Tempest Reports First Quarter 2026 Financial Results and Provides Business Update
Rhea-AI Summary
Tempest Therapeutics (Nasdaq: TPST) reported Q1 2026 results and a business update. Interim data from TPST-2003 showed a 100% complete response rate in 15 CAR-T-naïve rrMM patients across REDEEM-1 and POEMS-1, with no Grade ≥3 CRS or ICANS in REDEEM-1.
AGCTC was named lead manufacturing partner and received the TPST-2003 lentiviral vector, supporting a planned U.S. registrational rrMM study in 2026. Tempest closed a strategic CAR-T asset acquisition from Factor Bioscience and Erigen, announced up to $6 million in private placement, ended Q1 with $1.8 million cash, and posted a $27.7 million net loss.
AI-generated analysis. Not financial advice.
Positive
- 100% complete response in 15 CAR-T-naïve rrMM patients across TPST-2003 trials
- No Grade ≥3 CRS or ICANS observed in REDEEM-1 TPST-2003 trial
- 44 rrMM patients treated with TPST-2003 across three studies to date
- AGCTC selected as lead manufacturing partner and lentiviral vector delivered
- Planned first U.S. registrational study of dual-targeting TPST-2003 in rrMM in 2026
- Strategic CAR-T asset acquisition adds next-generation dual-targeting portfolio including TPST-2003
- Up to $6 million private placement, including $2 million upfront and $1.7 million net proceeds received
Negative
- Cash and equivalents declined to $1.8 million from $7.7 million at year-end 2025
- Q1 2026 net loss increased to $27.7 million from $10.9 million year over year
- General and administrative expenses rose to $5.4 million from $3.3 million in Q1 2025
- Acquired in-process R&D expenses of $22.1 million recorded in Q1 2026
News Market Reaction – TPST
On the day this news was published, TPST declined 12.44%, reflecting a significant negative market reaction. Argus tracked a peak move of +8.1% during that session. Argus tracked a trough of -6.4% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $4M from the company's valuation, bringing the market cap to $30.24M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
TPST fell 4.17% while biotech peers were mixed (e.g., BRNS -5.01%, RADX +6.28%, ACRV +1.59%, PSTV -2.06%, TELO -5.38%), pointing to stock-specific trading rather than a broad sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 30 | Year-end 2025 results | Neutral | -12.1% | Year-end 2025 results plus CAR-T asset acquisition and interim TPST-2003 data. |
| Nov 05 | Q3 2025 results | Negative | +9.1% | Q3 2025 update highlighting cash decline and ongoing strategic alternatives process. |
| Aug 11 | Q2 2025 results | Positive | +10.0% | Q2 2025 results with pivotal amezalpat clearance and multiple regulatory designations. |
| May 13 | Q1 2025 results | Neutral | -3.5% | Q1 2025 results with new amezalpat data, designations and workforce reduction plans. |
| Mar 27 | Year-end 2024 results | Neutral | -8.1% | Year-end 2024 results showing amezalpat progress with higher losses and R&D spend. |
Earnings-related releases often paired rich clinical or strategic updates with volatile, frequently negative, next-day price moves.
Across recent earnings updates, Tempest has repeatedly combined financial results with significant strategic or clinical news. Year-end 2024 and 2025 results highlighted growing R&D and net losses alongside progress for amezalpat and TPST-1495. Quarterly 2025 calls emphasized shrinking cash balances, strategic alternatives, and later the pivot toward CAR-T and asset acquisitions. Price reactions have been mixed, with several earnings days showing sharp declines despite constructive pipeline commentary, suggesting sensitivity to balance sheet and dilution concerns.
Historical Comparison
Past earnings releases for TPST moved the stock by an average of -0.93%. Today’s -4.17% reaction is a larger-than-usual downside move versus typical earnings-day volatility.
