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Sep 30, 2025
AcelRx Q3 2025 Earnings Report
Talphera reported a higher net loss in Q3 2025 compared to the prior year, despite stable operating expenses and a small revenue gain.
Key Takeaways
Talphera posted a net loss of $4.4 million for Q3 2025, up from $3.4 million a year ago. Revenue was minimal at $1,000. Operating expenses declined slightly, and the company held $21.3 million in cash and investments at quarter end.
Net loss for Q3 2025 increased to $4.4 million due to changes in warrant liability.
Total revenue remained minimal at $1,000 for the quarter.
Operating expenses slightly decreased to $3.4 million, mainly due to lower personnel costs.
Cash and investments stood at $21.3 million, expected to fund operations through a potential 2026 PMA approval.
Forward Guidance
Talphera expects 2025 cash operating expenses to total $14–15 million, reduced from earlier guidance. The company believes its current cash position plus conditional financing tranches can sustain operations through late 2026.
Positive Outlook
- Financing from CorMedix and others expected to provide runway through PMA approval.
- Cash operating expenses guidance lowered to $14–15 million for 2025.
- NEPHRO study enrollment progressing with 5 sites active and 4 more expected.
- Positive clinical site feedback on Niyad’s potential versus current CRRT anticoagulants.
- Study completion anticipated in H1 2026.
Challenges Ahead
- Q3 2025 net loss increased due to warrant liability adjustment.
- Revenue remains negligible at $1,000.
- Company still operates at a loss with no near-term commercialization.
- Dependent on investor waivers and stock performance for full financing.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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