SCHEDULE: Versant Funds Update Tempest Therapeutics Stake

Versant Venture Capital funds filed an amended Schedule 13D, updating their beneficial ownership in Tempest Therapeutics, Inc. due to dilution from recent share sales.

Summary

• Versant Venture Capital VI, L.P., Versant Ventures VI GP, L.P., Versant Ventures VI GP-GP, LLC, Versant Vantage II, L.P., Versant Vantage II GP, L.P., Versant Vantage II GP-GP, LLC, Versant Venture Capital IV, L.P., Versant Side Fund IV, L.P., and Versant Ventures IV, LLC (collectively, the "Reporting Persons") filed an Amendment No. 6 to their Schedule 13D.
• The amendment updates the aggregate percentage of Common Stock owned by the Reporting Persons in Tempest Therapeutics, Inc. (the "Issuer").
• The update is primarily due to dilution caused by the Issuer's sales of additional shares of its Common Stock since the previous filing (Amendment No. 5).
• This dilution resulted in a decrease of over one percent (1%) in the aggregate percentage ownership reported by the Reporting Persons.
• A one-for-thirteen (1:13) reverse stock split of the Issuer's outstanding Common Stock was effective as of April 8, 2025, and all reported share numbers reflect this adjustment.
• As of August 4, 2025, there were 4,440,161 shares of Common Stock outstanding, as reported in the Issuer's Form 10-Q filed on August 11, 2025.
• Individual beneficial ownership percentages for the Reporting Persons are: Versant Venture Capital VI, L.P. (0.4% or 16,149 shares), Versant Vantage II, L.P. (3.7% or 162,972 shares), Versant Venture Capital IV, L.P. (2.0% or 90,084 shares), and Versant Side Fund IV, L.P. (0.0% or 567 shares).
• Versant Ventures IV, LLC, as general partner of Versant Venture Capital IV, L.P. and Versant Side Fund IV, L.P., has shared beneficial ownership of 90,651 shares (2.0%).
• The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13D.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual update on beneficial ownership percentage due to dilution, a common occurrence in companies that raise capital. It does not contain positive or negative operational or financial news about the issuer.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the Issuer's future operations or financial performance.

Management Comments

• Max Eisenberg, COO of Versant Ventures VI GP-GP, LLC (general partner of Versant Ventures VI GP, L.P., the GP of Versant Venture Capital VI, L.P.), certified the information as true, complete, and correct to the best of his knowledge and belief.

Industry Context

This filing reflects a routine update from a venture capital firm, Versant, regarding its investment stake in Tempest Therapeutics, a biotechnology company. The decrease in percentage ownership due to dilution is a common occurrence when a company raises additional capital, which is typical for early-stage or development-stage biotech firms requiring significant funding for research and clinical trials.

Stakeholder Impact

• Shareholders: The existing shareholders, including the Reporting Persons, experience dilution of their percentage ownership as new shares are issued.
• Company (Issuer): The company benefits from the capital raised through the sale of additional shares, which can fund operations, research, and development.

Key Dates

Keywords

Schedule 13D, Beneficial Ownership, Tempest Therapeutics, Versant Venture Capital, Dilution, Common Stock, SEC Filing, Biotechnology Investment