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Tempest FY23 EPS $(1.91) Vs $(3.09) YoY; Ended The Year With $39.2M In Cash And Cash Equivalents

Benzinga ·  Mar 19 16:40

Financial Results

Year End 2023

  • Tempest ended the year with $39.2 million in cash and cash equivalents, compared to $31.2 million on December 31, 2022. The increase was primarily due to proceeds from the issuance of common stock of $35.6 million from the at-the-market offering program, offset by cash used in operating activities.
  • Net loss and net loss per share for the year were $29.5 million and $1.91, respectively, compared to $35.7 million and $3.09, respectively, for the same period in 2022.
  • Research and development expenses for the year were $17.5 million compared to $22.5 million for the same period in 2022. The $5.0 million decrease was primarily due to a decrease in costs incurred from contract research organizations and third-party vendors.
  • General and administrative expenses for the year were $11.7 million compared to $12.1 million for the same period in 2022. The $0.4 million decrease was primarily due to a decrease in consulting and professional services.
    • Based on current cash and operating plan, Tempest expected to have sufficient resources to fund operations into the second quarter of 2025.
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