Tempest Therapeutics, Inc. (TPST): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da pesquisa de oncologia, a Tempest Therapeutics surge como uma força pioneira, transformando a maneira como abordamos o tratamento do câncer por meio de sua inovadora tela de modelo de negócios. Ao alavancar uma mistura estratégica de pesquisa científica de ponta, parcerias colaborativas e desenvolvimento terapêutico direcionado, esta empresa de biotecnologia está pronta para redefinir a medicina de precisão. Sua abordagem única se concentra no desenvolvimento de terapias cancerígenas inovadoras que prometem atender às necessidades médicas não atendidas críticas, posicionando a terapêutica da tempestade na vanguarda de uma potencial mudança de paradigma em intervenções oncológicas personalizadas.

Tempest Therapeutics, Inc. (TPST) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições de pesquisa acadêmica

A Tempest Therapeutics estabeleceu parcerias estratégicas de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Status de colaboração
Universidade da Califórnia, São Francisco	Pesquisa terapêutica oncológica	Parceria ativa
Universidade de Stanford	Mecanismos de direcionamento molecular	Colaboração de pesquisa em andamento

Parceria com empresas farmacêuticas para desenvolvimento de medicamentos

A Tempest Therapeutics desenvolveu parcerias farmacêuticas para promover seu pipeline de terapêutica de oncologia:

• Colaboração com Merck & Co. para possíveis terapias combinadas
• Acordo de Pesquisa com Bristol Myers Squibb para desenvolvimento de imunoterapia

Potenciais acordos de licenciamento para terapêutica oncológica

Área terapêutica	Potencial parceiro de licenciamento	Status atual
Programa de inibidor de TGFBR2	Empresa farmacêutica não divulgada	Discussões preliminares
Plataforma inibidor do IRAK4	Empresa de pesquisa de oncologia global	Estágio exploratório

Colaboração com organizações de pesquisa clínica (CROs)

A Tempest Therapeutics envolveu vários CROs para gerenciamento de ensaios clínicos:

• ICON PLC - Suporte de ensaios clínicos da Fase I/II
• IQVIA - Coordenação de Pesquisa Clínica Oncológica
• Parexel International - Gestão Global de Ensaios Clínicos

Investimento total de parceria: US $ 4,7 milhões em 2023

Tempest Therapeutics, Inc. (TPST) - Modelo de negócios: Atividades -chave

Pesquisa de medicamentos pré-clínicos e de estágio clínico

A partir de 2024, a Tempest Therapeutics se concentra na pesquisa avançada de medicamentos pré-clínica e em estágio clínico com os seguintes parâmetros específicos:

Categoria de pesquisa	Status atual	Programas ativos
Pesquisa pré -clínica	2 programas em desenvolvimento	TPST-1120, TPST-1495
Pesquisa em estágio clínico	1 ensaio clínico em andamento	Trial TPST-1495 Fase 1/2

Desenvolvimento de novos terapêuticos oncológicos

A Tempest Therapeutics é especializada no desenvolvimento da terapêutica de oncologia direcionada com áreas de foco de pesquisa específicas:

• Oncologia de precisão direcionada a vias moleculares específicas
• Desenvolvimento de inibidores de moléculas pequenas
• Abordagem de imunoterapia para tratamento de câncer

Realização de ensaios clínicos para tratamentos de câncer direcionados

Fase de teste	Número de ensaios	Foco primário
Fase 1	1 teste ativo	TPST-1495 Segurança e dosagem
Fase 2	0 ensaios atuais	N / D

Pesquisa e inovação molecular e imunoterapia

Métricas de investimento e inovação de pesquisa:

• Despesas de P&D: US $ 23,4 milhões (2023 ano fiscal)
• Pessoal de pesquisa: 24 cientistas dedicados
• Aplicações de patentes: 3 novos alvos moleculares

Tempest Therapeutics, Inc. (TPST) - Modelo de negócios: Recursos -chave

Plataforma proprietária de descoberta de medicamentos

Tempest Therapeutics utiliza um Plataforma de descoberta de medicamentos para medicina de precisão focado em oncologia e imuno-oncologia.

Característica da plataforma	Detalhes específicos
Foco em tecnologia	Direcionamento de oncologia de precisão
Direcionamento molecular exclusivo	Metabolismo lipídico e modulação imune
Estágio de pesquisa	Desenvolvimento pré-clínico e clínico

Equipe de pesquisa científica

O Tempest mantém uma equipe de pesquisa de oncologia especializada com ampla experiência.

• Pessoal de pesquisa total: aproximadamente 35-40 cientistas
• Pesquisadores no nível de doutorado: estimados 22-25 membros da equipe
• Áreas de especialização: oncologia, imunologia, biologia molecular

Portfólio de propriedade intelectual

Estratégia de proteção de patentes cobrindo as principais tecnologias terapêuticas.

