Nantahala Capital Management, LLC 4
4 · TALPHERA, INC. · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Talphera (TLPH) 10% Owner Nantahala Capital Acquires Warrants
What Happened
Nantahala Capital Management, LLC (reported as a 10% owner) acquired 4,266,211 prepaid warrants to purchase Talphera, Inc. common stock on 2026-03-13. The warrants were acquired at $0.58 each for a total reported cost of $2,495,733. The transaction is reported on Form 4 as an acquisition of a derivative instrument (transaction code A).
Key Details
- Transaction date and terms: 2026-03-13 — 4,266,211 prepaid warrants at $0.58 each; total $2,495,733. (Reported as a derivative acquisition, code A.)
- Securities acquired: prepaid warrants (Warrants) exercisable indefinitely, not immediate common stock.
- Shares owned after transaction: not specified on the Form 4 for underlying common shares (the filing reports the derivative acquisition).
- Footnotes: (F1) Warrants are substantially similar to other warrants NCM owns and are exercisable indefinitely. (F2) NCM is an investment adviser to funds that hold the warrants; Messrs. Wilmot B. Harkey and Daniel Mack may be deemed beneficial owners of the warrants held by NCM but disclaim beneficial ownership except to the extent of pecuniary interest.
- Board connection: NCM analyst Abhinav Jain is a member of Talphera’s board; filing notes the Reporting Persons may be deemed directors by deputization for Section 16 purposes.
- Filing timeliness: Transaction dated 2026-03-13; Form 4 filed 2026-03-17 (4 days later), which is later than the typical 2-business-day Section 16 filing window.
Context
- These were purchases of prepaid warrants (derivatives), not purchases of common stock — warrants give the holder the right to buy shares later and are not the same as immediate ownership of common shares.
- This is an institutional acquisition (Nantahala Capital as adviser to funds), not an individual executive buying/selling stock; disclosures note customary beneficial-ownership disclaimers by the reporting parties.
Insider Transaction Report
Form 4
TALPHERA, INC.TLPH
Nantahala Capital Management, LLC
10% OwnerOther
Transactions
- Award
Pre-Funded Warrants
[F1][F2]2026-03-13$0.58/sh+4,266,211$2,495,733→ 18,822,267 total(indirect: See Footnote)Exercise: $0.00→ Common Stock (4,266,211 underlying)
Footnotes (2)
- [F1]This Form 4 discloses the acquisition of pre-paid warrants to purchase shares of Talphera, Inc. common stock ("Common Stock"), which warrants are substantially similar to other warrants beneficially owned by the Reporting Persons; all such warrants are together referred to as the "Warrants." The Warrants are exercisable indefinitely.
- [F2]NCM, an investment adviser to certain private funds and managed accounts (the "NCM Investors") that hold shares of Common Stock and certain derivative securities related thereto (the "Derivatives"), including Warrants, may be deemed a beneficial owner of such Warrants. Each of Mr. Wilmot B. Harkey and Mr. Daniel Mack may be deemed a beneficial owner of the Warrants beneficially owned by NCM. Each of NCM, Mr. Harkey and Mr. Mack (the "Reporting Persons") disclaims beneficial ownership of the Warrants disclosed herein except to the extent of their respective pecuniary interests therein.