Tempest Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Ended the quarter with $0.9 million in cash and cash equivalents, a decrease from $7.7 million on December 31, 2025.
• Reported a net loss of $3.6 million ($0.21 per share) for the quarter, compared to a net loss of $3.5 million ($0.79 per share) for the same period in 2025.
• Research and development expenses were $0.2 million for the quarter, down from $0.6 million in the same period in 2025.
• General and administrative expenses were $2.6 million for the quarter, down from $3.0 million in the same period in 2025.
• Financing costs related to the Lincoln Park equity line of credit were $0.8 million for the quarter, consisting of $0.66 million for fair value of commitment shares and $0.15 million in issuance costs; there were no financing costs in the prior year quarter.
• For the nine months ended September 30, 2026, cash used in operating activities was $12.4 million.
• Net loss for the nine months ended September 30, 2026, was $36.6 million ($2.54 per share), compared to $22.2 million ($5.71 per share) for the same period in 2025.
• Research and development expenses for the nine months were $2.1 million, down from $12.1 million in the same period in 2025.
• General and administrative expenses for the nine months were $11.5 million, up from $10.4 million in the same period in 2025.
• Acquired in-process research and development expenses for the nine months were $22.2 million, compared to nil in the prior year period.
• Financing costs for the nine months were $0.8 million, all recognized in the third quarter, with no financing costs in the prior year period.
• Total stockholders' equity (deficit) was $(1.830) million as of September 30, 2026, compared to $6.668 million as of December 31, 2025.
• The Company's existing cash is expected to fund operating expenses for less than 12 months, and there is substantial doubt about the Company's ability to continue as a going concern.

Business Segments and Product Lines:

• Secured an exclusive license to Senlang's CD7-targeted lentiviral in vivo CAR-T platform and associated candidates worldwide, excluding China.
• Lead candidate TPST-4903 is a BCMA/GPRC5D dual-targeting in vivo CAR-T candidate being evaluated in a Phase 1 dose-escalation study for relapsed or refractory multiple myeloma (rrMM); initial data demonstrating encouraging preliminary clinical responses are expected to be presented at an upcoming scientific conference.
• Unveiled TPST-4003, a dual-targeting CD19/BCMA in vivo CAR-T candidate combining proprietary CD7-targeted mRNA/LNP delivery with a clinically validated dual-target CAR architecture.
• Executed a strategic partnership with Hebei Senlang Biotechnology in July 2026 to collaborate on the development of certain proprietary in vivo CAR-T candidates, including TPST-4003.
• An investigator-initiated trial in China evaluating TPST-4003 in approximately 10 patients with myasthenia gravis or multiple sclerosis is expected to begin in the fourth quarter of 2026.

Other Key Points:

• Completed a private placement in September 2026 of pre-funded warrants and Series C and D warrants for gross proceeds of approximately $2.5 million (approximately $1.8 million net), excluding up to approximately $5.0 million of gross proceeds potentially receivable upon cash exercise of Series C and D warrants.
• Entered into a purchase agreement with Lincoln Park Capital Fund, LLC on August 13, 2026, granting the right to sell up to $25.0 million of common stock (increasing to $50.0 million if the initial amount is sold) over a 24-month period starting September 1, 2026.
• Sold 350,000 shares to Lincoln Park for gross proceeds of approximately $0.3 million through September 30, 2026.
• Appointed independent directors Nancy Freda-Smith and John W. Frederick to the Board of Directors to enhance corporate governance and capital markets expertise.
• The decrease in cash was primarily due to cash used in operations, including one-time transaction-associated costs incurred prior to or upon closing of the Asset Acquisition in February 2026, offset by net proceeds from various financing activities.
• The decrease in R&D expenses for the quarter and nine months was primarily due to portfolio re-prioritization following the Asset Acquisition in February 2026.
• The increase in G&A expenses for the nine months was primarily due to one-time costs resulting from the Asset Acquisition completed in February 2026.