -0.51 3.47 12 23
Issuance of Common Equity		 3.20 0.18 16 83 1.98 22 51 8.06 8.88 5.91 23
Other Financing Activities, net		 61 - - 0.00 0.00 -0.09 -0.25 -0.06 0.00 6.13 0.00

Quarterly Cash Flow Statements for Talphera

This table details how cash moves in and out of Talphera's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 5.98 -7.67 6.40 1.30 -2.31 -2.25 -3.48 1.40 -3.33 2.44 -2.07
Net Cash From Operating Activities		 -2.96 -3.95 -2.88 -4.61 -2.94 -2.25 -3.47 -2.95 -2.51 -2.44 -3.40
Net Cash From Continuing Operating Activities		 -2.96 -3.95 -2.88 -4.61 -2.94 -2.25 -3.47 -2.95 -2.51 -2.44 -3.40
Net Income / (Loss) Continuing Operations		 -1.36 -4.52 -3.95 -3.83 -3.35 -1.87 -2.59 -3.49 -4.44 -3.77 -2.56
Consolidated Net Income / (Loss)		 -1.36 -4.52 -3.95 -3.83 -3.35 -1.87 -2.59 -3.49 -4.44 -3.77 -2.56
Amortization Expense		 - -0.01 -0.07 -0.05 - - 0.00 - -0.02 -0.13 -0.08
Non-Cash Adjustments To Reconcile Net Income		 -1.41 0.71 1.49 -0.02 -0.01 -0.79 0.02 0.02 1.25 0.71 -1.01
Changes in Operating Assets and Liabilities, net		 -0.19 -0.13 -0.34 -0.72 0.42 0.41 -0.89 0.52 0.70 0.75 0.25
Net Cash From Investing Activities		 - -3.65 -2.73 5.91 0.60 - 0.00 - -18 3.47 -2.71
Net Cash From Continuing Investing Activities		 - -3.65 -2.73 5.91 0.60 - 0.00 - -18 3.47 -2.71
Purchase of Investments		 - -3.65 -4.23 -0.75 - - 0.00 - -18 - -17
Sale and/or Maturity of Investments		 - - 1.50 6.66 0.60 - 0.00 - - 3.47 15
Net Cash From Financing Activities		 8.94 -0.07 12 - 0.03 - -0.01 4.35 17 1.40 4.04
Net Cash From Continuing Financing Activities		 8.94 -0.07 12 - 0.03 - -0.01 4.35 17 1.40 4.04
Issuance of Common Equity		 8.94 -0.07 5.88 - 0.03 - -0.01 4.35 17 1.40 4.04

Annual Balance Sheets for Talphera

This table presents Talphera's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 128 100 76 121 91 66 78 47 20 18 30
Total Current Assets		 119 89 63 108 72 47 50 25 12 9.42 21
Cash & Equivalents		 108 80 53 88 15 27 7.66 15 5.72 8.86 5.89
Short-Term Investments		 5.54 0.00 7.57 18 51 16 39 0.50 3.66 0.00 14
Prepaid Expenses		 1.73 0.76 0.46 1.02 1.82 1.68 2.59 1.87 2.20 0.55 0.52
Plant, Property, & Equipment, net		 8.61 11 11 11 15 16 16 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 0.23 0.23 1.09 1.06 5.12 3.81 11 23 8.82 8.82 8.82
Intangible Assets		 - - - - - - 0.00 8.82 8.82 8.82 8.82
Total Liabilities & Shareholders' Equity		 128 100 76 121 91 66 78 47 20 18 30
Total Liabilities		 95 105 112 116 133 122 114 26 6.29 10 13
Total Current Liabilities		 13 10 14 16 14 18 19 14 4.51 2.65 3.81
Accounts Payable		 1.56 1.56 1.42 2.07 1.72 2.74 2.12 1.26 1.34 0.67 0.54
Accrued Expenses		 3.96 4.60 3.54 4.54 5.53 5.05 6.52 2.53 2.45 1.25 2.62
Other Current Nonoperating Liabilities		 - - - - - - - 4.62 0.73 0.72 0.65
Total Noncurrent Liabilities		 82 95 98 100 119 104 95 12 1.78 7.59 8.88
Other Noncurrent Operating Liabilities		 65 73 83 94 96 91 89 7.91 1.78 7.59 8.88
Commitments & Contingencies		 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 33 -5.34 -37 4.25 -41 -56 -36 22 14 8.00 17
Total Preferred & Common Equity		 33 -5.34 -37 4.25 -41 -56 -36 22 14 8.00 17
Total Common Equity		 33 -5.34 -37 4.25 -41 -56 -36 22 14 8.00 17
Common Stock		 236 241 261 349 357 383 438 448 458 465 489
Retained Earnings		 -203 -246 -298 -345 -398 -438 -474 -426 -444 -457 -472

