Tempest Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Tempest Therapeutics, Inc. (Nasdaq: TPST) announced the grant of a nonqualified stock option to purchase 4,500 shares of its common stock to an employee under the Company’s 2023 Inducement Plan. The option will vest over a four-year period, with 25% vesting on the first anniversary of the employee’s start date, and 1/48th of the total shares vesting monthly thereafter, subject to continued employment.

BRISBANE, Calif., Jan. 05, 2024 (GLOBE NEWSWIRE) -- Tempest Therapeutics, Inc. (Nasdaq: TPST), a clinical-stage oncology company developing first-in-class¹ therapeutics that combine both targeted and immune-mediated mechanisms, today announced that on January 3, 2024 the Compensation Committee of the Company’s Board of Directors granted one employee a nonqualified stock option to purchase 4,500 shares of its common stock under the Company’s 2023 Inducement Plan. The stock option will vest over a four-year period, with 25% of the option vesting on the first anniversary of the employee’s start date, and 1/48th of the total shares vesting monthly thereafter, subject to continued employment on each vesting date.

About Tempest Therapeutics

Tempest Therapeutics is a clinical-stage oncology company advancing small molecules that combine both tumor-targeted and immune-mediated mechanisms with the potential to treat a wide range of tumors. The company has a diverse portfolio of novel programs ranging from early research to investigation in a randomized global study in first-line cancer patients. The company’s two novel clinical programs, TPST-1120 and TPST-1495, target PPARα and EP2/EP4, respectively, and are advancing through trials designed to study the agents as monotherapies and in combination with approved agents. Tempest is also developing an orally available inhibitor of TREX1, a target that controls activation of the cGAS/STING pathway. Tempest is headquartered in Brisbane, California. More information about Tempest can be found on the company’s website at www.tempesttx.com.

Investor Contacts:

Sylvia Wheeler
Wheelhouse Life Science Advisors
swheeler@wheelhouselsa.com

Aljanae Reynolds
Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com

¹ If approved by the FDA

FAQ

What did Tempest Therapeutics announce recently?

Tempest Therapeutics, Inc. announced the grant of a nonqualified stock option to purchase 4,500 shares of its common stock to an employee under the Company’s 2023 Inducement Plan.

What is the ticker symbol for Tempest Therapeutics?

The ticker symbol for Tempest Therapeutics is TPST.

How many shares were granted to the employee?

4,500 shares of common stock were granted to the employee.

What is the vesting period for the stock option?

The stock option will vest over a four-year period, with 25% vesting on the first anniversary of the employee’s start date, and 1/48th of the total shares vesting monthly thereafter.

Under which plan was the stock option granted?

The stock option was granted under the Company’s 2023 Inducement Plan.

What are the mechanisms Tempest Therapeutics is developing therapeutics for?

Tempest Therapeutics is developing first-in-class therapeutics that combine both targeted and immune-mediated mechanisms for oncology.

When was the announcement made?

The announcement was made on January 3, 2024.