The option provides Tempest with a second in vivo CAR-T platform at low upfront cost, but the escalating maintenance fees ($10M-$14M/year) will pressure cash runway if exercised. Watch for Tempest's decision to exercise the option within 4 months and for Phase 1 data updates on the BCMA/GPRC5D candidate, which could drive significant value if efficacy is confirmed.
Price Chart
Executive Summary
Tempest Therapeutics entered into an exclusive option agreement with Hebei Senlang Biotechnology to license Senlang's CD7-targeted lentiviral in vivo CAR-T platform worldwide (ex-China). The lead candidate, a BCMA/GPRC5D dual-targeting CAR-T, is in Phase 1 dose escalation for relapsed/refractory multiple myeloma with early signs of in vivo CAR-T generation and a clean safety profile. The option is exercisable within 4 months for ~$447,000, with escalating maintenance fees ($10M-$14M/year), a 6% royalty on net sales up to $800M per product, and sublicense revenue sharing.
Key Financial Metrics
Key Facts
- Tempest obtained an exclusive 4-month option to license Senlang's CD7-targeted lentiviral in vivo CAR-T platform for the world excluding Greater China.
- Option exercise fee is approximately $447,000; if exercised, annual maintenance fees escalate from $10M to $14M over the first three years.
- Royalty on net sales is 6% per product, capped at $800M cumulative per product, after which the license becomes fully paid-up and royalty-free.
- Lead candidate is a BCMA/GPRC5D dual-targeting in vivo CAR-T currently in Phase 1 dose escalation for relapsed/refractory multiple myeloma.
- Early clinical data as of Aug 25, 2026 show in vivo CAR-T generation and expansion at the highest evaluable dose, with no Grade 3+ CRS or ICANS observed.
- Tempest must use commercially reasonable efforts to develop at least one Licensed Product and meet IND-filing or BD-transaction milestones per product.
- The agreement complements Tempest's existing CD7-targeted LNP platform, which is planned to enter the clinic later in 2026.
Financial Impact
Upfront option fee ~$447,000; annual maintenance fees $10M-$14M; 6% royalty on net sales capped at $800M per product; sublicense revenue sharing percentage undisclosed.
Risk Factors
- Tempest may not exercise the option, rendering the agreement void with no value.
- Phase 1 data are early; safety and efficacy remain unproven, and dose escalation is ongoing.
- Annual maintenance fees of $10M-$14M could strain Tempest's cash position, potentially requiring dilutive financing.
- Technology transfer from Senlang is contingent on Chinese government approvals, which may cause delays or failure.
- Competition from other in vivo CAR-T platforms (e.g., Umoja, Sana) could limit commercial potential.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-394492 |
| Document: d185404d8k.htm | 0001193125-26-394492 |
| Document: d185404dex991.htm | 0001193125-26-394492 |
| Document: 0001193125-26-394492-index-headers.html | 0001193125-26-394492 |
| Document: 0001193125-26-394492-index.html | 0001193125-26-394492 |
| Document: 0001193125-26-394492.txt | 0001193125-26-394492 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | DEF 14A | $0.5102 | awaiting T+20 | — | $0.5100 (+0.04%) |
Oct 20, 2026 6d ago | DEFA14A | $0.5282 | awaiting T+20 | — | $0.5100 (−3.45%) |
Oct 20, 2026 6d ago | 8-K | $0.5282 | awaiting T+20 | — | $0.5100 (−3.45%) |
Oct 19, 2026 7d ago | 8-K | $0.5762 | awaiting T+20 | — | $0.5100 (−11.49%) |
Oct 2, 2026 25d ago | EFFECT | $0.8112 | awaiting T+20 | — | $0.5100 (+37.13%) |
Sep 25, 2026 4w ago | S-3 | $0.8316 $0.5102 | ▲ +38.65% | ▲ +38.62% | $0.5100 (+38.67%) |
Sep 17, 2026 5w ago | 8-K | $0.9680 $0.6240 | ▼ −35.54% | ▼ −35.74% | $0.5100 (−47.31%) |
Sep 16, 2026 5w ago | DEFA14A | $0.8950 $0.6350 | ▼ −29.05% | ▼ −30.51% | $0.5100 (−43.02%) |
Sep 16, 2026 5w ago | 8-K | $0.8950 $0.6350 | ▼ −29.05% | ▼ −30.51% | $0.5100 (−43.02%) |
Sep 11, 2026 6w ago | Press Release | $0.8117 $0.7601 | ▲ +6.36% | ▲ +8.23% | $0.5100 (+37.17%) |
US Market Status
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