Tempest Therapeutics Unveils Progress and Financial Insights

Recent Developments at Tempest Therapeutics

Tempest Therapeutics, Inc. (Nasdaq: TPST) has recently made significant strides in their ongoing clinical efforts aimed at combatting cancer. Following a successful end-of-Phase 2 meeting, the company received guidance from the FDA, allowing them to move forward with their pivotal Phase 3 trial of amezalpat (TPST-1120) in combination with other therapies for treating first-line hepatocellular carcinoma (HCC).

Partnership with Roche

In an exciting development, Tempest announced a strategic partnership with Roche, which will further propel the advancement of amezalpat into its Phase 3 trial. This collaboration is a major boost for Tempest, enabling access to essential resources needed for conducting this study, particularly as they aim to provide a novel treatment for patients facing this challenging form of liver cancer.

Key Achievements and Financial Overview

The financial landscape for the third quarter of 2024 shows that Tempest ended with $22.1 million in cash and cash equivalents. This reflects a decline from $39.2 million reported at the end of 2023, a situation that is not uncommon for clinical-stage companies that frequently invest heavily in research and development. However, subsequent funding efforts post-September 30, 2024, have secured an additional $19.9 million through share sales, reinforcing their financial position.

Monthly Financial Snapshot

During the third quarter, Tempest recorded a net loss of $10.6 million, or $0.41 per share, a notable increase compared to the $6.8 million loss during the same quarter of the previous year. Research and development expenses soared to $7.6 million for this period, indicating ongoing investment in clinical trials and development programs, up from $4.2 million in the same period last year.

Other Notable Activities

Another significant step forward involves their other clinical candidate, TPST-1495, which is expected to move into a Phase 2 trial for patients with Familial Adenomatous Polyposis (FAP). This trial is anticipated to benefit from funding from the National Cancer Institute (NCI), showcasing Tempest's commitment to exploring varied therapeutic avenues.

Leadership and Team Expansion

As they enhance their research capabilities, Tempest has expanded its leadership team by appointing new executives with substantial experience in clinical development. With the additions of Troy M. Wagner as Vice President of Quality Assurance and Sheldon Mullins as Vice President of Regulatory Affairs, the company is positioning itself to bolster its operational efficiency in clinical programs.

Looking Ahead: Future Milestones

The pathway forward for Tempest appears promising not only due to their ongoing trials for amezalpat but also for TPST-1495. The company anticipates that data from the Phase 1 combination arm in advanced endometrial cancer will be available in 2025, further extending their research portfolio and potential market impact.

Company Profile

Tempest Therapeutics operates as a clinical-stage biotechnology firm dedicated to developing innovative small molecule therapies to treat various forms of cancer. Their clinical pipeline includes products showcasing tumor-targeted and immune-mediated mechanisms, which are in various stages of research and global clinical trials.

Frequently Asked Questions

What recent approvals has Tempest Therapeutics achieved?

Tempest has received a “Study May Proceed” letter from the FDA for its pivotal Phase 3 trial of amezalpat for first-line HCC treatment.

Who are Tempest's partners in their trials?

Tempest has partnered with Roche to support the advancement of amezalpat in its Phase 3 trial.

How has Tempest's financial position changed recently?

As of the third quarter of 2024, Tempest has $22.1 million in cash and equivalents, alongside post-September funding raising an additional $19.9 million.

What is TPST-1495, and what is its current status?

TPST-1495 is a clinical candidate set to move into Phase 2 trials for patients with Familial Adenomatous Polyposis, supported by the NCI.

Where is Tempest Therapeutics located?

Tempest Therapeutics is headquartered in Brisbane, California, driving forward its mission to innovate cancer therapies.

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