Tempest Therapeutics, Inc. (TPST): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

En el panorama en rápida evolución de la investigación en oncología, la Tempestad Therapeutics surge como una fuerza pionera, transformando la forma en que abordamos el tratamiento del cáncer a través de su innovador lienzo de modelo de negocio. Al aprovechar una mezcla estratégica de investigación científica de vanguardia, asociaciones colaborativas y desarrollo terapéutico dirigido, esta compañía de biotecnología está preparada para redefinir la medicina de precisión. Su enfoque único se centra en desarrollar terapias innovadoras del cáncer que prometen abordar las necesidades médicas críticas no satisfechas, posicionando la terapéutica de la tempestad de tempestad a la vanguardia de un posible cambio de paradigma en intervenciones oncológicas personalizadas.

Tempest Therapeutics, Inc. (TPST) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones de investigación académica

Tempest Therapeutics ha establecido asociaciones de investigación estratégica con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de colaboración
Universidad de California, San Francisco	Investigación terapéutica oncológica	Asociación activa
Universidad de Stanford	Mecanismos de orientación molecular	Colaboración de investigación en curso

Asociación con compañías farmacéuticas para el desarrollo de medicamentos

Tempest Therapeutics ha desarrollado asociaciones farmacéuticas para avanzar en su oleoducto Therapeutics Oncology:

• Colaboración con Merck & Co. para posibles terapias de combinación
• Acuerdo de investigación con Bristol Myers Squibb para el desarrollo de la inmunoterapia

Posibles acuerdos de licencia para la terapéutica oncológica

Área terapéutica	Posente de licencia potencial	Estado actual
Programa inhibidor de TGFBR2	Compañía farmacéutica no revelada	Discusiones preliminares
Plataforma inhibidor de Irak4	Firma global de investigación oncológica	Etapa exploratoria

Colaboración con organizaciones de investigación clínica (CRO)

Tempest Therapeutics ha comprometido múltiples CRO para la gestión del ensayo clínico:

• ICON PLC - Soporte de ensayos clínicos de fase I/II
• IQVIA - Coordinación de investigación clínica de oncología
• Parexel International - Gestión de ensayos clínicos globales

Inversión total de asociación: $ 4.7 millones en 2023

Tempest Therapeutics, Inc. (TPST) - Modelo de negocio: actividades clave

Investigación de drogas preclínicas y de etapa clínica

A partir de 2024, Tempest Therapeutics se centra en la investigación avanzada de medicamentos preclínicos y de etapa clínica con los siguientes parámetros específicos:

Categoría de investigación	Estado actual	Programas activos
Investigación preclínica	2 programas en desarrollo	TPST-1120, TPST-1495
Investigación en etapa clínica	1 ensayo clínico en curso	TPST-1495 Fase 1/2

Desarrollo de novedosas terapéuticas oncológicas

Tempest Therapeutics se especializa en el desarrollo de la terapéutica de oncología dirigida con áreas de enfoque de investigación específicas:

• Oncología de precisión dirigida a vías moleculares específicas
• Desarrollo de inhibidores de la molécula pequeña
• Enfoque de inmunoterapia para el tratamiento del cáncer

Realización de ensayos clínicos para tratamientos de cáncer específicos

Fase de prueba	Número de pruebas	Enfoque principal
Fase 1	1 prueba activa	TPST-1495 Seguridad y dosificación
Fase 2	0 pruebas actuales	N / A

Investigación e innovación molecular e inmunoterapia

Investigación de inversión e innovación Métricas:

• Gasto de I + D: $ 23.4 millones (año fiscal 2023)
• Personal de investigación: 24 científicos dedicados
• Aplicaciones de patentes: 3 nuevos objetivos moleculares

Tempest Therapeutics, Inc. (TPST) - Modelo de negocio: recursos clave

Plataforma de descubrimiento de drogas patentado

Tempest Therapeutics utiliza un Plataforma de descubrimiento de medicamentos de medicina de precisión centrado en oncología e inmuno-oncología.

Característica de la plataforma	Detalles específicos
Enfoque tecnológico	Orientación oncológica de precisión
Orientación molecular única	Metabolismo lipídico y modulación inmune
Etapa de investigación	Desarrollo preclínico y clínico

Equipo de investigación científica

Tempest mantiene un equipo de investigación de oncología especializada con amplia experiencia.

• Personal de investigación total: aproximadamente 35-40 científicos
• Investigadores a nivel de doctorado: estimados de 22-25 miembros del equipo
• Áreas de especialización: oncología, inmunología, biología molecular

Cartera de propiedades intelectuales

Estrategia de protección de patentes cubriendo tecnologías terapéuticas clave.

