0001437749-26-016748 | 10-Q | XBRL Viewer

Investments and Fair Value Measurement Disclosure [Text Block]

2. Investments and Fair Value Measurement

Investments

The Company classifies its marketable securities as available for sale and records its investments at fair value. Available-for-sale securities are carried at estimated fair value based on quoted market prices or observable market inputs of almost identical assets, with the unrealized holding gains and losses included in accumulated other comprehensive income (loss).

As of March 31, 2026, and December 31, 2025, the contractual maturity of all investments held was less than one year.

The tables below summarize the Company’s cash and cash equivalents and short-term investments (in thousands):

	As of March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	563	$	—	$	—	$	563
Money market funds		893		—		—		893
U.S. government agency securities		2,367		—		—		2,367
Total cash and cash equivalents		3,823		—		—		3,823
Short-term investments:
U.S. government agency securities		17,285		—		—		17,285
Total short-term investments		17,285		—		—		17,285
Total cash, cash equivalents and short-term investments	$	21,108	$	—	$	—	$	21,108

	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	414	$	—	$	—	$	414
Money market funds		2,521		—		—		2,521
U.S. government agency securities		2,959		—		—		2,959
Total cash and cash equivalents		5,894		—		—		5,894
Short-term investments:
U.S. government agency securities		14,487		—		—		14,487
Total short-term investments		14,487		—		—		14,487
Total cash, cash equivalents and short-term investments	$	20,381	$	—	$	—	$	20,381

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic conditions. There were no material realized or unrealized gains or losses on marketable securities for the three months ended March 31, 2026 or the twelve months ended December 31, 2025. As such, the Company did not record a credit allowance for the three months ended March 31, 2026 or the year ended December 31, 2025.

Fair Value Measurement

The Company’s financial instruments consist of Level I and II assets. Money market funds are highly liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. For Level II instruments, the Company estimates fair value by utilizing third-party pricing services in developing fair value measurements where fair value is based on valuation methodologies such as models using observable market inputs, including benchmark yields, reported trades, broker/dealer quotes, bids, offers and other reference data. Such Level II instruments typically include U.S. Treasury, U.S. government agency securities and commercial paper. As of March 31, 2026 and December 31, 2025, the Company held, in addition to Level II assets, a warrant liability related to the December 2022 Common Stock Warrants. The fair value of the warrant liability was estimated using the Black Scholes Model which uses as inputs the following weighted average assumptions: dividend yield, expected term in years; equity volatility; and risk-free interest rate. The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period. The estimated fair value of the warrant liability represents a Level III measurement. Changes to the estimated fair value of these liabilities are recorded in change in fair value of warrant liability in the unaudited condensed consolidated statements of operations.

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):

	As of March 31, 2026
	Fair Value		Level I		Level II		Level III
Assets
Money market funds	$	893	$	893	$	—	$	—
U.S. government agency securities		19,652		—		19,652		—
Total assets measured at fair value	$	20,545	$	893	$	19,652	$	—
Liabilities
Warrant liability	$	1,153	$	—	$	—	$	1,153
Total liabilities measured at fair value	$	1,153	$	—	$	—	$	1,153

	As of December 31, 2025
	Fair Value		Level I		Level II		Level III
Assets
Money market funds	$	2,521	$	2,521	$	—	$	—
U.S. government agency securities		17,446		—		17,446		—
Total assets measured at fair value	$	19,967	$	2,521	$	17,446	$	—
Liabilities
Warrant liability	$	2,376	$	—	$	—	$	2,376
Total liabilities measured at fair value	$	2,376	$	—	$	—	$	2,376

The following tables set forth a summary of the changes in the fair value of the Company’s Level III warrant liability for the three months ended March 31, 2026 and 2025 (in thousands):

	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Fair value—beginning of period	$	2,376		$	1,061
Gain on change in fair value of December 2022 Common Stock Warrants liability		(1,223	)		(181	)
Fair value—end of period	$	1,153		$	880

At March 31, 2026, the December 2022 Common Stock Warrants were valued at approximately $1.2 million, using the Black-Scholes option pricing model as follows: exercise price of $2.07 per share, stock price of $0.7469 per share, expected life of 2.75 years, volatility of 94.49%, a risk-free rate of 3.81% and 0% expected dividend yield.

There were no transfers between Level I, Level II or Level III of the fair value hierarchy during the three months ended March 31, 2026, and the year ended December 31, 2025.

Note 8 - Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Text Block]

8. Stock-Based Compensation

The Company recorded total stock-based compensation expense for stock options, restricted stock units, or RSUs, and the Amended and Restated 2011 Employee Stock Purchase Plan, or the Amended ESPP, as follows (in thousands):

	March 31, 2026		March 31, 2025
Research and development	$	64	$	77
Selling, general and administrative		150		119
Total	$	214	$	196

The following table summarizes restricted stock unit activity under the Company’s equity incentive plans:

				Weighted
	Number of			Average
	Restricted			Grant Date
	Stock Units			Fair Value
Restricted stock units outstanding, January 1, 2026		273,195		$	0.88
Granted		250,630			0.81
Vested		(54,760	)		1.21
Forfeited		—			—
Restricted stock units outstanding, March 31, 2026		469,065		$	0.80

Upon vesting, certain of the Company’s RSUs may be settled on a net-exercise basis to cover any required withholding tax with the remaining amount converted into an equivalent number of shares of common stock. There were 19,756 shares of common stock underlying vested RSUs that were withheld during the quarter ended March 31, 2026, based on the value of the RSUs as determined by the Company’s closing stock price on the applicable vesting date.

