Tempest Reports Third Quarter 2026 Financial Results and Provides Business Update
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Tempest Therapeutics (TPST) reported a third-quarter 2026 net loss of $3.629 million while expanding its cell-therapy pipeline and financing access. The loss compared with $3.511 million a year earlier; loss per share was $0.21 versus $0.79. Cash fell to $0.9 million at September 30 from $7.7 million at December 31, 2025. The company expects less than 12 months of operating funding and disclosed substantial doubt about continuing as a going concern.
Tempest exclusively licensed Senlang’s platform, including TPST-4903, which is in Phase 1 testing for multiple myeloma. It expects a TPST-4003 autoimmune-disease trial to begin in fourth-quarter 2026. A September warrant placement raised approximately $2.5 million gross, or $1.8 million net. An equity agreement permits sales of up to $25.0 million, increasing to $50.0 million if the initial amount is sold, over 24 months beginning September 1, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointSeptember private placement raised approximately $2.5 million gross, with approximately $1.8 million net proceeds. 33% of market cap
- Major point. Forward-looking: it has not happened yet and may not happen.Lincoln Park agreement provides access to up to $25.0 million, increasing to $50.0 million if initially sold. 3.3× market cap
- Major pointMarch 2026 common-stock and warrant placement generated $1.7 million net.
- Major pointMay 2026 warrant inducement generated $1.7 million net.
- Moderate pointSenlang platform license grants exclusive development and commercialization rights worldwide, excluding China, including TPST-4903.
- Moderate pointThird-quarter operating loss narrowed to $2.823 million from $3.597 million a year earlier.
5 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.TPST-4003 partnership with Senlang supports development; a China trial in approximately 10 patients is expected in fourth-quarter 2026.
- Minor pointLincoln Park share sales generated approximately $0.3 million gross through September 30, 2026.
- Minor pointThird-quarter research and development expenses decreased to $207,000 from $570,000 a year earlier.
- Minor pointThird-quarter administrative expenses decreased to $2.616 million from $3.027 million a year earlier.
- Minor pointNine-month research and development expenses decreased to $2.140 million from $12.067 million a year earlier.
Negative
- Major pointOperating funding is expected to last less than 12 months; substantial going-concern doubt remains.
- Major pointNine-month operating cash use totaled $12.4 million.
- Major pointNine-month net loss widened to $36.569 million versus $22.241 million; loss per share narrowed to $2.54 versus $5.71.
- Major point. Forward-looking: it has not happened yet and may not happen.September financing issued pre-funded warrants and Series C and D warrants, creating potential shareholder dilution.
- Moderate pointCash declined to $0.9 million at September 30, 2026, from $7.7 million at December 31, 2025.
- Moderate pointEquity-line financing costs totaled $806,000 in third-quarter 2026, versus none a year earlier. 11% of market cap
- Moderate point. Forward-looking: it has not happened yet and may not happen.Additional warrant proceeds of up to approximately $5.0 million gross depend on cash exercise of Series C and D warrants. 65% of market cap
- Moderate pointStockholders’ equity shifted to a $1.830 million deficit from $6.668 million equity at December 31, 2025.
4 minor points
- Minor pointThird-quarter net loss widened to $3.629 million versus $3.511 million; loss per share narrowed to $0.21 versus $0.79.
- Minor pointAcquired research and development expense reached $22.180 million over nine months, versus none a year earlier.
- Minor pointNine-month administrative expenses increased to $11.473 million from $10.431 million a year earlier.
- Minor pointLincoln Park purchases involved 350,000 common shares through September 30, 2026, diluting existing holders.
Key Figures
- Cash and cash equivalents
- $0.9 million
- At September 30, 2026; compared with $7.7 million at December 31, 2025
- Expected cash runway
- Less than 12 months
- Based on existing cash and cash equivalents; company disclosed substantial doubt about its ability to continue as a going concern
- Net loss
- $3.6 million
- Third quarter 2026; compared with $3.5 million in the third quarter of 2025
- Net loss
- $36.6 million
- Nine months ended September 30, 2026; compared with $22.2 million in the same period of 2025
- Cash used in operating activities
- $12.4 million
- Nine months ended September 30, 2026
- Lincoln Park equity line
- Up to $50.0 million
- Right to sell $25.0 million initially, increasing to $50.0 million if the initial amount is sold
- Private placement proceeds
- Approximately $2.5 million gross; approximately $1.8 million net
- Completed in September 2026
- Potential warrant proceeds
- Up to approximately $5.0 million gross
- May be received upon cash exercise of the Series C and D warrants
Previous Earnings Reports
-
Reported $0.8 million in cash and a $5.2 million quarterly net loss.