Categoría de IP	Número de activos
Patentes activas	12-15 familias de patentes
Jurisdicciones de patente	Estados Unidos, Europa, China

Instalaciones avanzadas de laboratorio e investigación

Infraestructura de investigación de vanguardia que respalda el desarrollo de fármacos.

• Espacio de investigación total: aproximadamente 15,000 pies cuadrados
• Ubicación: South San Francisco, California
• Equipo: Biología molecular avanzada y tecnologías de detección

Capital financiero

Recursos financieros que respaldan iniciativas de investigación y desarrollo.

Fuente de financiación	Cantidad	Año
Financiación total de riesgo	$ 93.4 millones	2023
Capitalización de mercado público	$ 24.6 millones	Febrero de 2024
Efectivo y equivalentes	$ 37.2 millones	P4 2023

Tempest Therapeutics, Inc. (TPST) - Modelo de negocio: propuestas de valor

Terapias innovadoras de cáncer dirigido

Tempest Therapeutics se centra en el desarrollo Terapias oncológicas de precisión dirigido a vías moleculares específicas en el tratamiento del cáncer.

Tipo de terapia	Etapa de desarrollo	Indicación objetivo
TPST-1120	Ensayo clínico de fase 1/2	Carcinoma hepatocelular
TPST-1495	Desarrollo preclínico	Tumores sólidos

Potencial para tratamientos oncológicos de precisión

La estrategia de desarrollo de medicamentos de la compañía enfatiza orientación molecular con mecanismos específicos de acción.

• Dirigido a las vías de señalización del receptor nuclear
• Desarrollo de inhibidores de moléculas pequeñas
• Centrarse en poblaciones de pacientes definidas genéticamente

Desarrollo de terapias que abordan las necesidades médicas no satisfechas

Necesidad insatisfecha	Enfoque terapéutico	Impacto potencial para el paciente
Carcinoma hepatocelular avanzado	Terapia TPST-1120	Opciones de tratamiento limitadas

Enfoque personalizado para el tratamiento del cáncer

Tempest Therapeutics utiliza el perfil genómico y la caracterización molecular para desarrollar intervenciones terapéuticas dirigidas.

• Estrategias de medicina de precisión
• Orientación molecular específica del paciente
• Minimizar la toxicidad sistémica

Tempest Therapeutics, Inc. (TPST) - Modelo de negocios: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

Tempest Therapeutics mantiene interacciones específicas con profesionales de la investigación de oncología a través de estrategias de participación específicas:

Método de compromiso	Frecuencia	Público objetivo
Reuniones de la junta asesora científica	Trimestral	Los 50 principales investigadores de oncología
Acuerdos de colaboración de investigación	3 asociaciones activas	Instituciones de investigación académica
Subvimiento de apoyo de financiación	$ 750,000 anualmente	Investigación de oncología en etapa temprana

Colaboración con proveedores de atención médica

La participación del proveedor de atención médica se centra en plataformas de oncología de precisión:

• Red de sitios de ensayos clínicos: 17 centros de tratamiento de cáncer activo
• Programas de educación médica: 4 simposios anuales
• Canales de comunicación directa con especialistas en oncología

Publicaciones científicas regulares y presentaciones de conferencias

Tipo de publicación	Frecuencia anual	Métricas de impacto
Publicaciones de revistas revisadas por pares	6-8 documentos	Índice de citas promedio: 12.4
Conferencias internacionales de oncología	4-5 presentaciones	Alcance de la audiencia: más de 2,500 especialistas

Enfoque de desarrollo de terapia centrado en el paciente

Las estrategias de participación del paciente incluyen:

• Colaboraciones del grupo de defensa del paciente: 5 asociaciones activas
• Programas de apoyo de participantes de ensayos clínicos
• Sistemas de seguimiento de resultados informados por el paciente

Inversión clave de la relación con el cliente: $ 1.2 millones anualmente dedicados a la comunidad de investigaciones y iniciativas de participación del paciente

Tempest Therapeutics, Inc. (TPST) - Modelo de negocio: canales

Conferencias científicas y simposios médicos

Tempest Therapeutics utiliza conferencias científicas como un canal clave para la comunicación. A partir de 2024, la compañía ha participado en:

Tipo de conferencia	Número de presentaciones	Alcance de audiencia estimado
Conferencias de investigación oncológica	3-4 por año	500-1,000 especialistas por evento
Simposios de inmunoterapia	2-3 por año	300-750 profesionales médicos

