--- title: "Talphera gets second 180-day Nasdaq period, until December 1, 2025" url: "https://aibio.space/news/talphera-gets-second-180-day-nasdaq-period-until-december-1-2025-fix/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-06-05" section: "Listings" tickers: "NASDAQ:TLPH" source: "https://www.sec.gov/Archives/edgar/data/1427925/000143774925019574/acrx20250605_8k.htm" summary: "Talphera moved its stock to the Nasdaq Capital Market on May 30, 2025 to qualify. It told Nasdaq it would do a reverse stock split if necessary." --- By the aibio.space news desk. Sources - [Talphera, Inc. 8-K (2025-06-05)](https://www.sec.gov/Archives/edgar/data/1427925/000143774925019574/acrx20250605_8k.htm) - [Talphera, Inc. 10-K (2025-03-31): business](https://www.sec.gov/Archives/edgar/data/1427925/000143774925010250/acrx20241231_10k.htm) [TLPH](https://aibio.space/companies/talphera/) 2025-06-05 # Talphera gets second 180-day Nasdaq period, until December 1, 2025, to fix bid price Tickers [TLPH](https://aibio.space/companies/talphera/) Talphera moved its stock to the Nasdaq Capital Market on May 30, 2025 to qualify. It told Nasdaq it would do a reverse stock split if necessary. ## Key facts - **Company**: Talphera, Inc. (NASDAQ: TLPH) - **News type**: Listings - **Primary source**: [Talphera, Inc. 8-K (2025-06-05)](https://www.sec.gov/Archives/edgar/data/1427925/000143774925019574/acrx20250605_8k.htm) *The Capitol dome and spring blossom. Photo: Angie Drake, CC0, via Wordpress. The picture shows the field, not the companies named.* ## The notice Talphera, Inc. (Nasdaq: [TLPH](https://aibio.space/companies/talphera/)) received a written notice on June 5, 2025 from the Listing Qualifications Staff of Nasdaq. The notice granted the company an additional 180 days, until December 1, 2025, to regain compliance with the $1.00 minimum bid price requirement in Nasdaq Listing Rule 5550(a)(2). The company reported the notice in a Form 8-K under Item 3.01, which covers notices of delisting or failure to satisfy a continued listing rule. To regain compliance, the stock must close at $1.00 per share or more for at least 10 consecutive business days during this second compliance period. If the company cannot show that by December 1, 2025, Nasdaq staff will notify it that the stock will be delisted. The company could then appeal to the Nasdaq Hearings Panel, which would stay any delisting action by the staff at least until the hearing and any extension the Panel grants. ## How the deficiency began Nasdaq told Talphera on December 6, 2024 that its bid price had closed below $1.00 for 30 consecutive business days. The company then received an initial 180-calendar-day grace period, through June 4, 2025. Companies listed on the Nasdaq Global Select Market cannot get a second grace period. Talphera met the criteria for a second period available on the Nasdaq Capital Market, so it applied to transfer its listing. The stock moved to the Capital Market at the opening of business on May 30, 2025, and it still trades under the symbol TLPH. The company has given Nasdaq written notice that it intends to cure the deficiency by a reverse stock split, if necessary. The 8-K also says it will monitor the closing bid price and consider all available options to fix the deficiency in time. The filing does not give the share price on the date of the notice. ## The business behind the listing According to its annual report for 2024, Talphera is a specialty pharmaceutical company developing therapies for medically supervised settings. The lead program is Niyad, a lyophilized form of nafamostat infused into the extracorporeal circuit during continuous renal replacement therapy, or CRRT, for patients with acute kidney injury in hospital. Niyad has an investigational device exemption and Breakthrough Device Designation from the FDA. The annual report states that it is not approved for commercial use in the United States. The registrational NEPHRO CRRT study is designed as a prospective, double-blinded trial at up to 14 U.S. hospital intensive care units. It will enroll 70 adult patients who need renal replacement therapy and cannot tolerate heparin or are at risk for bleeding. The primary endpoint is mean post-filter activated clotting time over the first 24 hours, comparing Niyad with placebo. That is a clotting measure rather than a patient outcome. Secondary endpoints include filter lifespan, filter changes over 72 hours, transfusions over 72 hours and dialysis efficacy measured by urea concentration. The company plans to file a Premarket Approval application after the trial is complete. The company's case rests on nafamostat's use in Japan and South Korea for more than 30 years as a regional anticoagulant. Those decades of use are not US approval, and Niyad remains in its registrational trial. The competition is established. The annual report lists heparin, which anticoagulates the patient as well as the circuit, and citrate, which is mostly used off-label. It also says no anticoagulant is used during CRRT in 29% of cases. ## What the notice means A bid-price notice is a listing problem, not a finding about the trial. The stock must close at $1.00 or more for 10 consecutive business days during the second period. If it does not, the staff will notify the company that the stock will be delisted, and the company may appeal to the Panel. The 8-K refers readers to the risk factors in the quarterly report filed May 14, 2025. The 8-K gives no cash, net loss or cash burn figures, and the company said it can give no assurance that it will regain compliance. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story TLPH Talphera, Inc. 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Cite as: aibio.space, "Talphera gets second 180-day Nasdaq period, until December 1, 2025", 2025-06-05, https://aibio.space/news/talphera-gets-second-180-day-nasdaq-period-until-december-1-2025-fix/