Talphera Stock Earnings Reports

Talphera reported Q1 2026 results and provided a business update focused on progress in the NEPHRO CRRT study of Niyad (nafamostat). Key operational highlights: the company has exceeded the previously announced 50% enrollment milestone, activated 9 of 12 sites aligned to a nephrologist-led target profile (which have enrolled >90% of patients), and expects to add up to 14 FDA‑allowed sites (two additional high‑volume CRRT centers to be disclosed on clinicaltrials.gov). Management remains confident in completing enrollment and generating top‑line data in the second half of 2026, with a PMA filing targeted in 2027 if results are favorable. Clinical feedback from site investigators and nurses highlights ease of administration, rapid and stable anticoagulation titration, and potential advantages over current anticoagulants (heparin, citrate) in CRRT. Financially, cash was $21.1M at March 31, 2026; the company closed a $4.1M tranche this quarter and expects two remaining conditional tranches totaling approximately $16M around study completion/top‑line data. Q1 cash operating expenses were $3.9M (cash basis), up versus prior year due to increased Niyad development and G&A related to enrollment activity. Management reiterated that they will announce last patient out and expect top‑line data within about a month thereafter.