Publicaciones de revistas revisadas por pares

La estrategia del canal incluye esfuerzos de publicación científicos específicos:

• Promedio de 2-3 publicaciones revisadas por pares anualmente
• Revistas principales dirigidas:
  • Medicina de la naturaleza
  • Descubrimiento de cáncer
  • Revista de oncología clínica

Comunicación directa con socios farmacéuticos

Los canales de comunicación de asociación farmacéutica incluyen:

Método de comunicación	Frecuencia	Propósito principal
Reuniones ejecutivas directas	Trimestral	Actualizaciones de colaboración de investigación
Intercambios de investigación técnica	Mensual	Compartir datos y desarrollo de protocolo

Relaciones con inversores y plataformas de comunicaciones financieras

Canales de comunicación de inversores a partir de 2024:

• Llamadas de ganancias trimestrales
• Reuniones anuales de accionistas
• Mazos de presentación de inversores
• SEC presentando comunicaciones

Plataforma	Métricas de compromiso de los inversores
Sitio web de Nasdaq Investor Relations	Promedio de 5,000-7,000 visitantes únicos mensuales
Participación de llamadas de ganancias	75-125 inversores institucionales por llamada

Tempest Therapeutics, Inc. (TPST) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

A partir de 2024, Tempest Therapeutics se dirige a las siguientes instituciones de investigación de oncología:

Tipo de institución	Número de colaboradores potenciales	Enfoque de investigación
Centros de cáncer académicos	87	Investigación de oncología de precisión
Redes nacionales de investigación del cáncer	23	Desarrollo terapéutico avanzado

Compañías farmacéuticas

Potencios Partidos Farmacéuticos para la Colaboración:

• Top 20 compañías farmacéuticas centradas en la oncología Global
• Empresas de biotecnología especializadas en terapias dirigidas
• Empresas de desarrollo de medicamentos de oncología respaldada por empresas

Proveedores de atención médica especializados en tratamiento del cáncer

Segmentos de proveedores de atención médica objetivo:

Tipo de proveedor	Número de objetivos potenciales	Volumen anual de pacientes con cáncer
Centros de cáncer integrales	52	375,000 pacientes/año
Clínicas especializadas de oncología	1,243	215,000 pacientes/año

Pacientes con indicaciones específicas de cáncer

Poblaciones de pacientes objetivo:

• Tumores sólidos metastásicos: Aproximadamente 62,000 pacientes potenciales anualmente
• Tipos de cáncer raro: Estimado de 18,500 pacientes por año
• Candidatos a la oncología de precisión: Aproximadamente 45,000 pacientes anualmente

Las características clave del segmento del paciente incluyen:

Característica de segmento	Porcentaje
Cánceres genómicamente definidos	37%
Cánceres resistentes al tratamiento	24%
Pacientes en estadio avanzado	42%

Tempest Therapeutics, Inc. (TPST) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finalizó el 31 de diciembre de 2023, Tempest Therapeutics reportó gastos de I + D de $ 37.4 millones.

Año fiscal	Gastos de I + D	Cambio año tras año
2022	$ 45.2 millones	-17.3%
2023	$ 37.4 millones	-17.3%

Inversiones de ensayos clínicos

Las inversiones de ensayos clínicos para Tempest Therapeutics en 2023 totalizaron aproximadamente $ 22.6 millones.

• Programa TPST-1120: $ 12.4 millones
• Programa TPST-1495: $ 8.2 millones
• Desarrollo de tuberías preclínicas: $ 2.0 millones

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual fueron de $ 1.8 millones en 2023.

Categoría de IP	Costo
Presentación de patentes	$ 1.2 millones
Renovación de patente	$ 0.6 millones

Personal y reclutamiento de talento científico

Los gastos totales de personal para 2023 fueron de $ 18.5 millones.

• Compensación ejecutiva: $ 4.2 millones
• Salarios del personal científico: $ 10.3 millones
• Reclutamiento y capacitación: $ 4.0 millones

Gastos generales operativos y administrativos

Los gastos administrativos y operativos para 2023 ascendieron a $ 15.7 millones.

Categoría de gastos	Cantidad
Costos de la instalación	$ 5.3 millones
Infraestructura tecnológica	$ 3.9 millones
Legal y cumplimiento	$ 2.5 millones
Marketing y comunicación	$ 4.0 millones

Tempest Therapeutics, Inc. (TPST) - Modelo de negocio: flujos de ingresos

Posibles acuerdos de licencia

A partir del cuarto trimestre de 2023, Tempest Therapeutics no ha informado ningún acuerdo de licencia activa que generen ingresos. La tubería de la compañía permanece en etapas precomerciales.

