Tempest Names New CFO and Audit Chair, Signs $5M R&D Deal with CEO-Linked Firm
TPST is trading near its 52-week low of $0.743 (12% above the low) on light trading volume (0.1× avg).
Summary
Tempest signed a $5M/year R&D services deal with a company controlled by its CEO, appointed a new audit chair, and replaced its CFO — all disclosed in a single 8-K.
Key Events · Executive and Board Changes · TPST
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Related-Party R&D Deal with CEO-Linked Firm
Tempest entered a Master Services Agreement with Factor Bioscience Inc., majority-owned by CEO Matt Angel, for $5.0 million per year in fees plus reimbursements and a 10% project management fee. The deal supports in vivo CAR-T development and was approved by the Audit Committee without Angel's participation.
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CFO Resignation and Immediate Replacement
CFO Nicholas Rossettos resigned effective immediately on September 22, 2026. The board appointed Constance Ames, a former Axsome Therapeutics VP of Finance, as CFO, Principal Financial and Accounting Officer, Treasurer, and Corporate Secretary the same day.
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New Director and Audit Committee Chair
Nancy Freda-Smith, former Chief Audit Executive at Ralph Lauren, was appointed as a Class III director and Chair of the Audit Committee. She received an initial option award for 25,000 shares under the 2023 Equity Incentive Plan.
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Nasdaq Compliance Regained
Following the appointments of Freda-Smith, Dr. Yee, and Mr. Richey, the board believes it is now in full compliance with Nasdaq listing rules after previously being notified of non-compliance due to board vacancies.
Analysis · TPST · Life Sciences
A trio of governance and operational changes was disclosed by Tempest Therapeutics on September 22, 2026. The company signed a Master Services Agreement with Factor Bioscience Inc., a firm majority-owned by Tempest's own CEO Matt Angel, committing to $5.0 million in annual fees for in vivo CAR-T research support. Simultaneously, the board appointed Nancy Freda-Smith as a new director and Audit Committee Chair, and replaced CFO Nicholas Rossettos with Constance Ames effective immediately. The related-party nature of the Factor deal — approved by the Audit Committee without Angel's participation — and the abrupt CFO departure are the key governance signals here, especially against the backdrop of Tempest's going-concern warning and Nasdaq compliance struggles.
How filings like this one have moved
In the 30 days to Oct 17, 2026, 29.7% of the 1528 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.47%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, TPST was trading at $0.83 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $13.3M. The 52-week trading range was $0.74 to $12.23. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.