TALPHERA, INC. (TLPH)

Distributing

Strong institutional distribution: ownership decreased -3.59% quarter-over-quarter.

Data as of Q1 2026

Institutional Ownership

44.04%

QoQ Change

-3.59%

Total Value

$16.4B

Shares Outstanding

50.0M

Crowding AnalysisCrowded

Holders45of 5,944

Avg: 68

Uncrowded81th percentileCrowded

Institutional Activity

Buy/Sell Ratio1.71x

57th percentile

24 buying14 selling

+12

New

-5

Closed

-128,176

Net shares

Holding Period Distribution

estimate

Median: 3 QAvg: 2.9 QHolders: 45

Ownership Concentration

Top 5: 74.4%Top 10: 87.8%

AIGH Capital Management21.1%

Rock Springs Capital Management16.3%

Nantahala Capital Management,15.8%

Rosalind Advisors,15.2%

Bleichroeder5.9%

Others (40)25.6%

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Conviction-Weighted Ownership

Median weight: 0.13%Avg weight: 0.25%Max: 1.01%High conviction (>1%): 1

AIGH Capital Management

Rock Springs Capital Management

Nantahala Capital Management,

Rosalind Advisors,

Bleichroeder

CANTOR FITZGERALD, L. P.

Empery Asset Management,

Caption Management,

Almitas Capital

VANGUARD CAPITAL MANAGEMENT

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Whale Moves Timeline (8 Quarters)

Biggest dollar-value position changes among top 10 holders

SOLDEmpery Asset Management$555K743K shr

NEWAlmitas Capital$349K467K shr

NEWVANGUARD CAPITAL MANAGEMENT$330K442K shr

BOUGHTBleichroeder$319K427K shr

BOUGHTCANTOR FITZGERALD, L. P.$232K310K shr

NEWEmpery Asset Management$2M1.3M shr

SOLDRosalind Advisors$919K806K shr

NEWCANTOR FITZGERALD, L. P.$658K577K shr

BOUGHTCaption Management$627K550K shr

BOUGHTDauntless Investment Group$546K479K shr

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Institutional Trends (8 Quarters)

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Institutional Holders

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