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|4Feb 20, 8:23 PM ET

ASADORIAN RAFFI 4

Research Summary

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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.