The following table summarizes stock option activity under the Company’s equity incentive plans:

	Number of Stock Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
								(in thousands)
January 1, 2026		2,610,477		$	7.84
Granted		1,450,600			0.81
Forfeited		—			—
Expired		(57,053	)		61.23
Exercised		—			—
March 31, 2026		4,004,024		$	4.53		8.4	$	118
Vested and exercisable options— March 31, 2026		1,141,689		$	13.81		6.2	$	2
Vested and expected to vest— March 31, 2026		4,004,024		$	4.53		8.4	$	118

As of March 31, 2026, total stock-based compensation expense related to unvested options to be recognized in future periods was $1.7 million which is expected to be recognized over a weighted-average period of 3 years. As of March 31, 2026, there were 310,787 shares available for grant under the Company’s equity incentive plans and 166,039 shares available for grant under the Amended ESPP.

Note 2 - Investments and Fair Value Measurement (Details Textual)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2026

USD ($)

$ / shares

Dec. 31, 2025

USD ($)

$ / shares

Marketable Security, Gain (Loss)

$ 0

Debt Securities, Available-for-Sale, Allowance for Credit Loss

Warrants and Rights Outstanding

1,153

$ 2,376

^[1]

Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares

$ 0.72

Common Warrants [Member]

Warrants and Rights Outstanding

$ 1,200

Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares

$ 2.07

Common Warrants [Member] | Measurement Input, Share Price [Member]

Common Warrants [Member] | Measurement Input, Expected Term [Member]

0.7469

Common Warrants [Member] | Measurement Input, Price Volatility [Member]

2.75

Common Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member]

0.9449

Common Warrants [Member] | Measurement Input, Expected Dividend Rate [Member]

3.81

Total current liabilities of discontinued operations

[1]	The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Note 3 - Discontinued Operations - Summary of Discontinued Operation (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

$ 650

^[1]

Discontinued Operations [Member] | DSUVIA [Member]

Change in estimated net liabilities of discontinued operations

$ 73

Accrued liabilities

650

Net income from discontinued operations

$ 73

Total current liabilities of discontinued operations

650

Net liabilities of discontinued operations

$ (650)

[1]	The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Employee expense (not including stock-based compensation)

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Note 10 - Segment Information - Summary of Segment Loss (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue

$ 0

$ (27)

1,635

1,338

Development and clinical trial expense

919

458

Other general and administrative expense(a)

^[1]

1,076

927

Other segment income, net(b)

^[2]

(1,074)

(30)

Discontinued operations

(73)

Segment and condensed consolidated net loss

$ (2,556)

$ (2,593)

[1]	Other general and administrative expense includes consulting and professional services fees, insurance, facilities and other corporate expenses.
[2]	Other segment income, net includes fair value adjustments to warrant liability, interest income, and stock-based compensation expense and marketing support.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

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-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

Note 8 - Stock-based Compensation (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) shares
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $	$ 1.7
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	310,787
Amended ESPP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	166,039
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	19,756

Note 9 - Net Loss Per Share of Common Stock (Details Textual) - $ / shares	Mar. 31, 2026	Mar. 13, 2026	Dec. 31, 2025
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 0.72
September 2025 Prefunded Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.001
April 2025 Prefunded Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	0.001	$ 0.001
January 2024 Prefunded Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	0.001
July 2023 Prefunded Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.001

Note 8 - Stock-based Compensation - Stock-based Compensation Expense 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock-based compensation expense	$ 214	$ 196
Location, Statement of Income, Balance [Axis]: _2:us-gaap_ResearchAndDevelopmentExpenseMember
Stock-based compensation expense	64	77
Location, Statement of Income, Balance [Axis]: _2:us-gaap_SellingGeneralAndAdministrativeExpensesMember
Stock-based compensation expense	$ 150	$ 119

Note 8 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock-based compensation expense	$ 214	$ 196

Note 4 - Sale of Future Payments

3 Months Ended

Mar. 31, 2026

Sale of Future Payments [Text Block]

4. Sale of Future Payments

On January 12, 2024, the Company and XOMA (US) LLC, or XOMA, entered into a Payment Interest Purchase Agreement, or the Purchase Agreement, for the sale by the Company to XOMA, in exchange for $8.0 million, of the Company’s right, title and interest in and to certain amounts payable to the Company, or collectively the Purchased Receivables, pursuant to the DSUVIA Agreement.

Alora notified the Company in October 2024 that they are discontinuing their DSUVIA sales efforts to non-DoD customers and, in 2025, that they had submitted a letter to the FDA to request the withdrawal of the DSUVIA NDA. As a result, the Company expects payments to XOMA related to the Purchased Receivables will be lower than the gross proceeds of $6.6 million received; however, the Company will defer recognition of any probable contingent gain until it has met its obligations under the Purchase Agreement. The Company did not recognize any non-cash revenue or non-cash interest expense for the three months ended March 31, 2026, and recognized de minimus non-cash payment interest revenue and no non-cash interest expense for the three months ended March 31, 2025.

Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions	Mar. 13, 2026 USD ($) $ / shares shares	Mar. 31, 2026 USD ($)	Dec. 31, 2025 $ / shares
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 0.72
Pre-funded Warrants [Member]
Class of Warrant or Right, Issued During Period, Price Per Warrant	$ 0.585
Class of Warrant or Right, Number of Securities Called by Warrants or Rights \| shares	6,399,316
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.001
April 2025 Private Placement, Third Closing [Member]
Private Placement, Covenant to Trigger Sale, Patients Enrolled	35
Stock Issued During Period, Shares, New Issues \| shares	639,931
Shares Issued, Price Per Share	$ 0.586
Proceeds from Issuance or Sale of Equity \| $	$ 4.1
Deferred Offering Costs \| $		$ 0.3

Note 9 - Net Loss Per Share of Common Stock - Common Stock Excluded From Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
RSU's, ESPP, and Employee Stock Options [Member]
Antidilutive securities (in shares)	4,473,089	1,921,926
Warrant [Member]
Antidilutive securities (in shares)	20,265,576	20,265,576

Note 3 - Discontinued Operations (Details Textual) - Discontinued Operations [Member] - DSUVIA [Member] - USD ($) $ in Millions	Apr. 03, 2023	Mar. 12, 2023
Disposal Group, Including Discontinued Operation, Consideration	$ 1.1
Disposal Group, Including Discontinued Operation, Percentage of Royalty on Commercial Sales	15.00%
Disposal Group, Including Discontinued Operation, Maximum Amount in Sales-based Milestone		$ 116.5
Department of Defense [Member]
Disposal Group, Including Discontinued Operation, Percentage of Royalty on Commercial Sales	75.00%

Note 10 - Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Table Text Block]

	Three months ended March 31,
	2026			2025
Revenue	$	—		$	(27	)
Employee expense (not including stock-based compensation)		1,635			1,338
Development and clinical trial expense		919			458
Other general and administrative expense^(a)		1,076			927
Other segment income, net^(b)		(1,074	)		(30	)
Discontinued operations		—			(73	)
Segment and condensed consolidated net loss	$	(2,556	)	$	(2,593	)

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

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Note 8 - Stock-based Compensation - Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Number of options outstanding, beginning balance (in shares) \| shares	2,610,477
Weighted average exercise price, beginning balance (in dollars per share) \| $ / shares	$ 7.84
Granted, number of options (in shares) \| shares	1,450,600
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 0.81
Forfeited, number of options (in shares) \| shares	0
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 0
Expired, number of options (in shares) \| shares	(57,053)
Expired, weighted average exercise price (in dollars per share) \| $ / shares	$ 61.23
Exercised, number of options (in shares) \| shares	0
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 0
March 31, 2026 (in shares) \| shares	4,004,024
March 31, 2026 (in dollars per share) \| $ / shares	$ 4.53
March 31, 2026 (Year)	8 years 4 months 24 days
March 31, 2026 \| $	$ 118
Vested and exercisable options— March 31, 2026 (in shares) \| shares	1,141,689
Vested and exercisable options— March 31, 2026 (in dollars per share) \| $ / shares	$ 13.81
Vested and exercisable options— March 31, 2026 (Year)	6 years 2 months 12 days
Vested and exercisable options— March 31, 2026 \| $	$ 2
Vested and expected to vest— March 31, 2026 (in shares) \| shares	4,004,024
Vested and expected to vest— March 31, 2026 (in dollars per share) \| $ / shares	$ 4.53
Vested and expected to vest— March 31, 2026 (Year)	8 years 4 months 24 days
Vested and expected to vest— March 31, 2026 \| $	$ 118

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information None.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 10 - Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Text Block]

10. Segment Information

The Company reports segment information based on how it internally evaluates the operating performance of its business units, or segments. The Company has one reportable segment, which is the development and commercialization of innovative therapies for use in medically supervised settings.

The Company’s chief operating decision maker, or CODM, which consists of its Chief Executive Officer and the Chief Financial Officer, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations. The CODM assesses performance for the segment and decides how to allocate resources based on condensed consolidated net loss that is also reported on the condensed consolidated statements of operations. The CODM uses condensed consolidated net loss to evaluate the Company's spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization.

The measure of segment assets is reported on the condensed consolidated balance sheets as total condensed consolidated assets.

Factors used in determining the reportable segment include the nature of the Company's operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

The segment derives its revenues in the United States pursuant to the Marketing Agreement with Alora. All long-lived assets are maintained in the United States.

The table below is a summary of the segment loss, including significant segment expenses (in thousands):

	Three months ended March 31,
	2026			2025
Revenue	$	—		$	(27	)
Employee expense (not including stock-based compensation)		1,635			1,338
Development and clinical trial expense		919			458
Other general and administrative expense^(a)		1,076			927
Other segment income, net^(b)		(1,074	)		(30	)
Discontinued operations		—			(73	)
Segment and condensed consolidated net loss	$	(2,556	)	$	(2,593	)

^(a)Other general and administrative expense includes consulting and professional services fees, insurance, facilities and other corporate expenses.

^(b)Other segment income, net includes fair value adjustments to warrant liability, interest income, and stock-based compensation expense and marketing support.

The entire disclosure for segment reporting.

