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Jun 30
AcelRx Q2 2025 Earnings Report
Talphera reported a net loss and no revenue in Q2 2025, with lower operating expenses compared to the same quarter last year.
Key Takeaways
Talphera posted a net loss of $3.5 million in Q2 2025, with zero revenue. Operating expenses were reduced year-over-year, driven by cost control measures. Cash and cash equivalents stood at $6.8 million at quarter-end.
Net loss narrowed to $3.5 million from $3.8 million in Q2 2024.
No revenue was reported in Q2 2025.
Cash and cash equivalents totaled $6.8 million as of June 30, 2025.
Operating expenses declined due to reduced personnel and administrative costs.
AcelRx
AcelRx
Forward Guidance
Talphera expects full-year 2025 cash operating expenses to range between $16 million and $17 million, with continued enrollment in the NEPHRO trial and additional clinical sites expected to be active.
Positive Outlook
- NEPHRO study enrollment ahead of schedule with 15 patients enrolled
- Expected completion of NEPHRO trial by end of 2025
- Addition of six new high-enrolling clinical sites in Q3 2025
- Strong interest from clinical sites for nafamostat
- Stock-based compensation excluded from lowered expense forecast
Challenges Ahead
- Zero revenue for the quarter
- Continued net losses from operations
- Limited cash runway with $6.8 million in reserves
- Success dependent on enrollment milestones for financing tranches
- Regulatory and development risks remain for lead product candidate