Talphera Inc. (TLPH) Q2 2026 earnings call transcript details financial results, operational updates, and management outlook. Quarterly earnings transcript supplies updates on performance and guidance that moderately shape near-term investor views.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | 4 | 1 | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 9.38 | 8.86 | 20.38 | 17.08 |
| Receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 11.58 | 9.42 | 20.90 | 17.99 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1.34 | 0.67 | 0.54 | 0.39 |
| ST’ Debt | — | — | — | — |
| Other | 0.73 | — | — | — |
| 4.51 | 2.65 | 3.81 | 4.19 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | — | — | — | — |
—
|
| ’25 | 0.03 | — | 0.00 | — |
0.03
|
| ’23 | — | 0.25 | 0.12 | 0.28 |
0.65
|
| ’22 | 0.44 | 0.57 | 0.51 | 0.25 |
1.77
|
| ’21 | 0.51 | 0.44 | 1.86 | 0.00 |
2.82
|
| ’20 | 0.39 | 2.92 | 1.37 | 0.74 |
5.42
|
| ’19 | 0.27 | 0.94 | 0.61 | 0.48 |
2.29
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (3.40) | (3.92) | — | — |
—
|
| ’25 | (3.47) | (2.95) | (2.51) | (2.44) |
(11.36)
|
| ’24 | (2.88) | (4.61) | (2.94) | (2.25) |
(12.68)
|
| ’23 | (5.25) | (5.33) | (2.96) | (3.95) |
(17.49)
|
| ’22 | (8.93) | (8.75) | (5.24) | (5.41) |
(28.33)
|
| ’21 | (9.71) | (8.35) | (3.94) | (8.00) |
(30.00)
|
| ’20 | (14.36) | (9.69) | (8.12) | (6.33) |
(38.50)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (3.40) | (3.92) | — | — |
—
|
| ’25 | (3.47) | (2.95) | (2.51) | (2.44) |
(11.36)
|
| ’24 | (2.88) | (4.61) | (2.94) | (2.25) |
(12.68)
|
| ’23 | (5.35) | (2.61) | (2.96) | (3.95) |
(14.87)
|
| ’22 | (9.02) | (8.81) | (5.40) | (7.15) |
(30.38)
|
| ’21 | (9.73) | (9.94) | (4.13) | (8.03) |
(31.83)
|
| ’20 | (14.44) | (9.79) | (8.18) | (7.96) |
(40.36)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.04) | (0.06) | — | — |
—
|
| ’25 | (0.10) | (0.10) | (0.11) | (0.06) |
(0.34)
|
| ’24 | (0.16) | (0.15) | (0.13) | (0.07) |
(0.50)
|
| ’23 | (0.75) | (0.40) | (0.08) | (0.25) |
(1.29)
|
| ’22 | (1.20) | 9.60 | (0.94) | (1.00) |
5.72
|
| ’21 | (1.60) | (1.60) | (1.40) | (1.20) |
(5.80)
|
| ’20 | (4.00) | (1.60) | (2.00) | (2.00) |
(9.40)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | 1.76 | 0.43 | 0.50 | 0.38 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 13.00 | 2.78 | 1.61 | 1.57 | — | — | — |
High Price
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 19 | 15 | 13 | 12 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.09 | 0.04 | 0.00 | 0.00 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.77 | 0.65 | — | 0.03 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (46.30%) | 100.00% | — | 100.00% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 59.14 | (10.29) | (13.00) | (14.36) | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,339.24% | (1,580.18%) | 0.00% | (51,296.43%) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 47.76 | (18.40) | (13.00) | (14.29) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.65 | 0.29 | (0.12) | (0.14) | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.24 | 0.05 | 0.00 | 0.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 5.73 | (1.29) | (0.50) | (0.34) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.84) | (1.23) | (0.49) | (0.27) | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.28) | 0.18 | 0.00 | 0.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4.11) | (1.04) | (0.49) | (0.27) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.95 | 0.99 | 0.31 | 0.40 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.39 | 14.26 | 25.85 | 42.41 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.34 | 0.00 | — | 0.00 | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.26 | 11.69 | — | 113.49 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.75 | 0.75 | — | 2.84 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.23 | 8.25 | — | 80.39 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.13) | (0.50) | — | (3.92) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (28.33) | (17.49) | (12.68) | (11.36) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.05) | 2.62 | — | — | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (30.38) | (14.87) | (12.68) | (11.36) | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.80 | 7.06 | 6.77 | 17.09 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.32 | — | — | — | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (12.45) | (9.38) | (8.86) | (20.38) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.81 | 14.11 | 8.00 | 17.04 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 67.52% | (54.20%) | (67.32%) | (59.60%) | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | (168.83%) | (223.45%) | 0.00% | 0.00% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (601.31%) | (102.44%) | (117.65%) | (114.16%) | ‡‡‡‡‡ | — | — |
ROE
|
Talphera, Inc. (TLPH) represents a classic biotech turnaround story, with its stock plummeting 99% from a 2017 peak of $115 to recent lows around $0.81, yet analysts project explosive upside—mean price targets implying 300% gains, with highs at 330% and lows at 270%. This asymmetric opportunity is bolstered by ruthless cost-cutting, slashing headcount 85% to just 13 employees, deleveraging to a net cash position of $8.9 million, and recent CEO insider buying of over 200,000 shares, signaling strong management confidence amid a clean balance sheet and improving metrics like 100% gross margins.
Revenue has cratered 96% since 2016 peaks to $651,000 in 2023, reflecting a pivot to R&D, but projections show a modest uptick before a staggering 20,000% surge to $5.6 million in 2027, tied to potential product launches in pain management. Losses are moderating (EPS improving 97% per share despite dilution), with ROA and ROE poised for sharp rebounds, and a 2022 one-time gain highlighting untapped potential—setting the stage for breakeven and re-rating.
For growth investors, TLPH’s depressed valuations (PB at 0.7x, normalizing EV/Sales) scream undervaluation ahead of catalysts like FDA milestones, offering high-risk, stratospheric reward in a nimble disruptor primed for ignition.
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