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	May 07, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-35068
Entity Registrant Name	TALPHERA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-2193603
Entity Address, Address Line One	1850 Gateway Drive, Suite 175
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94404
City Area Code	650
Local Phone Number	216-3500
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	TLPH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		51,899,648
Entity Central Index Key	0001427925
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Note 2 - Investments and Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

Cash, Cash Equivalent, and Investment [Table Text Block]

	As of March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	563	$	—	$	—	$	563
Money market funds		893		—		—		893
U.S. government agency securities		2,367		—		—		2,367
Total cash and cash equivalents		3,823		—		—		3,823
Short-term investments:
U.S. government agency securities		17,285		—		—		17,285
Total short-term investments		17,285		—		—		17,285
Total cash, cash equivalents and short-term investments	$	21,108	$	—	$	—	$	21,108

	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	414	$	—	$	—	$	414
Money market funds		2,521		—		—		2,521
U.S. government agency securities		2,959		—		—		2,959
Total cash and cash equivalents		5,894		—		—		5,894
Short-term investments:
U.S. government agency securities		14,487		—		—		14,487
Total short-term investments		14,487		—		—		14,487
Total cash, cash equivalents and short-term investments	$	20,381	$	—	$	—	$	20,381

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

	As of March 31, 2026
	Fair Value		Level I		Level II		Level III
Assets
Money market funds	$	893	$	893	$	—	$	—
U.S. government agency securities		19,652		—		19,652		—
Total assets measured at fair value	$	20,545	$	893	$	19,652	$	—
Liabilities
Warrant liability	$	1,153	$	—	$	—	$	1,153
Total liabilities measured at fair value	$	1,153	$	—	$	—	$	1,153

	As of December 31, 2025
	Fair Value		Level I		Level II		Level III
Assets
Money market funds	$	2,521	$	2,521	$	—	$	—
U.S. government agency securities		17,446		—		17,446		—
Total assets measured at fair value	$	19,967	$	2,521	$	17,446	$	—
Liabilities
Warrant liability	$	2,376	$	—	$	—	$	2,376
Total liabilities measured at fair value	$	2,376	$	—	$	—	$	2,376

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Fair value—beginning of period	$	2,376		$	1,061
Gain on change in fair value of December 2022 Common Stock Warrants liability		(1,223	)		(181	)
Fair value—end of period	$	1,153		$	880

Note 9 - Net Loss Per Share of Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Three Months Ended March 31,
	2026		2025
RSUs and stock options to purchase common stock		4,473,089		1,921,926
Common stock warrants		20,265,576		20,265,576

Note 10 - Segment Information (Details Textual)	3 Months Ended
Note 10 - Segment Information (Details Textual)	Mar. 31, 2026
Number of Reportable Segments	1

Note 3 - Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2026

Disposal Groups, Including Discontinued Operations [Table Text Block]

	Three months ended
	March 31,
	2026		2025
Change in estimated net liabilities of discontinued operations	$	—	$	73
Net income from discontinued operations	$	—	$	73

	March 31, 2026			December 31, 2025
Accrued liabilities	$	650		$	650
Total current liabilities of discontinued operations		650			650
Net liabilities of discontinued operations	$	(650	)	$	(650	)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Note 4 - Sale of Future Payments (Details Textual) - XOMA [Member] $ in Millions	1 Months Ended
	Jan. 31, 2024 USD ($)
Proceeds From Sale of Receivables	$ 8.0
Proceeds from Debt, Net of Issuance Costs	$ 6.6

Note 6 - Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Text Block]

6. Stockholders’ Equity

April 2025 Private Placement – Third Closing

On March 13, 2026, the third closing of the April 2025 Private Placement took place following the Company’s announcement of the enrollment of 35 patients in the Niyad NEPHRO CRRT study and the achievement of the target price milestone, which resulted in the issuance of: (i) 639,931 shares of common stock, at a price of $0.586 per share, and (ii) pre-funded warrants at a price of $0.585 per warrant to purchase up to an aggregate of 6,399,316 shares of common stock at an exercise price of $0.001 per share, and gross proceeds of $4.1 million. There are no additional shares of common stock and/or pre-funded warrants remaining to be sold in connection with the third closing of the April 2025 Private Placement.

As of March 31, 2026, the Company had incurred $0.3 million in unpaid closing costs related to the third closing of the April 2025 Private Placement.

CorMedix Right of First Negotiation

Pursuant to the securities purchase agreement entered into with CorMedix, Inc., or CorMedix, following the public announcement, or the Public Announcement, by the Company of the achievement of the primary endpoint and topline clinical data and results of the NEPHRO CRRT clinical study for its product candidate Niyad, CorMedix shall have the right for 60 days thereafter, or the Exclusivity Period, to negotiate exclusively with the Company, or the Right of First Negotiation, with respect to an acquisition of 100% of the capital stock and equity interests of the Company, or an Acquisition Transaction. During the Exclusivity Period, the Company agreed that it shall not engage in discussions with any other third party about an Acquisition Transaction, a sale or exclusive license of all or substantially all of the assets of the Company or any similar transaction. If after conducting good faith negotiations during the Exclusivity Period, the parties are unable to reach a definitive agreement with respect to an Acquisition Transaction, the Company will not, for a period of nine months from the date of the Public Announcement, enter into a definitive agreement or binding arrangement with a third party with respect to an Acquisition Transaction or similar transaction on financial terms less favorable (in the good faith determination of the board of directors of the Company) than those offered in writing by CorMedix during the Exclusivity Period (if any) without the written consent of CorMedix, which consent shall not be unreasonably withheld, delayed or conditioned. The Right of First Negotiation shall terminate upon the earlier of: (i) Talphera’s public announcement of the termination of the NEPHRO CRRT clinical study for any reason prior to the achievement of the study’s primary endpoint and (ii) December 31, 2027.

The entire disclosure for equity.