Earnings updates show a shift from amezalpat- and TPST-1495-focused development in 2024–2025 toward dual-targeting CAR-T assets and the Factor/Erigen acquisition by early 2026.
Regulatory & Risk Context
An effective Form S-3 dated 2026-04-01 registers 2,777,781 common shares for resale from a March 20, 2026 private placement. The company will not receive proceeds from these resale transactions, though it may receive cash upon warrant exercises. Two related 424B3 prospectuses on 2026-04-10 reflect active usage of this resale shelf.
Market Pulse Summary
The stock dropped -12.4% in the session following this news. A negative reaction despite encouraging TPST-2003 efficacy data fits prior patterns where earnings updates highlighted shrinking cash and sizeable losses. With cash at $1.8M and acquired in-process R&D expenses of $22.1M, balance sheet and dilution concerns can overshadow positive science. Existing S-3 resale capacity for 2,777,781 shares and recent warrant-linked financing may reinforce worries about future equity issuance when interpreting the quarter’s results.
Key Terms
phase 1/2a medical
car-t medical
cytokine release syndrome (crs) medical
immune effector cell-associated neurotoxicity syndrome (icans) medical
progression free survival (pfs) medical
extramedullary disease medical
biologics license application ("bla") regulatory
private placement financial
AI-generated analysis. Not financial advice.
Announced positive interim data from the ongoing REDEEM-1 Phase 1/2a trial of TPST-2003 in patients with relapsed/refractory multiple myeloma (rrMM)
Announced Cincinnati Children’s Applied Gene and Cell Therapy Center (“AGCTC”) as Lead Manufacturing Partner
Appointed Andrew Fang, Ph.D., as Head of Business Development
BRISBANE, Calif., May 14, 2026 (GLOBE NEWSWIRE) -- Tempest Therapeutics, Inc. (Nasdaq: TPST) (“Tempest”), a clinical-stage biotechnology company developing a pipeline of advanced CAR-T cell therapy product candidates to treat cancer, today reported financial results for the quarter ended March 31, 2026, and provided a corporate update.
“We made strong progress in the first quarter as we continued to execute across our lead program TPST-2003,” said Matt Angel, Ph.D., President and Chief Executive Officer of Tempest. “We advanced key activities supporting the planned initiation of our U.S. registrational study of TPST-2003 in patients with rrMM, including announcing our lead manufacturing partner AGCTC and taking delivery of the TPST-2003 lentiviral vector, a critical component in the manufacturing of TPST-2003. At the same time, we strengthened our ability to unlock value across our remaining portfolio with the appointment of Andrew Fang, Ph.D., as our Head of Business Development, whose focus on strategic partnerships, licensing and corporate transactions will help position us for long-term growth. We believe these milestones further reinforce our momentum and our path toward delivering meaningful impact for patients and shareholders alike.”
Recent Highlights
- TPST-2003
- Positive interim results across two ongoing clinical trials (REDEEM-1 Phase 1/2a trial of TPST-2003 in patients with rrMM, and POEMS-1 Phase 1 trial evaluating TPST-2003 in the rare disease, POEMS syndrome), both of which are being sponsored and conducted by Tempest’s partner, Novatim Immune Therapeutics:
100% complete response (CR) rate among all 15 CAR-T-naïve efficacy evaluable patients treated with TPST-2003 across REDEEM-1 and POEMS-1 trials.- Favorable safety profile with no Grade ≥3 cytokine release syndrome (CRS) or immune effector cell-associated neurotoxicity syndrome (ICANS) in REDEEM-1 trial appears to be emerging as a potentially differentiating attribute in its class.
- Prior investigator-initiated trial (IIT) reached median progression free survival (PFS) of 23.1 months, including in patients with extramedullary disease.
- 44 patients with rrMM treated to date across three studies.
