$TPST
Tempest Therapeutics, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024094124 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.994M $3.745M
YoY Change 26.33% 22.63%
% of Gross Profit
Research & Development $7.557M $5.837M
YoY Change 79.03% 32.18%
% of Gross Profit
Depreciation & Amortization $98.00K $155.0K
YoY Change 11.36% 86.75%
% of Gross Profit
Operating Expenses $7.557M $5.837M
YoY Change 79.03% 32.18%
Operating Profit -$10.55M -$9.582M
YoY Change 60.06% 28.27%
Interest Expense -$5.000K $372.0K
YoY Change -101.34% 4.79%
% of Operating Profit
Other Income/Expense, Net -$5.000K $12.00K
YoY Change -97.42% -110.81%
Pretax Income -$10.56M -$9.570M
YoY Change 55.46% 26.24%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.56M -$9.570M
YoY Change 55.56% 26.24%
Net Earnings / Revenue
Basic Earnings Per Share -$0.41 -$0.42
Diluted Earnings Per Share -$0.41 -$0.42
COMMON SHARES
Basic Shares Outstanding 25.21M 22.22M
Diluted Shares Outstanding 25.81M 22.55M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.12M $31.12M
YoY Change 99.24% 76.8%
Cash & Equivalents $22.10M $31.10M
Short-Term Investments
Other Short-Term Assets $385.0K $35.00K
YoY Change 65.95% -91.09%
Inventory
Prepaid Expenses $811.0K $272.0K
Receivables
Other Receivables
Total Short-Term Assets $23.55M $31.55M
YoY Change 91.62% 70.21%
LONG-TERM ASSETS
Property, Plant & Equipment $932.0K $1.014M
YoY Change 1.19% 0.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $448.0K $448.0K
YoY Change 13.99% 12.56%
Total Long-Term Assets $10.28M $10.62M
YoY Change -12.07% -12.99%
TOTAL ASSETS
Total Short-Term Assets $23.55M $31.55M
Total Long-Term Assets $10.28M $10.62M
Total Assets $33.84M $42.17M
YoY Change 41.06% 37.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.697M $1.357M
YoY Change 48.99% 56.34%
Accrued Expenses $1.459M $2.379M
YoY Change -26.87% -3.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.504M $8.645M
YoY Change 298.5% 190.69%
Total Short-Term Liabilities $13.97M $14.56M
YoY Change 88.26% 68.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.008M
YoY Change -100.0% -73.17%
Other Long-Term Liabilities $8.406M $8.663M
YoY Change -10.57% -9.84%
Total Long-Term Liabilities $0.00 $2.008M
YoY Change -100.0% -73.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.97M $14.56M
Total Long-Term Liabilities $0.00 $2.008M
Total Liabilities $22.38M $25.23M
YoY Change -11.11% -1.94%
SHAREHOLDERS EQUITY
Retained Earnings -$193.3M -$182.7M
YoY Change 22.51% 21.03%
Common Stock $27.00K $24.00K
YoY Change 92.86% 84.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.46M $16.94M
YoY Change
Total Liabilities & Shareholders Equity $33.84M $42.17M
YoY Change 41.06% 37.17%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$10.56M -$9.570M
YoY Change 55.56% 26.24%
Depreciation, Depletion And Amortization $98.00K $155.0K
YoY Change 11.36% 86.75%
Cash From Operating Activities -$10.18M -$5.510M
YoY Change 57.13% -13.8%
INVESTING ACTIVITIES
Capital Expenditures $15.00K $249.0K
YoY Change 112.82%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$15.00K -$249.0K
YoY Change 112.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.541M 4.557M
YoY Change 7605.0% 283.59%
NET CHANGE
Cash From Operating Activities -10.18M -5.510M
Cash From Investing Activities -15.00K -249.0K
Cash From Financing Activities 1.541M 4.557M
Net Change In Cash -8.656M -1.202M
YoY Change 33.99% -77.41%
FREE CASH FLOW
Cash From Operating Activities -$10.18M -$5.510M
Capital Expenditures $15.00K $249.0K
Free Cash Flow -$10.20M -$5.759M
YoY Change 57.36% -11.52%

Facts In Submission

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<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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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337000
CY2024Q2 us-gaap Other Assets Current
OtherAssetsCurrent
35000
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OtherAssetsCurrent
96000
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
424000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1133000
CY2024Q2 us-gaap Property Plant And Equipment Gross
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2282000
CY2023Q4 us-gaap Property Plant And Equipment Gross
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1865000
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1268000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1025000
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1014000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
840000
CY2024Q2 us-gaap Depreciation
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155000
us-gaap Depreciation
Depreciation
243000
CY2023Q2 us-gaap Depreciation
Depreciation
83000
us-gaap Depreciation
Depreciation
208000
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2031000
CY2023Q4 us-gaap Other Accrued Liabilities Current
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626000
CY2024Q2 tpst Accrued Clinical Trial Liability
AccruedClinicalTrialLiability
348000
CY2023Q4 tpst Accrued Clinical Trial Liability
AccruedClinicalTrialLiability
1047000
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2379000
CY2023Q4 us-gaap Accrued Liabilities Current
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1673000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
10700000
CY2024Q2 us-gaap Common Stock Shares Authorized
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100000000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
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0.001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24475799
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
22045255
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
22045255
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
1.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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P4Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.28
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
748175
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.45
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
81699
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.91
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
208376
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.23
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4012212
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.81
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.66
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
679150
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.29
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
413
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
44075
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.58
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2187703
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.04
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4012212
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7M17D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.81
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
475246000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4012212
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P8Y7M17D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
6.81
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
475246000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1056469
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y4M6D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.01
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
185744000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1320000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
440000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2638000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
886000
CY2024Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
43000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
94000
CY2023Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
35000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
92000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-9570000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-7581000
us-gaap Net Income Loss
NetIncomeLoss
-17474000
us-gaap Net Income Loss
NetIncomeLoss
-15217000
CY2024Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
22546370
CY2023Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14102211
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
22390298
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
13933629
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22546370
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22546370
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14102211
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14102211
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22390298
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22390298
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13933629
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13933629
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.42
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.42
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.54
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.54
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.78
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.78
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.09
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4018248
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2193739
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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