Tempest Therapeutics : Investor Breakfast at 2022 ASCO Annual Meeting Presentation

ASCO 2022 Investor Breakfast

June 5, 2022

Agenda

• Introductions and Brief Overview of Tempest
• TPST-1120

Mark Yarchoan, M.D.

Associate Professor of Oncology

Johns Hopkins Sidney Kimmel Comprehensive Cancer Center

• TPST-1495

Susanna V. Ulahannan, M.D., MMEd

Assist. Professor of Medicine, Stephenson Cancer Center, the Univ. of Oklahoma Associate Dir, Oklahoma TSET Phase 1 Program

• TREX1

Jason J. Luke, M.D., FACP Associate Professor

Director of the Cancer Immunotherapeutics Center, Univ. of Pittsburgh School of Medicine

• Q&A

Drs. Yarchoan, Ulahannan and Luke to be joined by:

Toni K. Choueiri, M.D.

Director, Lank Center for Genitourinary Oncology, Dana Farber Cancer Institute Jerome and Nancy Kohlberg Chair and Professor of Medicine,

Harvard Medical School

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Information Regarding Disclosures

Forward-Looking Statements

This presentation contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended (the "Securities Act")) concerning Tempest Therapeutics, Inc. ("Tempest Therapeutics"). These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the management of Tempest Therapeutics, as well as assumptions made by, and information currently available to, management of Tempest Therapeutics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "could", "expect," "anticipate," "plan," "likely," "believe," "estimate," "project," "intend," and other similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: our strategies, prospects, plans, expectations or objectives for future operations; the progress, scope or timing of the development of our product candidates; the benefits that may be derived from any future products or the commercial or market opportunity with respect to any of our future products; our ability to protect our intellectual property rights; our anticipated operations, financial position, ability to raise capital to fund operations, revenues, costs or expenses; statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. Many of these risks are described in greater detail in the Form 10-Q filed by Tempest Therapeutics with the Securities and Exchange Commission on May 13, 2022.

Except as required by applicable law, Tempest Therapeutics undertakes no obligation to revise or update any forward- looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

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First-in-Class* Oncology Pipeline with Broad Potential

TPST-1120

PPARα

Antagonist

TPST-1495

Dual EP2/4

Antagonist

TREX-1

Inhibitor

Novel Target

STAGE OF DEVELOPMENT

Indication(s)

Research

IND-Enabling

Phase 1

Phase 2

Initiation1

✓

Multiple Solid Tumors

Monotherapy dose finding

Completed

Combination PD-1 dose finding

HCC/RCC/CCA

Ongoing

HCC

Frontline triplet combination (randomized)2

Ongoing

Monotherapy dose finding

Multiple Solid Tumors

Ongoing

Combination PD-1 dose finding

Multiple Solid Tumors

Ongoing

Combination PD-1 expansion(s)

Targeted Populations3

2H 2022

Targeted Populations4

Monotherapy expansion(s)

2H 2022

Solid Tumors

Lead Op

Ongoing

Oncology

Ongoing

"HCC" hepatocellular carcinoma, "RCC" renal cell carcinoma, "CCA" cholangiocarcinoma

* If approved by FDA 1 Timing is an estimate based on current projections. 2Pursuant to a collaboration with Roche; TPST retains all product rights. 3 Study could be either
a single indication or biomarker-based basket 4 With additional funding, monotherapy expansion(s) would be in select indications based on target expression and/or a	4
biomarker-positive basket cohort;

TPST-1120

PPAR Antagonist

Mark Yarchoan, M.D.

Associate Professor of Oncology

Johns Hopkins Sidney Kimmel Comprehensive Cancer Center

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