0001193125-26-130480
SEC filingTempest Therapeutics reported 2025 year-end financial results with reduced net loss of $26.3 million and $7.7 million cash, alongside positive TPST-2003 interim data and strategic CAR-T acquisition.
Tempest Therapeutics delivered significantly improved 2025 financial results, narrowing its GAAP net loss to $26.3 million or $6.33 per share from $41.8 million or $19.50 per share in 2024, primarily driven by a 56% reduction in R&D expenses to $12.6 million after re-prioritizing efforts toward strategic alternatives. G&A expenses ticked up slightly to $14.0 million due to one-time separation costs. Cash reserves dwindled to $7.7 million from $30.3 million, partly offset by $10.7 million in net proceeds from equity offerings including a November 2025 RDO and March 2026 private placement. CEO Matt Angel highlighted 2025 as transformative, marked by the all-stock acquisition of next-generation dual-targeting CAR-T assets from Factor Bioscience, bringing clinical-stage TPST-2003 with a partner-funded BLA planned for China in 2027. Positive interim REDEEM-1 Phase 1/2a data showed 100% complete response rate in six rrMM patients as of January 31, 2026, with no Grade >3 CRS or ICANS, positioning TPST-2003 as potentially differentiated. Prior IIT data indicated 23.1 months median PFS. Upcoming milestones include U.S. IND and Phase 2b registrational study initiation in 2026, plus NCI-funded Phase 2 for TPST-1495 in FAP. Amezalpat (TPST-1120) advanced with China pivotal trial clearance and multiple orphan/fast track designations for HCC. These developments signal pipeline momentum amid tight liquidity.