Tempest Therapeutics, Inc.
TPST evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for TPST—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · TPST
Tempest Therapeutics is a clinical-stage biotechnology company developing TPST-1120 (amezalpat), a PPARα antagonist, currently in a Phase 3 trial for hepatocellular carcinoma, but faces significant financial uncertainty with limited cash and a history of losses.
Key risk: Liquidity and going concern
BioSniper Score
Based on 6 of 6 signals
Market Cap
$17.5M
Cash Runway
1.5 moLead Asset
amezalpat (Phase 3)Next Catalyst
Phase3_Topline · Jul 1, 2030Financial data as of Jun 30, 2026.
Tracking 6 pipeline candidates · 2 clinical trials · 1 catalyst for Tempest Therapeutics, Inc..
Tempest Therapeutics is a clinical-stage biotechnology company developing TPST-1120 (amezalpat), a PPARα antagonist, currently in a Phase 3 trial for hepatocellular carcinoma, but faces significant financial uncertainty with limited cash and a history of losses.
- Tempest Therapeutics is focused on developing TPST-1120 (amezalpat), a PPARα antagonist, for cancer treatment [sec].
- The company is conducting a Phase 3 randomized, double-blind, placebo-controlled study of TPST-1120 in combination with atezolizumab [catalyst].
- As of 2026-06-30, the company reported cash and equivalents of $1.2M and a net loss of $5.2M for the quarter [sec].
- The company has incurred operating losses since inception, with an accumulated deficit of $229.3M as of September 30, 2025 [sec_mda].
- Management has noted a lack of support in capital markets for clinical-stage immuno-oncology companies, affecting its ability to raise capital [sec].
What works
- TPST-1120 has advanced to a pivotal Phase 3 trial with feedback from the FDA and EMA, indicating regulatory alignment on trial design [sec_mda].
- The Phase 3 trial is a randomized, double-blind, placebo-controlled study, a gold-standard design that may support registration if successful [catalyst].
- The company has explored additional development opportunities for TPST-1120 in renal cell carcinoma (RCC) and cholangiocarcinoma (CCA) based on Phase 1 data [sec_mda].
What to weigh
- As of 2026-06-30, the company had only $1.2M in cash and equivalents, raising substantial doubt about its ability to continue as a going concern [sec].
- The company has a history of recurring losses and negative cash flows from operating activities, with an accumulated deficit of $229.3M as of September 30, 2025 [sec_mda].
- Management has observed a lack of support in capital markets for clinical-stage immuno-oncology companies, which has adversely affected its ability to raise additional capital [sec].
- The company faces risks related to maintaining compliance with Nasdaq listing standards [sec].
From the filings
Quoted directly from source documents.
The company has a going concern risk due to limited liquidity.
“our ability to continue as a going concern absent access to sources of liquidity, as well as our history of recurring losses and negative cash flows from operating activities”
SEC filings · August 21, 2026
The company's accumulated deficit was $229.3 million as of September 30, 2025.
“our accumulated deficit as of September 30, 2025 is $229.3 million”
SEC MD&A · November 5, 2025
The company has a Phase 3 trial for TPST-1120.
“Phase 3 trial for amezalpat”
SEC filings · December 31, 2025
Capital markets have been unsupportive for clinical-stage immuno-oncology companies.
“management observed a lack of support in the capital markets for clinical-stage immuno-oncology companies, which adversely affected the Company's ability to raise additional capital on acceptable terms”
SEC filings · December 31, 2025
Catalyst timeline
- 2030-07-01 · Phase3_Topline · tpst-1120 — Topline results from the Phase 3 randomized, double-blind, placebo-controlled study of TPST-1120 in combination with atezolizumab are expected.
Risks & what to watch (4)›
Key risks
- Liquidity and going concern — Cash of $1.2M as of 2026-06-30 may be insufficient to fund operations, raising going concern risk [sec].
- Clinical trial failure — Phase 3 trial of TPST-1120 may fail, as clinical development is costly and uncertain [sec_mda].
- Capital market access — Lack of support in capital markets for immuno-oncology companies limits fundraising ability [sec].
- Nasdaq compliance — Risk of not maintaining Nasdaq listing standards, which could affect stock trading [sec].
What to watch
- Phase 3 topline data for TPST-1120, expected around 2030-07-01 [catalyst].
- Any financing or strategic transaction to extend cash runway, as cash was only $1.2M as of 2026-06-30 [sec].
- Updates on Nasdaq listing compliance and any potential delisting notices [sec].
- Progress of the planned Phase 2 study of TPST-1495 in FAP, expected to begin in late 2025 [sec_mda].
Sources: SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
1.5 months
OCF -$3M · Net income -$5M
Lead: Phase 3
6 candidates
1 upcoming, next in ~1401d
2 buys · 0 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
20
Total value held
$1.2M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 467,776 | $767K |
| geode capital management, llc | 86,990 | $143K |
| vanguard fiduciary trust co | 68,908 | $113K |
| blackrock, inc. | 39,068 | $64K |
| fmr llc | 33,225 | $54K |
| sabby management, llc | 17,856 | $29K |
| northern trust corp | 14,053 | $23K |
| dimensional fund advisors lp | 11,444 | $19K |
| tower research capital llc (trc) | 2,790 | $5K |
| morgan stanley | 2,058 | $3K |
Showing top 10 of 20 institutional holders of Tempest Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 21, 2026- % of float
- 7.8%
- Days to cover
- 2.4
- Shares short
- 449,002
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
TPST short interestFrequently asked questions
What is the AI investment thesis for Tempest Therapeutics, Inc.?
Tempest Therapeutics is a clinical-stage biotechnology company developing TPST-1120 (amezalpat), a PPARα antagonist, currently in a Phase 3 trial for hepatocellular carcinoma, but faces significant financial uncertainty with limited cash and a history of losses.
What is Tempest Therapeutics, Inc.'s lead drug candidate?
Tempest Therapeutics, Inc.'s most advanced tracked candidate is amezalpat (Phase 3) for first-line unresectable or metastatic hepatocellular carcinoma (HCC).
What is Tempest Therapeutics, Inc.'s next catalyst?
Tempest Therapeutics, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3 Randomized, Double-Blind, Placebo-Controlled Study of TPST-1120 in Combination With Atezol" — expected July 1, 2030.
Who is the CEO of Tempest Therapeutics, Inc.?
Dr. Matthew Angel Ph.D. is the chief executive officer of Tempest Therapeutics, Inc. (TPST).
Where is Tempest Therapeutics, Inc. headquartered?
Tempest Therapeutics, Inc. (TPST) is headquartered in Brisbane, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.