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Cash and cash equivalents

Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

^[1]

Current Assets:

$ 3,823

$ 5,894

Short-term investments

17,285

14,487

Prepaid expenses and other current assets

228

519

Total current assets

21,336

20,900

In-process research and development asset

8,819

Total assets

30,155

29,719

Current Liabilities:

Accounts payable

927

544

Accrued and other liabilities

2,448

2,615

Liabilities of discontinued operations

650

Total current liabilities

4,025

3,809

Warrant liability

1,153

2,376

6,499

Total liabilities

11,677

12,684

Commitments and Contingencies

Stockholders’ Equity:

Common stock, $0.001 par value—200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 50,049,824 and 49,328,097 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

492,504

488,506

Accumulated deficit

(474,076)

(471,520)

Total stockholders’ equity

18,478

17,035

Total Liabilities and Stockholders’ Equity

$ 30,155

$ 29,719

[1]	The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue	$ 0	$ 27
Operating costs and expenses:
Research and development	1,650	1,169
Selling, general and administrative	2,298	1,774
Total operating costs and expenses	3,948	2,943
Loss from operations	(3,948)	(2,916)
Other income (expense), net:
Interest income and other income, net	169	69
Gain on change in fair value of warrant liability	1,223	181
Total other income (expense), net	1,392	250
Net loss from continuing operations	(2,556)	(2,666)
Net income from discontinued operations – See Note 3	0	73
Net loss	$ (2,556)	$ (2,593)
Net (loss) income per share attributable to stockholders:
Basic and diluted, continuing operations (in dollars per share)	$ (0.04)	$ (0.1)
Basic and diluted, discontinued operations (in dollars per share)	0	0
Basic and diluted loss per share (in dollars per share)	$ (0.04)	$ (0.1)
Shares used in computing net loss per share of common stock, basic and diluted – See Note 9 (in shares)	69,821,593	26,268,209

Note 9 - Net Loss Per Share of Common Stock

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Text Block]

9. Net Loss per Share of Common Stock

The Company applies the two-class method to compute basic net income (loss) per share by dividing the net income (loss) attributable to common shareholders by the weighted average number of shares of common stock outstanding for the period. The diluted net income (loss) per share of common stock is computed by giving effect to all potential common stock equivalents outstanding for the period determined using the more dilutive of the 1) treasury stock method, if-converted method, or contingently issuable share method, as applicable, or 2) the two-class method. For purposes of this calculation, options to purchase common stock, RSUs, and warrants to purchase common stock were considered to be common stock equivalents.

The July 2023 Series A and Series B common stock warrants, the placement agent July 2023 Series A and Series B common stock warrants, the December 2022 Common Stock Warrants, and the November 2021 Financing Warrants are all participating securities which, by definition, entitle the holders thereof to participate in dividends and other distributions of assets by the Company to its holders of common shares as though the holder then held common shares; however, there is no contractual obligation on the part of the warrant holders to participate in the Company’s losses.

Given that the Company’s participating securities do not have a contractual obligation to share in the Company’s losses, net loss for the three months ended March 31, 2026, and the year ended December 31, 2025, was attributed entirely to common stockholders. In periods with a reported net loss, common stock equivalents are excluded from the calculation of diluted net loss per share of common stock if their effect is antidilutive. Potential common shares that are issuable for little or no cash consideration, such as the pre-funded warrants issued with de minimis exercise prices of $0.001 per share under the Company’s September 2025, April 2025, January 2024, and July 2023 private placement offerings, are considered outstanding common shares which are included in the calculation of basic and diluted net income (loss) per share in all circumstances.

The following outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share of common stock for the periods presented because including them would have been antidilutive:

	Three Months Ended March 31,
	2026		2025
RSUs and stock options to purchase common stock		4,473,089		1,921,926
Common stock warrants		20,265,576		20,265,576

In addition, the shares contingently issuable in connection with the Lowell Merger, as described in Note 4, “Asset Acquisition” to the Company’s 2025 Annual Report on Form 10-K, have also been excluded from the computation of diluted net loss per share of common stock for the periods presented because the contingencies for issuance of these shares have not been met.

Note 7 - Warrants

3 Months Ended

Mar. 31, 2026

Warrants Disclosure [Text Block]

7. Warrants

The activity related to warrants during the three months ended March 31, 2026, is summarized as follows:

	Common Stock from Warrants		Weighted-average Exercise Price (per share)
Outstanding at December 31, 2025		39,319,028	$	0.72
Granted		6,399,316	$	0.001
Outstanding and exercisable at March 31, 2026		45,718,344	$	0.62

April 2025 Pre-Funded Warrants

In March 2026, the Company issued pre-funded warrants at a price of $0.585 per warrant to purchase up to an aggregate of 6,399,316 shares of common stock at an exercise price of $0.001 per share, in connection with the third closing of the April 2025 Private Placement (see Note 6, “Stockholders’ Equity” for additional information).

At March 31, 2026, 25,452,768 of the 45,718,344 warrants outstanding and exercisable were pre-funded warrants.

Note 8 - Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	March 31, 2026		March 31, 2025
Research and development	$	64	$	77
Selling, general and administrative		150		119
Total	$	214	$	196

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

				Weighted
	Number of			Average
	Restricted			Grant Date
	Stock Units			Fair Value
Restricted stock units outstanding, January 1, 2026		273,195		$	0.88
Granted		250,630			0.81
Vested		(54,760	)		1.21
Forfeited		—			—
Restricted stock units outstanding, March 31, 2026		469,065		$	0.80

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Stock Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
								(in thousands)
January 1, 2026		2,610,477		$	7.84
Granted		1,450,600			0.81
Forfeited		—			—
Expired		(57,053	)		61.23
Exercised		—			—
March 31, 2026		4,004,024		$	4.53		8.4	$	118
Vested and exercisable options— March 31, 2026		1,141,689		$	13.81		6.2	$	2
Vested and expected to vest— March 31, 2026		4,004,024		$	4.53		8.4	$	118

