Tempest Therapeutics (TPST)

Executive Summary

Tempest Therapeutics is a clinical-stage biotechnology company developing small molecule cancer therapeutics targeting tumor-intrinsic and immune-mediated pathways. Its lead candidate, TPST-1120 (oral PPARα antagonist), modulates tumor metabolism and the microenvironment, while TPST-1495 (dual EP2/EP4 antagonist) blocks PGE2-induced immunosuppression. Both candidates have completed Phase 1 trials across multiple solid tumor types, including hepatocellular carcinoma (HCC) and non-small cell lung cancer, demonstrating manageable safety profiles and early efficacy signals. The company aims to advance these first-in-class agents into Phase 2 development, potentially as combination therapies with checkpoint inhibitors. As a publicly traded entity with a modest market cap under $30 million, Tempest represents a high-risk, high-reward opportunity in the oncology space. \n\nWith Phase 1 data already generated, the near-term focus is on analyzing and presenting results to support next-stage clinical plans. The upcoming data readout at a major medical conference could serve as a pivotal catalyst, potentially validating the novel mechanisms and de-risking the pipeline. Additional catalysts include the initiation of a Phase 2 trial for TPST-1120 in HCC, leveraging its unique PPARα antagonism, or a strategic partnership to co-develop the assets. However, the company's limited financial resources and reliance on external funding for pipeline advancement underscore the execution risk. Successful data disclosure and regulatory clarity will be critical for Tempest to unlock value and transition from a discovery-stage to a development-stage company.

Upcoming Catalysts (preview)

• Q2 2026Presentation of TPST-1120 Phase 1 Data in Hepatocellular Carcinoma at ASCO 202680% success
• Q3 2026Initiation of Phase 2 Trial for TPST-1120 in Hepatocellular Carcinoma50% success
• H2 2026Announcement of Partnership or Licensing Deal for TPST-149530% success