Millendo Therapeutics, Inc.: insider trades · United States · SEC (Form 4)

About Millendo Therapeutics, Inc.

Millendo Therapeutics, Inc. (ticker: TPST) is a U.S.-listed biopharmaceutical company trading on the NASDAQ and focused on developing novel therapies in oncology and immunology. For international investors, one important point is that the business has undergone a major corporate transformation: the former Millendo Therapeutics was reshaped through a merger with TempestTx, Inc., and the combined company now operates under the Tempest Therapeutics name. In other words, the equity currently traded under TPST reflects a post-merger company that inherited Millendo’s corporate history but now has a materially different strategy and pipeline. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1544227/000162828022007717/tpst-20211231.htm?utm_source=openai)) The company is based in the United States, with historical corporate operations in California. Its headquarters were disclosed in South San Francisco, an important biotechnology cluster on the U.S. West Coast. That location is relevant from an industry standpoint because it places the company close to major pharma partners, clinical research infrastructure, and biotech financing networks. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1544227/000162828022007717/tpst-20211231.htm?utm_source=openai)) On the operating side, TPST remains a development-stage biopharma company with no approved commercial products. Its business model is centered on research, clinical development, and potential partnering transactions rather than revenue generation from marketed drugs. Historically, the company’s pipeline included oncology assets such as TPST-1120 and TPST-1495. More recently, in February 2026, the company expanded its portfolio through a strategic transaction involving a set of dual-targeting CAR-T product candidates, including TPST-2003, an autologous CD19/BCMA CAR-T therapy in clinical development for relapsed or refractory multiple myeloma. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1544227/000154422722000006/tpst-20220930.htm?utm_source=openai)) From a competitive perspective, TPST operates in a very crowded and capital-intensive biotech arena. It competes with better-funded oncology and cell-therapy developers, as well as large pharmaceutical companies with deeper clinical, manufacturing, and commercialization capabilities. The company’s potential differentiation lies in the scientific profile of its programs and in the ability to secure strategic partnerships, licensing agreements, or other non-dilutive funding sources. Like many small-cap biotech names, its valuation is highly sensitive to clinical milestones, regulatory progress, and financing conditions. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001544227/000119312526130490/tpst-20251231.htm?utm_source=openai)) Recent headline developments include the February 2026 pipeline expansion, an April 2026 resale registration statement on Form S-3 covering shares acquired in the asset purchase transaction, and management commentary indicating that the lead asset remains Phase 3-ready in hepatocellular carcinoma, with plans to pursue business-development discussions to advance pivotal development. These items suggest a company in transition: still early-stage commercially, but actively trying to de-risk its pipeline and improve strategic optionality. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1544227/000119312526224289/tpst-20260331.htm?utm_source=openai))