Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TALPHERA, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
17.4
8
2.15
2.29
5.42
2.82
0
0.65
0
0.03
Cost of revenue
12.3
10.7
3.98
6.81
6.03
3.75
2.59
Gross profit
5.04
-2.66
-1.83
-4.52
-0.62
-0.94
-2.59
Research and development
21.4
19.4
13.1
4.66
4.02
4.1
3.34
5.55
6.72
6.03
Selling, general and administrative
16.6
20.8
45
36.3
30.9
17
12
8.53
7.48
General and administrative
15.6
16.6
20.8
Operating expenses
49.3
46.7
37.9
Operating income
-32
-38.7
-35.7
-54.2
-41
-36
-25.3
-16.9
-15.3
-13.5
Interest expense
2.77
3.32
2.22
2.54
3.31
2.29
1.12
0.13
0
Other non-operating income
-11.2
-13.5
-11.4
0.97
0.59
0.87
84.4
6.6
2.25
-0.88
Pre-tax income
-43.2
-52.2
-47.1
-53.2
-40.4
-35.1
59.1
-10.3
Income tax
-0.03
-0.7
0
0
0
0.01
0.01
0
0
0
Income from continuing operations
59.1
-10.3
-13
-14.4
Net income
-43.2
-51.5
-47.1
-53.2
-40.4
-35.1
47.8
-18.4
-13
-14.3
EBITDA
-29.9
-36.9
-35.2
-52.5
-39.1
-34
-23.7
-16.6
-15.3
EPS, basic
-19.20
-22.23
-16.37
-13.54
-9.50
-5.86
5.73
-1.29
-0.50
-0.34
EPS, diluted
-19.20
-22.23
-16.37
-13.54
-9.50
-5.86
5.72
-1.29
-0.50
-0.34
Shares, basic (weighted)
2.24
2.32
2.89
3.92
4.22
5.99
7.39
14.3
25.8
42.4
Shares, diluted (weighted)
2.24
2.32
2.89
3.92
4.22
5.99
7.41
14.3
25.8
42.4
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
80.3
52.9
88
14.7
22.3
7.66
15.3
5.72
8.86
5.89
Short-term investments
7.57
17.7
51.5
15.6
39
0.5
3.66
0
14.5
Receivables
5.83
1.53
0.05
0.43
0.64
0.16
0.31
Inventory
2.15
0.96
0.85
3.3
1.63
1.11
1.18
Other current assets
0.76
0.46
1.02
1.82
1.68
2.59
1.87
2.2
0.55
0.52
Total current assets
89.1
63.4
108
71.7
46.8
50.5
24.6
11.6
9.42
20.9
Property, plant and equipment
10.7
11.1
11.5
14.6
15.7
15.9
10.3
Lease right-of-use assets
3.93
3.15
4.3
0.1
Intangible assets
0
8.82
8.82
8.82
8.82
Other non-current assets
0.05
0.21
0.71
1.19
0.66
2.17
0.17
0.02
Total assets
100
75.6
121
91.4
66.3
77.9
47.5
20.4
18.2
29.7
Accounts payable
1.56
1.42
2.07
1.72
2.74
2.12
1.26
1.34
0.67
0.54
Accrued liabilities
4.6
3.54
4.54
5.53
5.05
6.52
2.53
2.45
1.25
2.62
Deferred revenue
0.36
0.36
0.32
0.41
0.05
Short-term debt
2.91
7.73
8.61
4.63
8.74
8.8
5.36
0
Total current liabilities
10.2
13.7
15.9
13.6
17.6
18.5
13.8
4.51
2.65
3.81
Long-term debt
18.6
11.4
3.38
20.5
13.1
5.01
0
Lease liabilities
3.64
2.61
3.75
2.96
Other non-current liabilities
0.54
0.49
0.3
0.08
0.81
0
Total liabilities
105
112
116
133
122
114
25.7
6.29
10.2
12.7
Total debt
21.5
19.1
12
25.1
21.9
13.8
5.76
0
Paid-in capital
241
261
349
357
383
438
448
458
465
489
Retained earnings
-246
-298
-345
-398
-438
-474
-426
-444
-457
-472
Other comprehensive income
0
Shareholders' equity
-5.34
-36.5
4.25
-41.4
-55.8
-35.9
21.8
14.1
8
17
Total equity
-5.34
-36.5
4.25
-41.4
-55.8
-35.9
21.8
14.1
8
17
Total liabilities and equity
100
75.6
121
91.4
66.3
77.9
47.5
20.4
18.2
29.7
Shares outstanding
2.24
2.52
3.9
3.94
4.89
6.84
8.24
17
17
49.3
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-43.2
-51.5
-47.1
-53.2
-40.4
-35.1
47.8
-18.4
-13
-14.3
Depreciation and amortization
2.05
1.74
0.58
1.67
1.85
1.97
1.65
0.31
0
Stock-based compensation
4.48
4.29
5.17
5.06
4.42
4.61
2.89
1.73
0.99
0.7
