TPST earnings analysis
What we found in TPST's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.34
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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