-
Reported $1.8 million in cash and a $27.7 million net loss.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
car-t medical
lentiviral technical
equity line of credit financial
going concern financial
pre-funded warrants financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Exclusively licensed Senlang’s CD7-Targeted lentiviral in vivo CAR-T platform following initial Phase 1 results with lead BCMA/GPRC5D candidate TPST-4903
Secured access to additional capital through an equity line of credit with Lincoln Park Capital Fund of up to
Strengthened Board of Directors with the appointments of Nancy Freda-Smith and John W. Frederick
BRISBANE, Calif., Nov. 13, 2026 (GLOBE NEWSWIRE) -- Tempest Therapeutics, Inc. (Nasdaq: TPST) (“Tempest”), a clinical-stage biotechnology company developing a pipeline of advanced in vivo chimeric antigen receptor T-cell (“CAR-T”) product candidates to treat cancer and autoimmune disease, today reported financial results for the quarter ended September 30, 2026, and provided a business update.
“The third quarter marked a period of meaningful progress in the advancement of two next-generation in vivo CAR-T platforms with the potential to transform treatment across multiple diseases,” said Matt Angel, Ph.D., president and chief executive officer of Tempest. “We made important strides in expanding our pipeline and strengthening our position in the rapidly evolving in vivo CAR-T landscape through our strategic collaboration with Senlang by obtaining exclusive license rights to our clinical-stage BCMA/GPRC5D in vivo CAR-T candidate TPST-4903, while securing access to additional capital to support our development priorities. We also welcomed two accomplished independent directors to our Board, bringing valuable corporate governance and capital markets expertise as we navigate our next phase of growth. Together, these achievements reinforce our commitment to advancing our pipeline, executing on our strategic priorities and unlocking the broad therapeutic potential of in vivo CAR-T therapies for patients.”
Recent Highlights
- TPST-4903
- Exercised option under agreement with Hebei Senlang Biotechnology Co., Ltd. to obtain an exclusive license to develop and commercialize Senlang’s CD7-targeted lentiviral vector platform and associated in vivo CAR-T candidates worldwide, excluding China.
- The lead program, TPST-4903, is a BCMA/GPRC5D dual-targeting in vivo CAR-T candidate being evaluated in a Phase 1 dose-escalation study in patients with relapsed or refractory multiple myeloma (rrMM). The initial data demonstrating encouraging preliminary clinical responses are expected to be presented at an upcoming scientific conference.
- TPST-4003
- Unveiled next-generation in vivo CAR-T pipeline, including lead product candidate TPST-4003, a dual-targeting CD19/BCMA in vivo CAR-T candidate that combines the Company’s proprietary CD7-targeted mRNA/LNP delivery with its clinically validated dual-target CAR architecture for broad B-cell lineage depletion and reset.
- Executed a strategic partnership in July 2026 with Hebei Senlang Biotechnology to collaborate on the development of certain of Tempest’s proprietary in vivo CAR-T product candidates, including the Company’s next-generation CD7-targeted TPST-4003. An investigator-initiated trial in China evaluating TPST-4003 in approximately 10 patients with myasthenia gravis or multiple sclerosis is expected to begin in the fourth quarter of 2026.
- Corporate:
- Completed a private placement in September 2026 of pre-funded warrants and Series C and D warrants for gross proceeds of approximately
$2.5 million (approximately$1.8 million net of placement agent fees and offering expenses), excluding up to approximately$5.0 million of gross proceeds that may be received upon the cash exercise of the Series C and D warrants. - Entered into a purchase agreement with Lincoln Park Capital Fund, LLC on August 13, 2026 that gives Tempest the right, but not the obligation, to sell up to
$25.0 million of its common stock, increasing to$50.0 million if the initial amount is sold, over a 24-month period that began September 1, 2026.Through September 30, 2026, Tempest sold 350,000 shares to Lincoln Park for gross proceeds of approximately$0.3 million . - Strengthened Board of Directors with the appointments of independent directors, Nancy Freda-Smith and John W. Frederick boosting corporate governance and capital markets expertise.
