Companies · Pharmaceuticals

Talphera, Inc.

SAN MATEO · Pharmaceuticals

Diligence memoA one-page analyst read on Talphera, Inc. — recommendation, valuation, rhythm, risks.
$97.4M
Total raised · real
10
Rounds
3.5×
Latest step-up
Top 11%
Sector rank · raised
Series B
Latest stage · inferred · Wed Sep 10 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Talphera, Inc. looks under-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the pharma sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.67× the median modeled value of Series B Pharmaceuticals companies in 2025–2027 (17 peers) — value vs value, same stage and era.
Active
  • Last raise 10 mo ago; this sector typically re-raises about every 13 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Pharmaceuticals

Talphera, Inc. is one of 1610 Pharmaceuticals companies tracked from SAN MATEO. By capital raised it ranks among the largest (ahead of 90% of sector peers), and mid-pack by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
13
Investors (latest)
2025-09-10
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$250M$500M$750M$1.0BSeries A · 2009-11-23 Raised $15M (real) Modeled valuation $459M (est)Series A2009Series A · 2010-09-14 Raised $8.0M (real) Modeled valuation $248M (est)Series A2010Series B · 2011-06-29 Raised $21M (real) Modeled valuation $709M (est)Series B2011Series B · 2012-06-01 Raised $10M (real) Modeled valuation $340M (est)Series B2012Series B · 2022-01-07 Raised $5.2M (real) Modeled valuation $96M (est)Series B2022Series B · 2022-08-03 Raised $630K (real) Modeled valuation $9.4M (est)Series B2022Series B · 2023-07-17 Raised $10M (real) Modeled valuation $102M (est)Series B2023Series B · 2024-01-22 Raised $6.0M (real) Modeled valuation $50M (est)Series B2024Series B · 2025-04-02 Raised $4.9M (real) Modeled valuation $26M (est)Series B2025Series B · 2025-09-10 Raised $17M (real) Modeled valuation $74M (est)Series B2025+$8.0M+$21M+$10M+$5.2M+$630K+$10M+$6.0M+$4.9M+$17MCumulative $97M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$14.8M · 2009
Series A extension$8.0M · 2010
Series B$20.8M · 2011
Series B extension$10.0M · 2012
Series B extension$5.2M · 2022
Series B extension$630K · 2022
Series B extension$10.0M · 2023
Series B extension$6.0M · 2024
Series B extension$4.9M · 2025
Series B extension$17.0M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$74.1M
Base estimate est.
$35.7M
Conservative case
$105.5M
Upside case
$94.4M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the pharma sector profile. Directional, not a quoted figure.

Series A · modeled $458.8M · 2009-11-232009Series A · modeled $247.8M · 2010-09-14Series B · modeled $708.6M · 2011-06-29Series B · modeled $340.0M · 2012-06-01Series B · modeled $96.2M · 2022-01-07Series B · modeled $9.4M · 2022-08-03Series B · modeled $102.1M · 2023-07-17Series B · modeled $49.9M · 2024-01-22Series B · modeled $25.5M · 2025-04-02Series B · modeled $74.1M · 2025-09-102025
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
57%
Survival probability
38% low · 70% high
1.49×/yr
Annual markup
1.80×/yr upside case
0.8 yr
Elapsed time used
0.8 yr actual, capped for stale marks
pharma
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
21 mo
Avg between rounds
$6.2M/yr
Capital velocity
16.6 yr
On record since
2009
First round
10
Rounds on file
How it compares to the market

Benchmarked against 1610 companies in Pharmaceuticals. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 12× above median
This company$97.4M
Sector median$8.1M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.9× of median
This company$17.0M
Sector median$18.0M
Modeled value — vs sector median (estimate, all stages) 1.0× of median
This company$74.1M
Sector median$76.1M

