Full Press Release Details
for Cancer Patients February 2026
Forward Looking Statements This presentation contains forward-looking
statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended (the "Securities Act") concerning Tempest Therapeutics, Inc.
("Tempest Therapeutics"). These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the management of
Tempest Therapeutics, as well as assumptions made by, and information currently available to, management of Tempest Therapeutics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to
future events or conditions, and include words such as "may," "will," "should," "would," "could", "expect," "anticipate," "plan," "likely,"
"believe," "estimate," "project," "intend," and other similar expressions. All statements that are not historical facts are forward-looking statements, including any statements regarding: the potential
benefits of Tempest Therapeutics' expanded oncology pipeline; the design, initiation, progress, timing, scope and results of clinical trials; the anticipated therapeutic benefit, opportunity to improve patient care, and regulatory development
of Tempest Therapeutics' product candidates; Tempest Therapeutics' ability to deliver on potential value-creating milestones; the potential use of Tempest Therapeutics' product candidates to treat additional indications; Tempest
Therapeutics' ability to achieve its operational plans; and the sufficiency of Tempest Therapeutics' cash and cash equivalents. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and
uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: Tempest Therapeutics'
strategies, prospects, plans, expectations or objectives for future operations; the progress, scope or timing of the development of Tempest Therapeutics' product candidates; the benefits that may be derived from any future products or the
commercial or market opportunity with respect to any of Tempest Therapeutics' future products; Tempest Therapeutics' ability to protect its intellectual property rights; Tempest Therapeutics' anticipated operations, financial
position, ability to raise capital to fund operations, revenues, costs or expenses; statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. These and
other factors that may cause actual results to differ from those expressed or implied are discussed in greater detail in the "Risk Factors" section of the company's Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission (SEC) on November 5, 2025, as well as in other filings the company may make with the SEC in the future. Except as required by applicable law, Tempest Therapeutics undertakes no obligation to revise or update any forward- looking
statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Tempest Therapeutics' views as of any
date subsequent to the date of this press release and should not be relied upon as prediction of future events. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any
investment decision about any securities of Tempest Therapeutics. This presentation discusses product candidates that are under clinical study and which have not yet been approved for marketing by the U.S. Food and Drug Administration. No
representation is made as to the safety or effectiveness of these product candidates for the use for which such product candidates are being studied. This presentation incorporates publicly-available third-party data that Tempest Therapeutics has
not independently verified. There are risks inherent in conducting cross-trial comparisons and the results should be interpreted with caution. The presentation of such third-party data does not represent a head-to-head comparison of how TPST-2003
performed against any other third-party drug candidate or study. Rather, such third-party data has been pulled by us from publicly-available sources for supplemental informational purposes, only. Tempest Therapeutics cautions you that any
comparisons against third-party data set forth herein should not be viewed as a side-by-side comparison, and you should not rely on the completeness or accuracy of Tempest Therapeutics' presentation of the results of any third-party drug
candidate in these slides, due to differences in study design, how other companies quantify or qualify eligibility criteria, and how results are recorded, among other distinguishing factors and uncertainties. Because Tempest Therapeutics may be