Quarterly Balance Sheets for Talphera

This table presents Talphera's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 23 29 25 21 15 17 31 30
Total Current Assets		 14 20 16 12 6.18 7.70 22 21
Cash & Equivalents		 13 12 13 11 5.39 6.79 3.46 3.82
Short-Term Investments		 0.00 6.46 0.60 0.00 - - 18 17
Prepaid Expenses		 1.02 1.37 2.01 1.08 0.79 0.91 0.63 0.23
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 8.84 8.82 8.82 8.82 8.82 8.82 8.82 8.82
Intangible Assets		 8.82 8.82 8.82 8.82 8.82 8.82 8.82 8.82
Total Liabilities & Shareholders' Equity		 23 29 25 21 15 17 31 30
Total Liabilities		 4.95 12 12 11 9.40 9.89 12 12
Total Current Liabilities		 3.57 3.34 3.27 2.76 1.99 2.63 3.21 4.03
Accounts Payable		 1.03 1.27 0.81 0.40 0.33 0.84 0.53 0.93
Accrued Expenses		 1.79 1.34 1.74 1.64 1.01 1.15 2.04 2.45
Other Current Nonoperating Liabilities		 0.76 0.73 0.72 0.72 0.65 0.65 0.65 0.65
Total Noncurrent Liabilities		 1.38 9.09 8.85 8.61 7.41 7.26 8.35 7.65
Other Noncurrent Operating Liabilities		 1.38 9.09 8.85 8.61 7.41 7.26 8.35 7.65
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 18 16 13 9.64 5.60 6.63 19 18
Total Preferred & Common Equity		 18 16 13 9.64 5.60 6.63 19 18
Total Common Equity		 18 16 13 9.64 5.60 6.63 19 18
Common Stock		 458 465 465 465 465 470 487 493
Retained Earnings		 -440 -448 -452 -455 -460 -463 -468 -474

