Tempest Therapeutics ($TPST) is a clinical-stage oncology biotech advancing amezalpat, an oral PPARα antagonist for first-line liver cancer. The headline: a Phase 1b/2 study showed a 6-month overall s

The company has FDA, EMA, and China NMPA clearance to run a pivotal Phase 3 trial in first-line hepatocellular carcinoma. A Roche supply agreement secures free atezolizumab, removing a major cost variable from the study. Cash runway only extends into Q4 2025. Tempest has leaned on an at-the-market facility with Jefferies (up to $205M) and a $4.25M direct offering — this filing is about extending the runway further. Risks are familiar: a history of operating losses, reliance on future equity or debt raises, and a crowded HCC field. The stockholder rights plan adds some defense, but dilution risk remains real. Bottom line: Tempest has real regulatory momentum and a survival signal worth watching, but the balance sheet tells the story. This is a financing move to bridge toward Phase 3 data — with all the dilution risk that implies.

The company has FDA, EMA, and China NMPA clearance to run a pivotal Phase 3 trial in first-line hepatocellular carcinoma. A Roche supply agreement secures free atezolizumab, removing a major cost variable from the study.