Tempest Therapeutics (TPST) Q4 2025 earnings summary

Executive summary

• Completed strategic acquisition of dual-targeting CAR-T assets from Factor Bioscience, expanding the pipeline with next-generation therapies.

• Announced positive interim data from the REDEEM-1 Phase 1/2a trial of TPST-2003 in relapsed/refractory multiple myeloma, showing a 100% complete response rate among efficacy-evaluable patients.

• Named Matt Angel, Ph.D., as Chief Executive Officer & President.

Financial highlights

• Ended 2025 with $7.7 million in cash and cash equivalents, down from $30.3 million at the end of 2024, primarily due to operating cash use.

• Net loss for 2025 was $26.3 million ($6.33 per share), compared to $41.8 million ($19.50 per share) in 2024.

• Research and development expenses decreased to $12.6 million from $28.5 million year-over-year, reflecting a shift in strategic priorities.

• General and administrative expenses rose slightly to $14.0 million, mainly due to one-time separation costs.

Outlook and guidance

• Plans to present further results from the REDEEM-1 study and updated data from the Phase 1/2 IIT in 2026.

• Intends to submit a U.S. IND and, pending clearance, initiate a Phase 2b U.S. registrational study of TPST-2003 in rrMM in 2026.

• Expects to initiate a Phase 2 study of TPST-1495 in FAP in 2026, funded by the National Cancer Institute.