Pipeline Expansion And Extended Runway: Tempest Strengthens Oncology Portfolio With TPST-2003 Acquisition

Tempest Therapeutics has announced an all-stock agreement to acquire dual-targeting CAR-T programs from Factor Bioscience, marking a significant expansion of its oncology pipeline. The transaction, expected to close in early 2026 pending stockholder approval, includes TPST-2003, a clinical-stage CD19/BCMA dual-CAR T therapy designed for patients with extramedullary disease. The acquisition adds depth to Tempest’s immunotherapy portfolio while helping strengthen the company’s operational runway.

“The Proposed Transaction will result in an even more diversified portfolio that we believe provides stockholders with new opportunity for value creation and patients with new potential therapies,” said Stephen Brady, president and chief executive officer of Tempest. “With the new funding support, Tempest has increased its opportunity to realize potential value creating milestones in the midst of this prolonged challenging market.”

With the combined support of existing cash and an additional investment commitment from Factor, Tempest anticipates being funded through mid-2027, covering key development milestones across 2026–2027. The TPST-2003 program includes completed and ongoing Phase 1 studies in relapsed multiple myeloma and POEMs syndrome, with data readouts expected between 2026 and 2027. Tempest will hold global rights to the program outside of China, India, Turkey, and Russia, and aims to initiate a U.S. registrational trial in multiple myeloma in 2027, leveraging pivotal data generated in China.

Dr. Angel added, “I echo Steve’s sentiments and share in the vision to bring innovative therapies to patients with cancer. I believe there is significant potential to be realized in combining these programs and look forward to working with the Tempest team to bring these programs forward for the benefit of patients.”

The company also highlighted progress across its broader pipeline, including a Phase 2 study of TPST-1495 in familial adenomatous polyposis set to begin in 2026 with NCI support, as well as continued development of multiple preclinical dual-targeting CAR-T programs. As part of the transaction, Tempest will issue 8.27 million shares, representing 65% of outstanding shares, to a Factor affiliate, while existing shareholders will receive tradable warrants. Following the closing, leadership will transition with Matt Angel, Ph.D., becoming CEO and current CEO Stephen Brady assuming the role of Chairman.