Note 8 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted stock units outstanding, beginning balance (in shares) \| shares	273,195
Restricted stock units outstanding, weighted average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 0.88
Granted (in shares) \| shares	250,630
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0.81
Vested (in shares) \| shares	(54,760)
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.21
Forfeited (in shares) \| shares	0
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0
Restricted stock units outstanding, ending balance (in shares) \| shares	469,065
Restricted stock units outstanding, weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 0.8

Note 7 - Warrants - Schedule of Warrant Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Outstanding, warrants (in shares) \| shares	39,319,028
Outstanding, warrants, exercise price (in dollars per share) \| $ / shares	$ 0.72
Granted, warrants (in shares) \| shares	6,399,316
Outstanding and exercisable, warrants (in shares) \| shares	45,718,344
Class of Warrants or Right, Exercisable (in shares) \| shares	45,718,344
Class of Warrant or Right, Exercisable During Period, Exercise Price (in dollars per share) \| $ / shares	$ 0.62
Weighted Average [Member]
Granted, warrants, exercise price (in dollars per share) \| $ / shares	0.001
Outstanding and exercisable, warrants, exercise price (in dollars per share) \| $ / shares	$ 0.62

Note 5 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Text Block]

5. Commitments and Contingencies

Legal Proceedings

The Company is not currently a party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as they are incurred. No such costs have been incurred during the three months ended March 31, 2026.

Note 1 - Organization and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Basis of Presentation and Significant Accounting Policies [Text Block]

1. Organization and Summary of Significant Accounting Policies

The Company

Talphera, Inc., or the Company, or Talphera, was incorporated in Delaware on July 13, 2005 as SuRx, Inc. The Company subsequently changed its name to AcelRx Pharmaceuticals, Inc. and, on January 9, 2024 to Talphera, Inc. The Company’s operations are based in San Mateo, California.

Talphera is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. The Company’s product development portfolio features Niyad® (a regional anticoagulant for the dialysis circuit). All resources are currently focused on developing Niyad. LTX-608 is a nafamostat formulation for direct IV infusion that the Company may develop for one or more of the following indications: disseminated intravascular coagulation, or DIC, acute respiratory distress syndrome, or ARDS, acute pancreatitis, or as an anti-viral treatment. There are two ready-to-use pre-filled syringe product candidates that have been explored but are being evaluated for discontinuation.

On January 7, 2022, the Company acquired Lowell Therapeutics, Inc., or Lowell, a privately held company (see Note 4, “Asset Acquisition” to the consolidated financial statements in the Company’s 2025 Annual Report on Form 10-K for additional information) and, as a result acquired the Niyaddevelopmental product, a regional anticoagulant for the dialysis circuit during continuous renal replacement therapy for acute kidney injury patients in the hospital, that the Company is studying under an investigational device exemption, or IDE, and for which it has received Breakthrough Device Designation status from the FDA. While not approved for commercial use in the United States, the active drug component of Niyad, nafamostat, has been approved in Japan and South Korea as a regional anticoagulant for the dialysis circuit, disseminated intravascular coagulation, and acute pancreatitis. Niyad is a lyophilized formulation of nafamostat, a broad-spectrum, synthetic serine protease inhibitor, with anticoagulant, anti-inflammatory, and potential anti-viral activities. The second intended indication for Niyad is as a regional anticoagulant for the dialysis circuit for chronic kidney disease patients undergoing intermittent hemodialysis in dialysis centers. In addition, the Company acquired LTX-608, a nafamostat formulation for direct IV infusion.

On July 14, 2021, the Company entered into a License and Commercialization Agreement, or the PFS Agreement, with Laboratoire Aguettant, or Aguettant, pursuant to which the Company obtained the exclusive right to develop and, subject to FDA approval, commercialize in the United States (i) an ephedrine pre-filled syringe for injection (Fedsyra), and (ii) a phenylephrine PFS for injection (see Note 5, “In-License Agreement” to the consolidated financial statements in the Company’s 2025 Annual Report on Form 10-K for additional information). Aguettant will supply the Company with the products for use in commercialization, if they are approved in the U.S. This agreement is currently being evaluated for potential termination given the competitive environment for these product candidates.

Liquidity and Going Concern

The unaudited condensed consolidated financial statements for the three months ended March 31, 2026 were prepared on the basis of a going concern, which contemplates that the Company will be able to realize assets and discharge liabilities in the normal course of business. The Company has incurred recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Considering the Company’s current cash resources and its current and expected levels of operating expenses for the next twelve months, management expects to need additional capital to fund its planned operations prior to the 12-month anniversary of the date this Quarterly Report on Form 10-Q is filed with the United States Securities and Exchange Commission, or the SEC.

Management may seek to raise such additional capital through public or private equity offerings, debt securities, a new debt facility, monetizing or securitizing certain assets, entering into product development, license or distribution agreements with third parties, or divesting any of the Company’s remaining product candidates. While management believes its plans to raise additional funds will alleviate the conditions that raise substantial doubt about the Company’s ability to continue as a going concern, these plans are not entirely within the Company’s control and cannot be assessed as being probable of occurring.

Additional funds may not be available when the Company needs them on terms that are acceptable to the Company, or at all. If adequate funds are not available, the Company may be required to further reduce its workforce, delay the ongoing clinical trial for Niyad, or delay the development of its regulatory filing plans for its product candidates in advance of the date on which the Company’s cash resources are exhausted to ensure that the Company has sufficient capital to meet its obligations and continue on a path designed to preserve stockholder value. In addition, if additional funds are raised through collaborations, strategic alliances or licensing arrangements with third parties, the Company may have to relinquish rights to its technologies, future revenue streams or product candidates, or to grant licenses on terms that may not be favorable to the Company.

