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Friday 6 November 2026
Export TLPH’s income statement to Excel — free account
Talphera, Inc.
TLPH Healthcare Drug Manufacturers Specialty & Generic
Talphera, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $28,000.00, down 95.7% from fiscal 2023.
- Revenue
- −99.6%
- EPS
- +40.0%
- Free cash flow
- −33.1%
Quarter to June 2026, against a year earlier
1.02
0.01
+0.99%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 17 | 8 | 2 | 2 | 5 | 3 | 2 | 1 | — | 0 | 0 | (51.1%) | 0 | 0 | 14 | +688.6% | |
| Gross margin, % | 29.05 | (33.32) | (84.84) | (197.34) | (11.37) | (33.18) | (46.30) | 100.00 | — | 100.00 | 100.00 | +71.0 pt | ||||||
| EBT | (43) | (52) | (47) | (53) | (40) | (35) | 59 | (10) | (13) | (14) | (15) | (11.5%) | ||||||
| EBT margin, % | (248.84) | (653.02) | (2,191.86) | (2,325.78) | (745.48) | (1,245.35) | 3,339.24 | (1,580.18) | 0.00 | (51,296.43) | 0.00 | (51,047.6) pt | ||||||
| Net income | (43) | (52) | (47) | (53) | (40) | (35) | 48 | (18) | (13) | (14) | (15) | (11.6%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 7.66 | 3.41 | 0.74 | 0.58 | 1.27 | 0.47 | 0.24 | 0.05 | 0.00 | 0.00 | 0.00 | (64.4%) | |||||
| Earnings | (19.00) | (22.00) | (16.20) | (13.40) | (9.40) | (5.80) | 5.73 | (1.29) | (0.50) | (0.34) | (0.27) | (36.0%) | ||||||
| Cash flow | (12.97) | (12.70) | (9.96) | (12.93) | (9.03) | (5.01) | (3.84) | (1.23) | (0.49) | (0.27) | (0.16) | (35.0%) | ||||||
| Capex | (1.64) | (1.03) | (0.28) | (0.88) | (0.44) | (0.30) | (0.28) | 0.18 | 0.00 | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | (14.62) | (13.72) | (10.24) | (13.80) | (9.47) | (5.31) | (4.11) | (1.04) | (0.49) | (0.27) | (0.16) | (35.9%) | ||||||
| Book value | (2.36) | (15.57) | 1.46 | (10.46) | (13.08) | (5.99) | 2.95 | 0.99 | 0.31 | 0.40 | 0.19 | n/m | ||||||
| Shares, m | 2 | 2 | 3 | 4 | 4 | 6 | 7 | 14 | 26 | 42 | 57 | +38.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.34 | 0.00 | — | 0.00 | 0.00 | 0.0 | |||||
| P/S | 6.66 | 12.02 | 62.73 | 72.99 | 19.52 | 23.82 | 9.26 | 15.14 | — | 113.49 | 180.84 | 37.3 | ||||||
| P/B | 0.00 | 0.00 | 31.73 | 0.00 | 0.00 | 0.00 | 0.75 | 0.97 | — | 2.84 | 5.35 | 4.0 | ||||||
| EV/Sales | 3.27 | 6.85 | 19.16 | 55.08 | 15.64 | 12.17 | 2.27 | 11.80 | — | 80.58 | 155.68 | 23.0 | ||||||
| EV/FCF | (1.71) | (1.70) | (1.38) | (2.31) | (2.10) | (1.08) | (0.13) | (0.72) | — | (3.93) | (6.87) | (1.7) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (29) | (30) | (29) | (51) | (39) | (30) | (28) | (17) | (13) | (11) | (12) | (10.0%) | |||||
| Capex | (4) | (2) | (1) | (3) | (2) | (2) | (2) | 3 | — | — | 3 | n/m | ||||||
| Free cash flow | (33) | (32) | (30) | (55) | (40) | (32) | (30) | (15) | (13) | (11) | (12) | (11.2%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 79 | 50 | 92 | 58 | 29 | 32 | 11 | 7 | 7 | 17 | 14 | (15.6%) | |||||
| Net debt | (59) | (41) | (94) | (41) | (21) | (33) | (15) | (9) | (9) | (20) | (17) | (11.1%) | ||||||
