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Sep 30, 2022
Tempest Q3 2022 Earnings Report
Reported financial results for the third quarter of 2022 and provided a corporate update.
Key Takeaways
Tempest Therapeutics reported a net loss of $8.9 million, or $0.66 per share, for the third quarter of 2022. The company ended the quarter with $42.8 million in cash and cash equivalents. Research and development expenses were $6.0 million, while general and administrative expenses were $2.8 million.
Tempest team remained focused and continued to execute productively throughout the third quarter.
Continued enrollment in a first-line, randomized global Phase 1b/2 study in patients with hepatocellular carcinoma (HCC), under a collaboration with F. Hoffmann La Roche (Roche) for TPST-1120.
Continued enrollment in a Phase 1 study evaluating both monotherapy and combination therapy (with anti-PD-1 checkpoint inhibitor, pembrolizumab) dose and schedule optimization arms for TPST-1495.
Tempest ended the third quarter of 2022 with $42.8 million in cash and cash equivalents.
Tempest
Tempest
Forward Guidance
Tempest plans to present data from its pipeline of novel preclinical and clinical oncology programs, including at the upcoming SITC annual meeting and in 2023.
Positive Outlook
- Late-breaking presentation of TPST-1120 potential patient biomarker data at the Society for Immunotherapy of Cancer (SITC) 37th Annual Meeting.
- Early data from the first 40 patients in the first-line randomized global Phase 1b/2 study in patients with HCC under a collaboration with Roche expected in the first half of 2023.
- Presentation of additional TPST-1495 preclinical data at the 37th SITC Annual Meeting.
- Data from Phase 1 monotherapy and combination dose and schedule optimization arms expected by year end or early 2023, with planned presentation of the combined data in 2023.
- Planned selection of development candidate in 2023 for TREX-1 Inhibitor.
Challenges Ahead
- The company's net loss for the third quarter of 2022 was $8.9 million.
- The company's cash and cash equivalents decreased from $51.8 million on December 31, 2021, to $42.8 million on September 30, 2022.
- The decrease in cash was primarily due to cash used in operations of $24.6 million.
- Research and development expenses increased by $1.4 million compared to the same period in 2021.
- General and administrative expenses decreased by $0.3 million compared to the same period in 2021.