Raised more than 90% of sector peers (real $). Modeled value above 49% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #13 of 17.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Phlow Corp. · Series B Raised $82.8M · modeled $169.3M (est)AlphaTON Capital Corp · Series B Raised $70.7M · modeled $158.8M (est)Triton Therapeutics, Inc. · Series B Raised $36.4M · modeled $152.4M (est)Sensorium Therapeutics, Inc. · Series B Raised $60.5M · modeled $148.9M (est)Belhaven Biopharma Inc. · Series B Raised $32.3M · modeled $146.6M (est)AN2 Therapeutics, Inc. · Series B Raised $40.0M · modeled $143.4M (est)Renthera Corp · Series B Raised $25.0M · modeled $137.0M (est)VST BIO Corp · Series B Raised $28.9M · modeled $118.6M (est)Immuneering Corp · Series B Raised $82.2M · modeled $110.8M (est)Axial Biotherapeutics, Inc. · Series B Raised $109.8M · modeled $107.8M (est)Nocion Therapeutics, Inc. · Series B Raised $76.1M · modeled $90.4M (est)Paulex Bio Inc. · Series B Raised $18.5M · modeled $74.7M (est)Talphera, Inc. (this company) Raised $97.4M · modeled $74.1M (est)Talphera, Inc.
CompanyStageRaised · realValue · estvs peer med.
Phlow Corp.Series B$82.8M$169.3M1.53×
AlphaTON Capital CorpSeries B$70.7M$158.8M1.43×
Triton Therapeutics, Inc.Series B$36.4M$152.4M1.37×
Sensorium Therapeutics, Inc.Series B$60.5M$148.9M1.34×
Belhaven Biopharma Inc.Series B$32.3M$146.6M1.32×
AN2 Therapeutics, Inc.Series B$40.0M$143.4M1.29×
Renthera CorpSeries B$25.0M$137.0M1.24×
VST BIO CorpSeries B$28.9M$118.6M1.07×
Immuneering CorpSeries B$82.2M$110.8M1.00×
Axial Biotherapeutics, Inc.Series B$109.8M$107.8M0.97×
Nocion Therapeutics, Inc.Series B$76.1M$90.4M0.82×
Paulex Bio Inc.Series B$18.5M$74.7M0.67×
Talphera, Inc. this companySeries B$97.4M$74.1M0.67×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$14.8M2009-11-23$67.3M$458.8M85%
Series A$8.0M2010-09-14$36.4M$247.8M85%
Series B$20.8M2011-06-29$115.8M$708.6M85%
Series B$10.0M2012-06-01$55.6M$340.0M85%
Series B$5.2M2022-01-07$28.7M$96.2M90%
Series B$630K2022-08-03$3.5M$9.4M90%
Series B$10.0M2023-07-17$55.6M$102.1M90%
Series B$6.0M2024-01-22$33.3M$49.9M90%
Series B$4.9M2025-04-02$27.3M$25.5M90%
Series B$17.0M2025-09-10$94.4M$74.1M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$14.8M2009-11-23
    • First recorded raise — entered as Series A.
    • 8 investors on this round.
  2. Series A$8.0M2010-09-14
    • Raised 10 mo later, in step with the ~13 mo sector norm.
    • Round 1.9× smaller than the prior — bridge or down round.
    • 8 investors on this round.
  3. Series B$20.8M2011-06-29
    • Raised 9 mo later, in step with the ~13 mo sector norm.
    • Round 2.6× larger than the prior — scaling up.
    • 2 investors on this round.
  4. Series B$10.0M2012-06-01
    • Raised 11 mo later, in step with the ~13 mo sector norm.
    • Round 2.1× smaller than the prior — bridge or down round.
    • 10 investors on this round.
  5. Series B$5.2M2022-01-07
    • Raised again after 115 mo — slower than the ~13 mo sector norm.
    • Round 1.9× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 06).
    • 32 investors on this round.
  6. Series B$630K2022-08-03
    • Came back fast: 7 mo vs the ~13 mo sector norm.
    • Round 8.2× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  7. Series B$10.0M2023-07-17
    • Raised 11 mo later, in step with the ~13 mo sector norm.
    • Round 15.9× larger than the prior — scaling up.
    • 10 investors on this round.
  8. Series B$6.0M2024-01-22
    • Came back fast: 6 mo vs the ~13 mo sector norm.
    • Round 1.7× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  9. Series B$4.9M2025-04-02
    • Raised 14 mo later, in step with the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 11 investors on this round.
  10. Series B$17.0M2025-09-10
    • Came back fast: 5 mo vs the ~13 mo sector norm.
    • Round 3.5× larger than the prior — scaling up.
    • 13 investors on this round.
Intelligence
2027 ~Q2
Modeled next raise · ~21mo cadence
$51.0M
Modeled next size est.range $33.1M$81.5M
3.5×
Last step-up
$6.2M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Mark Wan9 other2010-09
Stephen Hoffman6 other2010-09
Guy Nohra4 other2010-09
Howard Rosen4 other2022-01
Howard B. Rosen3 other2011-06
James Welch3 other2012-06
Mark Edwards3 other2012-06
James H. Welch2 other2011-06
Marina Bozilenko2 other2022-01
Richard King2 other2010-09
Adrian Adams1 other2022-01
Anil Dasu1 other2010-09
Guy B Nohra1 other2009-11
Guy J. Nohra1 other2011-06
Jill Broadfoot1 other2022-01
RAFFI ASADORIAN1 other2022-01
Richard Afable1 other2022-01
Vincent J. Angotti1 other2022-08
Abhinav B Jain2024-01
Abhinav J Jain2025-04
Adrian P Adams2022-08
Anil A Dasu2009-11
Badri B Dasu2024-01
Badri Dasu2022-01
Registry & provenance

