The improved financial efficiency and strong early clinical data are positive, but the low cash balance ($7.7M) raises near-term solvency concerns. The upcoming U.S. registrational trial for TPST-2003 and potential warrant exercises could catalyze value, but further dilution is likely. Monitor Q1 2026 cash levels and IND clearance for TPST-2003.
Price Chart
Executive Summary
Tempest Therapeutics reported financial results for 2025, highlighted by a significant reduction in net loss from $41.8M to $26.3M despite declining cash from $30.3M to $7.7M. The company announced positive interim Phase 1/2a data for TPST-2003 in multiple myeloma with a 100% complete response rate in six patients and no severe toxicities, while advancing other pipeline assets including amezalpat and TPST-1495 with regulatory designations and planned trials.
Key Financial Metrics
Key Facts
- Net loss decreased from $41.8M in 2024 to $26.3M in 2025, with EPS improving from -$19.50 to -$6.33
- Cash and cash equivalents declined from $30.3M to $7.7M at year-end 2025
- TPST-2003 showed 100% complete response in 6 efficacy-evaluable rrMM patients, no Grade >3 CRS or ICANS
- Strategic acquisition of dual-targeting CAR-T assets from Factor Bioscience completed
- Up to $8.35M registered direct offering in November 2025 and $6M private placement in March 2026 announced
- R&D expenses dropped from $28.5M to $12.6M due to reprioritization toward strategic alternatives
Financial Impact
Cash burn of $22.6M in 2025, partially offset by $10.7M in net financing proceeds; R&D spend cut by $15.9M
Risk Factors
- Low cash balance of $7.7M may require additional financing, leading to dilution
- Forward-looking milestones (e.g., U.S. registrational trial) are uncertain and dependent on funding
- Clinical data is interim and based on only six patients; larger trials may not replicate results
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3264681 |
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 26d 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%) |
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