Financial Performance - Tempest ended Q1 2024 with $32.3 million in cash and cash equivalents, down from $39.2 million at the end of Q4 2023[13] - The net loss for Q1 2024 was $7.9 million, or $0.36 per share, compared to a net loss of $7.6 million, or $0.55 per share, in Q1 2023[13] - Total liabilities decreased to $23.7 million as of March 31, 2024, from $24.8 million at the end of 2023[16] - The accumulated deficit increased to $173.2 million as of March 31, 2024, compared to $165.3 million at the end of 2023[16] - Tempest anticipates having sufficient resources to fund operations into the second quarter of 2025 based on its current cash and operating plan[13] Expenses - Research and development expenses for Q1 2024 were $4.3 million, a decrease from $4.7 million in Q1 2023, primarily due to reduced costs from contract research organizations[13] - General and administrative expenses increased to $3.6 million in Q1 2024 from $2.9 million in Q1 2023, mainly due to share-based compensation and consulting services[13] Clinical Development - Tempest plans to advance TPST-1120 into a pivotal Phase 3 trial in first-line hepatocellular carcinoma (HCC) and TPST-1495 into a Phase 2 study in Familial Adenomatous Polyposis (FAP) in 2024[5] - New preclinical data for TPST-1120 demonstrated significant anti-tumor activity in kidney cancer, showing reduced growth as a monotherapy and enhanced inhibition when combined with chemotherapy[6] - The company expects to announce updated data from the ongoing randomized study in first-line HCC patients in 2024[9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________________________________________________________________________________________________________________ FORM 10-K _______________________________________________________________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO ...

Exhibit 99.1 Tempest Reports Year End 2023 Financial Results and Provides Business Update Brisbane, CA, March 19, 2024 – Tempest Therapeutics, Inc. (Nasdaq: TPST), a clinical-stage biotechnology company developing first-in-classi targeted and immune-mediated therapeutics to fight cancer, today reported financial results for the year ended 2023 and provided a corporate update. "2023 was a transformative year for Tempest. We announced strong positive randomized data showing the benefit of TPST-1120 combinatio ...

For the quarterly period ended September 30, 2023 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section 12(b) of the Act: | | | Name of each exchange on which | | --- | --- | --- | | Title of each class | Trading Symbol(s) | registered | | Common Stock, $0.001 par value | TPST | The Nasdaq Stock Market LLC | | Series A Junior Partic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 001-35890 Tempest Therapeutics, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 45-1472564 | | --- | - ...

Financial Performance - The company reported a net loss of $7.6 million for the three months ended March 31, 2023, compared to a net loss of $8.5 million for the same period in 2022, reflecting a decrease of approximately 10.1%[75]. - The total operating loss for the three months ended March 31, 2023, was $7.6 million, down from $8.2 million in the prior year period, indicating a reduction of approximately 7.1%[83]. - Cash used in operating activities for Q1 2023 was $8.3 million, compared to $7.1 million in Q1 2022, reflecting a net loss of $7.6 million in 2023 versus $8.5 million in 2022[96][99]. - Cash provided by financing activities in Q1 2023 was $44 thousand, a significant decrease from $1.4 million in Q1 2022[101]. Research and Development - Research and development expenses decreased by $0.4 million to $4.7 million for the three months ended March 31, 2023, primarily due to reduced costs from contract research organizations[86]. - The company plans to continue leveraging its drug development experience to identify new targets for its pipeline[72]. - TPST-1120 demonstrated a 74.4% relative improvement in unconfirmed objective response rate (30% vs. 17.2%) compared to the control arm in a Phase 1b/2 trial for advanced hepatocellular carcinoma[73]. Cash Position and Funding Needs - As of March 31, 2023, the company had cash and cash equivalents of $22.9 million and an accumulated deficit of $143.4 million[89]. - As of March 31, 2023, the company has $7.5 million in material cash requirements due within 12 months, with expected increases in expenses related to ongoing development activities[105]. - The company anticipates needing substantial additional funding for continuing operations, particularly for clinical trials and research and development expenditures[103]. - Future funding requirements will depend on various factors, including operational needs and capital requirements for clinical trials[103]. - The company plans to finance future cash needs primarily through additional equity issuance, borrowings, and strategic alliances, which may dilute existing stockholder ownership[106]. Expenses - General and administrative expenses decreased by $0.1 million to $2.9 million for the three months ended March 31, 2023, primarily due to a reduction in consulting and professional services[87]. - Cash used in investing activities for Q1 2023 was $46 thousand, compared to $3 thousand in Q1 2022, primarily for property and equipment purchases[100]. - Non-cash adjustments in operating activities for Q1 2023 totaled $1.1 million, while in Q1 2022, they were $0.8 million[97][99]. Debt and Financing - The term loan from Oxford Finance, amounting to $35 million, has an annual floating interest rate of 7.15% and matures on August 1, 2025[93]. - The company completed a PIPE financing in April 2022, raising approximately $14.5 million from the sale of 3,149,912 shares at $2.36 per share and pre-funded warrants for 3,206,020 shares at $2.359 each[95]. - The company has raised a total of $164.4 million through capital securities sales since inception[74]. Company Classification - The company remains classified as a smaller reporting company, allowing it to take advantage of scaled disclosures[109].

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________________________________________________________________________________________________________________ FORM 10-K _______________________________________________________________________________________________________________________________ (Mark One) OR ☐ TRANSITION REPORT PURSUANT TO ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the transition period from to . Commission File No. 001-35890 Tempest Therapeutics, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 45-1472564 | | --- | --- | | (State or Other Jurisdiction of | (I.R.S. Employer | | Incorporation or Organization) | Identification No.) | | 7000 Shoreline Court, Suite 275 | | | South San Francisco, California | 94080 | | (Address of Principal Executive Offices) | (Zi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXC For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXC For the transition period from to . Commission File No. 001-35890 Tempest Therapeutics, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 45-1472564 | | --- | --- | | (State or Other Jurisdiction of | (I.R.S. Emp ...

TEMPEST THERAPEUTICS Company Overview July 2022 Information Regarding Disclosures Forward-Looking Statements This presentation contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended (the "Securities Act")) concerning Tempest Therapeutics, Inc. ("Tempest Therapeutics"). These statements may discuss goals, intentions and expectations as to future plans, trends, events, result ...