Transaction Details

Footnotes

This Form 4 discloses the acquisition of pre-paid warrants to purchase shares of Talphera, Inc. common stock ("Common Stock"), which warrants are substantially similar to other warrants beneficially owned by the Reporting Persons; all such warrants are together referred to as the "Warrants." The Warrants are exercisable indefinitely. | NCM, an investment adviser to certain private funds and managed accounts (the "NCM Investors") that hold shares of Common Stock and certain derivative securities related thereto (the "Derivatives"), including Warrants, may be deemed a beneficial owner of such Warrants. Each of Mr. Wilmot B. Harkey and Mr. Daniel Mack may be deemed a beneficial owner of the Warrants beneficially owned by NCM. Each of NCM, Mr. Harkey and Mr. Mack (the "Reporting Persons") disclaims beneficial ownership of the Warrants disclosed herein except to the extent of their respective pecuniary interests therein.