- Completed a private placement in September 2026 of pre-funded warrants and Series C and D warrants for gross proceeds of approximately
Financial Results
Third Quarter 2026
- Tempest ended the quarter with
$0.9 million in cash and cash equivalents, compared to$7.7 million on December 31, 2025. The decrease was primarily due to cash used in operations, including one-time transaction-associated costs incurred prior to or upon closing of the Asset Acquisition in February 2026, offset by the net proceeds from the Company’s private placement of common stock and warrants in March 2026 of$1.7 million , the warrant inducement in May 2026 of$1.7 million , sales of common stock under the Lincoln Park equity line of credit of$0.3 million and the Company’s private placement in September 2026 of$1.8 million . The Company’s existing cash and cash equivalents are expected to fund its projected operating expense requirements for less than 12 months from the date the financial statements were available to be issued, and there is substantial doubt about the Company’s ability to continue as a going concern. - Net loss and net loss per share for the quarter were
$3.6 million and$0.21 , respectively, compared to$3.5 million and$0.79 , respectively, for the three months ended September 30, 2025. - Research and development expenses for the quarter were
$0.2 million compared to$0.6 million for the three months ended September 30, 2025. The$0.4 million decrease was primarily due to a decrease in costs incurred as a result of the portfolio re-prioritization after the Asset Acquisition in February 2026, offset by research and manufacturing costs related to the Company’s CAR-T product candidates. - General and administrative expenses for the quarter were
$2.6 million compared to$3.0 million for the same period in 2025. The$0.4 million decrease was primarily due to a decrease in one-time separation and other costs incurred in the third quarter of 2025, offset by other administrative expenses. - Financing costs related to the Lincoln Park equity line of credit for the quarter were
$0.8 million , consisting of$0.66 million for the fair value of the commitment shares issued to Lincoln Park and$0.15 million of issuance costs, net of a nominal gain on shares sold to Lincoln Park. There were no financing costs in the three months ended September 30, 2025.
Nine Months Ended September 30, 2026
- Cash used in operating activities for the nine months ended September 30, 2026 was
$12.4 million . - Net loss and net loss per share for the nine months ended September 30, 2026 were
$36.6 million and$2.54 , respectively, compared to$22.2 million and$5.71 , respectively, for the same period in 2025. - Research and development expenses for the nine months ended September 30, 2026 were
$2.1 million , compared to$12.1 million for the same period in 2025. The$9.9 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 nine months ended September 30, 2026 were
$11.5 million , compared to$10.4 million for the same period in 2025. The$1.0 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 nine months ended September 30, 2026 were
$22.2 million compared to nil for the nine months ended September 30, 2025. Costs incurred prior to or upon closing the Asset Acquisition in the prior three months ended March 31, 2026 were expensed as acquired in-process research and development. - Financing costs related to the Lincoln Park equity line of credit for the nine months ended September 30, 2026 were
$0.8 million , all of which were recognized in the third quarter of 2026. There were no financing costs in the nine months ended September 30, 2025.
About Tempest Therapeutics
Tempest is a clinical-stage biotechnology company developing a pipeline of advanced in vivo CAR-T therapies designed to treat cancer and autoimmune disease by resetting dysfunctional immunity. Tempest’s portfolio includes TPST-4903, a BCMA/GPRC5D dual-targeting in vivo CAR-T candidate being evaluated in a Phase 1 study for relapsed or refractory multiple myeloma (rrMM). The Company’s lead lipid nanoparticle (LNP)-based in vivo CAR-T candidate, TPST-4003 combines a clinically supported dual-targeting CD19/BCMA CAR structure with an advanced CD7-targeting delivery platform to support broad immune reset across multiple indications. The company’s additional preclinical programs leverage advanced payloads to create a modular in vivo CAR-T portfolio. Tempest envisions a world in which immune reset therapies bring safe, effective, and broadly accessible therapeutic options to patients in need. For additional information, visit Tempest’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’s collaboration with Senlang and the advancement, development, design and potential benefits of TPST-4003; the planned investigator-initiated trial of TPST-4003, including the expected patient population, indications, number