Tempest Announces Closing of Strategic Acquisition of Dual-Targeting CAR-T Assets

• All-stock transaction brings Tempest a portfolio of next-generation CAR-T assets, including TPST-2003, a clinical-stage dual-targeting CD-19/BCMA CAR-T with strategic partner-funded BLA filing in China planned for 2027
• Operational runway extended to mid-2027, supporting multiple potential value-generating milestones
• Matt Angel, Ph.D., joins Tempest as President and CEO
• Previously announced transaction closed following stockholder approval of share issuance at the 2025 Annual Meeting on January 27, 2026

BRISBANE, Calif., Feb. 04, 2026 — Tempest Therapeutics, Inc. (Nasdaq: TPST) (“Tempest”), a clinical-stage biotechnology company with a pipeline of advanced strategic therapeutic assets, today announced the closing of a previously announced transaction pursuant to which Tempest acquired certain dual-targeting chimeric antigen receptor (CAR)-T programs and obtained financing support from Factor Bioscience Inc. and its affiliates (collectively, “Factor”) in an all-stock transaction resulting in a diverse portfolio including clinical-stage product candidates and an extended runway with multiple potential near-term milestones (the “Transaction”).

“I am excited to join the Tempest team and to have the opportunity to develop this innovative pipeline of potential therapies to treat a range of solid tumors and hematologic malignancies,” said Dr. Matt Angel, President and Chief Executive Officer of Tempest. “I look forward to advancing the company’s vision of bringing important therapies to patients.”

“The Board is pleased to announce the closing of this transaction, which not only provides increased financial stability for Tempest, but also the opportunity for potentially significant milestones over the next 12-18 months from both the legacy small molecule programs and the new cell therapy assets,” said Stephen Brady, Chair of the Board.

“As Tempest moves into this next phase, we would like to thank Geoff Nichol and Mike Raab.” Mr. Brady continued. “We are grateful for Geoff’s support, engagement and inquisitive mind since he joined the Board in 2021, and wish him continued success in his endeavors. Mike Raab has been our Chair since 2018, during which time he provided clear leadership, thoughtful perspectives, and significant contributions to Tempest throughout his tenure. We are thrilled that Mike will continue to serve on the Board, bringing the ongoing benefit of his experience and guidance to the company.”

Key Takeaways:

• Amezalpat (TPST-1120) remains Phase 3 ready in first-line liver cancer (“HCC”), supported by global regulatory agreement and positive randomized Phase 2 data. Tempest plans to pursue business development discussions to advance pivotal development.
• TPST-2003: new dual-targeting CD19/BCMA CAR-T asset Phase 1 complete in patients with relapsed/refractory multiple myeloma (“rrMM”), with data expected in 2026 and a biologics license application (“BLA”) in China planned for 2027Phase 1 currently enrolling patients with POEMS syndrome, with data expected in 2027 and a BLA in China planned for 2028Tempest has global rights to TPST-2003 outside of China, India, Turkey and Russia, and plans to pursue a potential registrational study in rrMM in the U.S. starting in 2027Pivotal data from the Chinese study expected to validate probability of success for the program, and rights include the right to reference data generated in support of the planned China BLAAll development activities in China to be funded by strategic partner
• Tempest expects a Phase 2 study of TPST-1495 in familial adenomatous polyposis (“FAP”) to enroll the first patient in Q1’26 and to be funded by the National Cancer Institute and operationalized by the Cancer Prevention Clinical Trials Network.
• Plan to continue the development of additional new preclinical and research-stage pipeline programs: TPST-2206: dual-targeting CD70/CD70 CAR-T for renal cell carcinomaTPST-3003: allogeneic dual-targeting CD19/BCMATPST-3206: allogeneic dual-targeting CD70/CD70
• Existing cash and an investment commitment from Factor is expected to provide a runway to mid-2027 and potentially through key data milestones.

Combined Pipeline

Advisors

MTS Health Partners, L.P. served as financial advisor to Tempest, and Cooley LLP served as legal advisor. In addition, MTS Securities, LLC (an affiliate of MTS Health Partners, L.P.) provided an opinion to the board of directors of Tempest regarding the fairness of the purchase price to be paid by Tempest to Factor in connection with the Transaction, subject to the qualifications and limitations set forth therein. Morse, Barnes-Brown & Pendleton, P.C. served as legal advisor to Factor.

About Tempest Therapeutics

Tempest Therapeutics is a clinical-stage biotechnology company with a diverse portfolio of cell therapy and small molecule product candidates that leverage tumor-targeted and/or immune-mediated mechanisms to potentially treat a wide range of cancers. Tempest is headquartered in Brisbane, California. More information about Tempest can be found on the company’s website at https://www.tempesttx.com.

Investor Contacts

Sylvia Wheeler Wheelhouse Life Science Advisors [email protected]

Aljanae Reynolds Wheelhouse Life Science Advisors [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/246ed768-1ec8-4ca2-9d36-d3ca777afad9