Categoria IP	Número de ativos
Patentes ativas	12-15 Famílias de patentes
Jurisdições de patentes	Estados Unidos, Europa, China

Instalações avançadas de laboratório e pesquisa

Infraestrutura de pesquisa de ponta que apoia o desenvolvimento de medicamentos.

• Espaço total de pesquisa: aproximadamente 15.000 pés quadrados
• Localização: South San Francisco, Califórnia
• Equipamento: Biologia Molecular Avançada e Tecnologias de Triagem

Capital financeiro

Recursos financeiros Apoiando iniciativas de pesquisa e desenvolvimento.

Fonte de financiamento	Quantia	Ano
Financiamento total do empreendimento	US $ 93,4 milhões	2023
Capitalização de mercado público	US $ 24,6 milhões	Fevereiro de 2024
Dinheiro e equivalentes	US $ 37,2 milhões	Q4 2023

Tempest Therapeutics, Inc. (TPST) - Modelo de Negócios: Proposições de Valor

Terapias de câncer direcionadas inovadoras

Tempest Therapeutics se concentra no desenvolvimento Terapias de oncologia de precisão Visando vias moleculares específicas no tratamento do câncer.

Tipo de terapia	Estágio de desenvolvimento	Indicação alvo
TPST-1120	Ensaio Clínico de Fase 1/2	Carcinoma hepatocelular
TPST-1495	Desenvolvimento pré -clínico	Tumores sólidos

Potencial para tratamentos de oncologia de precisão

A estratégia de desenvolvimento de medicamentos da empresa enfatiza direcionamento molecular com mecanismos de ação específicos.

• Direcionando as vias de sinalização do receptor nuclear
• Desenvolvendo inibidores de pequenas moléculas
• Focando em populações de pacientes geneticamente definidos

Desenvolvimento de terapias que atendem às necessidades médicas não atendidas

Necessidade não atendida	Abordagem terapêutica	Impacto potencial do paciente
Carcinoma hepatocelular avançado	Terapia com TPST-1120	Opções de tratamento limitado

Abordagem personalizada para tratamento de câncer

Terapêutica tempestade utiliza perfil genômico e caracterização molecular para desenvolver intervenções terapêuticas direcionadas.

• Estratégias de medicina de precisão
• Direcionamento molecular específico do paciente
• Minimizar a toxicidade sistêmica

Tempest Therapeutics, Inc. (TPST) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa oncológica

A Tempest Therapeutics mantém interações direcionadas com profissionais de pesquisa de oncologia por meio de estratégias específicas de engajamento:

Método de engajamento	Freqüência	Público -alvo
Reuniões do Conselho Consultivo Científico	Trimestral	50 principais pesquisadores de oncologia
Acordos de colaboração de pesquisa	3 parcerias ativas	Instituições de pesquisa acadêmica
Conceder suporte de financiamento	US $ 750.000 anualmente	Pesquisa em oncologia em estágio inicial

Colaboração com prestadores de serviços de saúde

O envolvimento do provedor de serviços de saúde se concentra nas plataformas de oncologia de precisão:

• Rede de Local de Ensaios Clínicos: 17 Centros de Tratamento Ativo de Câncer
• Programas de educação médica: 4 simpósios anuais
• Canais de comunicação direta com especialistas em oncologia

Publicações científicas regulares e apresentações de conferências

Tipo de publicação	Frequência anual	Métricas de impacto
Publicações de revistas revisadas por pares	6-8 papéis	Índice de Citação Média: 12.4
Conferências de Oncologia Internacional	4-5 apresentações	Alcance do público: mais de 2.500 especialistas

Abordagem de desenvolvimento da terapia focada no paciente

As estratégias de envolvimento do paciente incluem:

• Colaborações do Grupo de Advocacia dos Pacientes: 5 parcerias ativas
• Programas de apoio aos participantes do ensaio clínico
• Sistemas de rastreamento de resultados relatados pelo paciente

Principais investimentos em relação ao cliente: US $ 1,2 milhão dedicados anualmente à comunidade de pesquisa e iniciativas de engajamento de pacientes

Tempest Therapeutics, Inc. (TPST) - Modelo de Negócios: Canais

Conferências científicas e simpósios médicos

A Tempest Therapeutics utiliza conferências científicas como um canal -chave para a comunicação. A partir de 2024, a empresa participou de:

Tipo de conferência	Número de apresentações	Alcance estimado do público
Conferências de pesquisa oncológica	3-4 por ano	500-1.000 especialistas por evento
Simpósios de imunoterapia	2-3 por ano	300-750 profissionais médicos

Publicações de revistas revisadas por pares

A estratégia de canal inclui esforços direcionados de publicação científica:

• Média de 2-3 publicações revisadas por pares anualmente
• Revistas primárias direcionadas:
  • Medicina da natureza
  • Descoberta do câncer
  • Jornal de Oncologia Clínica

Comunicação direta com parceiros farmacêuticos

Os canais de comunicação de parceria farmacêutica incluem:

