TPSTHIGH SIGNALFINANCIAL10-K

TPST experienced severe financial deterioration with cash declining 75% to just $7.7M while simultaneously executing a reverse stock split that reduced share count from 45.4M to 14.3M shares.

The dramatic cash burn combined with a reverse stock split signals acute financial distress and potential going concern issues for this clinical-stage biotech company. While the company pivoted strategy by acquiring CAR-T assets in February 2026, the severely constrained cash position raises immediate questions about their ability to fund operations and clinical development without emergency financing.

Comparing 2026-03-30 vs 2025-03-27View on EDGAR →
FINANCIAL ANALYSIS

TPST's financial position deteriorated dramatically with cash and equivalents plummeting 75% from $30.3M to $7.7M, while total assets declined 59% and stockholders' equity fell 65%. Although net losses improved 37% to -$26.3M due to reduced SG&A expenses (-44%), and revenue declined 55%, the company's cash runway appears critically short for a clinical-stage biotech requiring substantial R&D funding. The massive reduction in current assets (-74%) alongside the reverse stock split indicates severe liquidity constraints that could threaten ongoing operations.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
-76.7%
$14.2M→$3.3M

Current liabilities reduced — improved short-term financial position and working capital health.

Cash & Equivalents
Balance Sheet
-74.5%
$30.3M→$7.7M

Cash declined 74.5% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Assets
Balance Sheet
-73.7%
$31.5M→$8.3M

Current assets declined 73.7% — monitor working capital adequacy and short-term liquidity.

Stockholders Equity
Balance Sheet
-65.1%
$19.1M→$6.7M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Total Assets
Balance Sheet
-59.2%
$41.5M→$16.9M

Total assets contracted 59.2% — asset sales, write-downs, or balance sheet optimization underway.

Revenue
P&L
-54.8%
$653K→$295K

Revenue declined 54.8% — significant demand weakness or market share loss warrants investigation.

Total Liabilities
Balance Sheet
-54.1%
$22.4M→$10.3M

Liabilities reduced 54.1% — deleveraging improves balance sheet strength and financial flexibility.

SG&A Expense
P&L
-43.6%
$49.2M→$27.7M

SG&A reduced 43.6% — improved cost efficiency or headcount reduction improving operating margins.

Total Debt
Balance Sheet
-39%
$10.5M→$6.4M

Debt reduced 39% — deleveraging strengthens balance sheet and reduces financial risk.

Net Income
P&L
+37.2%
-$41.8M→-$26.3M

Net income grew 37.2% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-27
ADDED
As of March 25, 2026, the registrant had 14,344,034 shares of common stock, $0.001 par value per share, outstanding.
BUSINESS Overview We are a clinical-stage biotechnology company advancing a diversified portfolio of cell therapy and small molecule product candidates.
In February 2026, we expanded our pipeline through a strategic transaction under which we acquired rights to a portfolio of dual-targeting chimeric antigen receptor T-cells ( CAR-T ) product candidates with the potential to treat certain blood cancers, solid tumors and immunology indications, including TPST-2003, an autologous CD19/B-cell maturation antigen ( BCMA ) CAR-T therapy currently in clinical development for relapsed or refractory multiple myeloma ( rrMM ).
Our portfolio also includes two clinical-stage small molecule product candidates with the potential to treat certain cancer indications.
One of our small-molecule product candidates, amezalpat (previously known as TPST-1120), has completed a Phase 2 study in first-line hepatocellular carcinoma ( HCC ).
Amezalpat remains Phase 3-ready in HCC and we plan to pursue business development discussions to advance pivotal development.
Our second small-molecule product candidate is TPST-1495, which we plan to initiate a Phase 2 study for in familial adenomatous polyposis ( FAP ), with first patient enrollment expected in 2026.
The study is expected to be funded by the National Cancer Institute ( NCI ) and conducted through the Cancer Prevention Clinical Trials Network ( CP-CTNet ), enabling advancement with limited internal capital deployment.
Our mission is to develop therapeutic products with the potential to address high unmet medical needs by identifying promising clinical-stage candidates and advancing their development to create products that will improve patients lives.
Pursuant to the Asset Purchase Agreement, at Closing we assumed Erigen s rights and obligations under each of the Novatim License Agreement and the Restated Factor License Agreement (each as defined below under License and Collaboration Agreements ).
REMOVED
As of March 21, 2025, the registrant had 45,483,384 shares of common stock, $0.001 par value per share, outstanding.
BUSINESS Overview We are a clinical-stage biotechnology company moving towards late-stage development with a diverse portfolio of targeted and immune-mediated product candidates with the potential to be first-in-class to treat a wide range of cancers.
Our novel programs range from early research to the lead program, amezalpat (previously known as TPST-1120), that is poised to begin a pivotal study in first-line hepatocellular carcinoma ( HCC ).
In addition to amezalpat, our second clinical-stage therapeutic product candidate is TPST-1495, which we expect will enter Phase 2 development in 2025.
Our philosophy is to build a company based upon not only good ideas and creative science, but also upon the efficient translation of those ideas into therapies that will improve patients lives.
Each of our programs are designed to provide different and independent approaches to fighting cancer, providing a portfolio of truly diversified assets.
We continue to advance amezalpat s clinical development in alignment with both the FDA and the European Medicines Agency ( EMA ) and are actively preparing for the initiation of our pivotal Phase 3 study.
Our development strategy for TPST-1495 includes evaluation in Familial Adenomatous Polyposis ( FAP ), a rare genetic disorder that significantly increases the risk of gastrointestinal cancers and for which there are no approved systemic therapies.
In March 2025, the Cancer Prevention Clinical Trials Network ( CP-CTNet ) received a Study May Proceed letter from the FDA, authorizing the initiation of a National Cancer Institute ( NCI )-funded Phase 2 clinical trial evaluating TPST-1495 in patients with FAP.
Beyond these clinical programs, we plan to continue to leverage our drug development and company-building experience along with academic relationships to identify promising new targets that have the potential to feed new programs into our pipeline.
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