Talphera, Inc.
TLPH Healthcare Drug Manufacturers Specialty & Generic
In the quarter to June 2026, revenue fell 99.6%, EPS grew 40.0% and free cash flow fell 33.1%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years; insiders bought in the last twelve months.
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Talphera, Inc. (TLPH) Altman Z-score
Talphera, Inc.'s Altman Z-score for fiscal 2025 is −20.73, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −20.73 | 11.04 |
| FY2023 | −31.77 | (18.16) |
| FY2022 | −13.61 | (4.46) |
| FY2021 | −9.15 | 1.02 |
| FY2020 | −10.17 | (3.65) |
| FY2019 | −6.52 | (3.16) |
| FY2018 | −3.35 | 2.45 |
| FY2017 | −5.80 | (3.09) |
| FY2016 | −2.71 | (2.20) |
| FY2015 | −0.51 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.58 | — | 0.69 | |
| Retained earnings / total assets | (15.87) | — | −22.21 | |
| EBIT / total assets | (0.45) | — | −1.50 | |
| Market value of equity / total liabilities | 3.81 | — | 2.29 | |
| Sales / total assets | 0.00 | — | 0.00 | |
| Altman Z-score | Distress zone | −20.73 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −49.59 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ZYBT Zhengye Biotechnology Holding Limited compare | 1.5× |
| INCR InterCure Ltd. compare | 0.1× |
| CPHI China Pharma Holdings, Inc. compare | −2.2× |
| SCYX SCYNEXIS, Inc. compare | −7.0× |
| RMTI Rockwell Medical, Inc. compare | −7.4× |
| CLVR Clever Leaves Holdings Inc. compare | −9.4× |
| IXHL Incannex Healthcare Inc. compare | −13.2× |
| TLPH Talphera, Inc. | −20.7× |
| CTOR Citius Oncology, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets