TPST · Tempest Therapeutics, Inc.

Tempest Therapeutics' Q1 2026 results reflect a transformative period marked by the February 2026 asset acquisition from Factor Bioscience Inc. and Erigen LLC, which introduced TPST-2003, a dual-targeting CD19/BCMA CAR-T therapy for relapsed/refractory multiple myeloma (rrMM). This drove a $22.1 million acquired in-process R&D expense, significantly widening the net loss to $27.7 million from $10.9 million in Q1 2025. R&D expenses dropped sharply to $0.1 million from $7.6 million as the company reprioritized following strategic alternatives exploration started in April 2025, while G&A rose to $5.4 million due to acquisition-related costs. Cash burned rapidly to $1.8 million from $7.7 million at December 31, 2025, primarily from transaction costs, partially offset by $1.7 million net proceeds from a $6 million private placement (with $2 million upfront). CEO Matt Angel, Ph.D., highlighted progress on TPST-2003, including positive interim data showing 100% complete response in 15 CAR-T-naïve patients across partner-sponsored REDEEM-1 (Phase 1/2a in rrMM) and POEMS-1 trials, a favorable safety profile with no severe CRS or ICANS, and prior IIT median PFS of 23.1 months. Key milestones include selecting Cincinnati Children’s AGCTC as lead manufacturing partner—who received the lentiviral vector—to support a planned U.S. registrational study later in 2026 targeting rrMM including extramedullary disease, and appointing Andrew Fang, Ph.D., to lead business development with China focus. The acquisition also positions TPST-2003 for a partner-funded BLA in China in 2027. These developments signal pipeline advancement amid tight liquidity, emphasizing the need for additional funding as noted in forward-looking risks.