Talphera, Inc. (Nasdaq: TLPH), a specialty pharmaceutical company, announced its financial results for the fourth quarter and full year ended December 31, 2025, along with a corporate update. The company reported a net loss attributable to common shareholders of $3.8 million, or $0.06 per share, for the fourth quarter of 2025, compared to a net loss of $1.9 million, or $0.07 per share, for the same period in 2024. For the full year 2025, the net loss was $14.29 million, or $0.50 per share, compared to a net loss of $13.00 million, or $0.34 per share, in 2024.

Talphera highlighted that it achieved a significant milestone by reaching 50% enrollment in its NEPHRO CRRT clinical study, with 35 patients enrolled. The company also closed a $4.1 million financing tranche associated with this milestone. The cash and investments balance stood at $20.4 million as of December 31, 2025. The company anticipates cash operating expenses for 2026 to be in the range of $17 million to $18 million, reflecting an increase from approximately $13 million in 2025 due to costs associated with the NEPHRO CRRT study.

CEO Vince Angotti expressed optimism about the ongoing clinical study, stating that all 12 clinical sites are now able to enroll patients, which is expected to support increased enrollment rates. The company is hosting a virtual investor and analyst day to provide further updates on its business and the NEPHRO CRRT study. Talphera's lead product candidate, Niyad®, is being studied as an anticoagulant for use in medically supervised settings and has received Breakthrough Device Designation from the FDA. The company remains focused on advancing its clinical programs and achieving regulatory milestones.

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