Annual Metrics And Ratios for Talphera

This table displays calculated financial ratios and metrics derived from Talphera's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 43,707,390.00 45,333,790.00 50,338,389.00 61,907,272.00 79,573,001.00 90,477,613.00 119,318,584.00 7,449,366.00 16,952,269.00 17,029,218.00 46,609,618.00
DEI Adjusted Shares Outstanding		 43,707,390.00 45,333,790.00 50,338,389.00 61,907,272.00 79,573,001.00 90,477,613.00 119,318,584.00 7,449,366.00 16,952,269.00 17,029,218.00 46,609,618.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.56 -0.95 -1.02 -0.76 -0.67 -0.45 -0.29 5.68 -1.09 -0.76 -0.31
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 269.24% -9.89% -53.94% -73.10% 6.42% 136.61% -47.97% -100.00% 0.00% -100.00% 0.00%
EBITDA Growth		 53.31% -70.02% -22.89% 3.18% -50.05% 32.98% 13.07% 305.11% -118.13% -19.42% -11.42%
EBIT Growth		 47.00% -60.15% -21.04% 7.64% -51.72% 30.54% 12.55% 281.88% -119.32% -14.87% -11.36%
NOPAT Growth		 47.00% -60.15% -21.04% 7.64% -51.72% 24.43% 12.20% -0.47% 53.26% 9.69% 11.59%
Net Income Growth		 26.85% -76.88% -19.35% 8.46% -12.92% 24.16% 13.08% 236.06% -138.52% 29.31% -9.89%
EPS Growth		 34.07% -58.33% -15.79% 26.36% 17.28% 29.85% 13.08% 197.61% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 42.09% -47.32% -1.26% 2.32% -76.03% 24.77% 22.08% 5.57% 38.26% 27.49% 10.40%
Free Cash Flow Firm Growth		 207.49% -143.01% 25.65% -0.95% -235.37% 23.74% 3.22% -180.49% 80.55% 71.96% -35.40%
Invested Capital Growth		 -1,364.55% -7.53% -21.50% -14.88% 7.89% 6.85% 10.48% 98.77% 745.56% -102.55% -1,839.57%
Revenue Q/Q Growth		 8.47% 37.19% -41.60% -5.58% -5.69% -16.95% 28.91% -100.00% 75.95% -100.00% 0.00%
EBITDA Q/Q Growth		 21.73% -0.59% -2.41% -11.16% -7.29% 20.45% 11.94% 0.46% 2.86% 16.85% -16.60%
EBIT Q/Q Growth		 17.54% 1.23% -1.76% -9.74% -8.00% 19.39% 11.09% 0.84% 6.03% 16.93% -15.64%
NOPAT Q/Q Growth		 17.54% 1.23% -1.76% -9.74% -8.00% 12.31% 2.89% 8.32% 8.67% 7.78% -3.51%
Net Income Q/Q Growth		 11.82% 1.96% -0.40% -6.01% -3.63% 12.00% 2.77% 0.92% 13.89% 16.91% -15.35%
EPS Q/Q Growth		 3.23% 3.06% 1.79% 2.41% -1.52% 25.40% 2.77% 6.52% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 44.37% -143.24% 10.89% -8.65% -11.22% 16.90% -5.92% 8.38% 7.72% 11.79% -1.63%
Free Cash Flow Firm Q/Q Growth		 66.16% -1,242.06% 29.34% -20.29% -18.63% 14.63% -22.58% 21.10% -341.86% 1.62% 18.17%
Invested Capital Q/Q Growth		 -36.00% 5.80% -2.69% -2.28% 2.67% 0.52% 9.56% -105.83% -3.59% 81.54% -84.40%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 90.81% 29.05% -33.32% -84.84% -197.34% -11.37% -33.18% 0.00% 100.00% 0.00% 100.00%
EBITDA Margin		 -88.63% -167.24% -446.19% -1,605.72% -2,264.09% -641.27% -1,071.43% 0.00% -1,724.88% 0.00% -53,360.71%
Operating Margin		 -103.59% -184.12% -483.83% -1,660.95% -2,368.06% -756.33% -1,276.26% 0.00% -2,594.32% 0.00% -48,157.14%
EBIT Margin		 -103.59% -184.12% -483.83% -1,660.95% -2,368.06% -695.22% -1,168.45% 0.00% -1,777.11% 0.00% -52,853.57%
Profit (Net Income) Margin		 -126.66% -248.64% -644.25% -2,191.96% -2,325.91% -745.55% -1,245.53% 0.00% -2,825.96% 0.00% -51,035.71%
Tax Burden Percent		 103.22% 99.92% 98.66% 100.00% 100.01% 100.01% 100.01% 80.75% 178.84% 100.00% 99.49%
Interest Burden Percent		 118.47% 135.15% 134.97% 131.96% 98.21% 107.23% 106.58% 98.75% 88.92% 97.86% 97.05%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -512.90% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -470.90% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 410.46% 0.00% 0.00%
Return on Equity (ROE)		 -61.17% -310.75% 246.18% 292.34% 286.51% 83.11% 76.60% -678.39% -102.44% -117.65% -114.16%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -332.21% 0.00% 0.00%
Operating Return on Assets (OROA)		 -18.63% -28.06% -44.07% -36.44% -51.16% -47.77% -45.67% 0.00% -34.09% 0.00% -61.72%
Return on Assets (ROA)		 -22.78% -37.89% -58.68% -48.09% -50.25% -51.23% -48.69% 0.00% -54.20% 0.00% -59.60%
Return on Common Equity (ROCE)		 -61.17% -310.75% 246.18% 292.34% 286.51% 83.11% 76.60% -678.39% -102.44% -117.65% -114.16%
Return on Equity Simple (ROE_SIMPLE)		 -73.68% 808.64% 141.08% -1,108.61% 128.54% 72.43% 97.79% 218.92% -130.43% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -14 -22 -27 -25 -38 -29 -25 -25 -12 -11 -9.44
NOPAT Margin		 -72.51% -128.88% -338.68% -1,162.66% -1,657.65% -529.43% -893.38% 0.00% -1,816.02% 0.00% -33,710.00%
Net Nonoperating Expense Percent (NNEP)		 -14.54% -27.45% -48.80% -32.78% -22.71% -37.76% -36.86% 263.31% -42.00% -27.73% -34.81%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -83.82% -133.44% -55.41%
Cost of Revenue to Revenue		 9.19% 70.95% 133.32% 184.84% 297.34% 111.37% 133.18% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 73.73% 89.86% 207.74% 965.36% 1,967.10% 670.79% 1,097.76% 0.00% 1,842.40% 0.00% 26,710.71%
R&D to Revenue		 116.74% 123.30% 242.76% 610.74% 203.63% 74.17% 145.32% 0.00% 851.92% 0.00% 21,546.43%
Operating Expenses to Revenue		 194.40% 213.16% 450.51% 1,576.10% 2,170.73% 744.96% 1,243.08% 0.00% 2,694.32% 0.00% 48,257.14%
Earnings before Interest and Taxes (EBIT)		 -20 -32 -39 -36 -54 -38 -33 60 -12 -13 -15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -17 -29 -36 -35 -52 -35 -30 62 -11 -13 -15
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 672.49 0.00 0.00 0.00 0.77 0.88 1.12 3.12
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 672.49 0.00 0.00 0.00 1.30 2.36 0.00 6.47
Price to Revenue (P/Rev)		 0.00 135.82 255.00 1,329.67 1,467.01 414.30 474.40 0.00 19.14 0.00 1,897.68
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.40 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 251.43% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.56 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 132.43 249.82 1,286.10 1,449.10 410.42 462.75 0.00 4.73 0.00 1,169.78
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.63 -4.04 -0.52 2.82 -0.61 -0.39 -0.38 0.25 0.00 0.00 0.00
Long-Term Debt to Equity		 0.49 -3.49 -0.31 0.79 -0.50 -0.24 -0.14 0.00 0.00 0.00 0.00
Financial Leverage		 -1.80 -5.45 2.39 4.19 3.62 0.64 0.59 3.94 -0.87 -0.76 -1.11
Leverage Ratio		 2.69 8.20 -4.20 -6.08 -5.70 -1.62 -1.57 -8.91 1.89 1.75 1.92
