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Sep 30, 2023
Tempest Q3 2023 Earnings Report
Reported financial results for the third quarter ended September 30, 2023 and provided a corporate update.
Key Takeaways
Tempest Therapeutics reported data demonstrating superiority of TPST-1120 across multiple study endpoints in first-line hepatocellular carcinoma. As of November 7, 2023, preliminary cash and cash equivalents were $32.8 million. Net loss for the quarter ended September 30, 2023 was $6.8 million and $0.48 per share.
TPST-1120 demonstrated superiority compared to standard of care across multiple study endpoints in randomized first-line HCC study
Confirmed objective response rate of 30% for the TPST-1120 triplet arm as compared to 13.3% for the atezolizumab + bevacizumab control arm
New capital strengthens balance sheet and extends cash runway into 2025
Plan to advance TPST-1120 into a registrational study in first-line liver cancer patients, likely in connection with a partnership.
Forward Guidance
Tempest Therapeutics plans to advance TPST-1120 into a registrational study in first-line liver cancer patients, likely in connection with a partnership. Expect to report data from the combination arm at the two highest TPST-1495 doses in patients with advanced endometrial cancer in 2024. Plan to advance new proprietary small molecule series TREX1 inhibitors generated through insights resulting from human TREX1-inhibitor co-crystal structures with the goal to select a lead or development candidate by the end of 2023 or early 2024.
Positive Outlook
- Advance TPST-1120 into a registrational study in first-line liver cancer patients
- Report data from the combination arm at the two highest TPST-1495 doses in patients with advanced endometrial cancer in 2024
- Advance new proprietary small molecule series TREX1 inhibitors
- Goal to select a lead or development candidate by the end of 2023 or early 2024
- New capital extends the Company’s cash runway into 2025
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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