Tempest Therapeutics(TPST) - 2024 Q1 - Quarterly Results

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]