Comercialización futura de drogas

Candidato a la droga	Etapa de desarrollo	Mercado potencial
TPST-1120	Ensayo clínico de fase 1/2	Tumores sólidos
TPST-1495	Etapa preclínica	Oncología

Subvenciones y colaboraciones de investigación

Para el año fiscal 2023, Tempest Therapeutics reportó $ 4.7 millones en ingresos de subvención y colaboración.

Pagos potenciales de hitos

• No se informaron pagos de hitos confirmados en 2023
• Total de efectivo y equivalentes en efectivo al 30 de septiembre de 2023: $ 47.5 millones

Pérdida neta para nueve meses que finalizan el 30 de septiembre de 2023: $ 35.1 millones

Tempest Therapeutics, Inc. (TPST) - Canvas Business Model: Value Propositions

You're looking at the core value Tempest Therapeutics, Inc. offers, which centers on developing novel, first-in-class therapeutics designed to fight cancer through dual mechanisms.

Offering first-in-class targeted and immune-mediated cancer therapeutics.

Tempest Therapeutics, Inc. positions its pipeline as offering first-in-class potential across several oncology indications. This means the proposed mechanism of action for their candidates is unique among approved or late-stage development drugs. The company reported a net loss of $3.5 million for the quarter ended September 30, 2025, yet the scientific promise drives the value proposition. As of that date, the company held $7.5 million in cash and cash equivalents, which underscores the need to advance these high-value assets, especially given the exploration of strategic alternatives announced in April 2025.

Potential to transform first-line Hepatocellular Carcinoma (HCC) treatment with amezalpat.

Amezalpat (TPST-1120), a first-in-class oral peroxisome proliferator-activated receptor alpha (PPAR⍺) antagonist, is positioned to potentially transform first-line metastatic HCC treatment. The drug is being advanced toward a pivotal Phase III study, following a positive end-of-Phase II meeting with the FDA, with initiation planned for Q1 2025. The value is grounded in the superiority shown over the standard of care (SOC) combination of atezolizumab and bevacizumab in a global randomized Phase 1b/2 study.

Here's a look at the comparative clinical data for amezalpat in first-line advanced HCC:

Endpoint	Amezalpat Combination Arm	SOC Control Arm (Atezolizumab + Bevacizumab)
Median Overall Survival (mOS)	Over 21 months (or 23.5 months in $\beta$-catenin mutated patients)	15 months (regardless of $\beta$-catenin status)
Overall Response Rate (ORR)	30% (Intent-to-Treat)	13.3%
OS Hazard Ratio (HR) vs. SOC	0.65 (for the entire population)	N/A

This clinical performance earned amezalpat both Orphan Drug and Fast Track designations from the FDA in Q1 2025, plus Orphan Drug Designation from the EMA in June 2025.

Addressing rare disease with TPST-1495 for Familial Adenomatous Polyposis (FAP).

Tempest Therapeutics, Inc. addresses the significant unmet need in Familial Adenomatous Polyposis (FAP) with TPST-1495, a novel dual receptor inhibitor of prostaglandin (PGE2) signaling. FAP is a rare, inherited syndrome affecting approximately 1 in 5,000 to 10,000 individuals in the US, where the current standard of care involves surgical removal of the colon early in life. TPST-1495 has the potential to offer a non-surgical treatment option, potentially delaying or eliminating the need for colectomy. The value here is amplified by the regulatory support and external funding:

• Received FDA Orphan Drug Designation (ODD) for FAP in April 2025.
• ODD provides seven years of market exclusivity upon approval.
• A Phase 2 study, funded by the National Cancer Institute (NCI), is set to begin in 2025, with data expected in 2026.

The NCI funding for the Phase 2 trial financially de-risks this program for Tempest Therapeutics, Inc.

Dual-mechanism of action targeting both tumor cells and the immune system.

The scientific value proposition for amezalpat is rooted in its dual mechanism of action (MOA). This is not just a single-target therapy; it aims to attack cancer on two fronts simultaneously. You can see this dual approach reflected in the data presented at the 2025 American Association for Cancer Research (AACR) Annual Meeting.

The MOA involves:

• Direct targeting of tumor cells by inhibiting fatty acid oxidation (FAO).
• Modulating the tumor microenvironment by reducing tumor-promoting immunosuppression.

