Talphera, Inc.

TLPH • NASDAQ

Talphera, Inc. is a drug manufacturers - specialty & generic company in the healthcare sector on NASDAQ, with a market cap of $55.5M. As of Q3 2025, 39% of shares are held by 34 institutional investors, with AIGH Capital Management LLC as the largest holder at 9.77%.

Market Cap$55.5M

Drug Manufacturers - Specialty & Generic

Healthcare

Employees15.0

Websitetalphera.com

Country

United States of America

Overview

Overview of institutional ownership in TLPH as of Q3 2025 with a market cap of $40.7M

All Institutions

Institutions: 34
Value Held: $15.9M
Shares Held: 17.8M
Avg Position: $467.1K
Median Position: $10.0K

Hedge Funds

Hedge Funds: 5
Value Held: $11.1M
Shares Held: 12.5M
Avg Position: $2.2M
Median Position: $3.1M

Ownership Breakdown

Institutional (non-HF)

11.66%

$4.7M

Hedge Funds

27.35%

$11.1M

Retail & Other

60.99%

$24.8M

Based on market cap of $40.7M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TLPH as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
A AIGH Capital Management LLC Hedge Fund•Long/Short	Orin Zvi Hirschman Managing Partner	$4.0M 1.26% of portfolio	9.77% 4.5M shares	Q3 2025 Held for 2 months	$317.0M
R Rosalind Advisors, Inc. Institution	-	$3.9M 1.49% of portfolio	9.62% 4.4M shares	Q4 2023 Held for 1y 11m	$263.6M
Rock Springs Capital Management LP Hedge Fund•Sector	Nnamdi C Etoh CFO	$3.2M 0.19% of portfolio	7.87% 3.6M shares	Q4 2023 Held for 1y 11m	$1.7B
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	Daniel J. Mack Managing Partner	$3.1M 0.19% of portfolio	7.66% 3.5M shares	Q4 2023 Held for 1y 11m	$1.6B
Bleichroeder LP Hedge Fund•Value	Andrew Stephen Gundlach CCO	$787.1K 0.15% of portfolio	1.93% 881.2K shares	Q1 2025 Held for 8 months	$510.9M
VANGUARD GROUP INC Institution	Salim Ramji CEO	$256.7K 0.00% of portfolio	0.63% 286.2K shares	Q4 2023 Held for 1y 11m	$6.69T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$148.7K 0.00% of portfolio	0.36% 165.7K shares	Q4 2023 Held for 1y 11m	$1.57T
D Dauntless Investment Group, LLC Institution	-	$89.3K 0.23% of portfolio	0.22% 100.0K shares	Q3 2025 Held for 2 months	$38.1M
Values First Advisors, Inc. RIA/Wealth	Larry Alexander Ellis CEO	$87.4K 0.05% of portfolio	0.21% 97.9K shares	Q4 2023 Held for 1y 11m	$186.1M
B BlackRock, Inc. Institution	-	$81.8K 0.00% of portfolio	0.20% 91.5K shares	Q4 2023 Held for 1y 11m	$5.67T

Net Capital Flow

Institutional buying and selling activity for TLPH in Q3 2025

Traded: +$11.2M
Buyers: 18
Sellers: 8
Total Bought: +$11.2M
Total Sold: −$14.2K
Avg Position: $407.2K

Biggest Buyers

Institution	Net Bought	Current Position
A AIGH Capital Management LLC Hedge Fund•Long/Short	+$4.0M +4.5M shares	$4.0M 4.5M shares
Rock Springs Capital Management LP Hedge Fund•Sector	+$2.9M +3.3M shares	$3.2M 3.6M shares
R Rosalind Advisors, Inc. Institution	+$2.1M +2.4M shares	$3.9M 4.4M shares
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	+$1.3M +1.5M shares	$3.1M 3.5M shares
Bleichroeder LP Hedge Fund•Value	+$406.0K +454.5K shares	$787.1K 881.2K shares
VANGUARD GROUP INC Institution	+$183.8K +204.9K shares	$256.7K 286.2K shares
D Dauntless Investment Group, LLC Institution	+$89.3K +100.0K shares	$89.3K 100.0K shares
V Virtu Financial LLC Institution	+$29.3K +32.8K shares	$29.3K 32.8K shares
G GROUP ONE TRADING, L.P. Institution	+$27.3K +30.4K shares	$27.3K 30.4K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	+$24.7K +27.7K shares	$44.9K 50.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
X XTX Topco Ltd Institution	−$6.5K −13.7K shares	Sold Off 0 shares
T TWO SIGMA SECURITIES, LLC Institution	−$5.1K −11.2K shares	Sold Off 0 shares
Values First Advisors, Inc. RIA/Wealth	−$1.2K −1.3K shares	$87.4K 97.9K shares
GPS Wealth Strategies Group, LLC RIA/Wealth	−$1.1K −2.3K shares	Sold Off 0 shares
MAI Wealth Advisors RIA/Wealth	−$169.8 −190.0 shares	$3.0K 3.3K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$67.0 −145.0 shares	Sold Off 0 shares
A Advisor Group Holdings, Inc. Institution	−$16.7 −31.0 shares	$14.0 26.0 shares
BANK OF AMERICA CORP /DE/ Institution	−$15.2 −17.0 shares	$157.0 176.0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TLPH in Q3 2025