| Shareholders’ equity | (5) | (37) | 4 | (41) | (56) | (36) | 22 | 14 | 8 | 17 | 14 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (37.89) | (58.68) | (48.09) | (50.25) | (51.23) | (48.69) | 67.52 | (54.20) | (67.32) | (59.60) | (69.60) | (21.7) pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (246.80) | (223.45) | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | (310.75) | 246.18 | 292.34 | 286.51 | 83.11 | 76.60 | (601.31) | (102.44) | (117.65) | (114.16) | (143.36) | +196.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 39 | 41 | 61 | 99 | 54 | 43 | 19 | 15 | 13 | 12 | — | (12.3%) | |||||
| Revenue/emp, $m | 0.45 | 0.20 | 0.04 | 0.02 | 0.10 | 0.07 | 0.09 | 0.04 | 0.00 | 0.00 | — | (44.2%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2025 · fundamentals updated 26 Oct 2026
Talphera, Inc. vs peers in Drug Manufacturers Specialty & Generic (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ORGO Organogenesis | $108.1M | — (loss-making) | — (loss-making) | −69.87% (below 0%: shrinking) | n/m | −2,048.82% (below 0%: shrinking) | 51.83% | (64.87%) | Compare |
| CPIX Cumberland Pharmaceuticals Inc. | $75.1M | — (loss-making) | — (loss-making) | −98.46% (below 0%: shrinking) | n/m | −82.78% (below 0%: shrinking) | 100.00% | (1,898.20%) | Compare |
| TLPH Talphera, Inc. | $52.4M | — (loss-making) | — (loss-making) | −99.60% (below 0%: shrinking) | n/m | −33.11% (below 0%: shrinking) | 100.00% | 0.00% | |
| CTOR Citius Oncology, Inc. | $46.5M | — (loss-making) | — | — | n/m | 0.00% | 67.07% | (583.53%) | Compare |
| ZYBT Zhengye Biotechnology Holding Limited | $41.0M | — | — | — | — | −69.31% (below 0%: shrinking) | — | — | Compare |
| INCR InterCure Ltd. | $39.1M | 6.2× | — (loss-making) | −6.53% (below 0%: shrinking) | n/m | +389.50% (above 0%: growing) | 32.04% | 0.00% | Compare |
| SCYX SCYNEXIS, Inc. | $32.8M | — (loss-making) | — (loss-making) | −8.56% (below 0%: shrinking) | n/m | −98.60% (below 0%: shrinking) | 100.00% | (3,308.51%) | Compare |
| RMTI Rockwell Medical, Inc. | $30.6M | — (loss-making) | — (loss-making) | +10.63% (above 0%: growing) | n/m | −12.92% (below 0%: shrinking) | 18.24% | (5.97%) | Compare |
| IXHL Incannex Healthcare Inc. | $28.5M | — (loss-making) | — (loss-making) | −92.31% (below 0%: shrinking) | n/m | +327.73% (above 0%: growing) | 100.00% | 0.00% | Compare |
| Median of peers | $40.0M | — | — | −39.21% | — | −41.11% | 67.07% | (64.87%) |
Pay and ownership Proxy statement filed 29 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 1.12m | 1.50m | 50.44 |
| 2024 | 1.04m | 844.56k | 23.19 |
| 2023 | 1.21m | 1.01m | 32.52 |
Ownership
Directors and executive officers, together
3.50%
CorMedix Inc.
17.50%
Entities affiliated with AIGH Capital Management, LLC
9.00%
Entities affiliated with Nantahala Capital Management, LLC
8.20%
Entities affiliated with Rock Springs Capital, LLC
6.90%
Entities affiliated with Rosalind Master Fund, L.P.
6.90%
Lytton-Kambara Foundation
5.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement