Tempest to explore alternatives to advance promising pipeline

California-based clinical-stage biotech Tempest Therapeutics (Nasdaq: TPST) has announced that the company plans to explore a full range of strategic alternatives to advance its promising clinical stage programs and maximize stockholder value, with the news sending the firm’s shares up almost 10% to $7.15 by close of trading yesterday.

Tempest ended the 2024 year with $30.3 million in cash and cash equivalents, compared to $39.2 million on December 31, 2023. The decrease was primarily due to cash used in operating activities, offset by proceeds from the issuance of common stock of $28.6 million from the at-the-market offering program.

Net loss and net loss per share for the year were $41.8 million and $1.50, respectively, compared to $29.5 million and $1.91, respectively, for the same period in 2023.