TPST 8-K
Tempest Therapeutics, Inc. (TPST)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
|||
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On [August 13], 2026, Tempest Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026 and other business highlights. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The foregoing information (including Exhibit 99.1 hereto) is being furnished under “Item 2.02 Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description |
|
|
99.1 |
|
|
|
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
TEMPEST THERAPEUTICS, INC. |
|
|
|
|
Date: |
August 13, 2026 |
By: |
/s/ Matthew Angel |
|
|
Name: |
Matthew Angel |
|
|
Title: |
Chief Executive Officer |
Exhibit 99.1
Tempest Reports Second Quarter 2026 Financial Results and
Provides Business Update
Executed a development collaboration with Senlang Biotechnology to advance certain in vivo CAR-T product candidates, including TPST-4003, a CD7-targeted next-generation in vivo CAR-T, with first patient dosing anticipated in the fourth quarter of 2026 and initial clinical data expected in the first half of 2027
Unveiled pipeline of next-generation in vivo CAR-T product candidates for oncology and immunology applications differentiated by CD-7 targeted mRNA/LNP delivery approach
Appointed Drake Richey and John Yee, MD, MPH, to Board of Directors
Brisbane, CA, August 13, 2026 – Tempest Therapeutics, Inc. (Nasdaq: TPST) (“Tempest”), a clinical-stage biotechnology company developing a pipeline of advanced chimeric antigen receptor T-cell (“CAR-T”) product candidates, today reported financial results for the quarter ended June 30, 2026, and provided a business update.
“We continue to execute against our strategy by advancing our next-generation in vivo CAR-T platform, expanding our expertise with the appointment of two new board members and strengthening our development capabilities through a new collaboration focused on our next-generation in vivo CAR-T candidate, TPST-4003,” said Matt Angel, Ph.D., President and Chief Executive Officer of Tempest. “These milestones reflect the momentum we are building across the business and reinforce our commitment to developing innovative therapies aiming to transform patient care. We are particularly excited to advance TPST-4003 toward an investigator-initiated clinical trial planned for the fourth quarter of 2026, an important step as we work to bring transformative options to patients.”
Recent Highlights
Financial Results
Second Quarter 2026
Year-to-Date
About Tempest Therapeutics
Tempest is a clinical-stage biotechnology company pioneering a pipeline of next generation in vivoCAR-T therapies for autoimmune and oncology indications. Tempest’s immune reset technology is embodied in TPST-4003, the company’s lead in vivo CAR-T product candidate, which combines a dual-target CD19/BCMA CAR structure with the company’s proprietary CAR-T delivery platform to support broad B-cell lineage reset across multiple indications. The company’s additional preclinical programs leverage advanced payloads to create a modular in vivo CAR-T portfolio. Tempest envisions a world in which immune reset therapies bring safe, effective, and broadly accessible therapeutic options to patients in need. For additional information, visit Tempest’s website at https://www.tempesttx.com.
Forward-Looking Statements
This press release contains forward-looking statements, including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, concerning Tempest Therapeutics, Inc. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the management of Tempest Therapeutics, as well as assumptions made by, and
information currently available to, management of Tempest Therapeutics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “could”, “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “goal”, “suggest”, “target” and other similar expressions. All statements that are not historical facts are forward-looking statements, including but not limited to, statements regarding: Tempest’s collaboration with Senlang and the advancement, development, design and potential benefits of TPST-4003; the planned investigator-initiated trial of TPST-4003, including the expected patient population, indications, number of patients, timing of first patient enrollment and dosing, expected assessments and anticipated timing and nature of initial and interim clinical data; the potential applicability of Tempest’s platform and product candidates across autoimmune and oncology indications; Tempest’s business development and partnering plans, including in China; and Tempest’s need for, and ability to obtain, additional capital to fund its planned programs and operations and continue as a going concern. All forward-looking statements in this press release are based on Tempest Therapeutics’ current expectations, estimates and projections about its industry as well as management’s current beliefs and expectations of future events only as of today and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to Tempest Therapeutics’ need for additional capital to fund its planned programs and operations and to continue to operate as a going concern; unexpected safety or efficacy data observed during preclinical or clinical trials; the possibility that results from prior clinical trials and preclinical studies may not necessarily be predictive of future results; past results may not be indicative of future results; clinical trial site activation or enrollment rates that are lower than expected; loss of key personnel; changes in expected or existing competition; changes in the regulatory environment; risks relating to volatility and uncertainty in the capital markets for biotechnology companies; and unexpected litigation or other disputes. These and other factors that may cause actual results to differ from those expressed or implied are discussed in greater detail in the “Risk Factors” section of Tempest Therapeutics' Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2026, and in other documents filed by Tempest Therapeutics from time to time with the SEC. Except as required by applicable law, Tempest Therapeutics undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Tempest Therapeutics’ views as of any date subsequent to the date of this press release and should not be relied upon as prediction of future events. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Tempest Therapeutics.