Compound Leverage Factor		 3.18 11.08 -5.66 -8.02 -5.60 -1.74 -1.68 -8.79 1.68 1.71 1.86
Debt to Total Capital		 38.72% 132.92% -109.67% 73.82% -154.55% -64.58% -62.49% 19.73% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 8.40% 17.96% -44.37% 53.01% -28.46% -25.79% -39.82% 19.73% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 30.32% 114.96% -65.29% 20.81% -126.10% -38.79% -22.67% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 61.28% -32.92% 209.67% 26.18% 254.55% 164.58% 162.49% 80.27% 100.00% 100.00% 100.00%
Debt to EBITDA		 -1.23 -0.74 -0.54 -0.35 -0.49 -0.63 -0.46 0.09 0.00 0.00 0.00
Net Debt to EBITDA		 5.42 2.02 1.16 2.71 0.79 0.61 1.09 -0.25 0.00 0.00 0.00
Long-Term Debt to EBITDA		 -0.96 -0.64 -0.32 -0.10 -0.40 -0.38 -0.17 0.00 0.00 0.00 0.00
Debt to NOPAT		 -1.50 -0.96 -0.71 -0.48 -0.66 -0.76 -0.55 -0.21 0.00 0.00 0.00
Net Debt to NOPAT		 6.63 2.63 1.53 3.75 1.08 0.73 1.30 0.61 0.00 0.00 0.00
Long-Term Debt to NOPAT		 -1.17 -0.83 -0.42 -0.14 -0.54 -0.46 -0.20 0.00 0.00 0.00 0.00
Altman Z-Score		 0.00 10.04 4.60 10.71 7.90 0.51 -2.33 -7.73 -30.73 -36.54 -20.65
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 9.31 8.74 4.64 6.78 5.27 2.66 2.73 1.78 2.57 3.56 5.49
Quick Ratio		 9.14 8.45 4.54 6.64 4.89 2.47 2.53 1.15 2.08 3.35 5.35
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 42 -18 -13 -13 -45 -34 -33 -93 -18 -5.08 -6.88
Operating Cash Flow to CapEx		 -1,370.40% -790.19% -1,237.63% -3,550.06% -1,474.93% -2,075.74% -1,642.15% -7,783.24% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 7.69 -1.47 -0.95 -1.07 -37.57 -10.38 -14.50 -83.49 -135.24 -12.90 0.00
Operating Cash Flow to Interest Expense		 -3.69 -2.42 -2.12 -2.32 -42.72 -11.65 -13.10 -25.39 -130.54 -32.19 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -3.96 -2.73 -2.29 -2.38 -45.62 -12.21 -13.89 -25.71 -110.96 -32.19 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.18 0.15 0.09 0.02 0.02 0.07 0.04 0.00 0.02 0.00 0.00
Accounts Receivable Turnover		 0.00 3.81 2.17 2.72 9.52 10.15 7.09 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 9.40 6.85 4.39 3.28 2.45 2.74 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 2.09 1.80 0.73 0.19 0.18 0.36 0.18 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.89 7.90 7.15 2.28 3.59 2.71 1.55 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 95.88 168.14 134.22 38.35 35.95 51.49 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 38.83 53.25 83.08 111.25 148.89 133.09 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 411.60 46.22 51.06 160.38 101.63 134.85 236.23 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 -411.60 88.49 170.33 56.93 47.98 49.99 -51.65 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -60 -64 -78 -89 -82 -77 -69 -0.85 5.46 -0.14 -2.70
Invested Capital Turnover		 -0.61 -0.28 -0.11 -0.03 -0.03 -0.07 -0.04 0.00 0.28 0.00 -0.02
Increase / (Decrease) in Invested Capital		 -56 -4.49 -14 -12 7.06 5.65 8.04 68 6.30 -5.59 -2.56
Enterprise Value (EV)		 0.00 2,299 1,997 2,766 3,317 2,223 1,304 1.43 3.08 0.06 33
Market Capitalization		 0.00 2,357 2,039 2,860 3,358 2,244 1,337 17 12 8.93 53
Book Value per Share		 $0.75 ($0.12) ($0.73) $0.07 ($0.52) ($0.62) ($0.30) $2.93 $0.83 $0.47 $0.37
Tangible Book Value per Share		 $0.75 ($0.12) ($0.73) $0.07 ($0.52) ($0.62) ($0.30) $1.74 $0.31 ($0.05) $0.18
Total Capital		 54 16 -17 16 -16 -34 -22 27 14 8.00 17
Total Debt		 21 22 19 12 25 22 14 5.36 0.00 0.00 0.00
Total Long-Term Debt		 16 19 11 3.38 21 13 5.01 0.00 0.00 0.00 0.00
Net Debt		 -93 -59 -41 -94 -41 -21 -33 -15 -9.38 -8.86 -20
Capital Expenditures (CapEx)		 1.46 3.72 2.41 0.82 3.47 1.86 1.83 0.36 -2.62 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.76 1.46 -2.99 -5.04 -3.43 -4.96 -5.85 -4.61 -2.32 -2.09 -3.29
Debt-free Net Working Capital (DFNWC)		 111 82 57 101 63 38 41 16 7.06 6.77 17
Net Working Capital (NWC)		 106 79 50 92 58 29 32 11 7.06 6.77 17
Net Nonoperating Expense (NNE)		 10 21 24 22 15 12 9.92 -73 6.57 2.33 4.85
Net Nonoperating Obligations (NNO)		 -93 -59 -41 -94 -41 -21 -33 -23 -8.65 -8.14 -20
Total Depreciation and Amortization (D&A)		 2.88 2.93 3.01 1.19 2.38 2.92 2.73 2.04 0.34 -0.12 -0.14
Debt-free, Cash-free Net Working Capital to Revenue		 -14.31% 8.43% -37.39% -234.22% -149.85% -91.51% -207.74% 0.00% -355.91% 0.00% -11,750.00%
Debt-free Net Working Capital to Revenue		 574.72% 471.13% 718.95% 4,680.47% 2,739.49% 700.33% 1,446.98% 0.00% 1,085.10% 0.00% 61,039.29%
Net Working Capital to Revenue		 551.14% 454.35% 622.30% 4,280.15% 2,537.22% 539.05% 1,134.85% 0.00% 1,085.10% 0.00% 61,039.29%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.55) ($0.95) ($1.10) ($0.81) ($0.67) ($0.47) ($0.29) $5.73 ($1.29) ($0.50) ($0.34)
Adjusted Weighted Average Basic Shares Outstanding		 44.30M 45.31M 46.88M 78.76M 80.41M 118.95M 146.95M 7.39M 14.26M 25.85M 42.41M
Adjusted Diluted Earnings per Share		 ($0.60) ($0.95) ($1.10) ($0.81) ($0.67) ($0.47) ($0.29) $5.72 ($1.29) $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 44.47M 45.31M 46.88M 78.76M 80.41M 118.95M 146.95M 7.41M 14.26M 17.10M 50.05M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.81) ($0.67) ($0.47) ($0.29) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 45.27M 45.34M 50.90M 58.41M 79.18M 85.26M 119.86M 10.92M 16.97M 17.10M 50.05M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -22 -27 -25 -38 -29 -25 -20 -12 -11 -9.44
Normalized NOPAT Margin		 -69.76% -128.88% -338.68% -1,162.66% -1,657.65% -529.43% -893.38% 0.00% -1,816.02% 0.00% -33,710.00%
Pre Tax Income Margin		 -122.72% -248.84% -653.02% -2,191.86% -2,325.78% -745.48% -1,245.35% 0.00% -1,580.18% 0.00% -51,296.43%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -3.69 -2.63 -2.76 -2.85 -45.25 -11.39 -14.37 53.66 -86.34 -33.73 0.00
NOPAT to Interest Expense		 -2.58 -1.84 -1.93 -1.99 -31.67 -8.68 -10.99 -22.67 -88.23 -27.10 0.00
EBIT Less CapEx to Interest Expense		 -3.96 -2.94 -2.93 -2.91 -48.14 -11.95 -15.17 53.34 -66.76 -33.73 0.00
NOPAT Less CapEx to Interest Expense		 -2.85 -2.15 -2.10 -2.06 -34.57 -9.24 -11.79 -22.99 -68.65 -27.10 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Talphera