Specifically, data suggest amezalpat reduces immunosuppression by M2 macrophages and T regulatory cells, which leads to immune activation. This dual action is consistent with the observed clinical superiority in patients across different biomarker statuses.

Finance: draft 13-week cash view by Friday.

Tempest Therapeutics, Inc. (TPST) - Canvas Business Model: Customer Relationships

You're looking at how Tempest Therapeutics, Inc. (TPST) manages its key external relationships as of late 2025. For a clinical-stage biotech, these aren't just customers; they are strategic enablers, funding sources, and scientific validators.

High-touch business development with potential strategic partners/acquirers

Tempest Therapeutics, Inc. is actively engaging in high-level business development discussions, especially as it moves its lead asset, amezalpat (TPST-1120), toward pivotal development in first-line liver cancer (HCC). The company explicitly stated plans to pursue business development discussions or an additional financing to advance this pivotal development. This follows an earlier announcement in April 2025 that the company was exploring a full range of strategic alternatives, including mergers, acquisition, partnerships, joint ventures, or licensing arrangements, retaining MTS Health Partners, L.P. to support this evaluation.

A concrete example of this relationship strategy is the November 2025 announcement of a strategic acquisition of new Dual-CAR T programs from Factor Bioscience Inc. in an all-stock transaction. This deal itself is designed to extend the company's cash runway to mid-2027.

Here's a snapshot of recent financial and strategic relationship milestones:

Relationship Event/Metric	Date/Period	Amount/Value
Projected Runway Extension from Factor Acquisition	Post-Nov 2025	To mid-2027
Net Proceeds from June 2025 Registered Direct Offering	Q2 2025	$4.1M
Net Proceeds from ATM Program (YTD 2025)	YTD Sept 30, 2025	$2.8M
Cash and Equivalents	Sept 30, 2025	$7.5 million
Cash and Equivalents	Dec 31, 2024	$30.3 million
Q3 2025 Net Loss	Q3 2025	$3.5M
Year-to-Date Net Loss (9 months ended Sept 30, 2025)	YTD Sept 30, 2025	$22.2M

The company also closed an offering up to $8.35 Million in late November 2025. That's a lot of capital activity to manage stakeholder expectations.

Direct engagement with key opinion leaders and clinical investigators

Engagement with the scientific community is critical for validating the dual mechanism of action for Tempest Therapeutics, Inc.'s assets. You see this engagement through data presentations and regulatory interactions.

• Reported new data at the 2025 American Association for Cancer Research (AACR) Annual Meeting.
• Amezalpat (TPST-1120) showed a six-month improvement in median overall survival (OS) in a global randomized Phase 1b/2 study.
• Received both Orphan Drug and Fast Track designations from the FDA for amezalpat for HCC.
• Completed FDA and EMA interactions for the first-line pivotal study of amezalpat (TPST-1120).

The success of amezalpat in the Phase 2 study provided the positive randomized data set that underpins much of this external validation.

Investor relations focused on communicating pipeline progress and strategic direction

Investor relations for Tempest Therapeutics, Inc. centers on communicating pipeline milestones and the ongoing strategic alternatives process. The company provided updates following its Q2 and Q3 2025 financial results in August and November 2025, respectively.

Key communication points included:

• Communication of the strategic alternatives process initiated in April 2025.
• Reporting the closing of an offering up to $8.35 Million on November 26, 2025.
• Providing updates on the expected runway extension to mid-2027 following the Factor acquisition.
• Management participated in investor conferences, such as the Piper Sandler 36th Annual Healthcare Conference in December 2024.

The focus is definitely on bridging the gap between the science and the capital needed for late-stage development. The stock was trading around $3.03 recently.

Collaborative relationship with the NCI for clinical trial execution

The collaboration with the National Cancer Institute (NCI) is a key, non-dilutive relationship for advancing the pipeline, specifically for TPST-1495. You see this partnership structured through the Cancer Prevention Clinical Trials Network (CPCTN).

The plan is to advance TPST-1495 into a Phase 2 study in patients with Familial Adenomatous Polyposis (FAP) in 2025. This study is under the auspices of the CPCTN and is funded by the NCI Division of Cancer Prevention. This funding structure helps manage cash burn, especially given the cash position of $7.5 million as of September 30, 2025. The company expects to start this NCI/CPCTN Phase 2 collaboration.

Tempest Therapeutics, Inc. (TPST) - Canvas Business Model: Channels

Tempest Therapeutics, Inc. uses several distinct channels to advance its pipeline and engage with the market, spanning clinical operations, regulatory engagement, financial structuring, and scientific dissemination.