New Positions: 5
New Value: $4.1M
Exited Positions: 5
Exited Value: $12.8K

New Positions

Institution	Position Value
A AIGH Capital Management LLC Hedge Fund•Long/Short	$4.0M 4.5M shares
D Dauntless Investment Group, LLC Institution	$89.3K 100.0K shares
Mariner Wealth Advisors, LLC RIA/Wealth	$22.3K 25.0K shares
P PFG Investments, LLC Institution	$8.9K 10.0K shares
CITIGROUP INC Institution	$1.0 1.0 shares

Exited Positions

Institution	Previous Position
X XTX Topco Ltd Institution	$6.5K 13.7K shares
T TWO SIGMA SECURITIES, LLC Institution	$5.1K 11.2K shares
GPS Wealth Strategies Group, LLC RIA/Wealth	$1.1K 2.3K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$67.0 145.0 shares
CWM, LLC RIA/Wealth	- 12.0 shares

Options Activity

Institutions with the largest Call and Put options positions in TLPH as of Q3 2025

Call Positions: 3
Call Value: $247.1K
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
Caption Management, LLC Hedge Fund•Long/Short	$223.3K 2.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$13.8K 154.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$10.0K 111.0 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with TLPH as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
R Rosalind Advisors, Inc. Institution	-	1.49% $3.9M	9.62% 4.4M shares	Q4 2023 Held for 1y 11m	$263.6M
A AIGH Capital Management LLC Hedge Fund•Long/Short	Orin Zvi Hirschman Managing Partner	1.26% $4.0M	9.77% 4.5M shares	Q3 2025 Held for 2 months	$317.0M
D Dauntless Investment Group, LLC Institution	-	0.23% $89.3K	0.22% 100.0K shares	Q3 2025 Held for 2 months	$38.1M
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	Daniel J. Mack Managing Partner	0.19% $3.1M	7.66% 3.5M shares	Q4 2023 Held for 1y 11m	$1.6B
Rock Springs Capital Management LP Hedge Fund•Sector	Nnamdi C Etoh CFO	0.19% $3.2M	7.87% 3.6M shares	Q4 2023 Held for 1y 11m	$1.7B
Bleichroeder LP Hedge Fund•Value	Andrew Stephen Gundlach CCO	0.15% $787.1K	1.93% 881.2K shares	Q1 2025 Held for 8 months	$510.9M
Values First Advisors, Inc. RIA/Wealth	Larry Alexander Ellis CEO	0.05% $87.4K	0.21% 97.9K shares	Q4 2023 Held for 1y 11m	$186.1M
V Virtu Financial LLC Institution	-	0.00% $29.3K	0.07% 32.8K shares	Q3 2025 Held for 2 months	$1.6B
O Onyx Bridge Wealth Group LLC RIA/Wealth	Jared Michael Cohen Managing Partner	0.00% $10.3K	0.03% 11.5K shares	Q1 2025 Held for 8 months	$915.8M
G GROUP ONE TRADING, L.P. Institution	-	0.00% $27.3K	0.07% 30.4K shares	Q4 2023 Held for 1y 11m	$3.3B

Hedge Fund Spotlight

Discover hedge funds investing in TLPH

Rock Springs Capital Management LP

Hedge Fund • Sector

Portfolio ManagerNnamdi C Etoh

Portfolio Value: $1.7B
Positions: 91
Last Reported: Q3 2025

Sector Allocation

Position in Talphera, Inc.

Market Value: $3.2M
Shares Held: 3.6M
Portfolio Weight: 0.19%
Owned Since: 2023-Q4

Top Holding	Sector	Market Value	Weight
1 ARGX argenx ARGX	Unknown Unknown	$105.3M	6.18%
2 Eli Lilly LLY	Drug Manufacturers - General Healthcare	$80.4M	4.72%
3 Rhythm Pharmaceuticals, Inc. RYTM	Biotechnology Healthcare	$72.4M	4.25%

View full profile

Talphera, Inc.

Overview

All Institutions

Hedge Funds

Ownership Breakdown

Biggest Investors

Net Capital Flow

Biggest Buyers

Biggest Sellers

Entry and Exit Activity

New Positions

Exited Positions

Options Activity

Call Positions

Put Positions

Most Committed Institutions

Hedge Fund Spotlight

Position in Talphera, Inc.

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