Tempest ended 2025 with $7.7 million in cash and cash equivalents, down from $30.3 million at the end of 2024, and reported a net loss of $26.3 million, or $6.33 per share, compared with a $41.8 million net loss, or $19.50 per share, in the prior year. Research and development expenses declined to $12.6 million from $28.5 million, while general and administrative expenses rose to $14.0 million due to one-time separation costs.

Tempest closed an all-stock transaction acquiring dual-targeting CAR-T assets from Factor Bioscience, adding a portfolio that includes TPST-2003, a CD19/BCMA candidate with a partner-funded BLA filing in China planned for 2027, strengthening its next-generation cell therapy pipeline.

Interim results from the REDEEM-1 Phase 1/2a trial of TPST-2003 in relapsed/refractory multiple myeloma showed a 100% complete response rate among six efficacy-evaluable patients and no Grade >3 cytokine release syndrome or neurotoxicity. An earlier investigator-initiated trial reported a median progression-free survival of 23.1 months, including patients with extramedullary disease.

Tempest expects to present updated TPST-2003 data and submit a U.S. IND to initiate a Phase 2b registrational study in rrMM later this year. The company also plans to start a Phase 2 trial of TPST-1495 in familial adenomatous polyposis in 2026, funded and supported by the National Cancer Institute.