unaware of or may not adequately present various distinguishing factors and uncertainties, the comparisons set forth herein may not properly present such third-party data, which may differ materially from the data as presented here. Investors are
encouraged to independently review third party data and should not rely on Tempest Therapeutics' presentation of such data (including any such data placed in comparison with the performance of TPST-2003) as a single measure to evaluate Tempest
Therapeutics' business. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of such products. 1 Recommended International
Nonproprietary Name (INN), April 22, 2024 2
Partner-Funded Development Driving Diversified Oncology Pipeline with
Capital Discipline Enables de-risked, data-driven deployment of internal capital 1 DEVELOPMENT STAGE Advanced By: IND- Indication(s) Discovery Preclinical Phase 1 Phase 2 Phase 3 Enabling Potential BD Amezalpat 1L HCC Partner PPAR Antagonist
TPST-2003 Novatim rrMM CD19/BCMA Dual CAR-T TPST-1495 NCI FAP Dual EP2/4 Antagonist TPST-2206 RCC Novatim CD70/CD70 Dual CAR-T TPST-3003 Novatim rrMM, SLE Universal (Allogeneic) CD19/BCMA Dual CAR-T TPST-3206 Novatim RCC Universal (Allogeneic)
CD70/CD70 Dual CAR-T TPST-4003 Novatim SLE In vivo (mRNA LNP) CD19/BCMA Dual CAR-T 1 For amezalpat, Phase 3 timelines are subject to a partnership and/or separate funding. TPST-1495 Phase 2 to be operationalized by the Cancer Prevention Network of
the National Cancer Institute ("NCI"). TPST-2003, TPST- 2206, TPST-3003, TPST-3206, and TPST-4003 clinical development in China to be operationalized by Novatim Immune Therapeutics (Zhejiang) Co., Ltd. 3 "RCC" renal cancer;
"HCC" hepatocellular carcinoma; "CCA" cholangiocarcinoma; "FAP" familial adenomatous polyposis; "FPI" First Patient In; "rrMM" relapsed/refractor multiple myeloma, "SLE"
Selected Potential Value-Inflecting Milestones through Q4 2027 2026 2027
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Phase 2b IIT and Phase 1 (China Tech transfer Phase 2b (U.S. Phase 2b TPST-2003 (China) results registrational) Phase 2b (U.S. complete registrational) (China File BLA CD19/BCMA Dual CAR-T enrollment registrational)
enrollment registrational) (China) Tech transfer start interim data r/r Multiple Myeloma Pre-IND (U.S.) start interim data start with EMD File IND (U.S.) Phase 2b TPST-2206 Phase 1 Phase 1 (China (China) Phase 1 CD70/CD70 Dual CAR-T (China) interim
registrational) enrollment (China) results Renal Cell Carcinoma data readout enrollment start start TPST-3003 Phase 1 (U.S.) IIT enrollment IIT data Universal CD19/BCMA File IND (U.S.) enrollment start readout Dual CAR-T start r/r Multiple Myeloma
TPST-4003 Phase 1 (U.S.) IIT enrollment IIT data In vivo CD19/BCMA File IND (U.S.) enrollment start readout Dual CAR-T start SLE All activities shown above in bold are 100% funded by strategic partner 4
TPST-2003 Dual Targeting CD19/BCMA CAR-T 5
1 TPST-2003 CD19/BCMA CAR-T TPST-2003 is the world's first
parallel-structure dual-target CAR-T cell therapy focused on rrMM with EMD rrMM (with extramedullary disease) (N=15): PET ORR 86.7% (13/15) Best in class Dual-target CAR-T structure The incidence of grade 3 CRS was 4.3%, and
the incidence of grade 3 ICANS was 8.7% (IIT) No DLTs were observed and clinical data showed a favorable safety profile Completed Phase 1/2a clinical trial with Peking Union Medical College Hospital as the core unit
IIT on Autoimmune Diseases is coming soon Planning to submit China BLA in 2027 Planning to be included in breakthrough therapy category The autologous CAR-T product with the greatest potential to be included in China's
national medical insurance Data from Phase 1 dose expansion expected 2026 1 Jiang, H., et. al. "A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory
Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024) 923-924. 6 "PET" Positron Emission Tomography, "CRS" Cytokine Release Syndrome, "DLT" Dose Limiting Toxicity
TPST-2003 Dual CAR-T for rrMM: CD19/BCMA Dual Targeting 1 Jiang, H., et.
al. "A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory 7 Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024)
TPST-2003 Dual CAR-T for rrMM: IIT Study Design 1 Jiang, H., et. al.
"A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory 8 Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024) 923-924.
