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Talphera (TLPH) investor relations material

Talphera Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary14 Aug, 2025

Executive summary

  • Accelerated enrollment in the NEPHRO study, with 15 patients enrolled and completion targeted by year-end 2025; protocol changes reduced study size to 70 patients and broadened inclusion criteria in agreement with the FDA.

  • Shifted focus to medical ICUs and nephrologist principal investigators, resulting in over 90% of recent enrollments from new target profile sites; 13 total sites expected by end of Q3 2025.

  • Niyad, the lead product candidate for CRRT anticoagulation, is in a registrational trial with FDA Breakthrough Device Designation and an ICD-10 procedural code.

  • Compassionate use IDE for nafamostat is progressing, addressing unmet needs in patients contraindicated for heparin or citrate.

  • Substantial doubt exists regarding the ability to continue as a going concern without additional capital; management is actively seeking further funding.

Financial highlights

  • Q2 2025 cash operating expenses were $3.7M, down from $4.3M in Q2 2024, mainly due to lower personnel and G&A costs; excluding stock-based compensation, $3.5M vs. $4.0M.

  • Net loss for Q2 2025 was $3.5M, improved from $3.8M in Q2 2024; net loss per share was $0.10 vs. $0.15.

  • Cash and cash equivalents totaled $6.8M as of June 30, 2025, down from $8.9M at year-end 2024.

  • Research and development expenses decreased 21% to $1.5M for Q2 2025; SG&A expenses fell 7% to $2.2M.

  • Accumulated deficit reached $463.3M as of June 30, 2025.

Outlook and guidance

  • Confident in completing the NEPHRO study by end of 2025, with all target profile sites expected to be enrolling by end of Q3.

  • Cash operating expense guidance for 2025 is $16M–$17M, reduced from $17M–$19M previously.

  • Additional capital is expected to be needed within twelve months to fund planned operations; options include equity, debt, or strategic transactions.

  • Anticipate operating expenses to increase in the second half of 2025 due to higher enrollment activity.

  • Second and third tranches of the 2025 Private Placement could provide up to $9.8M in additional gross proceeds, contingent on clinical milestones.

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Frequently asked questions

Talphera Inc, a specialty pharmaceutical company, focuses on the development and commercialization of therapies for the treatment of acute pain. The Company's lead product candidate is DSUVIA™ (sufentanil sublingual tablet, 30 mcg) which has completed Phase 3 trials. The Company believes that DSUVIA is a potential first-in-class non-invasive treatment option that can deliver rapid relief to patients suffering from moderate to severe acute pain.

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