Tempest Therapeutics Seeks CAR T Acquisition to Extend Cash Runway

Introduction

Tempest Therapeutics Inc (NASDAQ: TPST) is a clinical-stage biotechnology company based in Brisbane, California. The company focuses on developing oral therapeutics that utilize both direct tumor-killing and immune-mediated mechanisms to address various cancers, particularly hepatocellular carcinoma and other solid tumors.

Corporate Structure

Tempest employs a workforce of 11–50 individuals. As of November 19, 2025, the board approved a strategic asset acquisition aiming to incorporate specialized CAR T-cell programs from Factor Bioscience Inc. and Erigen LLC, contingent on shareholder approval. The equity-based transaction will involve issuing approximately 8.27 million shares, leading to existing Tempest equityholders retaining about 35% ownership post-closing.

Biotechnology by Louis Reed

Recent Developments and News

On June 11, 2025, Tempest announced a registered direct offering, selling 739,000 shares at $6.25 per share to a single institutional investor, which is expected to generate approximately $4.6 million in gross proceeds to fund strategic alternatives and general corporate purposes.

On November 5, 2025, the company reported its financial results for the third quarter of 2025 and provided a business update, noting advancements in its pipeline.

On November 19, 2025, Tempest disclosed a definitive agreement to acquire dual CAR T programs from Factor Bioscience and Erigen LLC, with plans to extend its cash runway into mid-2027. This transaction is subject to a shareholder vote and includes a pre-closing warrant issuance to current stockholders.

Key regulatory milestones and upcoming presentations include:

• December 3, 2024: Participation in the Piper Sandler 36th Annual Healthcare Conference webcast
• Orphan Drug Designation from the EMA for amezalpat (TPST-1120) in hepatocellular carcinoma
• Orphan Drug Designation from the FDA for TPST-1495 in Familial Adenomatous Polyposis
• Regulatory clearance in China for a pivotal trial of amezalpat in first-line unresectable or metastatic HCC

Financial and Strategic Analysis

As of November 19, 2025, TPST shares were priced at $5.66, indicating a 38.74% decline from previous pricing levels. Trading volume reached 224,442 shares, and the 52-week share price range was noted to be between $5.36 and $13.65. Key financial metrics include:

• Market capitalization: ~$39 million
• Total cash (most recent quarter): $7.51 million
• Total debt/equity (most recent quarter): 132.45%
• Net loss (trailing twelve months): $36.05 million; diluted EPS: –$9.73
• Price/book (most recent quarter): 6.16

The equity raise in June 2025 and the pending CAR T acquisition are positioned to enhance the pipeline and increase cash runway; however, both transactions may lead to shareholder dilution. The successful integration of new assets and effective expense management are essential for maintaining operations through mid-2027.

Market Position and Industry Context

Tempest’s oncology pipeline includes the PPARα antagonist amezalpat (TPST-1120) and the dual EP2/EP4 antagonist TPST-1495. In collaboration with Roche, the company presented Phase 1b/2 data indicating a six-month median overall survival advantage when amezalpat was combined with atezolizumab and bevacizumab in first-line advanced HCC patients. As a small-cap biotech company with a market capitalization under $50 million, Tempest is particularly vulnerable to clinical and regulatory developments. A beta of –2.33 suggests that its stock movements are inversely correlated with broader market trends.

tl;dr

On November 19, 2025, Tempest announced a pending shareholder vote for the acquisition of dual CAR T programs, which would extend its funding runway to mid-2027. The company raised approximately $4.6 million through a direct offering in June 2025 and currently holds $7.51 million in cash. Orphan drug designations from the EMA and FDA, along with regulatory clearance in China for an amezalpat pivotal trial, represent significant developments heading into 2026. TPST shares are trading at $5.66 with a market capitalization near $39 million, following a 38.74% decline in price.