Talphera Inc. announced its third quarter 2025 financial results and provided a corporate update. As of September 30, 2025, the company reported cash and investments totaling $21.3 million. In September, Talphera closed the first tranche of a two-part private placement financing, raising $17 million, with a second tranche of up to $12 million pending based on certain stock price and clinical study milestones. The financing was led by CorMedix, Inc. and included participation from existing and new institutional investors. Talphera stated it expects its current cash position, together with future financing tranches, to be sufficient through a potential PMA approval of Niyad in late 2026. The company also announced that five of nine target profile clinical study sites for the NEPHRO study are now activated, with study completion expected in the first half of 2026. Four additional sites are expected to be activated in the fourth quarter of 2025.