TALPHERA, INC. (TLPH) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 13, 2026

Risk Assessment Details

Potential Dilution: 531.81% of current shares
Recent Dilution: 158.82% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
52M
Potential Supply
280M
Additional shares possible
Splits
None
Past 2 years

Summary

TLPH currently has 51.9M outstanding shares. with significant dilution risk as 276M authorized shares could dilute existing holders by 531.8%. The company has significantly diluted shareholders by 158.82% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 13, 2026

10-Q filing | 51.9M shares outstanding

52M 280M
Mar 23, 2026

10-K filing | 50.0M shares outstanding

50M 280M
Mar 16, 2026

8-K filing: Talphera, Inc. completed the third closing of a private placement, issuing 639,931 shares of common stock at $0.586 per share and pre-funded warrants to purchase up to 6,399,316 shares at $0.585 per warrant.

47M 280M
Nov 12, 2025

10-Q filing | 46.6M shares outstanding

47M 280M
Oct 28, 2025

S-3 filing: This S-3 filing registers for resale up to 1,023,890 shares of common stock and 1,706,484 shares of common stock issuable upon exercise of pre-funded warrants by selling stockholders who acquired these securities through a prior private placement.

21M 310M
Sep 22, 2025

S-3 filing: This prospectus relates to the proposed resale from time to time by the selling stockholders of up to 25,036,360 shares of common stock and 5,845,455 shares of common stock issuable upon exercise of pre-funded warrants.

21M 300M
Sep 10, 2025

8-K filing: Talphera, Inc. issued and sold 25,036,360 shares of common stock at $0.55 per share and pre-funded warrants to purchase up to 5,845,455 shares of common stock at $0.549 per share in a private placement, resulting in gross proceeds of approximately $17 million. ($16.98M proceeds)

21M 270M
Aug 14, 2025

10-Q filing | 20.5M shares outstanding

21M 270M
May 14, 2025

10-Q filing | 20.5M shares outstanding

21M 270M
May 02, 2025

S-3 filing: This prospectus relates to the proposed resale from time to time by the selling stockholders of up to 3,405,118 shares of common stock and 4,999,316 shares of common stock issuable upon exercise of pre-funded warrants.

17M 280M
Apr 02, 2025

8-K filing: Talphera, Inc. entered into a securities purchase agreement for a private placement involving the issuance and sale of common stock and pre-funded warrants in three tranches, with the first closing on April 2, 2025, resulting in gross proceeds of approximately $4.9 million. ($4.9M proceeds)

17M 270M
Mar 31, 2025

10-K filing | 17.1M shares outstanding

17M 270M
Nov 13, 2024

10-Q filing | 17.0M shares outstanding

17M 270M
Aug 14, 2024

10-Q filing | 17.0M shares outstanding

17M 270M
May 14, 2024

10-Q filing | 17.0M shares outstanding

17M 270M
Mar 06, 2024

10-K filing | 17.0M shares outstanding

17M 270M
Feb 06, 2024

S-3 filing: This S-3 filing relates to the proposed resale of common stock issuable upon exercise of pre-funded warrants by selling stockholders.

17M 270M
Nov 22, 2023

S-3 filing: The filing is an S-3 registration statement for the potential offering of up to $150,000,000 of common stock, preferred stock, debt securities, and/or warrants.

17M 260M
Nov 14, 2023

10-Q filing | 16.8M shares outstanding

17M 15M
Aug 10, 2023

10-Q filing | 10.9M shares outstanding

11M 21M
Aug 02, 2023

S-3 filing: This S-3 filing registers the resale of common stock and warrants by selling stockholders; the company will not receive any proceeds from the sale of these securities.

