Talphera, Inc. (TLPH) disclosed a series of insider transactions involving Chief Executive Officer Vincent J. Angotti in filings with the Securities and Exchange Commission.
On February 12, 2026, Angotti reported buying 105,364 shares of Talphera common stock at a price of $0.8123 per share, an acquisition that totaled $85,587. This purchase occurred while Talphera shares were trading at $0.78, a level that reflects a 31.9% decline year-to-date. Some analysis has suggested the shares may be undervalued at current levels.
The filings also document two small disposals of stock by Angotti for tax-related purposes. On February 10 and February 14, 2026, he surrendered 3,179 and 9,559 shares, respectively. Those shares were surrendered at prices ranging from $0.7934 to $0.8361, and the combined transactions amounted to $10,242. The filings indicate these dispositions were made to cover tax obligations.
In addition to the open-market purchase and the tax-related surrenders, Angotti was granted an option on February 12, 2026, to buy 594,000 shares of Talphera common stock at an exercise price of $0.8123 per share. The option award vests over a four-year period.
Following the reported transactions and the grant of the option, Angotti now directly owns 577,395 shares of Talphera common stock, according to the SEC filing.
Key points
- Angotti purchased 105,364 shares at $0.8123 on February 12, 2026, for $85,587.
- He surrendered 3,179 and 9,559 shares on February 10 and February 14, 2026, respectively, to cover taxes; those transactions totaled $10,242 at prices between $0.7934 and $0.8361.
- An option to purchase 594,000 shares exercisable at $0.8123 was granted on February 12, 2026, and vests over four years; Angotti directly holds 577,395 shares after these transactions.
Risks and uncertainties
- Share price volatility - Talphera shares were trading at $0.78 and are down 31.9% year-to-date, indicating potential market risk for equity holders.
- Tax-related share surrenders - The CEO surrendered shares to cover tax obligations, which reduced his immediate net purchase and could affect short-term insider ownership levels.
- Vesting schedule - The newly granted option vests over four years, creating future dilution risk if exercised and highlighting the time-based nature of long-term incentives.
All transaction details are taken from the company's SEC Form 4 filing. The SEC filing provides the specific dates, share counts, prices, and the post-transaction ownership figure noted above.