TEMPEST THERAPEUTICS, INC. |
|
||||||
Consolidated Balance Sheets |
|
||||||
(in thousands) |
|
||||||
|
|
|
|
|
|
||
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
Assets |
|
|
|
|
|
||
Current assets |
|
|
|
|
|
||
Cash and cash equivalents |
$ |
779 |
|
|
$ |
7,707 |
|
Prepaid expenses and other current assets |
|
918 |
|
|
|
562 |
|
Total current assets |
|
1,697 |
|
|
|
8,269 |
|
|
|
|
|
|
|
||
Property and equipment, net |
|
486 |
|
|
|
605 |
|
Operating lease right-of-use assets |
|
6,949 |
|
|
|
7,540 |
|
Other noncurrent assets |
|
501 |
|
|
|
517 |
|
|
|
|
|
|
|
||
Total assets |
$ |
9,633 |
|
|
$ |
16,931 |
|
|
|
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
||
Accounts payable |
$ |
1,995 |
|
|
$ |
1,038 |
|
Accrued expenses |
|
715 |
|
|
|
937 |
|
Current operating lease liabilities |
|
1,287 |
|
|
|
1,192 |
|
Accrued compensation |
|
453 |
|
|
|
147 |
|
Total current liabilities |
|
4,450 |
|
|
|
3,314 |
|
|
|
|
|
|
|
||
Operating lease liabilities |
|
6,273 |
|
|
|
6,949 |
|
Total liabilities |
|
10,723 |
|
|
|
10,263 |
|
|
|
|
|
|
|
||
Stockholders' equity |
|
|
|
|
|
||
Common stock(1) |
|
16 |
|
|
|
5 |
|
Additional paid-in capital(1) |
|
274,210 |
|
|
|
240,031 |
|
Accumulated deficit |
|
(275,316 |
) |
|
|
(233,368 |
) |
Total stockholders' equity (deficit) |
|
(1,090 |
) |
|
|
6,668 |
|
Total liabilities and stockholders' equity (deficit) |
$ |
9,633 |
|
|
$ |
16,931 |
|
TEMPEST THERAPEUTICS, INC. |
|
||||||||||||||
Consolidated Statements of Operations |
|
||||||||||||||
(in thousands, except per share amounts) |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three months ended |
|
|
Three months ended |
|
|
Six months ended |
|
|
Six months ended |
|
||||
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
$ |
1,819 |
|
|
$ |
3,871 |
|
|
$ |
1,933 |
|
|
$ |
11,498 |
|
General and administrative |
|
3,431 |
|
|
|
4,095 |
|
|
|
8,856 |
|
|
|
7,404 |
|
Acquired in-process research and development |
|
- |
|
|
|
- |
|
|
|
22,180 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating loss |
|
(5,250 |
) |
|
|
(7,966 |
) |
|
|
(32,969 |
) |
|
|
(18,902 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
- |
|
|
|
(46 |
) |
|
|
- |
|
|
|
(207 |
) |
Interest and other income, net |
|
6 |
|
|
|
142 |
|
|
|
29 |
|
|
|
379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
$ |
(5,244 |
) |
|
$ |
(7,870 |
) |
|
$ |
(32,940 |
) |
|
$ |
(18,730 |
) |
Net loss per share |
$ |
(0.34 |
) |
|
$ |
(2.07 |
) |
|
$ |
(2.52 |
) |
|
$ |
(5.17 |
) |
Investor Contacts:
Sylvia Wheeler
Wheelhouse Life Science Advisors
Aljanae Reynolds
Wheelhouse Life Science Advisors