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or GAAP, and with the rules and regulations of the SEC, related to quarterly reports on Form 10-Q, and accordingly, they do not include all the information and disclosures required by GAAP for annual financial statements. These condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on March 23, 2026. The unaudited financial information for the interim periods presented herein reflects all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair statement of its financial position and the condensed consolidated results of operations for the periods presented. Results of operations for interim periods covered by this Quarterly Report on Form 10-Q may not necessarily be indicative of results of operations for the full fiscal year or any other interim period.

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Management believes its most significant accounting estimates relate to fair value of warrants, impairment of long-lived assets, management’s assessment of going concern, revenue recognition, liability related to the sale of future payments and accrued clinical trial liabilities. Management evaluates its estimates on an ongoing basis including critical accounting policies. Estimates are based on historical experience and on various other market-specific and other relevant assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Significant Accounting Policies

The Company’s significant accounting policies are detailed in its Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2026, from those previously disclosed in its 2025 Annual Report on Form 10-K.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU 2024-03, which is intended to enhance transparency into the nature and function of expenses, primarily through additional disclosures on certain cost and expenses. Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. This authoritative guidance is effective for the Company beginning with its annual disclosures for 2027 and interim periods beginning in 2028. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited condensed consolidated financial statements.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (2,556)	$ (2,593)
Adjustments to reconcile net loss to net cash used in operating activities:
Net amortization of discount on short term investments	(84)	0
Stock-based compensation	214	196
Gain on change in fair value of warrant liability	(1,223)	(181)
Changes in operating assets and liabilities:
Accounts receivable	0	(27)
Prepaid expenses and other current assets	291	(207)
Accounts payable	210	(345)
Accrued liabilities	(252)	(313)
Net cash used in operating activities	(3,400)	(3,470)
Cash flows from investing activities:
Purchase of investments	(17,239)	0
Proceeds from maturities of investments	14,525	0
Net cash used in investing activities	(2,714)	0
Cash flows from financing activities:
Net proceeds from issuance of common stock through equity plans	5	(5)
Net cash provided by (used in) financing activities	4,043	(5)
Net change in cash and cash equivalents	(2,071)	(3,475)
Cash and cash equivalents—Beginning of period	5,894	8,863
Cash and cash equivalents—End of period	3,823	5,388
Prefunded 2024 Warrants [Member]
Cash flows from financing activities:
Net proceeds from issuance of common stock in connection with exercise of pre-funded warrants	$ 4,038	$ 0

Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	200,000,000	200,000,000
Common Stock, Shares, Issued (in shares)	50,049,824	49,328,097
Common Stock, Shares, Outstanding (in shares)	50,049,824	49,328,097

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Balance (in shares) at Dec. 31, 2024

Note 2 - Investments and Fair Value Measurement - Summary of Changes in Fair Value of Level III Financial Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair value—beginning of period	$ 2,376	$ 1,061
Gain (loss) on change in fair value of December 2022 Common Stock Warrants liability	(1,223)	(181)
Fair value—end of period	$ 1,153	$ 880

Note 2 - Investments and Fair Value Measurement - Summary of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Total cash and cash equivalents	$ 3,823	$ 5,894	$ 5,388	$ 8,863
Total cash, cash equivalents and short-term investments	21,108	20,381
Total cash, cash equivalents and short-term investments	21,108	20,381
Marketable Securities [Member]
U.S. government agency securities	17,285	14,487
U.S. government agency securities	17,285	14,487
Total short-term investments	0	0
US Government Agencies Debt Securities [Member] \| Marketable Securities [Member]
U.S. government agency securities	17,285	14,487
U.S. government agency securities	17,285	14,487
Cash and Cash Equivalents [Member]
Total cash and cash equivalents	3,823	5,894
Cash and Cash Equivalents [Member] \| Cash [Member]
Cash, amortized cost	563	414
Cash and cash equivalent, fair value	563	414
Cash and Cash Equivalents [Member] \| Money Market Funds [Member]
Cash and cash equivalent, fair value	893	2,521
Money market funds, amortized cost	893	2,521
Cash and Cash Equivalents [Member] \| US Government Agencies Debt Securities [Member]
Cash and cash equivalent, fair value	2,367	2,959
U.S government agency securities, amortized cost	$ 2,367	$ 2,959

