Talphera Inc. Common Stock (TLPH)

FairStock Score: 25/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Talphera as a Graham-style analyst, asking first what is proven and what is hope. The proven part is thin. In fiscal 2025, the year ended 2025-12-31, revenue was $28,000 and net income was -$14.3M, or -$0.34 per diluted share. In fiscal Q3 2025, the quarter ended 2025-09-30, revenue was only $1,000 and net loss was $4.4M. More recently, in fiscal Q2 2026, the quarter ended 2026-06-30, no revenue was reported and net loss was $4.3M, or -$0.06 per diluted share. That is not a business with a moat; it is a clinical-stage specialty pharma with 12 employees depending on Niyad and LTX-608. Financial health is poor. Trailing free cash flow was -$12.3M, a FairStock-calculated FCF yield of -22.1%. The FairStock-calculated Piotroski F-Score is 1/9, Altman Z-Score is -22.10, ROE is -143.36%, and ROCE is -42.55%. Debt/equity of 0.45 is not extreme, but losses consume capital. Market cap is $55.5M at the 2026-10-13 close of $1.07. At that close, the FairStock-calculated P/B is 2.89 and P/E is -4.65. The FairStock score is 25/100. The computed Lynch category is TURNAROUND, based on a loss in the latest year after earlier profits. The stock is not cheap on assets, earnings, or cash flow. It is a call option on clinical and regulatory success. If Niyad works and is commercialized, value could change dramatically. If not, shareholders own a cash-burning enterprise with negligible revenue. I prefer a margin of safety; here the margin is mostly speculative.

In plain English: Talphera is a tiny healthcare company trying to develop medicines used in hospitals and other supervised medical settings. The business looks weak today: it brings in almost no revenue and loses millions of dollars, and its main value depends on experimental products. At $1.07 a share, the price does not look supported by current sales or profits, so it is more of a bet on future drug approvals than a cheap, stable business.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer