# EDGAR Filing Document

**Accession Number:** 0001427925
**File Stem:** 0001213900-25-087369
**Filing Date:** 2025-9
**Character Count:** 14978
**Document Hash:** 2c0883c2c5136bb4fec871b69d2bcb58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-087369.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001213900-25-087369

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TALPHERA, INC.
- **CENTRAL INDEX KEY:** 0001427925
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 412193603
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-86112
- **FILM NUMBER:** 251313039

**BUSINESS ADDRESS:**
- **STREET 1:** 1850 GATEWAY DRIVE
- **STREET 2:** SUITE 175
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94404
- **BUSINESS PHONE:** 650-216-3500

**MAIL ADDRESS:**
- **STREET 1:** 1850 GATEWAY DRIVE
- **STREET 2:** SUITE 175
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94404

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ACELRX PHARMACEUTICALS INC
- **DATE OF NAME CHANGE:** 20080222
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CorMedix Inc.
- **CENTRAL INDEX KEY:** 0001410098
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CONNELL DRIVE
- **STREET 2:** SUITE 4200
- **CITY:** BERKELEY HEIGHTS
- **STATE:** NJ
- **ZIP:** 07922
- **BUSINESS PHONE:** 908-517-9500

**MAIL ADDRESS:**
- **STREET 1:** 300 CONNELL DRIVE
- **STREET 2:** SUITE 4200
- **CITY:** BERKELEY HEIGHTS
- **STATE:** NJ
- **ZIP:** 07922

## Ex-3

**Attachment A**

***Item 2.***

 ****

The name, present principal occupation or employment, business address and citizenship of each of the directors and executive officers of the Reporting Person are set forth below.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;***Name*** | &nbsp;&nbsp;***Business Address*** | &nbsp;&nbsp;***Principal Occupation*** | &nbsp;&nbsp;***Citizenship*** |
| &nbsp;&nbsp;Joseph Todisco | &nbsp;&nbsp; 300 Connell Drive, Suite 4200<br> Berkeley Heights, New Jersey 07922 | &nbsp;&nbsp;Chief Executive Officer of the Reporting Person | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;Susan Blum | &nbsp;&nbsp; 300 Connell Drive, Suite 4200<br> Berkeley Heights, New Jersey 07922 | &nbsp;&nbsp;Executive Vice President, Chief Financial Officer of the Reporting Person | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;Elizabeth Hurlburt | &nbsp;&nbsp; 300 Connell Drive, Suite 4200<br> Berkeley Heights, New Jersey 07922 | &nbsp;&nbsp;Executive Vice President, Chief Operating Officer of the Reporting Person | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;Beth Zelnick Kaufman | &nbsp;&nbsp; 300 Connell Drive, Suite 4200<br> Berkeley Heights, New Jersey 07922 | &nbsp;&nbsp;Executive Vice President, Chief Legal and Compliance Officer, Corporate Secretary of the Reporting Person | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;Janet Dillione | &nbsp;&nbsp; 300 Connell Drive, Suite 4200<br> Berkeley Heights, New Jersey 07922 | &nbsp;&nbsp;Chief Executive Officer Connect America | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;Gregory Duncan | &nbsp;&nbsp; 300 Connell Drive, Suite 4200<br> Berkeley Heights, New Jersey 07922 | &nbsp;&nbsp;Chairman and Chief Executive Officer Dogwood Therapeutics, Inc. | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;Alan W. Dunton | &nbsp;&nbsp; 300 Connell Drive, Suite 4200<br> Berkeley Heights, New Jersey 07922 | &nbsp;&nbsp;Founder and Principal Consultant of Danerius, LLC | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;Myron Kaplan | &nbsp;&nbsp; 300 Connell Drive, Suite 4200<br> Berkeley Heights, New Jersey 07922 | &nbsp;&nbsp;Retired Founding Partner of Kleinberg, Kaplan, Wolff & Cohen, P.C. | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;Steven Lefkowitz | &nbsp;&nbsp; 300 Connell Drive, Suite 4200<br> Berkeley Heights, New Jersey 07922 | &nbsp;&nbsp;President and Founder of Wade Capital Corporation | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;Robert Stewart | &nbsp;&nbsp; 300 Connell Drive, Suite 4200<br> Berkeley Heights, New Jersey 07922 | &nbsp;&nbsp;Chief Executive Officer of Theramex | &nbsp;&nbsp;United States of America |

---

***Items 3-6***. Except through their relationship with the Reporting Person or as otherwise set forth in Items 3 to 6 of this Schedule 13D, none of the persons listed in this Attachment A beneficially owns any securities of the Issuer or has any contracts, arrangements, understandings or relationships with respect to any securities of the Issuer.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**TALPHERA, INC.**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**00444T209**

*(CUSIP Number)*

**Joseph Todisco**<br>Chief Executive Officer CorMedix Inc.<br>300 Connell Drive, Suite 4200<br>Berkeley Heights NJ 07922<br>(908)-517-9500

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**09/07/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **00444T209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**CorMedix Inc.** | Name of reporting person<br>**CorMedix Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**9090909.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**9090909.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9090909.00** | Aggregate amount beneficially owned by each reporting person<br>**9090909.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**19.95%** | Percent of class represented by amount in Row (11)<br>**19.95%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** 1 The percent of class reported is based upon 45,559,015 Shares outstanding (which includes 20,522,655 Shares stated to be outstanding as of August 7, 2025 on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2025 and an aggregate of 25,036,360 Shares issued by the Issuer in a private placement on September 10, 2025).

