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what it is
Talphera is a tiny drug developer trying to turn nafamostat-based treatments into approved hospital products.
how it gets paid
Last year Talphera made $0 in revenue.
what just happened
Latest quarter revenue was just $28K, while EPS improved to -$0.10 from -$0.16 a year earlier.
At a glance
C+ balance sheet — struggling to keep the lights on
30/100 earnings predictability — expect surprises
-$0.50 fy2024 eps est
$1M fy2023 rev est
1.1 beta
xvary composite: 29/100 — weak
What they do
Talphera is a tiny drug developer trying to turn nafamostat-based treatments into approved hospital products.
There is no real moat yet. Talphera has 13 employees, annual revenue of $0 from EDGAR, and just $28,000 in the latest quarter, so you are paying for trial progress, not a locked-in customer base. IDE study (investigational device exemption → FDA permission to test a device in people → no approval yet) is the whole story.
How they make money
$0
annual revenue
The products that matter
clinical development program
NEPHR Trial
50% enrollment reached
the NEPHR trial reached 50% enrollment on march 2, 2026. for a company this early, that milestone matters more than reported sales.
binary catalyst
capital raising activity
Private Placement
$4.1M third closing
the company raised $4.1M in a third closing on march 16, 2026. that is not growth capital. it is operating oxygen.
runway support
current commercial base
Product Sales
$28K trailing revenue
the current commercial base is $28K. that means almost the entire equity story still sits in future approval, adoption, or both.
not scaled
Key numbers
$28K
quarterly revenue
That is the whole deadpan fact bomb. You are looking at a public company valued around $37 million that sold just $28,000 last quarter.
$6M
long-term debt
Long-term debt → money owed over years → so what: debt already equals 15% of capital before the company has built real sales.
5/100
price stability
Price stability → how calm or chaotic the stock trades → so what: at 5 out of 100, you should expect violent swings that have little to do with business results.
-$0.50
FY2024 EPS
EPS → profit per share → so what: the company is still losing money even after losses improved from -$0.72 in FY2023 to -$0.50 in FY2024.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $6M (15% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for TLPH right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter revenue was just $28K, while EPS improved to -$0.10 from -$0.16 a year earlier.
The quarter showed better loss control, not a real commercial ramp. Revenue rose 2700% vs. prior year, but the base was tiny and annual revenue in EDGAR was still $0.
$28K
revenue
-$0.10
eps
+2700%
revenue vs. last year
the number that mattered
$28,000 matters most because it tells you Talphera is still trading on trial progress, not on a commercial business.
source: company earnings report, 2026
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What could go wrong
the #1 risk is needing more capital before the clinical story turns into a commercial one.
med
Financing dependence
Trailing revenue is $28K. The latest capital event is a $4.1M private placement closing. That tells you where the real funding comes from.
If capital markets tighten, the company has no operating scale to fall back on.
med
Clinical delay or failure in NEPHR
The trial reached 50% enrollment on march 2, 2026. That is progress. It is also only halfway.
A stalled study or weak outcome would hit the core reason many investors own the stock.
med
Dilution
When a company with a $37M market cap raises external capital repeatedly, existing shareholders usually pay part of the bill.
Even good clinical news can be offset if new shares keep coming before revenue scales.
med
No commercial cushion
Net margin n/a (verify filings) and return on equity is -86%. There is no profitable segment quietly covering the burn.
That leaves 100% of the current story exposed to execution, financing, and time.
A company with $28K in trailing revenue, a n/a net margin, and a recent $4.1M raise is not being judged on current fundamentals. It is being judged on whether it can stay alive long enough for the clinical thesis to work.
source: institutional data · regulatory filings · risk analysis
Pay attention to
clinical milestone
NEPHR moving from 50% to full enrollment
Half enrolled is movement. Fully enrolled is a much cleaner signal that the timeline is holding.
funding risk
whether another raise lands before the trial is further de-risked
The latest $4.1M closing bought time. You still need to watch how quickly that time gets spent.
commercial reality
revenue staying stuck near $28K
If sales remain this low, valuation will keep resting almost entirely on future outcomes.
sentiment gap
the gap between a $0.88 stock and a $6 analyst target
That spread is large enough to be interesting and speculative at the same time. One opinion does not make a market.
Analyst rankings
earnings predictability
30 / 100
Low predictability means the reported numbers can swing around. In human-speak, this is not the kind of stock you model to the second decimal place.
published analyst target
$6
One analyst carries a Strong Buy rating with a $6 target versus a $0.88 stock price. In human-speak, the upside case assumes the clinical thesis works and the funding window stays open.
beta
1.1
Beta measures how a stock tends to move versus the market. A 1.1 beta says slightly more volatile than average. The real risk here still comes from company events, not index math.
source: institutional data
Institutional activity
institutional ownership data for TLPH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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