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Liquidity and Going Concern [Policy Text Block]	*Liquidity and Going Concern* The unaudited condensed consolidated financial statements for the three months ended March 31, 2026 were prepared on the basis of a going concern, which contemplates that the Company will be able to realize assets and discharge liabilities in the normal course of business. The Company has incurred recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Considering the Company’s current cash resources and its current and expected levels of operating expenses for the next twelve months, management expects to need additional capital to fund its planned operations prior to the 12-month anniversary of the date this Quarterly Report on Form 10-Q is filed with the United States Securities and Exchange Commission, or the SEC. Management may seek to raise such additional capital through public or private equity offerings, debt securities, a new debt facility, monetizing or securitizing certain assets, entering into product development, license or distribution agreements with third parties, or divesting any of the Company’s remaining product candidates. While management believes its plans to raise additional funds will alleviate the conditions that raise substantial doubt about the Company’s ability to continue as a going concern, these plans are not entirely within the Company’s control and cannot be assessed as being probable of occurring. Additional funds may not be available when the Company needs them on terms that are acceptable to the Company, or at all. If adequate funds are not available, the Company may be required to further reduce its workforce, delay the ongoing clinical trial for Niyad, or delay the development of its regulatory filing plans for its product candidates in advance of the date on which the Company’s cash resources are exhausted to ensure that the Company has sufficient capital to meet its obligations and continue on a path designed to preserve stockholder value. In addition, if additional funds are raised through collaborations, strategic alliances or licensing arrangements with third parties, the Company may have to relinquish rights to its technologies, future revenue streams or product candidates, or to grant licenses on terms that may not be favorable to the Company.
Basis of Accounting, Policy [Policy Text Block]	*Basis of Presentation* The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or GAAP, and with the rules and regulations of the SEC, related to quarterly reports on Form 10-Q, and accordingly, they do not include all the information and disclosures required by GAAP for annual financial statements. These condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on March 23, 2026. The unaudited financial information for the interim periods presented herein reflects all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair statement of its financial position and the condensed consolidated results of operations for the periods presented. Results of operations for interim periods covered by this Quarterly Report on Form 10-Q may not necessarily be indicative of results of operations for the full fiscal year or any other interim period. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Management believes its most significant accounting estimates relate to fair value of warrants, impairment of long-lived assets, management’s assessment of going concern, revenue recognition, liability related to the sale of future payments and accrued clinical trial liabilities. Management evaluates its estimates on an ongoing basis including critical accounting policies. Estimates are based on historical experience and on various other market-specific and other relevant assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	*Significant Accounting Policies* The Company’s significant accounting policies are detailed in its Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2026, from those previously disclosed in its 2025 Annual Report on Form 10-K. *Recently Issued Accounting Pronouncements* In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU 2024-03, which is intended to enhance transparency into the nature and function of expenses, primarily through additional disclosures on certain cost and expenses. Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. This authoritative guidance is effective for the Company beginning with its annual disclosures for 2027 and interim periods beginning in 2028. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on its disclosures. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited condensed consolidated financial statements.

Note 2 - Investments and Fair Value Measurement - Fair Value of Financial Assets and Liabilities by Level Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets, fair value	$ 20,545	$ 19,967
Liabilities, fair value	1,153	2,376
Fair Value, Inputs, Level 1 [Member]
Assets, fair value	893	2,521
Liabilities, fair value	0	0
Fair Value, Inputs, Level 2 [Member]
Assets, fair value	19,652	17,446
Liabilities, fair value	0	0
Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
Liabilities, fair value	1,153	2,376
Money Market Funds [Member]
Assets, fair value	893	2,521
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets, fair value	893	2,521
Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets, fair value	0	0
Money Market Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
US Government Agencies Debt Securities [Member]
Assets, fair value	19,652	17,446
US Government Agencies Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets, fair value	0	0
US Government Agencies Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets, fair value	19,652	17,446
US Government Agencies Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
Warrant Liability [Member]
Liabilities, fair value	1,153	2,376
Warrant Liability [Member] \| Fair Value, Inputs, Level 1 [Member]
Liabilities, fair value	0	0
Warrant Liability [Member] \| Fair Value, Inputs, Level 2 [Member]
Liabilities, fair value	0	0
Warrant Liability [Member] \| Fair Value, Inputs, Level 3 [Member]
Liabilities, fair value	$ 1,153	$ 2,376

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Total

17,029,469

Balance at Dec. 31, 2024

$ 17

$ 465,214

$ (457,230)

$ 8,001

Stock-based compensation

$ 0

196

Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares)

42,523

Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes

$ 0

(18)

Issuance of common stock upon ESPP purchase (in shares)

26,353

Issuance of common stock upon ESPP purchase

$ 0

Net loss

$ 0

(2,593)

Balance (in shares) at Mar. 31, 2025

17,098,345

Balance at Mar. 31, 2025

$ 17

465,405

(459,823)

5,599

Balance (in shares) at Dec. 31, 2025

49,328,097

Balance at Dec. 31, 2025

$ 49

488,506

(471,520)

17,035

^[1]

Stock-based compensation

$ 0

214

Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares)

35,004

Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes

$ 0

(16)

Net proceeds from issuance of common stock and pre-funded warrants in connection with private placement offerings (in shares)

639,931

Net proceeds from issuance of common stock and pre-funded warrants in connection with private placement offerings

$ 1

3,779

3,780

Issuance of common stock upon ESPP purchase (in shares)

46,792

Issuance of common stock upon ESPP purchase

$ 0

Net loss

$ 0

(2,556)

Balance (in shares) at Mar. 31, 2026

50,049,824

Balance at Mar. 31, 2026

$ 50

$ 492,504

$ (474,076)

$ 18,478

[1]	The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Note 7 - Warrants (Details Textual) - $ / shares	Mar. 13, 2026	Mar. 31, 2026	Dec. 31, 2025
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 0.72
Class of Warrant or Right, Outstanding		45,718,344	39,319,028
Class of Warrants or Right, Exercisable		45,718,344
April 2025 Prefunded Warrants [Member]
Class of Warrant or Right, Issued During Period, Price Per Warrant	$ 0.585
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	6,399,316
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.001	$ 0.001
Pre-funded Warrants [Member]
Class of Warrant or Right, Issued During Period, Price Per Warrant	$ 0.585
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	6,399,316
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.001
Class of Warrant or Right, Outstanding		25,452,768
Prefund Warrants [Member]
Class of Warrants or Right, Exercisable		25,452,768

Note 7 - Warrants (Tables)

3 Months Ended

Mar. 31, 2026