BRISBANE, Calif. — November 19, 2025 — Leads & Copy — Tempest Therapeutics Inc. (Nasdaq: TPST) has announced its acquisition of certain dual-targeting chimeric antigen receptor (CAR)-T programs from Factor Bioscience Inc. and its affiliates in an all-stock transaction.
The acquisition, expected to close in early 2026, will expand Tempest’s clinical-stage pipeline and extend the company’s financial runway to mid-2027. The transaction is subject to stockholder approvals and satisfaction of closing conditions.
As part of the agreement, Tempest will issue 8,268,495 shares of its common stock to an affiliate of Factor, representing 65% of Tempest’s outstanding shares as of November 19, 2025. Existing Tempest stockholders will receive one common stock warrant for each share held, exercisable at $18.48, expiring five years from the issuance date.
The acquisition includes TPST-2003, a clinical-stage CD19/BCMA parallel structured dual-CAR T program targeting patients with extramedullary disease (EMD). Tempest anticipates that existing cash and an investment commitment from Factor will support operations through mid-2027, including key data milestones in 2026 and 2027.
Tempest plans to engage in business development discussions or seek additional financing to advance amezalpat (TPST-1120) in first-line liver cancer (HCC). The TPST-2003 program has completed Phase 1 trials in relapsed multiple myeloma (rrMM), with data expected in 2026 and a biologics license application (BLA) in China planned for 2027. A Phase 1 trial is also enrolling patients with POEMs syndrome, with data expected in 2027 and a BLA in China planned for 2028.
Tempest will hold global rights to TPST-2003 outside of China, India, Turkey, and Russia, and plans a potential registrational study in rrMM in the U.S. starting in 2027. Data from the Chinese pivotal study is expected to support the probability of success for the Tempest program.
A Phase 2 study of TPST-1495 in familial adenomatous polyposis (FAP) is expected to enroll its first patient in 2026, funded by the National Cancer Institute and managed by the Cancer Prevention Clinical Trials Network.
The company will also continue development of preclinical pipeline programs, including:
- TPST-2206: dual-targeting CD70/CD70 CAR-T for renal cell carcinoma
- TPST-3003: allogeneic dual-targeting CD19/BCMA
- TPST-3206: allogeneic dual-targeting CD70/CD70
Upon closing, Matt Angel, Ph.D., will become president and CEO of Tempest, while current president and CEO Stephen Brady will become Chairman of the board of directors.
Investor Contacts:
Sylvia Wheeler
Wheelhouse Life Science Advisors
swheeler@wheelhouselsa.com
Aljanae Reynolds
Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com
Source: Tempest Therapeutics, Inc.
