Here are 1-3 brief analogies to describe Tempest Therapeutics:

• They're like Genentech in its early startup days, focused on discovering new cancer drugs.
• Imagine a budding Amgen, but dedicated to finding breakthrough small-molecule cancer therapies.

• TPST-1495: A dual antagonist targeting EP2 and EP4 receptors of prostaglandin E2 for solid tumors.
• TPST-1120: A selective antagonist of peroxisome proliferator-activated receptor alpha for solid tumors.
• TREX-1 Program: A development program focused on a key cellular enzyme that regulates the innate immune response in tumors.

Tempest Therapeutics (TPST) is a clinical-stage oncology company focused on the research and development of small molecule therapeutics to treat cancer. As described in the background, the company's drug candidates (TPST-1495 and TPST-1120) are currently in Phase 1 clinical trials. This means they are in the early stages of human testing and are not yet approved for commercial sale or available on the market.

Therefore, Tempest Therapeutics does not currently have major customers, either individuals or other companies, purchasing its products. As a clinical-stage company, its primary activities revolve around advancing its drug candidates through clinical development rather than selling commercial products.

Matt Angel, President and Chief Executive Officer

Matt Angel was appointed President and CEO of Tempest Therapeutics in February 2026. He is a co-founder of Factor Bioscience Inc., where he has served as President, CEO, and Chairman of the Board of Directors since 2011. Dr. Angel also served as President and CEO of Ernexa Therapeutics Inc. (formerly Eterna Therapeutics Inc.) from January 2023 to December 2023, and as Interim President, CEO, and Director from May 2022 to December 2022. In 2020, he co-founded Exacis Biotherapeutics Inc., serving as Chief Science Officer, Secretary, Treasurer, and Director until its sale in May 2023. Additionally, Dr. Angel co-founded Novellus, Inc., serving as Chief Science Officer, Secretary, and Director from 2014 until its sale in July 2021. He holds a Ph.D. from the Massachusetts Institute of Technology and a B.S. in Engineering from Princeton University.

Nicholas Maestas, Chief Financial Officer and Head of Corporate Strategy

Nicholas Maestas joined Tempest Therapeutics in July 2021 as Vice President, Strategy and Finance, and currently serves as Chief Financial Officer and Head of Corporate Strategy. Prior to Tempest, he was Head of FP&A and Strategic Finance at Alector, where he was responsible for setting the company's roadmap, building its FP&A function, and establishing a global collaboration with GSK. Before Alector, Mr. Maestas was instrumental in the eventual sale of Immune Design to Merck in 2019, where he was responsible for corporate and business development, FP&A, alliance management, strategic planning, and general operations. He has held roles of increasing responsibility in various life sciences companies, including those focused on genetic sequencing, medical devices, and biotherapeutics. Mr. Maestas earned a B.A. in Molecular and Cell Biology from the University of California at Berkeley and an MBA from The Wharton School, University of Pennsylvania.

Justin Trojanowski, Corporate Controller

Justin Trojanowski serves as the Corporate Controller at Tempest Therapeutics.

The key risks to Tempest Therapeutics (TPST) are primarily associated with its status as a clinical-stage oncology company with no approved products generating revenue.

1. Clinical Trial Success and Regulatory Approval Risk: Tempest Therapeutics' business is highly dependent on the successful development, regulatory approval, and commercialization of its product candidates, TPST-1495 and TPST-1120, which are currently in Phase 1 clinical trials, and other pipeline programs such as TREX-1. The drug development process is inherently uncertain, lengthy, and expensive, with a high rate of failure. There is a significant risk that these candidates may fail to demonstrate efficacy or safety in ongoing or future clinical trials, experience delays, or encounter unforeseen adverse events. Failure to achieve positive clinical trial results or to obtain necessary regulatory approvals from agencies like the FDA would prevent the company from bringing its products to market, significantly impairing its future prospects and potentially leading to the discontinuation of programs.

2. Financing and Liquidity Risk: As a clinical-stage company, Tempest Therapeutics has not yet generated any revenue from product sales and relies heavily on its ability to raise additional capital to fund its operations, research and development activities, and clinical trials. Developing new drugs through multiple clinical phases and regulatory review is a capital-intensive process. There is a substantial risk that the company may not be able to obtain sufficient additional financing on acceptable terms, or at all, when needed. A lack of adequate funding could force Tempest Therapeutics to delay, reduce the scope of, or abandon its development programs, which would severely impact its ability to advance its pipeline and achieve its business objectives.

Tempest Therapeutics Inc. (NASDAQ: TPST) is a clinical-stage oncology company focused on developing small molecule therapeutics to treat cancer. The company's main products, TPST-1495 and TPST-1120, target distinct pathways in cancer development and progression.

TPST-1495

TPST-1495 is a dual antagonist of the EP2 and EP4 receptors of prostaglandin E2, which are implicated in multiple cancers. It is currently in a Phase 1 trial in solid tumors, and a Phase 2 study for familial adenomatous polyposis (FAP) is planned.

