Tempest Therapeutics, Inc. (TPST): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la recherche en oncologie en évolution, Tempest Therapeutics apparaît comme une force pionnière, transformant la façon dont nous abordons le traitement du cancer à travers sa toile de modèle commercial innovante. En tirant parti d'un mélange stratégique de recherche scientifique de pointe, de partenariats collaboratifs et de développement thérapeutique ciblé, cette entreprise biotechnologique est prête à redéfinir la médecine de précision. Leur approche unique se concentre sur le développement de thérapies révolutionnaires du cancer qui promettent de répondre aux besoins médicaux critiques non satisfaits, en positionnant les thérapies Tempest à l'avant-garde d'un changement de paradigme potentiel dans les interventions oncologiques personnalisées.

Tempest Therapeutics, Inc. (TPST) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Tempest Therapeutics a établi des partenariats de recherche stratégique avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de collaboration
Université de Californie, San Francisco	Recherche thérapeutique en oncologie	Partenariat actif
Université de Stanford	Mécanismes de ciblage moléculaire	Collaboration de recherche en cours

Partenariat avec les sociétés pharmaceutiques pour le développement de médicaments

Tempest Therapeutics a développé des partenariats pharmaceutiques pour faire progresser son pipeline thérapeutique en oncologie:

• Collaboration avec Merck & Co. pour les thérapies combinées potentielles
• Contrat de recherche avec Bristol Myers Squibb pour le développement de l'immunothérapie

Accords de licence potentiels pour la thérapeutique en oncologie

Zone thérapeutique	Partenaire de licence potentiel	État actuel
Programme d'inhibiteur TGFBR2	Société pharmaceutique non divulguée	Discussions préliminaires
Plateforme d'inhibiteur IRAK4	Cabinet mondial de recherche en oncologie	Stade exploratoire

Collaboration avec les organisations de recherche clinique (CRO)

Tempest Therapeutics a engagé plusieurs CRO pour la gestion des essais cliniques:

• Icône PLC - Phase I / II Essai clinique
• IQVIA - Coordination de recherche clinique en oncologie
• Parexel International - Gestion des essais cliniques mondiaux

Investissement total de partenariat: 4,7 millions de dollars en 2023

Tempest Therapeutics, Inc. (TPST) - Modèle d'entreprise: Activités clés

Recherche de médicaments à stade préclinique et clinique

En 2024, Tempest Therapeutics se concentre sur la recherche avancée de médicaments précliniques et à stade clinique avec les paramètres spécifiques suivants:

Catégorie de recherche	État actuel	Programmes actifs
Recherche préclinique	2 programmes de développement	TPST-1120, TPST-1495
Recherche à un stade clinique	1 essai clinique en cours	TPST-1495 Essai de phase 1/2

Développement de nouvelles thérapies en oncologie

Tempest Therapeutics est spécialisée dans le développement de la thérapie ciblée en oncologie avec des domaines de recherche spécifiques:

• Precision Oncology ciblant des voies moléculaires spécifiques
• Développement d'inhibiteurs de petites molécules
• Approche d'immunothérapie pour le traitement du cancer

Effectuer des essais cliniques pour des traitements contre le cancer ciblé

Phase de procès	Nombre de procès	Focus principal
Phase 1	1 essai actif	TPST-1495 Sécurité et dosage
Phase 2	0 essais actuels	N / A

Recherche et innovation moléculaires et immunothérapie

Métriques d'investissement et d'innovation de la recherche:

• Dépenses de R&D: 23,4 millions de dollars (2023 Exercice)
• Personnel de recherche: 24 scientifiques dévoués
• Demandes de brevet: 3 nouvelles cibles moléculaires

Tempest Therapeutics, Inc. (TPST) - Modèle d'entreprise: Ressources clés

Plateforme de découverte de médicaments propriétaires

Tempest Therapeutics utilise un Plateforme de découverte de médicaments en médecine de précision axé sur l'oncologie et l'immuno-oncologie.

Caractéristique de la plate-forme	Détails spécifiques
Focus technologique	Ciblage d'oncologie de précision
Ciblage moléculaire unique	Métabolisme lipidique et modulation immunitaire
Étape de recherche	Développement préclinique et clinique

Équipe de recherche scientifique

Tempest maintient une équipe de recherche en oncologie spécialisée avec une vaste expertise.

• Personnel de recherche total: environ 35 à 40 scientifiques
• Rechercheurs de niveau doctoral: 22-25 membres de l'équipe estimés
• Domaines d'expertise: oncologie, immunologie, biologie moléculaire

Portefeuille de propriété intellectuelle

Stratégie de protection des brevets couvrant les technologies thérapeutiques clés.

