Tempest Therapeutics, Inc. (Nasdaq: TPST) reported its financial results for the quarter ended September 30, 2026, alongside updates on its clinical pipeline and corporate governance. The company announced the exercise of an option to obtain an exclusive license from Hebei Senlang Biotechnology Co., Ltd. to develop and commercialize Senlang’s CD7-targeted lentiviral in vivo CAR-T platform and associated candidates worldwide, excluding China. The lead program under this license is TPST-4903, a BCMA/GPRC5D dual-targeting in vivo CAR-T candidate currently in a Phase 1 dose-escalation study for relapsed or refractory multiple myeloma.
In a separate business update, Tempest unveiled its next-generation in vivo CAR-T pipeline. This includes TPST-4003, a dual-targeting CD19/BCMA candidate that combines proprietary CD7-targeted mRNA/LNP delivery with a clinically validated dual-target CAR architecture. The company noted that an investigator-initiated trial for TPST-4003 in approximately 10 patients with myasthenia gravis or multiple sclerosis is expected to begin in the fourth quarter of 2026.
On the financing front, Tempest secured access to additional capital through two agreements. In September 2026, the company completed a private placement of pre-funded warrants and Series C and D warrants for gross proceeds of approximately $2.5 million. Additionally, the company entered into a purchase agreement with Lincoln Park Capital Fund, LLC on August 13, 2026, granting Tempest the right to sell up to $25.0 million of common stock, which can increase to $50.0 million, over a 24-month period. Through September 30, 2026, Tempest sold 350,000 shares to Lincoln Park for gross proceeds of approximately $0.3 million.
Tempest also strengthened its Board of Directors with the appointments of independent directors Nancy Freda-Smith and John W. Frederick.
Financially, the company reported cash and cash equivalents of $0.9 million as of September 30, 2026, a decrease from $7.7 million at the end of 2025. The company stated that its existing cash is expected to fund operating expenses for less than 12 months and noted there is substantial doubt about its ability to continue as a going concern. For the third quarter of 2026, the company reported a net loss of $3.6 million, or $0.21 per share, compared to a net loss of $3.5 million, or $0.79 per share, in the prior year's quarter.
