05:07 PM EDT, 04/09/2025 (MT Newswires) -- Tempest Therapeutics ( TPST ) said late Wednesday it plans to explore strategic alternatives, including mergers, partnerships, joint ventures, or licensing arrangements, to further its clinical-stage programs focused on treating hepatocellular carcinoma and familial adenomatous polyposis.

The TPST-1120 candidate for hepatocellular carcinoma has received orphan drug and fast-track designations as well as a "Study May Proceed" letter from the US Food and Drug Administration for a phase 3 trial, the company said.

The TPST-1495 candidate to treat familial adenomatous polyposis was also granted orphan drug designation and a "Study May Proceed" letter by the FDA for a phase 2 trial, the company added.