Full Press Release Details
Tempest Reports Second Quarter 2021 Financial Results and
Provides Corporate Highlights
South San Francisco, CA, August 12, 2021 Tempest Therapeutics, Inc. (Nasdaq: TPST), a clinical-stage
oncology company developing potentially first-in-class therapeutics that combine both targeted and immune-mediated mechanisms, today reported financial results and
provided a corporate update for the second quarter ended June 30, 2021.
The second quarter of 2021 was an exciting period as Tempest became a
public company and the team drove progress in all three of our novel programs, said Steve Brady, chief executive officer of Tempest. We look forward to the planned opening of the TPST-1120 randomized study in first line hepatocellular
carcinoma in collaboration with Roche and the first combination study of TPST-1495, and remain focused on delivering potentially value-creating milestones over the next year and beyond.
Planned Near-Term Milestones
About Tempest Therapeutics
Tempest Therapeutics is a clinical-stage oncology company advancing small molecules that combine both targeted and immune-mediated mechanisms with the
potential to treat a wide range of tumors. The company s two novel clinical programs are TPST-1495 and TPST-1120, antagonists of EP2/EP4 and PPAR , respectively. Both TPST-1495 and TPST-1120 are advancing through Phase 1 studies
designed to study both agents as monotherapies and in combination with other approved agents. Tempest is also developing an orally-available inhibitor of TREX-1 designed to activate selectively the cGAS/STING
pathway, an innate immune response pathway important for the development of anti-tumor immunity. Tempest is headquartered in South San Francisco. More information about Tempest can be found on the company s website at
Forward-Looking Statements
This press release 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 timing and selection of development candidates, dose selection or commencement of, or availability of data from, clinical trials, the company s
guidance regarding cash resources as well as our operational plans and the timing and ability to deliver on value-creating milestones. Forward-looking statements are based on information available to Tempest Therapeutics as of the date hereof and
are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement. These and other risks are described in greater detail in the Form
10-Q filed by Tempest Therapeutics with the Securities and Exchange Commission on August 12, 2021. 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.
TEMPEST THERAPEUTICS, INC.
Consolidated Balance Sheets
| June 30, 2021 | December 31, 2020 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 68,458 | $ | 18,820 | ||||
| Prepaid expenses and other current assets | 2,036 | 1,005 | ||||||
| Total current assets | 70,494 | 19,825 | ||||||
| Property and equipment, net | 1,218 | 1,110 | ||||||
| Operating lease right-of-use assets | 3,673 | 1,877 | ||||||
| Other noncurrent assets | 112 | 51 | ||||||
| Total assets | $ | 75,497 | $ | 22,863 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 6,695 | $ | 1,071 | ||||
| Accrued expenses and other | 1,526 | 1,439 | ||||||
| Current operating lease liabilities | 1,484 | 712 | ||||||
| Interest payable | 89 | |||||||
| Total current liabilities | 9,794 | 3,222 | ||||||
| Loan payable, net | 14,915 | |||||||
| Operating lease liabilities | 2,674 | 1,727 | ||||||
| Total liabilities | 27,383 | 4,949 | ||||||
| Convertible preferred stock | 86,707 | |||||||
| Stockholders equity | ||||||||
| Common stock | 7 | 15 | ||||||
| Additional paid-in capital | 132,281 | 2,953 | ||||||
| Accumulated deficit | (84,174 | ) | (71,761 | ) | ||||
| Total stockholders equity | 48,114 | (68,793 | ) | |||||
| Total liabilities, convertible preferred stock and stockholders equity | $ | 75,497 | $ | 22,863 |
TEMPEST THERAPEUTICS, INC.
Consolidated Statements of Operations
(in thousands except per share amounts)
| Three months ended June 30, 2021 | Three months ended June 30, 2020 | Six months ended June 30, 2021 | Six months ended June 30, 2020 | |||||||||||||
| Expenses: | ||||||||||||||||
| Research and development | $ | 4,229 | $ | 4,094 | $ | 7,821 | $ | 7,121 | ||||||||
| General and administrative | 2,556 | 1,144 | 4,091 | 2,420 | ||||||||||||
| Total expenses | 6,785 | 5,238 | 11,912 | 9,541 | ||||||||||||
| Operating loss | (6,785 | ) | (5,238 | ) | (11,912 | ) | (9,541 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest expense | (276 | ) | (507 | ) | ||||||||||||
| Interest and other income, net | 3 | 9 | 6 | 84 | ||||||||||||
| Net loss | $ | (7,058 | ) | $ | (5,229 | ) | $ | (12,413 | ) | $ | (9,457 | ) | ||||
| Net loss per share | $ | (7.63 | ) | $ | (11.42 | ) | $ | (17.30 | ) | $ | (21.28 | ) |
Life Science Advisors