TPST

Tempest is a pre-revenue clinical-stage biotech with no approved product and no commercial engine — the 'revenue' line ($295K, tagged FY2017) is stale legacy collaboration income, so the P/S of 53x is meaningless. What matters is the burn: FY2025 operating cash flow was -$26.8M against just $7.71M of cash at year-end (down 74.5% YoY). That is well under four months of runway at the FY2025 rate, which is the defining fact of this equity — the company cannot fund itself and is entirely dependent on capital markets to survive.

The filing makes the dilution mechanics explicit and brutal. To acquire the Erigen/Factor CAR-T portfolio (ERI-2003/2206/3003/3206, plus TPST-2003) the company issued 8,268,495 shares — more than half the entire 14.3M share count — as pure stock consideration. On top of that came a Warrant Dividend of 6,784,989 warrants and a March 2026 private placement of shares plus pre-funded, Series A and Series B warrants at a combined $2.16/unit. The steep share-count and EPS optics (shares -68.5% YoY, diluted EPS -$6.33) point to a prior reverse split, and the fresh issuance/warrant overhang means today's 14.3M count understates true dilution substantially. Retained deficit of -$233M against $6.67M of equity (down 65.1%) shows two decades of cash incineration with nothing commercialized.