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Tempest Therapeutics is developing experimental cancer treatments, including TPST-2003, a therapy that uses T cells to target multiple myeloma, and the drug candidates amezalpat and TPST-1495. It has no approved products and has not generated revenue. Its work centers on developing candidates and testing whether they are safe and effective enough to obtain regulatory approval.
Tempest plans to retain substantial rights to its medicines and commercialize them with partners. It has no sales organization or manufacturing facilities and relies on outside manufacturers. Future product sales would depend on doctors and patients adopting its treatments and insurers and other payors providing coverage and reimbursement.
Partners also support development. Roche runs a study of amezalpat with other medicines for advanced liver cancer, while Tempest retains worldwide rights to amezalpat. Novatim is expected to fund and lead Chinese trials of TPST-2003 and TPST-2206; Tempest has limited control and access to results, and U.S. regulators may not accept the data. Its licenses from Novatim and Factor Bioscience exclude Greater China, India, Turkey and Russia for the programs covered by those agreements.
Until product sales become possible, Tempest depends on additional financing to continue development. Factor has committed financial support, but access is conditional and timing is uncertain; Tempest has no other committed external funding source.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Tempest’s results hinge on financing and clinical progress, making Roche’s amezalpat study and the programs licensed from Factor Bioscience key to watch.
Tvardi Therapeutics and Tempest are testing competing oral drugs added to atezolizumab and bevacizumab for previously untreated advanced liver cancer. Watch results from Tvardi’s TTI-101 combination arm alongside Tempest’s amezalpat study.
Legend Biotech’s marketed CARVYKTI and experimental CD19/BCMA cell therapies compete with Tempest’s dual-targeting CAR-T program for relapsed or refractory multiple myeloma. Its CD19/BCMA trial progress in China is the closest development to watch against Tempest’s TPST-2003.
AstraZeneca competes with Tempest in liver-cancer treatment and is also testing a CD19/BCMA dual-targeting CAR-T candidate. Progress on that cell therapy gives Tempest holders a direct comparison for TPST-2003, rather than AstraZeneca’s broader cancer-drug sales.
Adlai Nortye’s AN0025 blocks EP4, competing with Tempest’s TPST-1495, which blocks both EP2 and EP4, in cancer immunotherapy. Watch AN0025’s development with radiation or chemoradiation for rectal cancer; these candidates do not yet generate product sales.
Exelixis already sells cabozantinib-based cancer medicines and competes in the liver- and kidney-cancer indications Tempest targets. CABOMETYX’s results in advanced kidney cancer and cabozantinib sales are the concrete clinical and commercial benchmarks to watch.
Bristol Myers Squibb develops CAR-T therapies that compete with Tempest’s cell-therapy programs for multiple myeloma and other blood cancers. For this tie, watch its cell-therapy development rather than its wider business selling medicines for serious diseases.
Cellectis develops gene-edited CAR-T therapies for blood cancers, competing with Tempest’s cell-therapy programs in those diseases. Watch its UCART portfolio, initially aimed at acute lymphoblastic leukemia and non-Hodgkin lymphoma, whose cells can be frozen and stored for off-the-shelf use.
Tyra Biosciences’ TYRA-430 overlaps the FGF19-positive portion of the liver-cancer market targeted by Tempest’s amezalpat. Watch this oral drug’s development in that selected patient group, not as a comparison for all patients in Tempest’s liver-cancer study.
Johnson & Johnson’s Janssen works with Legend Biotech on CARVYKTI, an already marketed competitor to Tempest’s planned multiple-myeloma CAR-T therapy. Watch CARVYKTI’s commercial progress: Janssen and Legend share its development, production and commercialization costs and profits or losses equally outside Greater China.
Biodexa Pharmaceuticals is pursuing eRapa for familial adenomatous polyposis and identifies Tempest as another developer in that disease. Watch eRapa’s clinical progress in a field with no currently approved treatment carrying that indication, rather than Biodexa’s sales—it reported no revenue in 2025 or 2024.
Exelixis Inc earningsEXEL
Exelixis's report shows cabozantinib sales and CABOMETYX's performance in advanced kidney cancer, giving Tempest Therapeutics a benchmark for established treatments in cancer areas it targets.
Read cabozantinib sales alongside CABOMETYX's results in advanced kidney cancer: sales show the commercial footing of an established drug, while the cancer results show its position in a specific indication. Strength in both would underline the market and treatment benchmark Tempest's candidates would face; weaker results would soften that benchmark, not prove Tempest's drugs work better.
Tempest Therapeutics, Inc. earningsThis company
Tempest Therapeutics has no product revenue, so this report shows whether available funding can keep its drug development moving as the company uses cash.
Read cash used in operations and research spending alongside funding Tempest can actually access. Lower cash use with Factor funding available under its conditions would give the company more time to advance its programs. Rising cash use or funding it cannot obtain would leave development more exposed to cuts, delays or another financing.
Legend Biotech Corporation earningsLEGN
Legend Biotech's report shows progress on its CD19/BCMA cell therapy in China, giving Tempest Therapeutics a direct development comparison for TPST-2003.
Look for whether Legend's CD19/BCMA therapy advances in China and whether the reported progress concerns relapsed or refractory multiple myeloma. Clear progress would put a more advanced, similar program alongside TPST-2003; limited progress would make this comparison less immediate, but would not show that TPST-2003 works or is ahead.
Tvardi Therapeutics, Inc. earningsTVRD
Tvardi Therapeutics's report shows progress on its oral drug TTI-101 in combination treatment for advanced liver cancer, a development comparison for Tempest Therapeutics's amezalpat program.
Check TTI-101 combination-trial progress and results, then see whether the patients and treatment setting are comparable with amezalpat's study. Stronger results in a comparable group would make another oral-drug approach a more credible competitor; weaker results would reduce that evidence, not prove amezalpat works better.
