TALPHERA Q2 FY26 earnings call TLPH

The registrational NEFRO CRRT study for Nefamistat, designed to evaluate its safety and efficacy as an anticoagulant during continuous renal replacement therapy, has reached 75% enrollment. All final clinical sites are now activated, with nephrologists serving as principal investigators and recruiting patients primarily from medical ICUs. The study remains blinded, but investigators have consistently reported that procedures are straightforward to perform, and monitoring is simple and predictable. An independent data safety monitoring meeting identified no risks and recommended continuing the study without changes.

The KDIGO 2026 Clinical Practice Guideline for Acute Kidney Injury and Acute Kidney Disease now references Nefamistat as an acceptable regional anticoagulant. This marks a significant positive change from prior recommendations, supported by decades of clinical experience and published evidence. Nefamistat is already standard medical practice and the most widely used method of anticoagulation during CRRT in Japan and South Korea. This guideline inclusion is expected to provide substantial momentum for the commercialization of Nefamistat if approved, as KDIGO guidelines are widely referenced internationally.

Updated market research indicates a larger US market opportunity for Nefamistat than initially estimated. The estimated annual CRRT procedures in the United States for 2027, the projected timing of^📎 a Nefamistat launch, are approximately 200,000. This represents a 21% increase from a prior estimate of 165,000. Management believes Nefamistat, if approved, can address a significant unmet need in the market, given the disadvantages of systemic heparin and regional citrate, positioning it to gain a meaningful share of the CRRT anticoagulant market.

Talphera is preparing for a potential launch, considering a strategic partnership with CoreMedix, which holds a right of first negotiation post data readout. Independently, the company plans to initiate hiring for pre-launch planning and medical education once the PMA is submitted in the first half of next year. The commercial rollout strategy will be highly targeted and concentrated, focusing on approximately 70 institutions that represent over 50% of CRRT procedures. This approach will likely involve account managers and educators rather than a traditional sales force, with a strong emphasis on pre-launch medical education.

As of June 30, 2026, Talphera's cash balance stood at $17.1 million. This, combined with two remaining conditional financing tranches totaling approximately $16 million, is expected to provide sufficient capital through at least a potential NIAID PMA approval in 2027. Cash operating expenses for Q2 2026 totaled $3.9 million, a $0.2 million increase year-over-year, primarily driven by higher NIAID development expenses reflecting increased enrollment and initial market research activities.