Home / Going-concern warnings / TALPHERA, INC.
Filed 2026-03-23 路 Form 10-K 路 Accession 0001437749-26-009387 nano
Price before filing: $0.8329 (2026-03-20 close, split/dividend-adjusted)
Market cap at flag: $34.0M (2026-03-23) 路 Latest: $81.6M (2026-10-16)
| Window | TLPH | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -5.6% | +9.7% | -15.3% | 2026-04-22 |
| 90 days | +17.9% | +15.1% | +2.9% | 2026-06-22 |
| 180 days | +40.5% | +19.9% | +20.6% | 2026-09-21 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 4 insiders bought $304K (5 purchases)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2026-02-12 | ASADORIAN RAFFI Chief Financial Officer | Purchase | 45,000 | $0.81 | $37K | no | Form 4 |
| 2026-02-12 | Angotti Vincent J. CHIEF EXECUTIVE OFFICER, Director | Purchase | 105,364 | $0.81 | $86K | no | Form 4 |
| 2026-02-12 | Aslam Shakil Chief Medical Officer | Purchase | 35,000 | $0.81 | $28K | no | Form 4 |
| 2026-02-12 | Dasu Badri N Chief Engineering Officer | Purchase | 35,000 | $0.81 | $28K | no | Form 4 |
| 2026-03-13 | Angotti Vincent J. CHIEF EXECUTIVE OFFICER, Director | Purchase | 213,310 | $0.59 | $125K | no | Form 4 |
| 2026-03-23: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-12-23 to 2026-04-22. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"These matters raise substantial doubt about its ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Going-concern opinion issued by: BPM LLP
Source: independent auditor report in Form 10-K (period 2025-12-31)
Why this score: in auditor's report
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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