Tempest Therapeutics (TPST) posts $27.7M loss, highlights 100% CAR‑T responses
Rhea-AI Filing Summary
Tempest Therapeutics reported first quarter 2026 results and highlighted rapid progress in its lead CAR‑T program, TPST‑2003. Positive interim data from partner‑run REDEEM‑1 and POEMS‑1 trials showed a 100% complete response rate among 15 efficacy‑evaluable, CAR‑T‑naïve patients with relapsed/refractory multiple myeloma or POEMS syndrome, with no Grade ≥3 CRS or ICANS reported in REDEEM‑1.
The company closed a strategic asset acquisition from Factor Bioscience and Erigen, adding next‑generation dual‑targeting CAR‑T assets, and selected Cincinnati Children’s AGCTC as lead manufacturing partner, which has received the TPST‑2003 lentiviral vector ahead of a planned U.S. registrational study. Tempest also announced a private placement of up to $6 million in common stock and warrants.
Financially, Tempest ended the quarter with $1.8 million in cash and cash equivalents. Net loss was $27.7 million, driven largely by $22.1 million of acquired in‑process R&D linked to the asset acquisition, $5.4 million in general and administrative expenses, and $0.1 million in research and development spending.
Positive
- None.
Negative
- None.
Insights
Strong early TPST‑2003 data contrasts with a very thin cash position.
Tempest Therapeutics reported promising early efficacy for TPST‑2003, including a 100% complete response rate in 15 CAR‑T‑naïve patients and an apparently favorable safety profile with no Grade ≥3 CRS or ICANS in REDEEM‑1. These results, plus 44 rrMM patients treated across three studies, underscore clinical momentum in a competitive CAR‑T space.
The strategic asset acquisition from Factor Bioscience and Erigen adds a broader next‑generation dual‑targeting CAR‑T portfolio, but it also generated $22.1M in acquired in‑process R&D expense, driving a quarterly net loss of $27.7M. Cash and cash equivalents fell to $1.8M, while stockholders’ equity declined to $0.8M, highlighting balance‑sheet fragility.
The up to $6M private placement and partner‑funded BLA filing plans in China provide some prospective support, yet future development and the planned U.S. registrational study for TPST‑2003 will likely require substantial additional funding. Actual impact on shareholders will depend on Tempest’s ability to secure capital and advance TPST‑2003 through registrational pathways.
8-K Event Classification
Key Figures
Key Terms
CAR-T cell therapy medical
acquired in-process R&D financial
complete response (CR) medical
progression free survival (PFS) medical
reverse stock split financial
private placement financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 14, 2026, Tempest Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026 and other business highlights. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The foregoing information (including Exhibit 99.1 hereto) is being furnished under “Item 2.02 Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description |
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99.1 |
Press release dated May 14, 2026 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TEMPEST THERAPEUTICS, INC. |
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Date: |
May 14, 2026 |
By: |
/s/ Matthew Angel |
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Name: |
Matthew Angel |
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Title: |
Chief Executive Officer |
Exhibit 99.1
Tempest Reports First Quarter 2026 Financial Results and
Provides Business Update
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, CA, May 14, 2026 – 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
Financial Results
First Quarter 2026
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. |
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Consolidated Balance Sheets |
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(in thousands) |
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March 31, 2026 |
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December 31, 2025 |
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Assets |
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Current assets |
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Cash and cash equivalents |
$ |
1,805 |
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$ |
7,707 |
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Prepaid expenses and other current assets |
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641 |
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562 |
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Total current assets |
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2,446 |
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8,269 |
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Property and equipment, net |
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545 |
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605 |
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Operating lease right-of-use assets |
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7,248 |
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7,540 |
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Other noncurrent assets |
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509 |
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517 |
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Total assets |
$ |
10,748 |
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$ |
16,931 |
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Liabilities and Stockholders' Equity |
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Current liabilities |
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Accounts payable |
$ |
585 |
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$ |
1,038 |
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Accrued expenses |
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1,162 |
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937 |
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Current operating lease liabilities |
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1,239 |
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1,192 |
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Accrued compensation |
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325 |
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147 |
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Total current liabilities |
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3,311 |
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3,314 |
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Operating lease liabilities |
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6,615 |
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6,949 |
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Total liabilities |
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9,926 |
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10,263 |
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Stockholders' equity |
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Common stock |
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14 |
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5 |
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Additional paid-in capital |
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270,880 |
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240,031 |
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Accumulated deficit |
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(270,072 |
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(233,368 |
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Total stockholders' equity |
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822 |
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6,668 |
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Total liabilities and stockholders' equity |
$ |
10,748 |
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$ |
16,931 |
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TEMPEST THERAPEUTICS, INC. |
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Consolidated Statements of Operations |
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(in thousands, except per share amounts) |
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Three months ended |
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Three months ended |
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March 31, 2026 |
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March 31, 2025 |
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Expenses: |
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Research and development |
$ |
114 |
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$ |
7,627 |
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General and administrative |
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5,425 |
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3,309 |
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Acquired in-process R&D |
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22,180 |
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- |
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Operating loss |
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(27,719 |
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(10,936 |
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Other income (expense), net: |
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Interest expense |
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- |
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(161 |
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Interest and other income, net |
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23 |
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237 |
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Net loss |
$ |
(27,696 |
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$ |
(10,860 |
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Net loss per share(1) |
$ |
(2.53 |
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$ |
(3.16 |
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(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