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Stocks · Health care · Pharmaceutical Preparations

TALPHERA, INC.

TLPH Clue Score42
United States Fiscal year ends December CIK 0001427925
$1.08 +0.00% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $1.08 +5.88% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue17.4Operating income−32.0Net income−43.2EPS, diluted−0.95Fiscal year 2017Revenue8.0 −53.9%Operating income−38.7Net income−51.5EPS, diluted−1.10Fiscal year 2018Revenue2.2 −73.1%Operating income−35.7Net income−47.1Fiscal year 2019Revenue2.3 +6.4%Operating income−54.2Net income−53.2Fiscal year 2020Revenue5.4 +136.6%Operating income−41.0Net income−40.4Fiscal year 2021Revenue2.8 −48.0%Operating income−36.0Net income−35.1EPS, diluted−5.86Fiscal year 2022Revenue0.0 −100.0%Operating income−25.3Net income47.8EPS, diluted5.72Fiscal year 2023Revenue0.7Operating income−16.9Net income−18.4 −138.5%EPS, diluted−1.29Fiscal year 2024Revenue0.0 −100.0%Operating income−15.3Net income−13.0Fiscal year 2025Revenue0.0Operating income−13.5Net income−14.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 17.4 8.0 2.2 2.3 5.4 2.8 0.0 0.7 0.0 0.0
Growth −53.9% −73.1% +6.4% +136.6% −48.0% −100.0% −100.0%
Operating income −32.0 −38.7 −35.7 −54.2 −41.0 −36.0 −25.3 −16.9 −15.3 −13.5
Net income −43.2 −51.5 −47.1 −53.2 −40.4 −35.1 47.8 −18.4 −13.0 −14.3
Growth −138.5%
EPS, diluted −0.95 −1.10 n/a n/a n/a −5.86 5.72 −1.29 n/a n/a