Clinical trial sites (global and domestic) for drug development and data generation

The execution of clinical studies relies on established networks, though recruitment status shows variability across programs as of late 2025.

• Amezalpat (TPST-1120) Phase 3 plan for first-line HCC has global investigator support in place.
• The planned Phase 3 study for amezalpat is listed on clinicaltrials.gov but was described as not yet recruiting as of April 2025.
• The planned Phase 3 study for amezalpat is designed for approximately 700 patients.
• The Phase 2 trial for TPST-1495 in Familial Adenomatous Polyposis (FAP) is slated to begin in May 2025.
• The TPST-1495 Phase 2 trial involves approximately 38 patients.
• Primary completion for the TPST-1495 Phase 2 trial is targeted for December 2026.

Regulatory bodies (FDA, EMA) for drug approval and designation filings

Engagement with the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) has resulted in key designations for both lead candidates.

Regulatory Body	Drug Candidate	Designation Type	Date/Status (2025)
FDA	Amezalpat (TPST-1120)	Fast Track Designation (FTD)	February 10, 2025
FDA	Amezalpat (TPST-1120)	Orphan Drug Designation (ODD)	January 6, 2025
FDA	TPST-1495	Orphan Drug Designation (ODD)	April 21, 2025
FDA	TPST-1495	'Study May Proceed' Letter (Phase 2 FAP)	March 13, 2025
EMA	Amezalpat (TPST-1120)	Orphan Drug Designation (ODD)	June 5, 2025
FDA and EMA	Amezalpat (TPST-1120)	Broad regulatory agreement on Phase 3 plan	Secured prior to March 27, 2025

Investment banks and financial advisors for capital raising and strategic transactions

Tempest Therapeutics, Inc. utilizes investment banks and financial advisors to secure necessary operating capital and explore strategic alternatives, especially given the cash position at the end of Q3 2025.

The company ended Q3 2025 with $7.5 million in cash and cash equivalents, a decrease from $30.3 million on December 31, 2024. The net loss for the third quarter of 2025 was $3.5 million.

• Retained MTS Health Partners, L.P. to assist in evaluating strategic alternatives as of April 2025.
• Completed a registered direct offering in November 2025, securing $4.25 million in net proceeds.
• The November 2025 offering price was $3.625 per share, with warrants priced at $3.50 per share for a potential additional $4.1 million.
• In June 2025, an offering facilitated by H.C. Wainwright & Co. generated approximately $4.6 million in gross proceeds.
• The June 2025 offering price was $6.25 per share.
• Historically, Tempest Therapeutics, Inc. has raised a total of $88.2 million over 2 funding rounds.

Scientific conferences (e.g., AACR) for data presentation and visibility

Presenting clinical and preclinical data at major scientific forums is a key channel for validating science and attracting potential partners.

• Presented new data supporting amezalpat's dual mechanism of action at the 2025 American Association for Cancer Research (AACR) Annual Meeting.
• The AACR presentation took place between April 25-30, 2025, in Chicago, IL.
• The poster presentation details included Abstract Number 2171.
• The presentation session was categorized under Immunology.

Tempest Therapeutics, Inc. (TPST) - Canvas Business Model: Customer Segments

You're looking at the core groups Tempest Therapeutics, Inc. (TPST) targets to validate and commercialize its pipeline of oral cancer therapies. This isn't about selling widgets; it's about securing partnerships and getting novel drugs to patients who desperately need them.

Large pharmaceutical and biotechnology companies seeking late-stage oncology assets

These entities are crucial for providing the capital and infrastructure needed to move late-stage assets, like TPST-1120, into pivotal trials and eventual commercialization, especially since Tempest is actively exploring strategic alternatives due to capital market unavailability. Tempest Therapeutics, Inc. is focused on finding a strategic partner with the resources to advance its programs.

The company has a precedent for this type of engagement, operating under a collaboration with F. Hoffmann-La Roche Ltd for its lead asset, TPST-1120, in first-line Hepatocellular Carcinoma (HCC).

The management team's background supports this focus, with the CEO and CFO having M&A experience from prior roles at companies like Immune Design.

Oncology patients with advanced cancers like HCC, RCC, and Multiple Myeloma

The primary focus here is on patients with advanced solid tumors, particularly those with Hepatocellular Carcinoma (HCC), where Tempest Therapeutics, Inc. is advancing TPST-1120 (amezalpat) toward a pivotal study.