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
TALPHERA, INC.

**(c) Address of Issuer's Principal Executive Offices:**
1850 GATEWAY DRIVE,, SUITE 175, SAN MATEO, CA, 94404

**Item 4. Purpose of Transaction**

On September 7, 2025, the Issuer entered into a securities purchase agreement (the "Purchase Agreement") with the Reporting Person, pursuant to which the Reporting Person purchased from the Issuer in a private placement 9,090,909 Shares at a purchase price of $0.55 per share upon the First Closing (as defined in the Purchase Agreement). The First Closing occurred on September 10, 2025.

Upon the First Closing, the Reporting Person has the right, subject to compliance with the applicable rules and regulations of The Nasdaq Capital Market, to designate one member of the Issuer's board of directors as long as the Reporting Person or its affiliates beneficially own at least 25% of the Shares the Reporting Person purchased at the First Closing.

Additionally, pursuant to the Purchase Agreement, following the public announcement by the Issuer of the achievement of the primary endpoint and topline clinical data and results of the NEPHRO CRRT clinical study for the Issuer's product candidate Niyad (the "Public Announcement"), the Reporting Person shall have the right for 60 days thereafter (the "Exclusivity Period") to negotiate exclusively with the Issuer with respect to an acquisition of 100% of the capital stock and equity interests of the Issuer (the "Acquisition Transaction"). During the Exclusivity Period, the Issuer agreed that it shall not engage in discussions with any other third party about an Acquisition Transaction, a sale or exclusive license of all or substantially all of the assets of the Issuer or any similar transaction.  If after conducting good faith negotiations during the Exclusivity Period, the parties are unable to reach a definitive agreement with respect to an Acquisition Transaction, the Issuer will not, for a period of nine months from the date of the Public Announcement, enter into a definitive agreement or binding arrangement with a third party with respect to an Acquisition Transaction or similar transaction on financial terms less favorable (in the good faith determination of the board of directors of the Issuer) than those offered in writing by the Reporting Person during the Exclusivity Period (if any) without the written consent of the Reporting Person. The right of first negotiation shall terminate upon the earlier of: (i) the Issuer's public announcement of the termination of the NEPHRO CRRT clinical study for any reason prior to the achievement of the study's primary endpoint and (ii) December 31, 2027.

The Shares acquired by the Reporting Person have been acquired for investment purposes. The Reporting Person intends to participate in the management of the Issuer through representation on the Issuer's board of directors, as described above.  The Reporting Person intends to regularly review its investment in the Issuer. Based on such review as well as other factors (including, among other things, their evaluation of the Issuer's business, prospects and financial condition, the market price for the Issuer's securities, other opportunities available to them and general market, industry and economic conditions), the Reporting Person, may, and reserve the right to, evaluate their investments and make strategic decisions based thereon, including making further acquisitions of the Shares from time to time and, subject to certain restrictions, may dispose of any or all of the Shares held by the Reporting Person at any time in the public market through open market sales, registered or unregistered block trades, in privately negotiated transactions or otherwise. Except as described in this Schedule 13D, the Reporting Persons do not have any present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, although, the Reporting Person, at any time and from time to time, may review, reconsider and change their position and/or change their purpose and/or develop such plans and may seek to influence management or the board of directors of the Issuer with respect to the business and affairs of the Issuer and may from time to time consider pursuing or proposing such matters with advisors, the Issuer or other persons.

The foregoing description of the Purchase Agreement is qualified in its entirety by reference to the Purchase Agreement, which is filed as Exhibit 99.1 to this Schedule 13D and is incorporated herein by reference.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of the close of business on September 10, 2025, Reporting Person beneficially owns 9,090,909 Shares of the Issuer, representing approximately 19.95% of the Issuer's outstanding Shares (based upon 20,522,655 Shares stated to be outstanding as of August 7, 2025 on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2025 and an aggregate of 25,036,360 Shares issued by the Issuer in a private placement on September 10, 2025).

**(b)**
The Reporting Person has the sole power to vote and dispose, or direct the voting or disposition, of all shares of the Issuer held by it.

**(c)**
Except as described herein, the Reporting Person has not effected any transactions in the Shares within the past 60 days nor has any person listed on Attachment A effected any transactions in the Shares within the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Purchase Agreement.

The information set forth under Item 4 of this Schedule 13-D is incorporated herein by reference.

Registration Rights Agreement.

On September 7, 2025, the Reporting Person and the Issuer entered into a registration rights agreement (the "Registration Rights Agreement") pursuant to which the Issuer agreed, among other things, to file a registration statements under the Securities Act of 1933, as amended, with the Securities and Exchange Commission (the "SEC"), covering the resale of the Shares issued in the private placement no later than 15 days following the applicable closing date, and to use reasonable best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 90 days following the applicable closing date in the event of a "full review" by the SEC.

The foregoing description of the Registration Rights Agreement is qualified in its entirety by reference to the Registration Rights Agreement, which is filed as Exhibit 99.2 to this Schedule 13D and is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** CorMedix Inc.

**Signature:** /s/ Joseph Todisco

**Name/Title:** Joseph Todisco/Chief Executive Officer

**Date:** 09/12/2025