This table displays calculated financial ratios and metrics derived from Talphera's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 16,340,118.00 16,952,269.00 16,969,103.00 16,992,977.00 16,992,977.00 17,029,218.00 17,098,345.00 20,503,463.00 20,522,655.00 46,609,618.00 50,049,824.00
DEI Adjusted Shares Outstanding		 16,340,118.00 16,952,269.00 16,969,103.00 16,992,977.00 16,992,977.00 17,029,218.00 17,098,345.00 20,503,463.00 20,522,655.00 46,609,618.00 50,049,824.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.08 -0.27 -0.23 -0.23 -0.20 -0.11 -0.15 -0.17 -0.22 -0.08 -0.05
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% -100.00% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% -100.00%
EBITDA Growth		 60.08% 6.59% -1,536.40% 25.96% -118.84% 57.93% 32.72% 7.56% -29.25% -107.81% -2.71%
EBIT Growth		 64.56% 13.68% -23,388.24% 27.58% -118.84% 57.85% 31.51% 6.37% -28.76% -101.47% 0.37%
NOPAT Growth		 26.84% 27.23% 44.33% -7.58% -13.30% 30.05% 31.18% 13.51% 8.72% -15.25% -35.39%
Net Income Growth		 79.90% 39.64% 51.50% 12.45% -147.09% 58.60% 34.42% 8.83% -32.30% -101.71% 1.43%
EPS Growth		 0.00% 54.93% 0.00% 0.00% 0.00% 78.13% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 43.49% 27.05% 45.09% 13.56% 0.81% 42.92% -20.36% 36.05% 14.51% -8.07% 2.02%
Free Cash Flow Firm Growth		 106.97% 87.09% -9.62% -79.01% -41.98% 137.61% -205.84% -311.82% -144.53% -96.00% 101.75%
Invested Capital Growth		 -60.98% 745.56% 0.00% -113.77% -113.31% -102.55% 156.64% 185.26% -94.16% -1,839.57% -329.97%
Revenue Q/Q Growth		 -53.75% 140.17% -100.00% 0.00% 0.00% 0.00% 0.00% -100.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 69.29% -192.58% 13.33% 4.94% 9.21% 43.76% -38.62% -30.60% -26.93% 9.57% 31.49%
EBIT Q/Q Growth		 69.57% -192.02% 14.70% 4.46% 8.05% 43.76% -38.62% -30.60% -26.46% 12.00% 31.45%
NOPAT Q/Q Growth		 16.63% -29.43% 1.07% -0.78% 12.20% 20.09% 2.67% -26.65% 7.34% -0.91% -14.34%
Net Income Q/Q Growth		 68.95% -232.87% 12.46% 3.21% 12.39% 44.23% -38.66% -34.55% -27.14% 14.97% 32.24%
EPS Q/Q Growth		 0.00% 0.00% 50.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 44.50% -33.41% 26.99% -59.90% 36.31% 23.23% -53.95% 15.04% 14.86% 2.95% -39.57%
Free Cash Flow Firm Q/Q Growth		 -20.32% -242.46% 84.45% 218.89% 120.29% -7.66% -226.46% 17.66% 53.68% 108.30% -44.67%
Invested Capital Q/Q Growth		 36.73% -3.59% -127.86% 62.50% -32.11% 81.54% 719.42% -43.55% -400.82% -84.40% 26.56%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% 100.00% 0.00% 0.00%
EBITDA Margin		 -1,370.09% -1,669.04% 0.00% 0.00% 0.00% 0.00% -10,129.63% 0.00% -453,400.00% 0.00% 0.00%
Operating Margin		 -2,828.21% -1,524.20% 0.00% 0.00% 0.00% 0.00% -10,800.00% 0.00% -342,200.00% 0.00% 0.00%
EBIT Margin		 -1,370.09% -1,665.84% 0.00% 0.00% 0.00% 0.00% -10,129.63% 0.00% -451,700.00% 0.00% 0.00%
Profit (Net Income) Margin		 -1,159.83% -1,607.47% 0.00% 0.00% 0.00% 0.00% -9,603.70% 0.00% -443,600.00% 0.00% 0.00%
Tax Burden Percent		 95.83% 100.16% 100.00% 100.00% 100.00% 100.00% 97.26% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 88.33% 96.35% 99.02% 100.31% 95.58% 94.78% 97.48% 97.68% 98.21% 94.89% 93.80%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -72.67% -301.34% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -80.14% -291.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 44.90% 254.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -27.77% -47.13% -86.93% 0.00% 0.00% -117.65% -106.17% -116.81% -85.97% -114.16% -118.40%
Cash Return on Invested Capital (CROIC)		 -40.69% -332.21% 0.00% 0.00% 0.00% 0.00% -1,409.14% -2,140.70% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -14.17% -31.95% 0.00% 0.00% 0.00% 0.00% -12.50% 0.00% -488.74% 0.00% 0.00%
Return on Assets (ROA)		 -11.99% -30.83% 0.00% 0.00% 0.00% 0.00% -11.85% 0.00% -479.98% 0.00% 0.00%
Return on Common Equity (ROCE)		 -27.58% -47.13% -86.93% 0.00% 0.00% -117.65% -106.17% -116.81% -85.97% -114.16% -118.40%
Return on Equity Simple (ROE_SIMPLE)		 -116.70% 0.00% -86.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -2.32 -3.00 -2.97 -2.99 -2.62 -2.10 -2.04 -2.59 -2.40 -2.42 -2.76
NOPAT Margin		 -1,979.74% -1,066.94% 0.00% 0.00% 0.00% 0.00% -7,560.00% 0.00% -239,540.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 7.47% -9.70% -11.07% -8.56% -6.32% 2.71% -4.88% -9.30% -13.15% -9.72% 1.65%
Return On Investment Capital (ROIC_SIMPLE)		 - -21.26% -18.16% -23.48% -27.22% -26.21% -36.46% -39.01% -12.49% -14.19% -14.96%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 1,921.37% 994.66% 0.00% 0.00% 0.00% 0.00% 6,570.37% 0.00% 162,000.00% 0.00% 0.00%
R&D to Revenue		 1,006.84% 629.54% 0.00% 0.00% 0.00% 0.00% 4,329.63% 0.00% 180,300.00% 0.00% 0.00%
Operating Expenses to Revenue		 2,928.21% 1,624.20% 0.00% 0.00% 0.00% 0.00% 10,900.00% 0.00% 342,300.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -1.60 -4.68 -3.99 -3.82 -3.51 -1.97 -2.74 -3.57 -4.52 -3.98 -2.73
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1.60 -4.69 -4.07 -3.86 -3.51 -1.97 -2.74 -3.57 -4.53 -4.10 -2.81
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.52 0.88 1.07 1.19 1.51 1.12 1.51 1.42 0.96 3.12 2.02
