Shares of Tempest Therapeutics (TPST) moved lower after the company announced it had entered into a securities purchase agreement for a private placement of up to $6 million.
The financing, which includes participation from both new and existing institutional investors, is expected to close in tranches subject to customary conditions. Tempest stated that the proceeds will support ongoing clinical development, operational needs, and general working capital as the company continues to advance its immunotherapy and cell-therapy programs.
Under the terms of the deal, Tempest agreed to issue 925,927 shares of common stock, together with Series A and short-term Series B warrants to purchase up to 925,927 shares each, at a combined price of $2.16 per share. The private placement is expected to close on or about March 23, 2026, subject to customary conditions.
Tempest is currently developing a portfolio of small-molecule and CAR-T candidates aimed at difficult-to-treat cancers. Its most advanced program, Amezalpat, a PPAR-alpha antagonist, is being evaluated in a Phase 2 study in first-line hepatocellular carcinoma, where it is being tested in combination with standard of care.
The company is also progressing:
-TPST-2003, a CD19/BCMA-targeted CAR-T therapy in Phase 1 for relapsed or refractory multiple myeloma.
-TPST-1495, a dual EP2/EP4 antagonist in early-stage development for familial adenomatous polyposis.
-Additional programs, including a CD70-directed CAR-T candidate and two next-generation "universal" CAR-T platforms, remain in preclinical and IND-enabling stages.
Tempest implemented a 1-for-13 reverse stock split on April 7, 2025.
TPST closed Monday's trading at $1.84, down 19.65%. During overnight trading the stock rose to $1.88, up 2.17%.
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