11M 21M
Jul 21, 2023

8-K filing: AcelRx Pharmaceuticals, Inc. completed a private placement on July 20, 2023, issuing 5,340,591 shares of common stock, pre-funded warrants for 2,012,356 shares, Series A warrants for 7,352,947 shares, and Series B warrants for 7,352,947 shares, resulting in gross proceeds of approximately $10.0 million. ($10.0M proceeds)

11M 0
May 10, 2023

10-Q filing | 10.9M shares outstanding

11M 0
Mar 31, 2023

10-K filing | 8.2M shares outstanding

8.2M 1.5M
Dec 29, 2022

8-K filing: AcelRx Pharmaceuticals, Inc. entered into a securities purchase agreement for the issuance and sale of common stock, pre-funded warrants, and common warrants, with aggregate gross proceeds expected to be approximately $7.5 million. ($7.5M proceeds)

7.4M 2.4M
Nov 15, 2022

S-3 filing: This S-3 filing relates to the proposed resale of common stock issuable upon the exercise of a warrant held by Lincoln Park Capital Fund, LLC. The company will not receive any proceeds from the sale of these shares.

7.4M 2.4M
Nov 14, 2022

10-Q filing | 7.4M shares outstanding

7.4M 2.3M
Oct 25, 2022
Stock Split

8-K filing | Stock split 1-for-20 | Outstanding: 147,209,065 → 7,360,453

7.4M 2.3M
Aug 11, 2022

10-Q filing | 147.2M shares outstanding

150M 47M
May 16, 2022

10-Q filing | 145.6M shares outstanding

150M 48M
Apr 22, 2022

S-3/A filing: This S-3/A filing relates to the proposed resale from time to time by the selling stockholders of up to 11,017,058 shares of common stock and up to $26.0 million of contingent consideration payable in cash or common stock at our option, upon the achievement of regulatory and sales-based milestones.

140M 57M
Apr 15, 2022

S-3 filing: This is an S-3 filing for the resale of up to 11,017,058 shares of common stock by selling stockholders and up to $26.0 million of contingent consideration payable in cash or common stock.

140M 57M
Mar 10, 2022

10-K filing | 136.8M shares outstanding

140M 46M
Nov 15, 2021

10-Q filing | 119.3M shares outstanding

120M 63M
Nov 15, 2021

8-K filing: AcelRx Pharmaceuticals, Inc. entered into a securities purchase agreement for the issuance and sale of 17,500,000 shares of common stock and warrants to Armistice Capital and Rock Springs Capital. ($14.0M proceeds)

120M 64M
Aug 16, 2021

10-Q filing | 119.2M shares outstanding

120M 64M
May 17, 2021

10-Q filing | 119.1M shares outstanding

120M 64M
Mar 15, 2021

10-K filing | 98.8M shares outstanding

99M 84M
Jan 21, 2021

8-K filing: AcelRx Pharmaceuticals, Inc. entered into an underwriting agreement with Cantor Fitzgerald & Co. for a public offering of 14,500,000 shares of common stock at $1.7625 per share, with an option for the underwriter to purchase an additional 2,175,000 shares. ($25.56M proceeds)

90M 92M
Dec 10, 2020

8-K filing: AcelRx Pharmaceuticals, Inc. completed an offering of 8,333,333 shares of common stock at $1.20 per share, resulting in gross proceeds of $10 million. ($10.0M proceeds)

90M 92M
Nov 05, 2020

10-Q filing | 90.5M shares outstanding

90M 92M
Aug 10, 2020

10-Q filing | 80.9M shares outstanding

81M 100M
Jul 23, 2020

8-K filing: The Company entered into a securities purchase agreement with Armistice Capital and Rock Springs Capital for the issuance and sale of 9,433,962 shares of common stock at $1.06 per share, resulting in gross proceeds of approximately $10 million. ($10.0M proceeds)

81M 100M
Jun 12, 2020

S-3 filing: The company is filing an S-3 to register the offering of up to $150,000,000 of common stock, preferred stock, and debt securities.

81M 100M
Jun 08, 2020

POS AM filing: This is a Post-Effective Amendment to deregister all shares of Common Stock previously registered due to termination of the Merger Agreement.

81M 0
May 11, 2020

10-Q filing | 80.8M shares outstanding

81M 0
Mar 16, 2020

10-K filing | 80.4M shares outstanding

80M 0
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