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Jun 30, 2023
Tempest Q2 2023 Earnings Report
Reported financial results for the second quarter of 2023 and provided a corporate update.
Key Takeaways
Tempest Therapeutics reported a net loss of $7.6 million, or $0.54 per share, for the quarter ended June 30, 2023. The company ended the quarter with $17.6 million in cash and cash equivalents. They also presented data from their TPST-1495 and TPST-1120 programs.
Presented data from TPST-1495 at ASCO and in Cancer Research Communications.
Announced early triplet data from the TPST-1120 program demonstrating improvement in first-line HCC patients.
TPST-1120 triplet arm showed unconfirmed responses of 30% vs 17.2% for the control arm.
TPST-1495 continued enrollment of an endometrial cancer-specific arm investigating the two highest doses of TPST-1495 in combination with pembrolizumab.
Forward Guidance
The company anticipates several milestones including discussing an updated data set from the TPST-1120 trial in the second half of 2023 and reporting data from the TPST-1495 combination arm in 2024.
Positive Outlook
- Expect to discuss an updated and comprehensive data set from the formal review of the ongoing, global, randomized Phase 1b/2 study in first-line liver cancer patients in the second half of 2023 regarding TPST-1120.
- Plan to report data from the combination arm at the two highest TPST-1495 doses in patients with advanced endometrial cancer in 2024.
- Expect to advance new proprietary small molecule series TREX1 inhibitors generated through insights resulting from human TREX1-inhibitor co-crystal structures.
- TPST-1120 combined with atezolizumab and bevacizumab showed positive early results in HCC study.
- TPST-1495 showed increased potency against prostaglandin-driven tumor models.
Challenges Ahead
- Unexpected safety or efficacy data observed during preclinical or clinical trials
- Clinical trial site activation or enrollment rates that are lower than expected
Historical Earnings Impact
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