ASADORIAN RAFFI 4
4 · TALPHERA, INC. · Filed Feb 20, 2026
Research Summary
AI-generated summary of this filing
Talphera (TLPH) CFO Raffi Asadorian Buys 45,000 Shares
What Happened
Raffi Asadorian, Chief Financial Officer of Talphera, made an open‑market purchase of 45,000 common shares on Feb 12, 2026 at $0.81 per share (reported value $36,554). He was also granted an option to purchase 260,000 shares on Feb 12, 2026. In addition, Asadorian surrendered small amounts of shares to cover tax withholdings: 958 shares on Feb 10 at $0.84 (reported $801) and 2,933 shares on Feb 14 at $0.79 (reported $2,327). The open‑market buy is a direct purchase (more informative than routine withholdings); the surrendered shares were for tax withholding.
Key Details
- Transactions and amounts:
- Feb 10, 2026 — 958 shares surrendered for tax withholding @ $0.84 (reported $801). (Code F)
- Feb 12, 2026 — Open‑market purchase of 45,000 shares @ $0.81 (reported $36,554). (Code P)
- Feb 12, 2026 — Option grant for 260,000 shares @ $0.00 (derivative). (Code A)
- Feb 14, 2026 — 2,933 shares surrendered for tax withholding @ $0.79 (reported $2,327). (Code F)
- Shares owned after the transactions: Not specified in the excerpt provided.
- Footnotes of note:
- F1: Shares surrendered were to pay required tax withholdings on RSU vesting.
- F2: The related RSUs vest in three equal annual installments on Feb 12, 2027–2029.
- F3: The 260,000‑share grant is an option; 1/4 vests after one year, then the remainder vests in 36 equal monthly installments thereafter, subject to continued service.
- Filing: Form 4 was filed Feb 20, 2026 covering transactions from Feb 10–14, 2026. Form 4s are typically due within two business days of a transaction, so the Feb 20 filing is later than the immediate reporting window and may warrant attention.
Context
The 260,000‑share item is an option grant (not an exercise); vesting is multi‑year (1-year cliff then monthly over 3 years). The small disposals were share‑surrenders for tax withholding (routine) rather than market sales. The 45,000‑share open‑market purchase ($36.6k reported) is a straightforward buy by the CFO and is the most informative trade here for investors.
Insider Transaction Report
- Tax Payment
Common Stock
[F1]2026-02-10$0.84/sh−958$801→ 46,256 total - Purchase
Commom Stock
[F2]2026-02-12$0.81/sh+45,000$36,554→ 91,256 total - Tax Payment
Common Stock
[F1]2026-02-14$0.79/sh−2,933$2,327→ 88,323 total - Award
Stock Option (Right to Buy)
[F3]2026-02-12+260,000→ 260,000 totalExercise: $0.81Exp: 2036-02-11→ Common Stock (260,000 underlying)
Footnotes (3)
- [F1]Represents shares surrendered to the Issuer by the Reporting Person to pay required tax withholdings due to the vesting of RSUs.
- [F2]The restricted stock units shall vest in three equal consecutive annual installments on February 12, 2027, February 12, 2028 and February 12, 2029.
- [F3]On February 12, 2026, the reporting person was granted an option to purchase 260,000 shares of common stock. One fourth (1/4th) of the option shares shall vest on the one year anniversary of the grant date, and the remaining balance of the option shares shall vest in 36 equal consecutive monthly installments thereafter until fully vested so long as the reporting person remains in continuous service through such applicable vesting periods.