Talphera Reports Q1 Cash of $21.1M and 50% NEPHRO CRRT Enrollment
Talphera closed Q1 with $21.1M in cash and investments, offset by a net loss of $2.6M ($0.04 per share) and combined R&D/SG&A expenses of $3.9M. The NEPHRO CRRT trial reached 50% enrollment with 35 patients, triggering a $4.1M financing tranche and targeting study completion in 2026.
1. Clinical Study Progress
In March 2026 Talphera reached 35-patient enrollment in its NEPHRO CRRT Phase 3 trial, representing 50% of the 70-patient goal. The company projects full study completion later in 2026 to support its Breakthrough Device Designation for Niyad® (nafamostat).
2. Financial Results
Talphera reported a Q1 net loss of $2.6 million, or $0.04 per share, with combined R&D and SG&A expenses rising to $3.9 million from $2.9 million in the prior year. Cash and investments totaled $21.1 million at March 31, 2026, underpinning ongoing trial funding.
3. Financing Milestone
Upon achieving the 35-patient enrollment milestone, Talphera closed the third tranche of its March 2025 private placement, securing $4.1 million in additional capital. These funds will support continued Niyad® development and trial operations through the remainder of the year.
4. Investor Events and Outlook
Talphera held an investor and analyst event featuring key opinion leaders to discuss alternative anticoagulants for CRRT and will host a conference call and webcast on May 13 to review Q1 results and strategic plans. Management reiterated expectations for trial completion and potential market entry once data are available.