of patients, timing of first patient enrollment and dosing, expected assessments and anticipated timing and nature of initial and interim clinical data; Tempest’s exclusive license to develop and commercialize Senlang’s CD7-targeted lentiviral vector platform and associated in vivo CAR-T candidates, and the anticipated benefits of that license; the advancement, development and potential benefits of TPST-4903, including the ongoing Phase 1 dose-escalation study; the expected presentation of initial data from that study at an upcoming scientific conference, and the nature and timing of that data; the potential applicability of Tempest’s platform and product candidates across autoimmune and oncology indications; Tempest’s business development and partnering plans, including in China; Tempest’s ability to access capital under its purchase agreement with Lincoln Park and the amount of proceeds it receives; and Tempest’s need for, and ability to obtain, additional capital to fund its planned programs and operations and continue as a going concern. 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; dilution to stockholders from sales of common stock under the Lincoln Park purchase agreement and the exercise of outstanding warrants; Tempest’s ability to regain and maintain compliance with Nasdaq listing requirements; 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, in Tempest’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, expected to be filed with the SEC on November 13, 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) | |||||||
| September 30, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 897 | $ | 7,707 | |||
| Prepaid expenses and other current assets | 712 | 562 | |||||
| Total current assets | 1,609 | 8,269 | |||||
| Property and equipment, net | 429 | 605 | |||||
| Operating lease right-of-use assets | 6,642 | 7,540 | |||||
| Other noncurrent assets | 81 | 517 | |||||
| Total assets | $ | 8,761 | $ | 16,931 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 2,031 | $ | 1,038 | |||
| Accrued expenses | 980 | 937 | |||||
| Current operating lease liabilities | 1,336 | 1,192 | |||||
| Accrued compensation | 322 | 147 | |||||
| Total current liabilities | 4,669 | 3,314 | |||||
| Operating lease liabilities | 5,922 | 6,949 | |||||
| Total liabilities | 10,591 | 10,263 | |||||
| Stockholders' equity | |||||||
| Common stock(1) | 17 | 5 | |||||
| Additional paid-in capital(1) | 277,098 | 240,031 | |||||
| Accumulated deficit | (278,945 | ) | (233,368 | ) | |||
| Total stockholders' equity (deficit) | (1,830 | ) | 6,668 | ||||
| Total liabilities and stockholders' equity (deficit) | $ | 8,761 | $ | 16,931 | |||
| TEMPEST THERAPEUTICS, INC. | |||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||
| Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||
| Expenses: | |||||||||||||||
| Research and development | $ | 207 | $ | 570 | $ | 2,140 | $ | 12,067 | |||||||
| General and administrative | 2,616 | 3,027 | 11,473 | 10,431 | |||||||||||
| Acquired in-process research and development | - | - | 22,180 | - | |||||||||||
| Operating loss | (2,823 | ) | (3,597 | ) | (35,793 | ) | (22,498 | ) | |||||||
| Other income (expense), net: | |||||||||||||||
| Interest expense | - | - | - | (207 | ) | ||||||||||
| Interest and other income, net | - | 86 | 30 | 464 | |||||||||||
| Financing costs related to equity line of credit | (806 | ) | - | (806 | ) | - | |||||||||
| Net loss | $ | (3,629 | ) | $ | (3,511 | ) | $ | (36,569 | ) | $ | (22,241 | ) | |||
| Net loss per share | $ | (0.21 | ) | $ | (0.79 | ) | $ | (2.54 | ) | $ | (5.71 | ) | |||
Investor Contacts:
Alexandra Santos
Wheelhouse Life Science Advisors
asantos@wheelhouselsa.com
Aljanae Reynolds
Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much cash does Tempest Therapeutics have, and how long will it last?
Tempest had $0.9 million in cash and cash equivalents at September 30, 2026. The company expects existing cash to fund projected operating expenses for less than 12 months from when the financial statements were available to be issued. Substantial doubt exists about its ability to continue as a going concern.
What did Tempest report for its third-quarter 2026 net loss?
Tempest reported a $3.629 million net loss, or $0.21 per share, for the three months ended September 30, 2026. The comparable 2025 quarter had a $3.511 million net loss, or $0.79 per share.
What cancers and autoimmune diseases are Tempest’s TPST-4903 and TPST-4003 trials targeting?
TPST-4903 is being evaluated in a Phase 1 dose-escalation study in relapsed or refractory multiple myeloma, while the planned TPST-4003 trial targets myasthenia gravis or multiple sclerosis. Tempest expects initial TPST-4903 data to be presented at an upcoming scientific conference. The investigator-initiated TPST-4003 trial in China is expected to enroll approximately 10 patients.