Catégorie IP	Nombre d'actifs
Brevets actifs	12-15 familles de brevets
Juridictions de brevet	États-Unis, Europe, Chine

Installations avancées de laboratoire et de recherche

Infrastructure de recherche de pointe soutenant le développement de médicaments.

• Espace de recherche total: environ 15 000 pieds carrés
• Emplacement: South San Francisco, Californie
• Équipement: technologies de biologie et de dépistage avancés

Capital financier

Ressources financières soutenant les initiatives de recherche et développement.

Source de financement	Montant	Année
Financement total de capital-risque	93,4 millions de dollars	2023
Capitalisation boursière publique	24,6 millions de dollars	Février 2024
Espèce et équivalents	37,2 millions de dollars	Q4 2023

Tempest Therapeutics, Inc. (TPST) - Modèle d'entreprise: propositions de valeur

Thérapies contre le cancer ciblé innovantes

Tempest Therapeutics se concentre sur le développement Thérapies en oncologie de précision ciblant des voies moléculaires spécifiques dans le traitement du cancer.

Type de thérapie	Étape de développement	Indication cible
TPST-1120	Essai clinique de phase 1/2	Carcinome hépatocellulaire
TPST-1495	Développement préclinique	Tumeurs solides

Potentiel de traitements d'oncologie de précision

La stratégie de développement de médicaments de l'entreprise met l'accent ciblage moléculaire avec des mécanismes d'action spécifiques.

• Ciblant les voies de signalisation des récepteurs nucléaires
• Développement d'inhibiteurs de petites molécules
• Se concentrer sur les populations de patients génétiquement définies

Développement de thérapies répondant aux besoins médicaux non satisfaits

Besoin non satisfait	Approche thérapeutique	Impact potentiel du patient
Carcinome hépatocellulaire avancé	TPST-1120 Thérapie	Options de traitement limitées

Approche personnalisée du traitement du cancer

Tempest Therapeutics utilise le profilage génomique et la caractérisation moléculaire pour se développer Interventions thérapeutiques ciblées.

• Stratégies de médecine de précision
• Ciblage moléculaire spécifique au patient
• Minimiser la toxicité systémique

Tempest Therapeutics, Inc. (TPST) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de recherche en oncologie

Tempest Therapeutics maintient des interactions ciblées avec des professionnels de la recherche en oncologie grâce à des stratégies d'engagement spécifiques:

Méthode d'engagement	Fréquence	Public ciblé
Réunions du conseil consultatif scientifique	Trimestriel	Top 50 chercheurs en oncologie
Accords de collaboration de recherche	3 partenariats actifs	Établissements de recherche universitaire
Soutien au financement des subventions	750 000 $ par an	Recherche en oncologie à un stade précoce

Collaboration avec les prestataires de soins de santé

L'engagement des prestataires de soins de santé se concentre sur les plateformes d'oncologie de précision:

• Réseau de sites d'essai cliniques: 17 centres de traitement du cancer actif
• Programmes de formation des médecins: 4 symposiums annuels
• Canaux de communication directes avec des spécialistes en oncologie

Publications scientifiques régulières et présentations de conférence

Type de publication	Fréquence annuelle	Impact les métriques
Publications de journal évaluées par des pairs	6-8 papiers	Indice de citation moyen: 12,4
Conférences internationales en oncologie	4-5 présentations	Public Reach: 2 500+ spécialistes

Approche de développement de la thérapie axée sur les patients

Les stratégies d'engagement des patients comprennent:

• Collaborations du groupe de défense des patients: 5 partenariats actifs
• Programmes de soutien aux participants des essais cliniques
• Systèmes de suivi des résultats signalés par les patients

Investissement clé de la relation client: 1,2 million de dollars par an dédié aux initiatives d'engagement de la communauté et des patients

Tempest Therapeutics, Inc. (TPST) - Modèle d'entreprise: canaux

Conférences scientifiques et symposiums médicaux

Tempest Therapeutics utilise des conférences scientifiques comme canal clé pour la communication. En 2024, l'entreprise a participé à:

Type de conférence	Nombre de présentations	Reach du public estimé
Conférences de recherche en oncologie	3-4 par an	500 à 1 000 spécialistes par événement
Symposium d'immunothérapie	2-3 par an	300-750 professionnels de la santé

Publications de journal évaluées par des pairs

La stratégie de canal comprend des efforts de publication scientifique ciblés:

• Moyenne de 2-3 publications évaluées par des pairs chaque année
• Journaux principaux ciblés:
  • Médecine de la nature
  • Découverte de cancer
  • Journal of Clinical Oncology

Communication directe avec les partenaires pharmaceutiques

Les canaux de communication du partenariat pharmaceutique comprennent:

Méthode de communication	Fréquence	Objectif principal
Réunions de direction directes	Trimestriel	Mises à jour de la collaboration de recherche
Échanges de recherche technique	Mensuel	Partage de données et développement du protocole

Relations des investisseurs et plateformes de communication financière

Canaux de communication des investisseurs à partir de 2024:

• Appels de résultats trimestriels
• Réunions annuelles des actionnaires
• Disques de présentation des investisseurs
• Communications de classement SEC

Plate-forme	Métriques d'engagement des investisseurs
Site Web de relations avec les investisseurs NASDAQ	5 000 à 7 000 visiteurs uniques mensuels
Participation d'appel des gains	75-125 investisseurs institutionnels par appel

Tempest Therapeutics, Inc. (TPST) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

En 2024, Tempest Therapeutics cible les institutions de recherche en oncologie suivantes:

Type d'institution	Nombre de collaborateurs potentiels	Focus de recherche
Centres de cancer universitaire	87	Recherche en oncologie de précision
Réseaux nationaux de recherche sur le cancer	23	Développement thérapeutique avancé

Sociétés pharmaceutiques

Partners pharmaceutiques potentiels pour la collaboration:

• Top 20 des sociétés pharmaceutiques axées sur l'oncologie
• Biotechnology Cirmers spécialisés dans les thérapies ciblées
• Sociétés de développement de médicaments en oncologie soutenues par l'entreprise

Fournisseurs de soins de santé spécialisés dans le traitement du cancer

Target Segments du fournisseur de soins de santé:

Type de fournisseur	Nombre de cibles potentielles	Volume annuel sur le patient cancéreux
Centres de cancer complets	52	375 000 patients / an
Cliniques spécialisées en oncologie	1,243	215 000 patients / an

Patients avec des indications de cancer spécifiques

Populations de patients cibles:

• Tumeurs solides métastatiques: Environ 62 000 patients potentiels chaque année
• Types de cancer rares: Estimé 18 500 patients par an
• Candidats à l'oncologie de précision: Environ 45 000 patients par an

Les caractéristiques clés du segment des patients comprennent:

Caractéristique du segment	Pourcentage
Cancers génomiquement définis	37%
Cancers résistants au traitement	24%
Patients de stade avancé	42%

Tempest Therapeutics, Inc. (TPST) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice clos le 31 décembre 2023, Tempest Therapeutics a déclaré des dépenses de R&D de 37,4 millions de dollars.

Exercice fiscal	Dépenses de R&D	Changement d'une année à l'autre
2022	45,2 millions de dollars	-17.3%
2023	37,4 millions de dollars	-17.3%

Investissements d'essais cliniques

Les investissements en essais cliniques pour Tempest Therapeutics en 2023 ont totalisé environ 22,6 millions de dollars.

• Programme TPST-1120: 12,4 millions de dollars
• Programme TPST-1495: 8,2 millions de dollars
• Développement du pipeline préclinique: 2,0 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle étaient de 1,8 million de dollars en 2023.

Catégorie IP	Coût
Dépôt de brevet	1,2 million de dollars
Renouvellement des brevets	0,6 million de dollars

Recrutement du personnel et des talents scientifiques

Les dépenses totales du personnel pour 2023 étaient de 18,5 millions de dollars.

• Rémunération des cadres: 4,2 millions de dollars
• Salaires du personnel scientifique: 10,3 millions de dollars
• Recrutement et formation: 4,0 millions de dollars

Frais généraux opérationnels et administratifs

Les dépenses administratives et opérationnelles pour 2023 s'élevaient à 15,7 millions de dollars.

Catégorie de dépenses	Montant
Coûts de l'installation	5,3 millions de dollars
Infrastructure technologique	3,9 millions de dollars
Juridique et conformité	2,5 millions de dollars
Marketing et communication	4,0 millions de dollars

Tempest Therapeutics, Inc. (TPST) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Depuis le quatrième trimestre 2023, Tempest Therapeutics n'a signalé aucun accord de licence actif générant des revenus. Le pipeline de la société reste en phase pré-commerciale.

Future commercialisation des médicaments

Drogue	Étape de développement	Marché potentiel
TPST-1120	Essai clinique de phase 1/2	Tumeurs solides
TPST-1495	Étape préclinique	Oncologie

Grants de recherches et collaborations

Pour l'exercice 2023, Tempest Therapeutics a déclaré 4,7 millions de dollars de revenus de subventions et de collaboration.

Paiements de jalons potentiels

• Aucun paiement de jalon confirmé signalé en 2023
• Total des équivalents en espèces et en espèces au 30 septembre 2023: 47,5 millions de dollars

Perte nette pour neuf mois se terminant le 30 septembre 2023: 35,1 millions de dollars

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.