Quarterly ResultMay 14, 2026, 05:08 PM
Tempest Therapeutics Reports Q1 Net Loss of $27.7M; Going Concern Doubt
AI Summary
Tempest Therapeutics reported a significant net loss of $27.7 million for Q1 2026, compared to $10.9 million in Q1 2025, with cash and cash equivalents falling to $1.8 million. The company explicitly stated substantial doubt about its ability to continue as a going concern for the next 12 months. Strategic actions included the completion of an Asset Acquisition on February 3, 2026, involving the issuance of 8.3 million shares valued at $19.9 million, and a funding commitment of up to $20.0 million from Factor Bioscience, with $13.8 million remaining. Additionally, the company raised approximately $2.0 million from a private placement and declared a warrant dividend.
Key Highlights
- Substantial doubt about Tempest Therapeutics' ability to continue as a going concern for 12 months.
- Q1 2026 net loss increased to $27.7 million, up from $10.9 million in Q1 2025.
- Cash and cash equivalents decreased to $1.8 million as of March 31, 2026, from $7.7 million at Dec 31, 2025.
- Completed Asset Acquisition on Feb 3, 2026, issuing 8.3 million shares valued at $19.9 million.
- Expensed $22.2 million as acquired in-process research and development related to the Asset Acquisition.
- Factor Bioscience committed up to $20.0 million in funding, with $13.8 million remaining as of March 31, 2026.
- Raised approximately $2.0 million gross proceeds from a private placement in March 2026.
- Declared a Warrant Dividend on Jan 20, 2026, issuing 6.8 million warrants at $18.48 exercise price.