The $1.8M cash balance is critically low for a company planning to initiate a U.S. registrational study. Expect an imminent dilutive equity offering (following the pattern of $8.35M RDO in Nov 2025 and $6M PIPE in Mar 2026). The 100% CR rate in TPST-2003 is a genuine catalyst but the financing overhang will dominate near-term price action. Monitor for a capital raise announcement within weeks.
Price Chart
Executive Summary
Tempest Therapeutics reported Q1 2026 results with a net loss of $27.7M ($2.53/share), significantly wider than the $10.9M loss in Q1 2025, driven by $22.1M in acquired in-process R&D costs from the Factor Bioscience asset acquisition. Cash burned rapidly to $1.8M from $7.7M at year-end 2025, highlighting acute near-term funding risk for a clinical-stage biotech with no revenue and a planned registrational study.
Key Financial Metrics
Key Facts
- Cash and cash equivalents fell to $1.8M as of March 31, 2026, from $7.7M on December 31, 2025 — a 77% decline in one quarter
- Net loss of $27.7M for Q1 2026 vs $10.9M in Q1 2025, driven by $22.1M in acquired in-process R&D expense
- Operating loss of $27.7M vs $10.9M in the prior-year quarter, with R&D spending collapsing to $0.1M from $7.6M
- At the current burn rate (~$6M/quarter excluding the one-time acquisition costs), the company has less than one quarter of cash runway
- No revenue reported; pre-revenue clinical-stage biotech with no approved products
- Positive interim TPST-2003 data (100% CR rate in 15 CAR-T-naive patients) is the key pipeline catalyst but does not offset the cash crisis
Financial Impact
Cash burn of ~$5.9M in operating activities (excluding $22.1M non-cash IPR&D charge) leaves ~$1.8M cash, implying <1 quarter runway without additional financing
Risk Factors
- Imminent need for dilutive financing — cash runway is <1 quarter at current burn
- Potential going-concern qualification in next 10-Q if no financing secured
- Dilution from the March 2026 private placement warrants (up to $4M additional shares)
- Clinical trial execution risk for planned TPST-2003 registrational study
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-224156 |
| Document: tpst-20260514.htm | 0001193125-26-224156 |
| Document: 0001193125-26-224156-index-headers.html | 0001193125-26-224156 |
| Document: 0001193125-26-224156-index.html | 0001193125-26-224156 |
| Document: 0001193125-26-224156.txt | 0001193125-26-224156 |
| 8-K Data (Synthetic) | 0001193125-26-224156 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | DEF 14A | $0.5102 | awaiting T+20 | — | $0.5110 (−0.16%) |
Oct 20, 2026 7d ago | DEFA14A | $0.5282 | awaiting T+20 | — | $0.5110 (−3.26%) |
Oct 20, 2026 7d ago | 8-K | $0.5282 | awaiting T+20 | — | $0.5110 (−3.26%) |
Oct 19, 2026 8d ago | 8-K | $0.5762 | awaiting T+20 | — | $0.5110 (−11.32%) |
Oct 2, 2026 25d ago | EFFECT | $0.8112 | awaiting T+20 | — | $0.5110 (+37.01%) |
Sep 25, 2026 4w ago | S-3 | $0.8316 $0.5102 | ▲ +38.65% | ▲ +38.62% | $0.5110 (+38.55%) |
Sep 17, 2026 5w ago | 8-K | $0.9680 $0.6240 | ▼ −35.54% | ▼ −35.74% | $0.5110 (−47.21%) |
Sep 16, 2026 5w ago | DEFA14A | $0.8950 $0.6350 | ▼ −29.05% | ▼ −30.51% | $0.5110 (−42.91%) |
Sep 16, 2026 5w ago | 8-K | $0.8950 $0.6350 | ▼ −29.05% | ▼ −30.51% | $0.5110 (−42.91%) |
Sep 11, 2026 6w ago | Press Release | $0.8117 $0.7601 | ▲ +6.36% | ▲ +8.23% | $0.5110 (+37.05%) |
US Market Status
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