- The selection of Cincinnati Children’s AGCTC as the lead contract development and manufacturing partner to conduct the formal technology transfer of TPST-2003, Tempest’s dual-targeting CD19/BCMA CAR-T therapy under development for the treatment of relapsed/refractory multiple myeloma (rrMM). Further to the selection of AGCTC as lead partner, AGCTC took delivery of the TPST-2003 lentiviral vector, a critical component used in the manufacturing of TPST-2003, supporting plans to initiate the first potentially registrational study to evaluate a dual-targeting CAR-T therapy in patients with rrMM, including patients who are experiencing extramedullary disease (EMD), later this year.
- Positive interim results across two ongoing clinical trials (REDEEM-1 Phase 1/2a trial of TPST-2003 in patients with rrMM, and POEMS-1 Phase 1 trial evaluating TPST-2003 in the rare disease, POEMS syndrome), both of which are being sponsored and conducted by Tempest’s partner, Novatim Immune Therapeutics:
- Corporate:
- Announced the appointment of Andrew Fang, Ph.D., as Head of Business Development. In his role, Dr. Fang will lead Tempest’s global business development efforts, including strategic partnerships, cross-border licensing and corporate transactions, with a particular focus on expanding Tempest’s outreach and partnering efforts in China.
- Announced closing of strategic asset acquisition of new dual-targeting CAR-T assets from Factor Bioscience Inc. and Erigen LLC (“Asset Acquisition”).
- The transaction brought Tempest a portfolio of next-generation CAR-T assets, including TPST-2003, a clinical-stage dual-targeting CD-19/BCMA CAR-T with strategic partner-funded biologics license application (“BLA”) filing in China planned for 2027.
- In March 2026, Tempest announced up to
$6 million private placement (the “2026 Offering”) of common stock and warrants, with$2 million upfront and up to$4 million of potential aggregate gross proceeds upon the exercise in full of warrants, subject to shareholder approval.
Financial Results
First Quarter 2026
- Tempest ended the quarter with
$1.8 million in cash and cash equivalents, compared to$7.7 million on December 31, 2025. The decrease was primarily due to one-time transaction-associated costs incurred prior to or upon closing the Asset Acquisition, offset by net proceeds from the 2026 Offering of$1.7 million . - Net loss and net loss per share for the quarter were
$27.7 million and$2.53 , respectively, compared to$10.9 million and$3.16 , respectively, for the three months ended March 31, 2025. - Research and development expenses for the quarter were
$0.1 million compared to$7.6 million for the three months ended March 31, 2025. The$7.5 million decrease was primarily due to a decrease in costs incurred as a result of re-prioritizing efforts towards exploring strategic alternatives initiated in April 2025 and resulting in the Asset Acquisition completed in February 2026. - General and administrative expenses for the quarter were
$5.4 million compared to$3.3 million for the same period in 2025. The$2.1 million increase was primarily due to one-time costs resulting from the Asset Acquisition completed in February 2026. - Acquired in-process research and development expenses for the quarter were
$22.1 million compared to nil for the three months ended March 31, 2025. Costs incurred prior to or upon closing the Asset Acquisition in the three months ended March 31, 2026 were expensed as acquired in-process research and development.
About Tempest Therapeutics
Tempest Therapeutics is a clinical-stage biotechnology company developing a pipeline of advanced CAR-T cell therapy product candidates to treat cancer. Tempest is headquartered in Brisbane, California. More information about Tempest can be found on the company’s website at https://www.tempesttx.com.