Deferred income tax
-0
Change in receivables
-2.55
4.3
1.48
-0.38
-0.2
0.48
-0.15
-0.19
Change in inventory
-1.69
0.92
0.1
-3.39
0.96
-0.3
-0.11
0.06
0
Change in payables
-0.44
0.31
0.46
-0.02
1.02
0.11
0.55
-0.58
-0.67
-0.21
Cash from operations
-29.4
-29.8
-29.1
-51.2
-38.5
-30
-28.3
-17.5
-12.7
-11.4
Capital expenditures
-3.72
-2.41
-0.82
-3.47
-1.86
-1.83
-0.36
-0.1
0
Acquisitions
-0.82
-1.69
0
Purchases of investments
-1
-7.57
-30.6
-100
-44.6
-70.5
-7.86
-3.65
-4.98
-17.8
Sales and maturities of investments
6.53
20.5
67
0
3
0
0.5
8.76
3.46
Cash from investing
1.81
-9.97
-10.9
-36.6
34.1
-26.1
36.5
-0.53
3.78
-14.3
Debt issued
0
25
0
Debt repaid
-3.51
-7.72
-3.47
-4.67
-8.83
-8.43
-5.42
0
Stock issued
15.7
81.5
1.23
21.3
44.7
Cash from financing
-0.03
12.3
75
14.5
17
41.5
-0.51
3.47
12
22.7
Net change in cash
-27.6
-27.4
35.1
-73.3
12.6
-14.6
7.61
-14.6
3.14
-2.97
Free cash flow
-33.1
-32.2
-29.9
-54.7
-40.4
-31.8
-28.7
-17.6
-12.7
Interest paid
1.89
2.04
1.67
1.71
2.27
1.6
0.82
0.12
0
Income taxes paid
-0.06
0
0
-0.35
-0.35
0.01
0.01
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.18 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-1,474,700.0%
Operating income / revenue.
Net margin
-1,507,600.0%
Net income / revenue.
Operating cash flow margin
-1,227,000.0%
Cash from operations / revenue.
Return on equity (ROE)
-104.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-56.2%
Net income / average total assets.
Return on invested capital (ROIC)
-85.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
670,400.0%
Research and development expense / revenue.
SG&A / revenue
804,400.0%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
79,400.0%
Stock-based compensation (from the cash flow statement) / revenue.
Growth
Metric
Value
How it is calculated
Revenue CAGR, 5y
-65.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
112.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-7.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
63.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-14.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-14.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
64.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
78.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
58.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
4.29x
Current assets / current liabilities.
Quick ratio
4.08x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
4.08x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.00
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.16
Cash from operations / diluted weighted shares.
Book value per share
$0.28
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
61,249x
Market cap / revenue.
P/B
4.25x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
11.0x
Market cap / tangible book value, when positive.
EV/Sales
44,173x
Enterprise value / revenue.
Earnings yield
-24.6%
Net income / market cap (the inverse of P/E).
What was TALPHERA, INC.'s revenue in fiscal 2025?
TALPHERA, INC. reported revenue of $28.0K for fiscal 2025.
Was TALPHERA, INC. profitable in fiscal 2025?
No. It reported a net loss of $14.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.