Tempest Therapeutics (TPST) Q2 2026 earnings summary

Executive summary

• Completed acquisition of Erigen Assets, expanding the CAR-T pipeline with autologous and allogeneic product candidates, including TPST-2003 and TPST-4003, and advanced next-generation in vivo CAR-T pipeline with first patient dosing for TPST-4003 expected in Q4 2026.

• Announced collaborations with Senlang Biotechnology for clinical development in China, targeting autoimmune and oncology indications, and detailed plans for a first-in-human trial of TPST-4003.

• Positive interim results for TPST-2003 in relapsed/refractory multiple myeloma and POEMS syndrome, with a 100% complete response rate among CAR-T naïve patients.

• Significant management and board turnover, with new CEO, CFO, two new independent directors, and a new Head of Business Development appointed, alongside multiple director resignations and replacements.

Financial highlights

• Net loss for Q2 2026 was $5.2 million ($0.34 per share), improved from $7.9 million ($2.07 per share) in Q2 2025; net loss for the six months ended June 30, 2026 was $32.9 million ($2.51 per share), up from $18.7 million ($5.17 per share) in the prior year period due to a $22.1 million acquired in-process R&D expense.

• Research and development expenses for Q2 2026 were $1.8 million, down 53% year-over-year, and general and administrative expenses were $3.4 million, down 16% year-over-year.

• Cash and cash equivalents were $0.8 million as of June 30, 2026, down from $7.7 million at year-end 2025, mainly due to one-time transaction costs from an asset acquisition.

• Accumulated deficit reached $275.3 million as of June 30, 2026.

• Stockholders’ equity turned negative at $(1.1) million as of June 30, 2026, compared to $6.7 million at December 31, 2025.

Outlook and guidance

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

• Actively exploring additional financing options, including a $20 million funding commitment from Factor, of which $11.8 million remained available as of June 30, 2026.

• Plans to initiate a registrational study for TPST-2003 in relapsed/refractory multiple myeloma and a first-in-human trial for TPST-4003 in autoimmune diseases in China in late 2026, with initial clinical data for TPST-4003 anticipated in H1 2027.