10-Q · May 14, 2026
Tempest Therapeutics reported no revenue for Q4 2025, with a diluted EPS of -0.62, matching expectations. The total net loss for the period was $27.7 million, significantly higher than the $10.9 million loss reported in…
Earnings analysis · 10-Q
TPST earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Tempest’s second-quarter loss improved to $5.2 million, or $(0.34) per share, from a $7.9 million loss and $(2.07) per share in the prior-year quarter; however, the filing continues to show a pre-revenue,…
Read full summary
Tempest’s second-quarter loss improved to $5.2 million, or $(0.34) per share, from a $7.9 million loss and $(2.07) per share in the prior-year quarter; however, the filing continues to show a pre-revenue, cash-constrained biotechnology company. Cash was only $0.8 million at June 30, 2026, with less than 12 months of expected runway and substantial doubt regarding going-concern status. Early TPST-2003 data were encouraging, including a 100% complete response rate in 15 evaluable patients, but financing, Nasdaq compliance, and clinical execution risks dominate the outlook.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.34
What stood out
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Quarterly loss narrowed year over year
Second-quarter net loss narrowed to $5.2 million from $7.9 million in the prior-year quarter, a $2.7 million improvement. Diluted EPS was $(0.34), versus $(2.53) in 2026 Q1 and $(2.07) in 2025 Q2.
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Positive interim TPST-2003 data
Interim TPST-2003 data showed a 100% complete response rate among 15 evaluable patients, supporting the early clinical profile of the program.
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Disclosure controls remain effective
Management concluded disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2026, and reported no material changes in internal control during the quarter.
What to watch
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Severe liquidity and going-concern risk
The company reported $0.8 million of cash and cash equivalents as of June 30, 2026, expected to fund operations for less than 12 months from the date the financial statements became available. Management stated there is substantial doubt about the company’s ability to continue as a going concern.
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Uncertain access to credit facility
The Factor credit facility provides up to $20.0 million of support, but only $11.8 million was available as of the report date. Access is subject to conditions, and the timing of additional funding is uncertain.
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Nasdaq listing compliance risk
Nasdaq notified the company that stockholders’ equity was below the required $2.5 million minimum and gave it 45 calendar days to submit a compliance plan. A separate audit committee composition deficiency also remained unresolved as of the filing date.
Management's outlook
No quantitative financial guidance was provided. Management expects first patient enrollment and dosing for TPST-4003 in the fourth quarter of 2026, with initial clinical data expected in the first half of 2027.
Earlier filings 4
10-K · March 30, 2026
Tempest expanded from a small-molecule oncology company into a diversified cell‑therapy and small‑molecule oncology company via an asset acquisition and reported highly encouraging early clinical signals for its lead…
10-Q · November 5, 2025
Tempest reported a materially narrower Q3 net loss per share of $(0.79) versus $(5.32) in Q3 2024, driven by sharply lower R&D spend ($570 vs $7,557) and a smaller loss from operations ($(3,597) vs $(10,551)). However,…
10-Q · August 11, 2025
Tempest reported a narrower Q2 2025 net loss per share of $(2.07) (three months ended June 30, 2025) versus $(5.52) in Q2 2024, driven by lower R&D spend. Liquidity is the primary concern — cash fell to $14.28 million…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.