Tempest Therapeutics (TPST) Q1 2026 earnings summary

Executive summary

• Completed acquisition of Erigen Assets and Factor Bioscience CAR-T assets, expanding pipeline with dual-targeting CAR-T cell therapies, including TPST-2003 in clinical development for multiple myeloma and POEMS syndrome.

• Announced positive interim data for TPST-2003, showing 100% complete response rate in efficacy evaluable CAR-T-naïve patients across two Phase 1 trials.

• Announced Cincinnati Children's AGCTC as lead manufacturing partner and completed technology transfer for TPST-2003 lentiviral vector.

• Implemented significant cost reductions in 2025, including workforce reduction and executive transitions to consulting roles.

• Appointed Andrew Fang, Ph.D., as Head of Business Development to drive global partnerships, with a focus on China.

Financial highlights

• Net loss for Q1 2026 was $27.7 million ($2.53 per share), compared to $10.9 million ($3.16 per share) in Q1 2025, driven by $22.1 million in acquired in-process R&D expense.

• Cash and cash equivalents were $1.8 million as of March 31, 2026, down from $7.7 million at year-end 2025, mainly due to one-time transaction costs from the asset acquisition.

• R&D expenses dropped to $0.1 million from $7.6 million year-over-year, while G&A increased to $5.4 million from $3.3 million due to one-time acquisition costs.

• Weighted-average shares outstanding increased to 10.9 million from 3.4 million year-over-year due to equity issuances.

• Total assets were $10.7 million and stockholders' equity was $0.8 million as of March 31, 2026.

Outlook and guidance

• Existing cash and equivalents expected to fund operations for less than 12 months from financial statement issuance.

• Actively exploring additional financing options and strategic alternatives to extend runway.

• Plans to initiate a U.S. registrational study for TPST-2003 in rrMM, including patients with extramedullary disease, later in 2026.

• Strategic partner-funded BLA filing in China for TPST-2003 planned for 2027.

• Up to $6 million private placement announced in March 2026, with $2 million upfront and up to $4 million contingent on warrant exercise, subject to shareholder approval.