Angotti Vincent J. 4

What Happened
Vincent J. Angotti, CEO of Talphera, acquired 213,310 shares of Talphera common stock on March 13, 2026 at $0.59 per share, a transaction reported as a purchase (code P) totaling approximately $125,000. The filing indicates these shares were bought in connection with the closing of the third tranche of a previously announced PIPE (private investment in public equity).

Key Details

• Transaction date: March 13, 2026; reported on Form 4 filed March 25, 2026 (late filing).
• Price and amount: 213,310 shares at $0.59 per share; total reported purchase value $125,000.
• Transaction type: Purchase (P) — shares acquired as part of a PIPE tranche rather than an open-market trade.
• Footnotes: F1 notes the shares were purchased in the closing of the third tranche of the PIPE under a March 31, 2025 securities purchase agreement. F2 notes the reported balance includes a non-reportable acquisition of 10,000 shares via the company’s Employee Stock Purchase Plan (ESPP).
• Shares owned after transaction: the Form 4’s precise post-transaction balance is not provided here; the filing notes the balance includes the 10,000 ESPP shares.
• Timeliness: Filing was submitted 12 days after the transaction date — marked late (transactionTimeliness = 'L'), which reduces near-term transparency.

Context
This was a private PIPE purchase, meaning the shares were issued in a private placement rather than bought on the open market. Insider purchases can be viewed as a positive signal of confidence, but they are only one data point and do not guarantee future company performance. The late filing delays public visibility into the trade.