Tempest Therapeutics (NASDAQ: TPST) is a clinical-stage biopharmaceutical company developing small-molecule therapies for cancer and hereditary conditions. The company generates no product revenue, financing operations through equity and debt issuances, third-party funding, and potential licensing or collaboration arrangements. As of March 25, 2026, the company had 14,344,034 shares of common stock outstanding. The 10-K filed March 30, 2026 discloses substantial doubt about the company's ability to continue as a going concern, with no committed external funding source beyond a noted Funding Commitment. Lead candidate TPST-1495, a small molecule targeting prostaglandin receptors, is being studied in familial adenomatous polyposis (FAP) in an NCI-funded Phase 2 study through CP-CTNet. Worldwide rights to TPST-1495 are held by Tempest as of December 31, 2025, with U.S. composition-of-matter patents expected to expire between April 2038 and April 2039. The company does not own or operate manufacturing facilities, relying entirely on contract manufacturers for preclinical and clinical supply.

Revenue model

Tempest Therapeutics has no product revenue. Operations are funded through public or private equity or debt financings, third-party funding, and potential licensing, collaboration, or distribution arrangements. No committed external funding source beyond the Funding Commitment is disclosed in the 10-K filed March 30, 2026.

Products and services

TPST-1495, a small-molecule dual EP2/EP4 prostaglandin receptor antagonist, is the lead candidate. It is being developed for familial adenomatous polyposis (FAP) in a Phase 2 study funded by the NCI through CP-CTNet. U.S. patents covering TPST-1495 as compositions of matter, pharmaceutical compositions, and related methods of use are expected to expire between April 2038 and April 2039 (as of December 31, 2025).

Customers and end markets

End markets are oncology and hereditary cancer predisposition syndromes, specifically FAP, a hereditary colorectal cancer condition with no approved systemic therapies as of the filing date. No commercial customers exist as of the 10-K filed March 30, 2026.

Value-chain role

Tempest is a drug discovery and clinical development organization. It outsources all manufacturing, packaging, labeling, storage, and distribution to contract third parties. Internal personnel and consultants oversee contract manufacturing and quality activities.

Geographic exposure

The company is headquartered in the United States and holds worldwide rights to TPST-1495 as of December 31, 2025. The filing references regulatory obligations in China, the EEA, and the UK related to data privacy and human genetic resources, suggesting potential international clinical activity.

Source: SEC 10-K, filed 2026-03-30

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