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Jun 30, 2021
Tempest Q2 2021 Earnings Report
Tempest became a public company and made progress in all three novel programs.
Key Takeaways
Tempest Therapeutics reported financial results for Q2 2021, highlighting the closing of the merger transaction, resulting in a public listing and closing a $30M PIPE. The company's cash and cash equivalents increased to $68.5 million. Net loss was $7.1 million, or $7.63 per share.
Closed merger transaction resulting in public listing (TPST).
Closed $30M PIPE, extending runway into Q1’23.
Advancing TPST-1495 and TPST-1120 into targeted patient populations.
Advanced TREX-1 program to potent lead series with in vivo efficacy.
Tempest
Tempest
Forward Guidance
Tempest plans to achieve several milestones across its TPST-1495, TPST-1120, and TREX-1 Inhibitor programs.
Positive Outlook
- Selection of monotherapy RP2D for TPST-1495 expected in the first half of 2022.
- Commencement of a combination study of TPST-1495 with an anti-PD-1 checkpoint inhibitor expected prior to the end of 2021.
- Commencement of monotherapy expansion in targeted indications and biomarker-selected patient populations for TPST-1495 expected in the first half of 2022.
- Identification of RP2D of TPST-1120 in combination with nivolumab expected prior to the end of 2021.
- Commencement of first line randomized Phase 1b/2 study in hepatocellular carcinoma patients for TPST-1120, under a collaboration with F. Hoffman La Roche, expected within the third quarter.
Challenges Ahead
- Potential delays in the timing and selection of development candidates.
- Potential delays in dose selection or commencement of clinical trials.
- Uncertainty regarding the availability of data from clinical trials.
- Risks related to the company's guidance regarding cash resources.
- Uncertainty regarding the company's ability to deliver on value-creating milestones.