Price to Tangible Book Value (P/TBV)		 1.00 2.36 2.33 3.87 17.71 0.00 0.00 0.00 1.77 6.47 3.87
Price to Revenue (P/Rev)		 25.61 19.14 26.85 38.00 51.80 0.00 313.47 349.47 654.67 1,897.68 37,382.21
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.56 0.00 0.00 0.00 0.00 3.57 5.44 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 4.73 0.00 2.77 12.24 0.00 113.91 97.95 0.00 1,169.78 16,274.21
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.56 -0.87 -1.09 -0.85 -0.82 -0.76 -1.03 -1.00 -1.08 -1.11 -1.05
Leverage Ratio		 1.56 1.89 1.76 1.84 1.58 1.75 2.00 2.14 1.80 1.92 1.88
Compound Leverage Factor		 1.38 1.82 1.74 1.85 1.51 1.66 1.95 2.09 1.76 1.82 1.76
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -24.97 -29.61 -20.71 -24.59 -29.57 -34.49 -42.66 -39.05 -20.10 -19.45 -19.70
Noncontrolling Interest Sharing Ratio		 0.69% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.04 2.57 5.97 4.90 4.42 3.56 3.11 2.93 6.83 5.49 5.30
Quick Ratio		 3.75 2.08 5.56 4.28 4.03 3.35 2.71 2.58 6.63 5.35 5.24
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 6.53 -9.30 -1.45 1.72 3.79 3.50 -4.42 -3.64 -1.69 0.14 0.08
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -7.99 8.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 -15.93 -21.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -15.93 -21.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.01 0.02 0.02 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5.66 5.46 -1.52 -0.57 -0.75 -0.14 0.86 0.49 -1.46 -2.70 -1.98
Invested Capital Turnover		 0.04 0.28 -0.86 0.22 0.11 0.00 -0.08 -0.64 -0.03 -0.02 0.00
Increase / (Decrease) in Invested Capital		 -8.84 6.30 -1.52 -4.71 -6.41 -5.59 2.38 1.06 -0.71 -2.56 -2.84
Enterprise Value (EV)		 -3.91 3.08 -1.11 1.10 3.44 0.06 3.08 2.64 -2.96 33 16
Market Capitalization		 9.48 12 17 15 15 8.93 8.46 9.44 18 53 37
Book Value per Share		 $1.12 $0.83 $0.96 $0.75 $0.57 $0.47 $0.33 $0.32 $0.93 $0.37 $0.37
Tangible Book Value per Share		 $0.58 $0.31 $0.44 $0.23 $0.05 ($0.05) ($0.19) ($0.11) $0.50 $0.18 $0.19
Total Capital		 18 14 16 13 9.64 8.00 5.60 6.63 19 17 18
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -13 -9.38 -19 -14 -11 -8.86 -5.39 -6.79 -21 -20 -21
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.54 -2.32 -1.98 -1.26 -1.68 -2.09 -1.20 -1.73 -2.58 -3.29 -3.80
Debt-free Net Working Capital (DFNWC)		 11 7.06 17 13 9.43 6.77 4.19 5.07 19 17 17
Net Working Capital (NWC)		 11 7.06 17 13 9.43 6.77 4.19 5.07 19 17 17
Net Nonoperating Expense (NNE)		 -0.96 1.52 0.99 0.84 0.73 -0.23 0.55 0.90 2.04 1.35 -0.21
Net Nonoperating Obligations (NNO)		 -13 -8.65 -18 -13 -10 -8.14 -4.74 -6.14 -21 -20 -20
Total Depreciation and Amortization (D&A)		 0.00 -0.01 -0.07 -0.05 0.00 0.00 0.00 0.00 -0.02 -0.13 -0.08
Debt-free, Cash-free Net Working Capital to Revenue		 -686.76% -355.91% -303.38% -316.58% -599.29% 0.00% -4,448.15% -6,388.89% -9,207.14% -11,750.00% -379,700.00%
Debt-free Net Working Capital to Revenue		 2,931.89% 1,085.10% 2,551.31% 3,206.78% 3,356.94% 0.00% 15,507.41% 18,762.96% 66,825.00% 61,039.29% 1,731,100.00%
Net Working Capital to Revenue		 2,931.89% 1,085.10% 2,551.31% 3,206.78% 3,356.94% 0.00% 15,507.41% 18,762.96% 66,825.00% 61,039.29% 1,731,100.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.08) ($0.32) ($0.16) ($0.15) ($0.13) ($0.07) ($0.10) ($0.10) ($0.11) ($0.03) ($0.04)
Adjusted Weighted Average Basic Shares Outstanding		 16.76M 14.26M 24.72M 26.20M 26.21M 25.85M 26.27M 34.53M 41.45M 42.41M 69.82M
Adjusted Diluted Earnings per Share		 ($0.08) ($0.32) $0.00 $0.00 $0.00 ($0.07) ($0.10) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 16.76M 16.97M 16.99M 16.99M 17.03M 17.10M 20.50M 20.52M 46.61M 50.05M 51.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.32) $0.00 $0.00 $0.00 ($0.07) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 16.95M 16.97M 16.99M 16.99M 17.03M 17.10M 20.50M 20.52M 46.61M 50.05M 51.90M
Normalized Net Operating Profit after Tax (NOPAT)		 -2.32 -3.00 -2.97 -2.99 -2.62 -2.10 -2.04 -2.59 -2.40 -2.42 -2.76
Normalized NOPAT Margin		 -1,979.74% -1,066.94% 0.00% 0.00% 0.00% 0.00% -7,560.00% 0.00% -239,540.00% 0.00% 0.00%
Pre Tax Income Margin		 -1,210.26% -1,604.98% 0.00% 0.00% 0.00% 0.00% -9,874.07% 0.00% -443,600.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 -22.06 -17.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 -16.39 -14.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 -22.06 -17.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -16.39 -14.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Talphera’s latest quarter shows a company still in a pre-commercial, cash-burning phase, but with a meaningful cash and investment cushion on the balance sheet. In Q1 2026, the company reported no revenue, a net loss of $2.6 million, and negative operating cash flow of $3.4 million. That’s an improvement from the prior quarter’s $3.8 million net loss and $2.4 million operating cash burn, but it remains a business that is not yet generating sales at a level that covers expenses.