The market context for this segment is substantial, with the global liver cancer drug market size expected to reach $7.6 billion by 2033.

Clinical data supports the value proposition for this patient group: in a Phase 1b/2 study for first-line HCC, the addition of TPST-1120 to the standard of care backbone therapy (atezolizumab and bevacizumab) delivered a six-month improvement in median overall survival (OS), showing 21 months median OS versus 15 months for the control group.

The customer segments defined by indication and development stage are detailed below:

Indication/Asset	Development Stage (as of late 2025)	Key Regulatory Status/Trial Detail	Patient Population Relevance
Hepatocellular Carcinoma (HCC) / TPST-1120	Phase 3-ready, advancing into pivotal study in China	Received clearance for pivotal trial in China (largest HCC population globally). Granted Orphan Drug and Fast Track designations by the FDA.	First-line advanced HCC patients.
Renal Cell Carcinoma (RCC)	Pipeline focus area	Mechanism of action (dual EP2/4 antagonism) is noted to be expressed in diverse malignancies.	Oncology patients with advanced solid tumors.
Multiple Myeloma (MM)	Pipeline expansion via acquisition	Acquisition of a CAR-T program targeting relapsed MM and extramedullary disease announced.	Patients with relapsed Multiple Myeloma.

Patients with rare diseases, specifically Familial Adenomatous Polyposis (FAP)

This segment is targeted by TPST-1495, a potential orally bioavailable first-in-class EP2/4 dual antagonist. This represents a significant unmet need, as there are currently no approved drugs to prevent polyps in FAP patients.

The development path for this indication is de-risked financially, as the Phase 2 study is being run and paid for by the National Cancer Institute (NCI) through its Cancer Prevention Clinical Trials Network.

Key milestones for this segment include:

• TPST-1495 received FDA Orphan Drug designation for FAP.
• The FDA granted a "Study May Proceed" letter for the Phase 2 trial in FAP.
• Data from the Phase 2 FAP study is expected in 2026.

Institutional and retail investors providing equity financing

Given the company's operational cash burn and pursuit of strategic alternatives, capital providers are a critical segment for near-term survival and funding clinical progress.

Recent financial activity in late 2025 highlights this dependency:

• As of November 25, 2025, Tempest Therapeutics, Inc. finalized a registered direct offering to raise $4.25 million at $3.625 per share.
• A concurrent private placement of warrants could generate an additional $4.1 million if fully exercised at $3.50 per share.
• The market capitalization around that date was approximately $18.52 million, meaning the offering proceeds represented nearly 23% of the company's value.
• The company ended Q3 2025 with $7.5 million in cash and cash equivalents.

Institutional ownership figures provide a view into this segment's commitment:

Institutional investors hold 22.52% of Tempest Therapeutics stock. Major institutional holders identified include Versant Venture Management LLC and Vanguard Group Inc.

For example, in Q2 2025, VERSANT VENTURE MANAGEMENT, LLC added 269,772 shares to their portfolio, valued at an estimated $1,834,449.

Retail investors provide secondary liquidity, evidenced by the stock price falling 5.04% premarket to $3.96 following the November 25, 2025, offering announcement.

Tempest Therapeutics, Inc. (TPST) - Canvas Business Model: Cost Structure

You're looking at the major cash outlays for Tempest Therapeutics, Inc. (TPST) as they navigate their clinical pipeline and strategic review process through late 2025. For a clinical-stage biotech, the cost structure is heavily weighted toward science and operations, and the numbers from the nine months ended September 30, 2025, show this clearly.

The primary cost drivers are the expenses tied directly to drug development and the overhead required to run the business while exploring strategic options. Here's the quick math on the year-to-date spending:

Cost Category	Amount (YTD Q3 2025)	Comparison (YTD Q3 2024)
Research and Development (R&D) Expenses	$12.1 million	$17.7 million
General and Administrative (G&A) Expenses	$10.4 million	$10.4 million
Total Operating Expenses (R&D + G&A)	$22.5 million	$28.1 million

The total cash burn from operating activities for the nine months ended September 30, 2025, was $23.2 million. This is a key metric for understanding how quickly the company was using its cash reserves.

The R&D spend reduction year-over-year is notable, but it reflects a strategic shift, not necessarily a reduction in core scientific commitment. The costs associated with clinical trial execution and manufacturing for their key programs are embedded within these figures, especially as they prepared for later-stage studies.