Talphera, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1427925
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Pearl Therapeutics IncPharmaceuticalsSeries B$74.0M$791.4Mnetwork2 shared operators · same sector · same stage
PaxVax IncPharmaceuticalsSeries B$127.6M$204.0Mnetwork1 shared operator · same sector · same stage
ZS Pharma, Inc.PharmaceuticalsSeries B$68.4M$850.1Mnetwork1 shared operator · same sector · same stage
Collegium Pharmaceutical, IncPharmaceuticalsSeries C$97.5M$701.8Mnetwork1 shared operator · same sector
Xenoport IncPharmaceuticalsSeries B$20.0M$680.1Mnetwork1 shared operator · same sector · same stage
Aralez Pharmaceuticals Inc.PharmaceuticalsSeries C$75.0M$2.6Bnetwork1 shared operator · same sector
Axial Biotherapeutics, Inc.PharmaceuticalsSeries B$109.8M$107.8Msame sector · same stage
Immuneering CorpPharmaceuticalsSeries B$82.2M$110.8Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Solaxa Inc.PharmaceuticalsPre-Seed$1.3M85%
Slate Medicines, Inc.PharmaceuticalsSeries A$24.8M83%
Theriana Pharmaceuticals, Inc.PharmaceuticalsSeed$66.6M83%
Talaris Therapeutics, Inc.BiotechnologySeries D+$4.4B83%
Neumentum, Inc.PharmaceuticalsSeries B$343.6M81%
Chorda Pharma, Inc.PharmaceuticalsPre-Seed$702K80%
Soligenix, Inc.PharmaceuticalsSeries A$60.8M80%
Harmony Biosciences II, Inc.PharmaceuticalsSeries D+$1.8B80%
Frequently asked
How much funding has Talphera, Inc. raised?
Talphera, Inc. has raised approximately $97.4M in disclosed capital across 10 recorded financing rounds, aggregated from public filings.
What is Talphera, Inc.'s estimated valuation?
Provath's modeled valuation for Talphera, Inc. is approximately $74.1M (modeled range $35.7M–$105.5M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Talphera, Inc. at?
Talphera, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Wed Sep 10.
What does Talphera, Inc. do and where is it based?
Talphera, Inc. operates in the Pharmaceuticals sector, based in SAN MATEO.
Explore related

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