The addressable market for TPST-1495 can be represented by the global Prostaglandin E2 Receptor EP4 Subtype Market. This market was valued at approximately USD 220.29 million in 2024 and is projected to reach USD 301.24 million by 2026. Looking further ahead, it is expected to surge to approximately USD 1232 million by 2035. Cancer applications account for nearly 49% of this overall market.

TPST-1120

TPST-1120 is a selective antagonist of peroxisome proliferator-activated receptor alpha (PPAR alpha). It is currently in a Phase 1 trial in solid tumors, with a global randomized Phase 1b/2 study ongoing for first-line advanced or metastatic hepatocellular carcinoma (HCC). Additionally, TPST-1120 is under development for various other solid tumors, including prostate, non-small cell lung, ovarian, pancreatic, renal cell, and triple-negative breast cancers.

The addressable market for TPST-1120, given its broad application across various solid tumors, can be considered the global Solid Tumors Market. This market was valued at approximately US$ 170.3 billion in 2023 and is projected to reach US$ 375.4 billion by 2034.

Here are the expected drivers of future revenue growth for Tempest Therapeutics (TPST) over the next 2-3 years:

1. Advancement and Potential Commercialization of TPST-1120 (Amezalpat) in Hepatocellular Carcinoma (HCC): Tempest Therapeutics' lead drug candidate, TPST-1120, a selective antagonist of peroxisome proliferator-activated receptor alpha (PPARα), has shown promising results in a global randomized Phase 1b/2 study for first-line unresectable or metastatic HCC, demonstrating a six-month improvement in median overall survival when combined with standard-of-care treatments. The company has received positive feedback from the FDA regarding its end-of-Phase 2 meeting and plans to initiate a global Phase 3 study in Q1 2025, with a pre-specified early efficacy analysis that could potentially shorten the time to primary analysis. Successful progression through Phase 3 and subsequent regulatory approval would be a significant revenue driver.
2. Commercialization of TPST-2003 (CAR-T asset) in China and Progression Towards a U.S. Registrational Study: Through a strategic acquisition in February 2026, Tempest Therapeutics gained a portfolio of dual-targeting CAR-T assets, including TPST-2003. A Biologics License Application (BLA) filing for TPST-2003 in China is strategically partner-funded and planned for 2027. Tempest also holds global rights to TPST-2003 outside of certain regions and plans to pursue a potential registrational study in relapsed/refractory multiple myeloma (rrMM) in the U.S. starting in 2027. Initial commercialization in China and the advancement of the U.S. program represent substantial future revenue opportunities.
3. Progression and Potential Commercialization of TPST-1495 for Familial Adenomatous Polyposis (FAP): The U.S. Food and Drug Administration (FDA) has granted clearance for Tempest Therapeutics to proceed with its Phase 2 clinical trial of TPST-1495, a dual antagonist of EP2 and EP4 receptors, for the treatment of Familial Adenomatous Polyposis (FAP). The Phase 2 study is expected to enroll its first patient in Q1 2026, with results anticipated in 2026. This program, funded by the National Cancer Institute (NCI), targets a high-unmet-need condition and could lead to significant revenue generation upon successful development and commercialization.
4. New Strategic Partnerships and Licensing Agreements: As a clinical-stage oncology company with a promising pipeline of small molecule therapeutics, Tempest Therapeutics is well-positioned to engage in further strategic collaborations, partnerships, or licensing agreements. These collaborations could provide non-dilutive funding, upfront payments, milestone payments, and royalties, contributing to revenue growth as its drug candidates advance through clinical development and towards potential commercialization. The partner-funded BLA filing for TPST-2003 in China exemplifies such a mechanism.

Share Issuance

• Tempest Therapeutics completed a strategic merger with Millendo Therapeutics in 2021, leading to its public listing and providing capital for late-stage development.
• In June 2025, the company executed a registered direct offering of 739,000 shares of common stock at $6.25 per share, generating approximately $4.6 million in gross proceeds to support strategic processes and working capital.
• An all-stock transaction involving share issuance to Factor Bioscience Inc. for the acquisition of dual-targeting CAR-T programs closed in February 2026, contributing to an extended operational runway.

Inbound Investments

• As part of the February 2026 acquisition of CAR-T programs, Factor Bioscience Inc. made an investment commitment that is expected to extend Tempest Therapeutics' operational runway to mid-2027.
• Tempest Therapeutics established a partnership with Roche in October 2024 for the supply of Tecentriq for a planned Phase III trial of its drug amezalpat.

Capital Expenditures

• Capital expenditures have been minimal, with a reported -$3,000 in the last 12 months as of a recent financial filing.
• Quarterly capital expenditures in 2022 and 2023 ranged from tens of thousands to a few hundred thousand dollars, such as $356,000 in Q4 2022 and $117,000 in Q2 2023.