$TPST
Tempest Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023020579 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.054M $2.903M
YoY Change -2.21% -4.88%
% of Gross Profit
Research & Development $4.416M $4.678M
YoY Change -21.85% -8.44%
% of Gross Profit
Depreciation & Amortization $83.00K $125.0K
YoY Change -25.89% 15.74%
% of Gross Profit
Operating Expenses $4.416M $4.678M
YoY Change -21.85% -8.44%
Operating Profit -$7.470M -$7.581M
YoY Change -14.86% -7.11%
Interest Expense $355.0K $344.0K
YoY Change -23.49% 3.3%
% of Operating Profit
Other Income/Expense, Net -$111.0K -$55.00K
YoY Change -71.83% -83.33%
Pretax Income -$7.581M -$7.636M
YoY Change -17.31% -10.07%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.581M -$7.636M
YoY Change -17.31% -10.07%
Net Earnings / Revenue
Basic Earnings Per Share -$0.54 -$0.55
Diluted Earnings Per Share -$0.54 -$0.55
COMMON SHARES
Basic Shares Outstanding 11.59M 10.56M
Diluted Shares Outstanding 14.10M 13.76M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.60M $22.93M
YoY Change -65.9% -49.9%
Cash & Equivalents $17.60M $22.90M
Short-Term Investments
Other Short-Term Assets $393.0K $419.0K
YoY Change -49.49% -39.36%
Inventory
Prepaid Expenses $292.0K $594.0K
Receivables
Other Receivables
Total Short-Term Assets $18.54M $24.67M
YoY Change -72.87% -60.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.005M $1.008M
YoY Change -0.59% -1.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $398.0K $429.0K
YoY Change -17.08% -10.63%
Total Long-Term Assets $12.21M $12.66M
YoY Change 301.02% 198.28%
TOTAL ASSETS
Total Short-Term Assets $18.54M $24.67M
Total Long-Term Assets $12.21M $12.66M
Total Assets $30.74M $37.33M
YoY Change -56.91% -44.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $868.0K $1.157M
YoY Change -40.06% 69.15%
Accrued Expenses $2.454M $2.538M
YoY Change 12.26% -21.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.974M $1.481M
YoY Change 48.7%
Total Short-Term Liabilities $8.638M $7.511M
YoY Change -61.48% -63.92%
LONG-TERM LIABILITIES
Long-Term Debt $7.484M $8.935M
YoY Change -43.73% -40.96%
Other Long-Term Liabilities $9.608M $9.918M
YoY Change 1282.45% 501.82%
Total Long-Term Liabilities $7.484M $8.935M
YoY Change -43.73% -40.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.638M $7.511M
Total Long-Term Liabilities $7.484M $8.935M
Total Liabilities $25.73M $26.36M
YoY Change -29.35% -29.88%
SHAREHOLDERS EQUITY
Retained Earnings -$151.0M -$143.4M
YoY Change 28.26% 32.11%
Common Stock $13.00K $11.00K
YoY Change 30.0% 57.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.012M $10.97M
YoY Change
Total Liabilities & Shareholders Equity $30.74M $37.33M
YoY Change -56.91% -44.25%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$7.581M -$7.636M
YoY Change -17.31% -10.07%
Depreciation, Depletion And Amortization $83.00K $125.0K
YoY Change -25.89% 15.74%
Cash From Operating Activities -$6.392M -$8.303M
YoY Change -24.03% 16.83%
INVESTING ACTIVITIES
Capital Expenditures $117.0K $46.00K
YoY Change -223.16% 1433.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$117.0K -$46.00K
YoY Change 23.16% 1433.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.188M 44.00K
YoY Change -91.74% -96.86%
NET CHANGE
Cash From Operating Activities -6.392M -8.303M
Cash From Investing Activities -117.0K -46.00K
Cash From Financing Activities 1.188M 44.00K
Net Change In Cash -5.321M -8.305M
YoY Change -190.69% 45.52%
FREE CASH FLOW
Cash From Operating Activities -$6.392M -$8.303M
Capital Expenditures $117.0K $46.00K
Free Cash Flow -$6.509M -$8.349M
YoY Change -21.76% 17.43%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to research and development accruals, recoverability of long-lived assets, right-of-use assets, lease obligations, stock-based compensation and income taxes uncertainties and valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates.</span></p>
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1487000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1361000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1008000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1060000
CY2023Q1 us-gaap Depreciation
Depreciation
125000
CY2022Q1 us-gaap Depreciation
Depreciation
108000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1134000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
756000
CY2023Q1 tpst Accrued Clinical Trial Liability
AccruedClinicalTrialLiability
1404000
CY2022Q4 tpst Accrued Clinical Trial Liability
AccruedClinicalTrialLiability
2205000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2538000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2961000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
10400000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10561700
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10561700
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10518539
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10518539
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
1.10
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1553041
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.66
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
623550
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.23
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
29180
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.59
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2147411
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.13
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
790637
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
32.82
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
303125
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.26
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2147411
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y8M23D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.13
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
676000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2147411
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P8Y8M23D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
5.13
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
676000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
558724
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y5M19D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.39
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
28000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
446000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
328000
CY2023Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
57000
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
24000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-7636000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-8491000
CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
13763173
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
7167255
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13763173
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13763173
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7167255
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7167255
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.55
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.55
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.18
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.18
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2153447
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1082596

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