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Tempest Therapeutics Inc. (TPST+13.26%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Tempest's clinical-stage biotechnology focus, highlighting its lead program, amezalpat, which is set to begin a pivotal study in first-line hepatocellular carcinoma (HCC). The company also has another clinical-stage product candidate, TPST-1495, expected to enter Phase 2 development in 2025 for Familial Adenomatous Polyposis (FAP).
Tempest reported a net loss of $41.8 million for 2024, compared to $29.5 million in 2023. Research and development expenses increased to $28.5 million from $17.5 million, primarily due to costs associated with the preparation for a pivotal Phase 3 trial of amezalpat.
The company had $30.3 million in cash and cash equivalents as of December 31, 2024, which it expects to fund operations for at least the next 12 months. Tempest plans to raise additional capital to support its Phase 3 clinical trial for amezalpat and other development activities.
Tempest's strategy includes advancing amezalpat into a pivotal Phase 3 study, exploring TPST-1495 in a Phase 2 study, enhancing its pipeline through identifying new oncology targets, and exploring business development opportunities.
The filing also outlines Tempest's collaboration with Roche for the supply of atezolizumab for clinical studies involving amezalpat. Additionally, Tempest amended its stockholder rights plan, extending it until immediately following its 2025 Annual Meeting of Stockholders.
Tempest acknowledges the risks associated with its operations, including the need for substantial additional funding, potential delays in clinical trials, and competition in the biotechnology industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tempest Therapeutics Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.