**Tempest Therapeutics Prioritizes CAR-T Development and Small Molecule Programs Following Strategic Acquisition**
Tempest Therapeutics, Inc., a clinical-stage biotechnology company, announced its financial results and operational highlights in its recent 10-K filing, outlining a strategic shift towards cell therapy and small molecule product candidates. The company completed a strategic asset acquisition in February 2026, securing rights to a portfolio of dual-targeting CAR-T cell therapies, including TPST-2003, an autologous CD19/BCMA CAR-T therapy currently in Phase 1/2a clinical development for relapsed or refractory multiple myeloma (rrMM). This acquisition expands Tempest's oncology pipeline and positions it to address limitations of existing cell therapies.
The company's financial performance reflects its clinical-stage status, with no revenue generated from product sales. For the year ended December 31, 2025, Tempest reported a net loss of $26.3 million, compared to a net loss of $41.8 million for the year ended December 31, 2024. Research and development expenses decreased to $12.6 million in 2025 from $28.5 million in 2024, primarily due to cost reductions implemented while exploring strategic alternatives. General and administrative expenses increased slightly to $14.0 million in 2025 from $13.6 million in 2024, driven by employee compensation costs and consulting fees. As of December 31, 2025, Tempest held $7.7 million in cash and cash equivalents.
Operationally, Tempest is prioritizing a capital-efficient development strategy, seeking partner support, external funding, and staged investment decisions based on clinical data and regulatory feedback. The company plans to continue development of TPST-2003, with clinical data expected from an ongoing Phase 1/2a trial in China, funded by strategic partner Novatim Immune Therapeutics. Tempest also intends to advance its small molecule programs, including amezalpat, which is Phase 3-ready for first-line hepatocellular carcinoma (HCC), and TPST-1495, planned for a Phase 2 study in familial adenomatous polyposis (FAP) funded by the National Cancer Institute. Employee headcount as of March 1, 2026, was four full-time employees.
Looking ahead, Tempest Therapeutics acknowledges substantial doubt about its ability to continue as a going concern, requiring significant additional funding to finance operations. The company has a funding commitment from Factor Bioscience for up to $20 million over 18 months, but access to these funds is subject to certain conditions. Tempest plans to explore various financing options, including equity or debt financings, collaborations, and licensing arrangements. The company's future success depends on the successful development, regulatory approval, and commercialization of its product candidates, as well as its ability to manage expenses and secure additional funding.
About Tempest Therapeutics, Inc.
Tempest Therapeutics, Inc. is a clinical-stage biotech company developing targeted and immune-mediated cancer therapies. Its pipeline includes first-in-class oral small molecules like amezalpat for hepatocellular carcinoma and TPST-1495 targeting prostaglandin receptors. The company focuses on innovative oncology treatments, leveraging scientific research, strategic collaborations, and patent protection to address unmet medical needs in cancer markets worldwide.
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