Tempest Therapeutics (TPST) Earnings Date & Reports

Key Takeaways

• Tempest Therapeutics (TPST) is expected to report results for its fiscal third quarter ended September 30, 2026, with a consensus net loss estimate of $0.32 per share, according to Wall Street estimates.
• As a clinical-stage biotechnology company with no approved products, Tempest is not expected to generate product revenue; the focus is on operating loss, cash burn, and pipeline updates.
• The company has pivoted to in vivo CAR-T therapies — treatments that program a patient's immune cells inside the body rather than in a lab — following its February 2026 acquisition of Erigen CAR-T assets.
• Liquidity is the dominant concern: Tempest held roughly $0.8 million in cash as of June 30, 2026, and its auditors have flagged substantial doubt about its ability to continue as a going concern.
• The prior quarter (Q2 2026) delivered a wider-than-expected loss of $0.34 per share versus a $0.30 consensus estimate, pressuring the stock to levels near its 52-week low.
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Earnings Context and Why It Matters

Tempest Therapeutics enters its third-quarter report at a pivotal moment. The company has shifted its strategy away from small-molecule cancer drug development and toward a dual-targeting in vivo CAR-T platform, anchored by candidates TPST-2003 and TPST-4003. While early TPST-2003 data showed a 100% complete response rate among 15 efficacy-evaluable patients, that signal came from a small cohort. More pressing is the balance sheet: with limited cash, a related-party funding arrangement tied to CEO Matt Angel's affiliate Factor Bioscience, and Nasdaq listing-compliance concerns, investors will look to this report for signs of how the company plans to fund its next clinical steps. The earnings update is less about near-term profits than about survival, financing, and pipeline execution.

Earnings Expectations

Wall Street's consensus calls for a net loss of $0.32 per share for the fiscal third quarter ended September 30, 2026, based on estimates from a single covering analyst. Because Tempest has no commercialized products, revenue is expected to be $0, meaning the headline numbers will center on operating loss and cash consumption rather than sales growth.

Historical results provide context. In Q2 2026, Tempest reported a diluted loss of $0.34 per share, missing the $0.30 consensus estimate by about 13%. That followed a Q1 2026 loss of $0.50 per share against a $0.28 estimate. The company's June 30, 2026 cash balance of roughly $0.8 million, down from $7.7 million at the end of 2025, underscores how quickly liquidity has deteriorated. Investors will be watching for any updated cash position, disclosures on new financing, and commentary on the funding commitment from Factor Bioscience.

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Market Reaction and Investor Sentiment

Sentiment heading into the print is cautious. Tempest shares have traded near their 52-week low of around $0.50, reflecting a year-to-date decline of roughly 79%. The stock's post-earnings reaction has been historically volatile, and the two most recent quarters both produced bottom-line misses, which has weighed on investor confidence. Adding to the pressure, H.C. Wainwright lowered its price target to $7 from $11 in September 2026, and the company has delayed its special stockholder meeting amid insufficient votes on governance changes. Financing risk remains the central worry, and any signal — positive or negative — about new capital, the going-concern warning, or Nasdaq listing compliance could drive a sharp move in either direction.

Forward Outlook and Key Factors to Monitor

The clearest issue to monitor after this report is funding. With roughly $0.8 million in cash reported at mid-year and continued operating losses, Tempest's ability to advance its CAR-T programs depends heavily on securing additional capital, whether through equity sales, warrant exercises, or its related-party funding commitment from Factor Bioscience.

Investors should also track the clinical pipeline. TPST-2003, the lead dual-targeting CAR-T candidate, has generated encouraging early response data in relapsed/refractory multiple myeloma, and management has indicated plans to submit an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) in the fourth quarter of 2026. Meanwhile, the July 2026 collaboration with Senlang Biotechnology expanded development of TPST-4003 into the Chinese autoimmune disease market.

Regulatory and governance items round out the watchlist. Tempest remains non-compliant with certain Nasdaq listing requirements related to stockholders' equity and audit committee composition, and its special stockholder meeting has been postponed to November 2026. Any updates on these fronts, along with new detail on cash runway and dilution, will shape how investors interpret the company's path forward.

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