With $0.8M cash and a $5.2M quarterly burn rate, Tempest faces imminent liquidity risk — expect a dilutive equity offering or partnership-based financing within weeks. The TPST-4003 catalyst (Q4 2026 dosing) is too distant to support the current cash position; traders should watch for a capital raise announcement as the primary near-term event.
Price Chart
Executive Summary
Tempest Therapeutics reported Q2 2026 net loss of $5.2M ($0.34/share), a narrower loss vs $7.9M ($2.07) a year ago, but cash burn is acute — cash dropped to $0.8M from $7.7M at year-end 2025. The company highlighted progress on its in vivo CAR-T pipeline (TPST-4003) and a partnership with Senlang Biotechnology, but the cash runway is extremely limited without additional financing, creating existential risk for a pre-revenue biotech with a $19M market cap. The EPS miss vs consensus is severe but mechanically driven by share count changes post-financings, not operational deterioration in a pre-revenue company.
Key Financial Metrics
Key Facts
- Cash and cash equivalents fell to $0.8M as of June 30, 2026, from $7.7M at Dec 31, 2025
- Net loss was $5.2M for Q2 2026 vs $7.9M in Q2 2025
- EPS of -$0.34 vs consensus of -$0.30 (13.3% miss vs Street consensus of -$0.30 per Nasdaq reference)
- Raised ~$1.7M net from warrant inducement in Q2 2026
- R&D expenses fell to $1.8M from $3.9M YoY due to re-prioritization after asset acquisition
- Cash used in operations was $10.4M in H1 2026
- Announced partnership with Senlang for TPST-4003 in vivo CAR-T; first patient dosing expected Q4 2026
- Appointed two new independent directors and a head of business development
Financial Impact
Cash burn rate of ~$5.2M/quarter with only $0.8M cash on hand implies less than 1 quarter of runway without additional financing
Risk Factors
- Imminent cash runway exhaustion — less than 1 quarter of operations at current burn rate
- Dilution risk from required equity financing
- Pre-revenue clinical-stage biotech with no approved products or near-term revenue
- Clinical trial execution risk for TPST-4003 and TPST-2003
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3344974 |
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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