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin−184.1%Net margin−248.6%Free cash flow margin−190.8%Fiscal year 2017Operating margin−483.8%Net margin−644.3%Free cash flow margin−402.4%Fiscal year 2018Operating margin−1,660.9%Net margin−2,192.0%Free cash flow margin−1,389.8%Fiscal year 2019Operating margin−2,368.1%Net margin−2,325.9%Free cash flow margin−2,387.5%Fiscal year 2020Operating margin−756.3%Net margin−745.6%Free cash flow margin−745.2%Fiscal year 2021Operating margin−1,276.3%Net margin−1,245.5%Free cash flow margin−1,129.5%Fiscal year 2022Fiscal year 2023Operating margin−2,594.3%Net margin−2,826.0%Free cash flow margin−2,702.3%Fiscal year 2024Fiscal year 2025Operating margin−48,157.1%Net margin−51,035.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −184.1% −483.8% −1,660.9% −2,368.1% −756.3% −1,276.3% n/a −2,594.3% n/a −48,157.1%
Net margin −248.6% −644.3% −2,192.0% −2,325.9% −745.6% −1,245.5% n/a −2,826.0% n/a −51,035.7%
Free cash flow margin −190.8% −402.4% −1,389.8% −2,387.5% −745.2% −1,129.5% n/a −2,702.3% n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−29.4Capital expenditure−3.7Free cash flow−33.1Fiscal year 2017Operating cash flow−29.8Capital expenditure−2.4Free cash flow−32.2Fiscal year 2018Operating cash flow−29.1Capital expenditure−0.8Free cash flow−29.9Fiscal year 2019Operating cash flow−51.2Capital expenditure−3.5Free cash flow−54.7Fiscal year 2020Operating cash flow−38.5Capital expenditure−1.9Free cash flow−40.4Fiscal year 2021Operating cash flow−30.0Capital expenditure−1.8Free cash flow−31.8Fiscal year 2022Operating cash flow−28.3Capital expenditure−0.4Free cash flow−28.7Fiscal year 2023Operating cash flow−17.5Capital expenditure−0.1Free cash flow−17.6Fiscal year 2024Operating cash flow−12.7Capital expenditure0.0Free cash flow−12.7Fiscal year 2025Operating cash flow−11.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −29.4 −29.8 −29.1 −51.2 −38.5 −30.0 −28.3 −17.5 −12.7 −11.4
Capital expenditure −3.7 −2.4 −0.8 −3.5 −1.9 −1.8 −0.4 −0.1 0.0 n/a
Free cash flow −33.1 −32.2 −29.9 −54.7 −40.4 −31.8 −28.7 −17.6 −12.7 n/a
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash80.3Total debt21.5Net cash (debt)58.8Shareholders’ equity−5.3Fiscal year 2017Cash52.9Total debt19.1Net cash (debt)33.8Shareholders’ equity−36.5Fiscal year 2018Cash88.0Total debt12.0Net cash (debt)76.0Shareholders’ equity4.3Debt to equity2.82Fiscal year 2019Cash14.7Total debt25.1Net cash (debt)−10.5Shareholders’ equity−41.4Fiscal year 2020Cash27.3Total debt21.9Net cash (debt)5.4Shareholders’ equity−55.8Fiscal year 2021Cash7.7Total debt13.8Net cash (debt)−6.1Shareholders’ equity−35.9Fiscal year 2022Cash15.3Total debt5.4Net cash (debt)9.9Shareholders’ equity21.8Debt to equity0.25Fiscal year 2023Cash5.7Total debt0.0Net cash (debt)5.7Shareholders’ equity14.1Debt to equity0.00Fiscal year 2024Cash8.9Shareholders’ equity8.0Fiscal year 2025Cash5.9Shareholders’ equity17.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 80.3 52.9 88.0 14.7 27.3 7.7 15.3 5.7 8.9 5.9
Total debt 21.5 19.1 12.0 25.1 21.9 13.8 5.4 0.0 n/a n/a
Net cash (debt) 58.8 33.8 76.0 −10.5 5.4 −6.1 9.9 5.7 n/a n/a
Shareholders’ equity −5.3 −36.5 4.3 −41.4 −55.8 −35.9 21.8 14.1 8.0 17.0
Debt to equity n/a n/a 2.82 n/a n/a n/a 0.25 0.00 n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023† 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
17.4 8.0 2.2 2.3 5.4 2.8 0.0 0.7 0.0 0.0
Growth −53.9% −73.1% +6.4% +136.6% −48.0% −100.0% −100.0%
12.3 10.7 4.0 6.8 6.0 3.8 2.6 n/a n/a n/a
21.4 19.4 13.1 4.7 4.0 4.1 3.3 5.5 6.7 6.0
15.6 16.6 20.8 45.0 36.3 30.9 17.0 12.0 8.5 7.5
−32.0 −38.7 −35.7 −54.2 −41.0 −36.0 −25.3 −16.9 −15.3 −13.5
Growth
−43.2 −52.2 −47.1 −53.2 −40.4 −35.1 59.1 −10.3 n/a n/a
−0.0 −0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
−43.2 −51.5 −47.1 −53.2 −40.4 −35.1 47.8 −18.4 −13.0 −14.3
Growth −138.5%
Per share
−0.95 −1.10 n/a n/a n/a −5.86 5.73 −1.29 −0.50 −0.34
−0.95 −1.10 n/a n/a n/a −5.86 5.72 −1.29 n/a n/a
Growth −122.6%
45.3 46.9 n/a n/a n/a 6.0 7.4 14.3 25.8 42.4
45.3 46.9 n/a n/a n/a 6.0 7.4 14.3 n/a n/a
Growth +3.5% +23.6% +92.6%

† The diluted share count jumps at 2021 and 2023, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 65.1% a year over five years.
  • Operating margin is down 47,400.8 points on five years ago, at -48,157.1%.
  • A net loss in 9 of 10 years on file.