  • Cash, cash equivalents, and short-term investments totaled about $21.1 million at March 31, 2026, giving Talphera a sizable liquidity buffer.
  • The Q1 2026 net loss of $2.6 million improved from $3.8 million in Q4 2025 and $4.4 million in Q3 2025.
  • Operating cash outflow improved to $3.4 million in Q1 2026 from $2.4 million in Q4 2025, and was better than several earlier quarters.
  • Talphera raised $4.0 million through common equity issuance in Q1 2026, helping offset ongoing losses.
  • Total current assets of $21.3 million comfortably exceeded total current liabilities of $4.0 million, suggesting near-term liquidity remains adequate.
  • Interest and other income contributed $1.4 million in Q1 2026, which helped reduce the pre-tax loss.
  • The company continues to carry a large intangible asset base of $8.8 million, likely tied to prior acquisitions or development assets.
  • Share count has continued to rise over time, with Q1 2026 weighted average basic shares of 69.8 million, reflecting dilution from equity financing.
  • Talphera generated no revenue in Q1 2026, so all spending is still being funded externally.
  • Retained earnings were deeply negative at -$474.1 million, underscoring the long history of cumulative losses.
  • The company burned cash in operations and also used cash in investing activities, so ongoing equity issuance appears necessary to fund operations.