TPST-2003 Dual CAR-T for rrMM: Baseline Characteristics 1 Jiang, H., et.
al. "A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory 9 Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024)
TPST-2003 Dual CAR-T for rrMM: Hematological Response 1 Jiang, H., et.
al. "A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024) 923-924. 10
"sCR" stringent complete response, "CR" complete response, "VGPR" very good partial response, "PR" partial response, "SD" stable disease, "PD" progressive disease,
"MRD" minimal residual disease, "ORR" objective response rate, "Pts" patients
TPST-2003 Dual CAR-T for rrMM: EMD Patient Baseline Characteristics 1
Jiang, H., et. al. "A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory 11 Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024)
TPST-2003 Dual CAR-T for rrMM: EMD PET Response 1 Jiang, H., et. al.
"A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory 12 Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024) 923-924.
TPST-2003 Dual CAR-T for rrMM: EMD PET Response 1 Jiang, H., et. al.
"A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory 13 Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024) 923-924.
TPST-2003 Dual CAR-T for rrMM: Survival 1 Jiang, H., et. al. "A
Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory 14 Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024) 923-924.
TPST-2003 Dual CAR-T for rrMM: Safety Profile 1 Jiang, H., et. al.
"A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory 15 Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024) 923-924.
TPST-2003 Dual CAR-T for rrMM: Expansion and Persistence 1 Jiang, H.,
et. al. "A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory 16 Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024)
TPST-2003 Dual CAR-T for rrMM: Conclusions TPST-2003 is the
world's first parallel-structure dual-target CAR-T cell therapy focused on rrMM with EMD TPST-2003 showed early, deep and durable response in Relapsed/Refractory MM patients Hematological response (n=18): 100% ORR, 88.9% sCR/CR
MRD (n=20): 83.3 MRD- in M3, 82% MRD- in M6 and 100% MRD- in M12 12-mo PFS rate: 75.3% (Median follow-up 13.7 mo, Median PFS not reached) TPST-2003 exerted promising and persistent efficacy in EMD patients PET
response: 12/14 (85.7%) PET ORR, 9/14 (64.3%) CMR 7/14 (50.0%) of EMD patients showed a 75% reduction in soft tissue plasmacytoma size Comparable benefit for EMD v. non-EMD PTS (12-mo PFS 73.9% v. 77.8%, mPFS 13.7mo)
Favorable safety profiles CRS occurred in 90% of patients (G3: 5%, No G4/5, n=20) ICANS occurred in 25% of patients (G3: 10%, No G4/5 n=20) CRS/ICANS were manageable and reversible 1 Jiang, H., et. al. "A Prospective
Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory 17 Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024) 923-924.
TPST-2003 Shows Similar Favorable Safety Profile to Approved BCMA CAR-T
Abecma Carvykti 1 TPST-2003 2 3 (BMS) (J&J/Legend) Target CD19, BCMA BCMA BCMA Stage IIT Approval Approval Indication rrMM rrMM rrMM 6 6 6 6 6 Target Dose 1x10 cells/kg 2x10 cells/kg 3x10 cells/kg 420x10 cells 0.75x10 cells/kg CRS% (N) 66.7% (2)
100% (11) 88.9% (8) 85% 84% CRS% Gr 3 (N) 0% 9.1% (1) 0% 9.3% 4% ICANS% (N) 33.3% (1) 27.3% (3) 11.1% (1) 28% 13% ICANS% Gr 3 (N) 0% 9.1% (1) 0% 4% 2% CRS and ICANS were manageable and reversible, showing a favorable safety profile
comparable to existing therapies 1. Jiang, H., et. al. "A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory Multiple Myeloma Including Those with Extramedullary
Disease". Blood 144 (2024) 923-924. 2. Abecmatm label at https://www.abecmahcp.com/safety/crs, accessed Nov 2025. 3. CarvyktiTM label at https://www.carvyktihcp.com/carvykti- 18 safety/, accessed November 2025. Certain data in this
presentation are based on a cross-trial comparison and are not based on head-to-head clinical trials. Cross trial comparisons are inherently limited and may suggest misleading similarities or differences in outcomes. Results of head-to-head
comparisons may differ significantly from those set forth herein.
