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Tempest Therapeutics (TPST) investor relations material

Tempest Therapeutics Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary11 Aug, 2025

Executive summary

  • Clinical-stage biotech focused on cancer therapies, with amezalpat ready for pivotal Phase 3 in liver cancer and TPST-1495 entering Phase 2 for FAP, both with recent regulatory designations and positive trial data.

  • Cleared to begin pivotal amezalpat trial for first-line HCC in China, expanding on prior US and EU clearances.

  • Received orphan drug designations for amezalpat (HCC) and TPST-1495 (FAP) from FDA and EMA.

  • In April 2025, initiated a strategic review to explore alternatives including mergers, acquisitions, or partnerships, and implemented significant cost reductions including a 21-person workforce reduction.

  • Key executives transitioned to consulting roles; company retained MTS Health Partners to advise on strategic options.

Financial highlights

  • Cash and cash equivalents were $14.3 million as of June 30, 2025, down from $30.3 million at December 31, 2024.

  • Net loss for Q2 2025 was $7.9 million ($2.07/share), a decrease from $9.6 million ($5.52/share) in Q2 2024; net loss for the six months ended June 30, 2025 was $18.7 million ($5.17/share), up from $17.5 million ($10.15/share) year-over-year.

  • Research and development expenses for Q2 2025 were $3.9 million, down 34% year-over-year; general and administrative expenses increased to $4.1 million, mainly due to one-time separation costs.

  • Operating cash outflows for the first half of 2025 were $16.5 million, compared to $12.7 million in the prior year period.

  • Raised $4.1 million in a registered direct offering and $2.8 million via ATM program in H1 2025; repaid $3.5 million to fully satisfy outstanding loan.

Outlook and guidance

  • Existing cash is expected to fund operations for less than 12 months from the date of the financial statements, raising substantial doubt about going concern.

  • Advancement of amezalpat into Phase 3 and TPST-1495 into Phase 2 is contingent on securing additional resources or a strategic transaction.

  • Actively pursuing strategic alternatives to advance clinical programs and maximize stockholder value.

  • Ongoing strategic review may result in mergers, acquisitions, partnerships, or other transactions; no timetable set for completion.

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Frequently asked questions

Tempest Therapeutics Inc. is a clinical-stage biotechnology firm dedicated to developing small molecule therapeutics aimed at treating cancer. Their approach involves mechanisms that not only directly kill tumor cells but also activate tumor-specific immunity. The company is headquartered in Brisbane, California, and its shares are listed on the NASDAQ.

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