Looking at the multi-quarter trend, the good news is that losses have generally narrowed from the worst periods in 2024 and 2025. Quarterly net losses moved from roughly $4.0 million in Q1 2024, to $3.8 million in Q2 2024, $3.4 million in Q3 2024, $1.9 million in Q4 2024, then back up to the $2.6 million to $4.4 million range through 2025 and Q1 2026. Revenue has been inconsistent and very small, with only token sales in a few quarters, which is not enough yet to change the investment story.

The balance sheet is the key short-term strength. Talphera ended Q1 2026 with more cash and marketable securities than it had at the end of Q1 2025, after several quarters of dilution and cash usage. However, because operating losses continue and revenue remains negligible, the company’s ability to keep funding operations will likely depend on additional financing or a meaningful business development catalyst.

Bottom line: Talphera has enough liquidity for now, and quarterly losses have improved from prior peaks, but the business still lacks meaningful revenue and continues to depend on external capital. For retail investors, this remains a high-risk biotech-style situation where execution and financing milestones matter more than conventional growth metrics.

07/17/26 01:04 AM ETAI Generated. May Contain Errors.

Talphera Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Talphera's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Talphera's net income appears to be on a downward trend, with a most recent value of -$14.29 million in 2025, falling from -$24.40 million in 2015. The previous period was -$13.00 million in 2024. Check out Talphera's forecast to explore projected trends and price targets.

Talphera's total operating income in 2025 was -$13.48 million, based on the following breakdown:
  • Total Gross Profit: $28 thousand
  • Total Operating Expenses: $13.51 million

Over the last 10 years, Talphera's total revenue changed from $19.26 million in 2015 to $28 thousand in 2025, a change of -99.9%.

Talphera's total liabilities were at $12.68 million at the end of 2025, a 23.9% increase from 2024, and a 86.6% decrease since 2015.

In the past 10 years, Talphera's cash and equivalents has ranged from $5.72 million in 2023 to $107.92 million in 2015, and is currently $5.89 million as of their latest financial filing in 2025.

Over the last 10 years, Talphera's book value per share changed from 0.75 in 2015 to 0.37 in 2025, a change of -51.1%.


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Financial statements for NASDAQ:TLPH last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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