Forward-Looking Statements
This press release contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, concerning Tempest Therapeutics, Inc. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the management of Tempest Therapeutics, as well as assumptions made by, and information currently available to, management of Tempest Therapeutics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “could”, “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “goal”, “suggest”, “target” and other similar expressions. All statements that are not historical facts are forward-looking statements, including but not limited to, statements regarding: Tempest Therapeutics’ plan to initiate the first potentially registrational study to evaluate a dual-targeting CAR-T therapy in patients with rrMM, focus on expanding Tempest’s outreach and partnering efforts in China, plans for BLA filing in China, and expectations regarding shareholder approval in connection with the 2026 Offering and the potential aggregate proceeds therefrom; anticipated therapeutic benefit and regulatory development of Tempest Therapeutics’ product candidates; and Tempest’s ability to promptly raise additional funds to further expand the Company’s cash runway. All forward-looking statements in this press release are based on Tempest Therapeutics’ current expectations, estimates and projections about its industry as well as management’s current beliefs and expectations of future events only as of today and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to Tempest Therapeutics’ need for additional capital to fund its planned programs and operations and to continue to operate as a going concern; unexpected safety or efficacy data observed during preclinical or clinical trials; the possibility that results from prior clinical trials and preclinical studies may not necessarily be predictive of future results; past results may not be indicative of future results; clinical trial site activation or enrollment rates that are lower than expected; loss of key personnel; changes in expected or existing competition; changes in the regulatory environment; risks relating to volatility and uncertainty in the capital markets for biotechnology companies; and unexpected litigation or other disputes. These and other factors that may cause actual results to differ from those expressed or implied are discussed in greater detail in the “Risk Factors” section of Tempest Therapeutics' Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2026, and in other documents filed by Tempest Therapeutics from time to time with the SEC. Except as required by applicable law, Tempest Therapeutics undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Tempest Therapeutics’ views as of any date subsequent to the date of this press release and should not be relied upon as prediction of future events. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Tempest Therapeutics.
| TEMPEST THERAPEUTICS, INC. | |||||||
| Consolidated Balance Sheets | |||||||
| (in thousands) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 1,805 | $ | 7,707 | |||
| Prepaid expenses and other current assets | 641 | 562 | |||||
| Total current assets | 2,446 | 8,269 | |||||
| Property and equipment, net | 545 | 605 | |||||
| Operating lease right-of-use assets | 7,248 | 7,540 | |||||
| Other noncurrent assets | 509 | 517 | |||||
| Total assets | $ | 10,748 | $ | 16,931 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 585 | $ | 1,038 | |||
| Accrued expenses | 1,162 | 937 | |||||
| Current operating lease liabilities | 1,239 | 1,192 | |||||
| Accrued compensation | 325 | 147 | |||||
| Total current liabilities | 3,311 | 3,314 | |||||
| Operating lease liabilities | 6,615 | 6,949 | |||||
| Total liabilities | 9,926 | 10,263 | |||||
| Stockholders' equity | |||||||
| Common stock | 14 | 5 | |||||
| Additional paid-in capital | 270,880 | 240,031 | |||||
| Accumulated deficit | (270,072 | ) | (233,368 | ) | |||
| Total stockholders' equity | 822 | 6,668 | |||||
| Total liabilities and stockholders' equity | $ | 10,748 | $ | 16,931 | |||
| TEMPEST THERAPEUTICS, INC. | |||||||
| Consolidated Statements of Operations | |||||||
| (in thousands, except per share amounts) | |||||||
| Three months ended | Three months ended | ||||||
| March 31, 2026 | March 31, 2025 | ||||||
| Expenses: | |||||||
| Research and development | $ | 114 | $ | 7,627 | |||
| General and administrative | 5,425 | 3,309 | |||||
| Acquired in-process R&D | 22,180 | - | |||||
| Operating loss | (27,719 | ) | (10,936 | ) | |||
| Other income (expense), net: | |||||||
| Interest expense | - | (161 | ) | ||||
| Interest and other income, net | 23 | 237 | |||||
| Net loss | $ | (27,696 | ) | $ | (10,860 | ) | |
| Net loss per share(1) | $ | (2.53 | ) | $ | (3.16 | ) | |
(1) Results have been adjusted to reflect the one-for-thirteen reverse stock split effected in April 2025.
Investor Contacts:
Sylvia Wheeler
Wheelhouse Life Science Advisors
swheeler@wheelhouselsa.com
Aljanae Reynolds
Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com
