Talphera 2025 Q3 Earnings Widened Net Loss of 32.3% Despite Strategic Financing

Talphera (TLPH) reported third-quarter 2025 results on Nov. 13, 2025, with a net loss widening to $4.44 million (32.3% year-over-year) and revenue flat at $1,000. The company adjusted 2025 cash operating expense guidance downward to $14–15 million from $16–17 million, citing delayed site activations for its NEPHRO study.

Revenue

Talphera’s total revenue remained unchanged at $1,000 in Q3 2025 compared to $0 in the prior-year period. The lack of revenue growth underscores the company’s reliance on financing and clinical milestones rather than product sales.

Earnings/Net Income

The company’s net loss expanded to $4.44 million, or $0.11 per share, a 32.3% increase from the $3.35 million loss in Q3 2024. While per-share losses narrowed slightly (15.4% improvement to $0.11), the broader financial strain persists. The company’s net loss widened to $-4.44 million, marking a notably negative result despite improved per-share losses.

Post-Earnings Price Action Review

Talphera’s stock price declined 3.67% in the latest trading day, 9.48% for the week, and 7.89% month-to-date, reflecting investor concerns over delayed study progress and financial challenges. The earnings report highlighted prolonged losses and reduced guidance, exacerbating near-term risks.

CEO Commentary

CEO Vince Angotti emphasized the $17 million financing led by CorMedix as a strategic milestone, extending cash runway through 2026. He cited strong enrollment momentum in the NEPHRO study, with five of nine sites activated, and expressed optimism about nafamostat’s potential as a CRRT anticoagulant.

Guidance

Talphera reduced 2025 cash operating expense guidance to $14–15 million, reflecting delayed spending due to site activation delays. The company expects the NEPHRO study to conclude by H1 2026, with PMA approval anticipated late in the year, contingent on continued funding and enrollment progress.

Additional News

1. Strategic Financing: Talphera secured a $17 million first-tranche investment led by CorMedix, including a $5 million minority stake and a board seat for CorMedix’s CEO.

2. Study Restructuring: The NEPHRO study was reduced to 70 patients from 166 to accelerate enrollment, with three new sites showing improved recruitment rates.

3. Site Activation Delays: Six additional sites remain partially delayed, pushing study completion to H1 2026. Management attributed delays to institutional bottlenecks, though enrollment rates at active sites remain robust.

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