Tempest Therapeutics, Inc. TPST
We are a clinical-stage biotechnology company advancing a diversified portfolio of cell therapy and small molecule product candidates. In February 2026, we expanded our pipeline through a strategic transaction under which we acquired rights to a portfolio of dual-targeting chimeric antigen receptor T-cells ("CAR-T") product candidates with the potential to treat certain blood cancers, solid tumors and immunology indications, including TPST-2003, an autologous CD19/B-cell maturation antigen ("BCMA") CAR-T therapy currently in clinical development for relapsed or refractory multiple myeloma ("rrMM").
Our portfolio also includes two clinical-stage small molecule product candidates with the potential to treat certain cancer indications. One of our small-molecule product candidates, amezalpat (previously known as TPST-1120), has completed a Phase 2 study in first-line hepatocellular carcinoma ("HCC"). Amezalpat remains Phase 3-ready in HCC and we plan to pursue business development discussions to advance pivotal development. Our second small-molecule product candidate is TPST-1495, which we plan to initiate a Phase 2 study for in familial adenomatous polyposis ("FAP"), with first patient enrollment expected in 2026. The study is expected to be funded by the National Cancer Institute ("NCI") and conducted through the Cancer Prevention Clinical Trials Network ("CP-CTNet"), enabling advancement with limited internal capital deployment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | $295.0K | $653.0K |
| Cost of revenue | — | — | — | — | — | — | — | — | $790.0K | $5.4M |
| Gross profit | — | — | — | — | — | — | — | — | -$495.0K | -$4.7M |
| R&D | — | — | — | — | — | — | — | — | $18.3M | $21.6M |
| SG&A | $14.0M | $13.6M | $11.7M | $12.1M | $9.8M | $4.9M | $17.6M | $8.7M | $6.0M | $49.2M |
| Total operating expenses | — | — | — | — | — | — | — | — | $50.9M | $81.7M |
| Operating income | -$26.6M | -$42.0M | -$29.2M | -$34.6M | -$27.0M | -$19.3M | -$45.4M | -$26.9M | -$84.3M | -$81.0M |
| Interest expense | $207.0K | $1.3M | $1.4M | $1.6M | $1.3M | $0 | — | $134.0K | $288.0K | — |
| Pre-tax income | -$26.3M | -$41.8M | -$29.5M | -$35.7M | -$28.3M | -$19.2M | — | — | -$50.9M | -$82.1M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | — | — | $67.0K | $201.0K |
| Net income | -$26.3M | -$41.8M | -$29.5M | -$35.7M | -$28.3M | -$19.2M | -$44.6M | -$27.2M | -$84.6M | -$82.3M |
| EPS, basic | -6.33 | -19.50 | -1.91 | -3.09 | -7.47 | -41.03 | — | — | — | — |
| EPS, diluted | -6.33 | -19.50 | -1.91 | -3.09 | -7.47 | -41.03 | -3.25 | -17.58 | -321.81 | -2.56 |
| Shares, diluted (wtd. avg.) | 4.1M | 2.1M | 15.4M | 11.5M | 3.8M | 468,161 | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.7M | $30.3M | $39.7M | $31.6M | $51.8M | $18.8M | $3.2M | $73.8M | $17.6M | $41.9M |
| Short-term investments | — | — | — | — | — | — | — | $0 | $51.5M | $70.5M |
| Total current assets | $8.3M | $31.5M | $40.4M | $33.0M | $69.0M | $19.8M | $71.1M | $83.4M | $19.7M | $116.4M |
| Property, plant and equipment | $605.0K | $886.0K | $840.0K | $1.1M | $1.1M | $1.1M | — | — | $3.1M | $5.6M |
| Total assets | $16.9M | $41.5M | $51.6M | $46.1M | $73.2M | $22.9M | $75.0M | $84.1M | $19.8M | $122.5M |
| Accounts payable | $1.0M | $2.5M | $845.0K | $1.1M | $991.0K | $1.1M | $1.5M | $2.0M | $1.3M | $2.2M |
| Short-term debt | $0 | $6.4M | $4.3M | — | — | $239.0K | $208.0K | $189.0K | $174.0K | — |
| Total current liabilities | $3.3M | $14.2M | $9.4M | $7.3M | $20.0M | $3.2M | $12.5M | $9.8M | $4.1M | $13.2M |
| Long-term debt | — | $0 | $6.3M | $10.4M | $15.1M | $61.0K | $168.0K | $383.0K | $599.0K | — |
| Total liabilities | $10.3M | $22.4M | $24.8M | $28.0M | $37.1M | $4.9M | $15.1M | $11.0M | $4.8M | $14.3M |
| Retained earnings | -$233.4M | -$207.1M | -$165.3M | -$135.8M | -$100.1M | -$71.8M | -$208.7M | -$164.1M | -$136.9M | -$250.2M |
| Total equity | $6.7M | $19.1M | $26.8M | $18.1M | $36.1M | -$68.8M | -$50.4M | $73.1M | -$128.5M | -$51.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$26.8M | -$33.0M | -$27.4M | -$31.1M | -$26.0M | -$19.0M | -$41.2M | -$23.6M | -$20.3M | -$61.7M |
| Depreciation and amortisation | $266.0K | $389.0K | $381.0K | $638.0K | $374.0K | $339.0K | $97.0K | $32.0K | $28.0K | $2.2M |
| Stock-based compensation | — | — | — | — | — | — | — | — | $6.9M | $9.2M |
| Capital expenditure | $0 | $435.0K | $170.0K | $562.0K | $135.0K | $50.0K | $397.0K | $36.0K | $4.0K | $2.6M |
| Investing cash flow | $0 | -$435.0K | -$170.0K | -$562.0K | -$97.0K | -$6.0K | $4.0M | $1.9M | $458.0K | $8.3M |
| Financing cash flow | $4.3M | $24.5M | $35.6M | $11.4M | $59.1M | $34.6M | $26.9M | $77.7M | -$4.5M | $54.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-130490.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $653.0K | $295.0K | — | — | — | — | — | — | — | — |
| Gross profit | -$4.7M | -$495.0K | — | — | — | — | — | — | — | — |
| Net income | -$82.3M | -$84.6M | -$27.2M | -$44.6M | -$19.2M | -$28.3M | -$35.7M | -$29.5M | -$41.8M | -$26.3M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder vote Item 5.07
- Other event Item 8.01
- Material agreement signed Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote Item 5.07
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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