TPST-2003 Performance Relative to Approved Therapies 1 TPST-2003 Abecma
Carvykti 2 3 (BMS) (J&J/Legend) Target CD19, BCMA BCMA BCMA Stage Phase 1/2a Approval Approval Indication rrMM rrMM rrMM KarMMa CARTITUDE-1 Trial IIT (NCT 03361748) (NCT 03548207) Number of 15 50 19 EMD patients Median PFS of EMD patients 22.9
months 7.9 months 13.8 months "Patients with EMD demonstrate significantly inferior Day 90 ORR [following treatment with Abecma ] and presence of EMD is an independent risk factor for inferior PFS." - Saurabh Zanwar et al., ASCO
2024 Annual Meeting 1. Jiang, H., et. al. "A Prospective Investigator-Initiated Phase 1/2 Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory Multiple Myeloma Including Those with Extramedullary Disease".
Blood 144 (2024) 923-924. 2. Zanwar S, Sidana S, Shune L, et al. Impact of extramedullary multiple myeloma on outcomes with idecabtagene vicleucel.J Hematol Oncol. 2024;17(1):42. 3. Sidana, S. 2025 ASCO Annual Meeting.
https://www.asco.org/abstracts-presentations/ABSTRACT496242, accessed November 2025. Certain data in this presentation are based on a 19 cross-trial comparison and are not based on head-to-head clinical trials. Cross trial comparisons are inherently
limited and may suggest misleading similarities or differences in outcomes. Results of head-to-head comparisons may differ significantly from those set forth herein.
TPST-2003 Positive Performance Relative to GC012F (Gracell) GC012F 1
TPST-2003 2 (Gracell/AZ) Target CD19, BCMA CD19, BCMA Stage Phase 1/2a Phase 1b/2 Indication rrMM rrMM Median number of 5 5 previous treatments High-risk cytogenetics 66.7% -- Extramedullary disease 62.5% 27.6% ORR 100% 93.1% sCR/CR 89.5% 82.8%
Median PFS not reached PFS Median PFS: 38.0 months 12-month PFS rate: 74.6%+ rrMM (with EMD) PET ORR 86.7% (13/15) Not available AZ Acquired Gracell for $1B in 2024 1. Jiang, H., et. al. "A Prospective Investigator-Initiated Phase 1/2
Study of BCMA/CD19 Dual-Targeting CAR T Therapy in Patients with Relapsed/Refractory Multiple Myeloma Including Those with Extramedullary Disease". Blood 144 (2024) 923-924. 2. Du J, Fu W, Jiang H, et al. P869: UPDATED RESULTS OF A PHASE I,
OPEN-LABEL STUDY OF BCMA/CD19 DUAL-TARGETING FASTCAR-T GC012F FOR PATIENTS WITH RELAPSED/REFRACTORY MULTIPLE MYELOMA (RRMM).Hemasphere. 2023;7(Suppl ):e84060bf. Certain data in this presentation are based on a cross-trial 20 comparison and are not
based on head-to-head clinical trials. Cross trial comparisons are inherently limited and may suggest misleading similarities or differences in outcomes. Results of head-to-head comparisons may differ significantly from those set forth
Amezalpat (TPST-1120) First-in-Class
Amezalpat's Activity is Consistent from the Lab to the Clinic
Amezalpat Pre-Clinical MOA Predicts Clinical Story Amezalpat Pre-Clinical Hypothesis: FAO supports tumor cells, selective immune cells (suppressor, not effector), and angiogenesis Blocking PPAR should provide an opportunity to
benefit patients regardless of tumor immune status In The Clinic: Amezalpat works where it should High tumor PPAR /FAO gene expression predicts observed benefit in patients with HCC, RCC and CCA Amezalpat works for whom
it should Randomized data show benefit of amezalpat in immune-compromised tumors Amezalpat shows improved benefit in b-catenin activated HCC Amezalpat works with the combination partners it should Amezalpat combines
well with anti-PD-1/L1 (immune-stimulating agents) and anti-VEGF (anti-angiogenic agents) "FAO" Fatty Acid Oxidation 22