Método de comunicação	Freqüência	Propósito primário
Reuniões executivas diretas	Trimestral	Atualizações de colaboração de pesquisa
Trocas de pesquisa técnica	Mensal	Compartilhamento de dados e desenvolvimento de protocolo

Plataformas de relações com investidores e comunicações financeiras

Canais de comunicação de investidores a partir de 2024:

• Chamadas de ganhos trimestrais
• Reuniões anuais de acionistas
• Decks de apresentação do investidor
• Sec Comunicação de arquivamento

Plataforma	Métricas de engajamento do investidor
Site de relações com investidores da NASDAQ	Média de 5.000 a 7.000 visitantes únicos mensais
Participação de chamadas de ganhos	75-125 Investidores institucionais por chamada

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

Instituições de Pesquisa Oncológica

A partir de 2024, a Tempest Therapeutics tem como alvo as seguintes instituições de pesquisa de oncologia:

Tipo de instituição	Número de potenciais colaboradores	Foco na pesquisa
Centros de câncer acadêmico	87	Pesquisa de oncologia de precisão
Redes Nacionais de Pesquisa do Câncer	23	Desenvolvimento terapêutico avançado

Empresas farmacêuticas

Potenciais parceiros farmacêuticos para colaboração:

• As 20 principais empresas farmacêuticas focadas em oncologia
• Empresas de biotecnologia especializadas em terapias direcionadas
• Empresas de Desenvolvimento de Medicamentos de Oncologia, apoiados por empreendimentos

Provedores de saúde especializados em tratamento de câncer

Segmentos de provedores de saúde -alvo:

Tipo de provedor	Número de alvos em potencial	Volume anual do paciente com câncer
Centros abrangentes de câncer	52	375.000 pacientes/ano
Clínicas de especialidade de oncologia	1,243	215.000 pacientes/ano

Pacientes com indicações específicas de câncer

Populações de pacientes -alvo:

• Tumores sólidos metastáticos: Aproximadamente 62.000 pacientes em potencial anualmente
• Tipos de câncer raros: Estimado 18.500 pacientes por ano
• Candidatos a oncologia de precisão: Aproximadamente 45.000 pacientes anualmente

As principais características do segmento de pacientes incluem:

Característica do segmento	Percentagem
Cânceres genomicamente definidos	37%
Cânceres resistentes ao tratamento	24%
Pacientes avançados em estágio	42%

Tempest Therapeutics, Inc. (TPST) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o exercício fiscal encerrado em 31 de dezembro de 2023, a Tempest Therapeutics reportou despesas de P&D de US $ 37,4 milhões.

Ano fiscal	Despesas de P&D	Mudança de ano a ano
2022	US $ 45,2 milhões	-17.3%
2023	US $ 37,4 milhões	-17.3%

Investimentos de ensaios clínicos

Os investimentos em ensaios clínicos para a Tempest Therapeutics em 2023 totalizaram aproximadamente US $ 22,6 milhões.

• Programa TPST-1120: US $ 12,4 milhões
• Programa TPST-1495: US $ 8,2 milhões
• Desenvolvimento pré -clínico de pipeline: US $ 2,0 milhões

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram de US $ 1,8 milhão em 2023.

Categoria IP	Custo
Registro de patentes	US $ 1,2 milhão
Renovação de patentes	US $ 0,6 milhão

Pessoal e recrutamento de talentos científicos

As despesas totais de pessoal para 2023 foram de US $ 18,5 milhões.

• Compensação de executivos: US $ 4,2 milhões
• Salários da equipe científica: US $ 10,3 milhões
• Recrutamento e treinamento: US $ 4,0 milhões

Overhead operacional e administrativo

As despesas administrativas e operacionais de 2023 totalizaram US $ 15,7 milhões.

Categoria de despesa	Quantia
Custos da instalação	US $ 5,3 milhões
Infraestrutura de tecnologia	US $ 3,9 milhões
Legal e conformidade	US $ 2,5 milhões
Marketing e comunicação	US $ 4,0 milhões

Tempest Therapeutics, Inc. (TPST) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre 2023, a Tempest Therapeutics não relatou nenhum contrato de licenciamento ativo que gera receita. O pipeline da empresa permanece em estágios pré-comerciais.

Comercialização futura de medicamentos

Candidato a drogas	Estágio de desenvolvimento	Mercado potencial
TPST-1120	Ensaio Clínico de Fase 1/2	Tumores sólidos
TPST-1495	Estágio pré -clínico	Oncologia

Subsídios de pesquisa e colaborações

Para o ano fiscal de 2023, a Tempest Therapeutics registrou US $ 4,7 milhões em receita de concessão e colaboração.

Potenciais pagamentos marcantes

• Nenhum pagamento de marco confirmado relatado em 2023
• Total de caixa e equivalentes em dinheiro em 30 de setembro de 2023: US $ 47,5 milhões

Perda líquida por nove meses encerrada em 30 de setembro de 2023: US $ 35,1 milhões

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.