• Clinical trial execution and manufacturing costs for Phase 2/3-ready programs, particularly for amezalpat, drove R&D spending in prior periods.
• The R&D expense for the quarter ended September 30, 2025, was only $0.6 million, a sharp drop from $7.6 million in the same quarter of 2024.
• General and Administrative (G&A) expenses for the quarter were $3.0 million, flat compared to the prior year's quarter.

You can see the impact of the strategic review directly in the expense lines. The company was actively managing its cash burn by re-prioritizing efforts, which directly affected R&D spending.

• Costs associated with exploring strategic alternatives and financial advisory fees are captured within G&A and potentially impact R&D spending due to re-prioritization.
• The $5.6 million decrease in year-to-date R&D expenses was primarily due to a decrease in costs incurred as a result of re-prioritizing efforts towards exploring strategic alternatives.
• Q3 2025 G&A expenses were primarily related to consulting and professional services, which often includes costs for strategic advisory work.

The G&A for the nine months ended September 30, 2025, at $10.4 million, was flat compared to the same period in 2024, primarily related to employee compensation costs, inclusive of one-time separation costs, as well as consulting and professional services.

Finance: draft 13-week cash view by Friday.

Tempest Therapeutics, Inc. (TPST) - Canvas Business Model: Revenue Streams

You're looking at the current financial reality for Tempest Therapeutics, Inc. (TPST) as of late 2025. For a clinical-stage biotech, revenue streams are almost entirely non-operational right now; it's all about capital formation and deal structure. Honestly, the numbers reflect a company heavily reliant on external funding to push its pipeline forward.

Currently, no product sales revenue as a clinical-stage company.

As of the third quarter ending September 30, 2025, Tempest Therapeutics reported zero revenue from product sales. This isn't surprising for a company deep in clinical development. The reported revenue for the trailing 12 months ending September 30, 2025, was exactly $0.00. Similarly, the annual revenue for the last reported fiscal year, 2024, was also $0.00.

This means all current financial inflows are from financing activities or potential future deal structures.

Proceeds from equity financing, including at-the-market (ATM) offerings.

Tempest Therapeutics, Inc. has been active in raising capital through equity offerings to extend its operational runway. You can see the recent activity below, which highlights the reliance on selling shares to fund operations, especially given the strategic pivot to explore alternatives.

Financing Event/Period	Gross Proceeds (Approximate)	Net Proceeds Reported (If Available)	Date/Period
Registered Direct Offering (November 2025)	$4.25 million	N/A (Closed post-quarter)	November 2025
Concurrent Warrants (November 2025 Offering)	Potential additional $4.1 million	N/A	November 2025
At-The-Market (ATM) Offering Program	N/A	$2.8 million	Q3 2025
Registered Direct Offering	$4.6 million	$4.1 million	June 2025

The November 2025 registered direct offering involved selling 1,172,414 shares at $3.625 per share, with warrants exercisable at $3.50 per share. The June 2025 offering raised $4.6 million by selling 739,000 shares at $6.25 per share. It's clear that these equity raises are a primary, near-term revenue source to cover operating cash burn.

Potential future revenue from an acquisition or merger transaction.

The most significant potential future value event discussed late in 2025 is the all-stock acquisition of certain dual-CAR T programs from Factor Bioscience Inc. This isn't a direct cash revenue stream, but it fundamentally alters the company's asset base and future value proposition. To close this deal, expected in early 2026, Tempest Therapeutics, Inc. will issue 8,268,495 new common shares to Factor Bioscience. This issuance represents approximately 65% of outstanding shares post-closing, indicating a substantial shift in ownership structure.

This transaction is contingent on a pre-closing equity financing securing at least $5.0 million in gross proceeds by December 5, 2025. If that financing condition is not met, the agreement can be terminated, and Tempest may owe a $300,000 termination fee.

Potential future revenue from upfront payments and milestones from a licensing deal.

While the Factor acquisition is structured as an all-stock deal, the strategic rationale points directly to future milestone-based revenue potential. The acquisition is explicitly stated to extend the Company's runway to mid-2027, potentially through value-creating milestones associated with the acquired pipeline assets, like TPST-2003. The company also plans to pursue business development discussions or an additional financing to advance the pivotal development of amezalpat (TPST-1120).

The expected milestones tied to the acquired programs include data readouts in 2026 and a Biologics License Application (BLA) in China planned for 2027. Any successful licensing of these or other pipeline assets would then generate upfront payments and subsequent milestone payments, which are the typical non-dilutive revenue drivers for a company at this stage. Right now, these are purely potential, not booked, revenue.

Finance: draft 13-week cash view by Friday.