Core Points - Terns Pharmaceuticals is conducting an educational webinar focused on TERN-701, a next-generation oral Allosteric BCR-ABL inhibitor aimed at treating chronic myeloid leukemia (CML) [2] - The company highlights TERN-701's potential best-in-class profile and relevant benchmarks for assessing upcoming Phase I data expected next quarter [2] - The discussion will also cover the potential positioning of TERN-701 within the evolving treatment landscape for CML [2] Company Information - Amy Burroughs serves as the Chief Executive Officer of Terns Pharmaceuticals and is leading the webinar [2] - The company emphasizes the importance of reviewing SEC quarterly and annual filings for forward-looking statements and risk factors [3]

Terns Pharmaceuticals (TERN) Update / Briefing September 03, 2025 04:30 PM ET Speaker0Good day and thank you for standing by. Welcome to the TURN seven zero one-seven zero one Investor and Educational Webinar. At this time, all participants are in a listen only mode. Please be advised that today's conference is being recorded and that slides available on today's webinar need to be self advanced by the viewer. After the speakers' presentation, there will be a question and answer session.I would now like to h ...

Webinar to be held on Wednesday, September 3, 2025 at 4:30 p.m. ETFOSTER CITY, Calif., Aug. 21, 2025 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity, today announced it will host an investor educational webinar on TERN-701 in advance of the data release expected in fourth quarter of 2025. The webinar will ...

Group 1: Core Insights - Goldman Sachs' latest report focuses on "2Q25 EPS updates," analyzing biotech companies such as Amylyx (AMLX.US), CG Oncology (CGON.US), GPCR (GPCR.US), and Ideaya Biosciences (IDYA.US), concluding that operational data largely meets expectations with minor adjustments to target prices due to cash flow or clinical milestones [1] Group 2: Amylyx (AMLX.US) - In Q2, Amylyx reported operating expenses of approximately $43 million, slightly above market consensus of $41 million and Goldman Sachs' estimate of $40 million, primarily due to higher R&D costs of $27 million compared to the expected range of $22 million to $25 million [2] - The management reiterated the timeline for the Phase III clinical trial for post-bariatric hypoglycemia (PBH), aiming for enrollment completion in 2025, data readout in the first half of 2026, and potential market entry in 2027, with an estimated patient population of around 160,000 [2] - Goldman Sachs maintains a "Buy" rating with a target price of $10 [2] Group 3: CG Oncology (CGON.US) - CG Oncology's BOND-003 Phase III trial data showed a complete response rate of 75.5% for its bladder cancer gene therapy, with 12-month and 24-month sustained response rates of 50.7% and 42.3%, respectively [3] - The company has $661 million in cash, sufficient to support operations until mid-2028, and Goldman Sachs maintains a "Buy" rating with minor model adjustments [3] Group 4: GPCR (GPCR.US) - GPCR's Q2 R&D expenses were approximately $54 million, significantly higher than market expectations of $36 million and Goldman Sachs' estimate of $44 million, attributed to workforce expansion and increased trial costs [4] - The company has $787 million in cash, expected to last until 2027, and plans to read out Phase 2b ACCESS data in 2025 [4] Group 5: Ideaya Biosciences (IDYA.US) - Ideaya reported Q2 R&D expenses of about $74 million, slightly above market expectations of $71 million and Goldman Sachs' estimate of $68 million, with cash reserves of $992 million projected to last until 2029 [5] - The core pipeline includes darovasertib in combination with crizotinib for HLA-A2 negative metastatic uveal melanoma, with Phase 2/3 results expected by year-end [5] Group 6: Terns Pharmaceuticals (TERN.US) and RNA (RNA.US) - Terns Pharmaceuticals plans to release preliminary data for its leukemia drug TERN-701 and obesity drug TERN-601 in Q4 2025, with cash reserves of $315 million sufficient until 2028 [6] - RNA has signed a manufacturing agreement with Lonza to ensure product supply stability from 2026 to 2028, with BLA submissions expected for its treatments by the end of 2025 and mid-2026 [6] Group 7: AI in Biotech - Goldman Sachs emphasizes the core role of biotechnology R&D, highlighting collaborations with institutions like OpenAI to drive innovation, while also focusing on the pricing potential of rare disease drugs and opportunities for indication expansion [7] Group 8: Overall Industry Outlook - The biotech sector is expected to see over 15 key clinical data readouts from late 2025 to early 2026, with a focus on companies like AMLX, CGON, and RNA for their potential breakthroughs [8] - Despite some companies facing increased short-term losses due to R&D spending, pipeline progress remains in line with expectations, and cash flow is generally secure [8]

Terns Pharmaceuticals (TERN 6.00%), a clinical-stage biopharmaceutical company developing therapies for chronic myeloid leukemia (CML) and metabolic diseases, released its second quarter results on August 5, 2025. The most notable news was continued progress in its two lead clinical programs—TERN-701, a kinase inhibitor drug for CML, and TERN-601, an oral GLP-1 receptor agonist drug for obesity—while maintaining a robust cash balance. The GAAP net loss per share was $(0.26), slightly better than the expecte ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39926 Terns Pharmaceuticals, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 98-1448275 (State or other juris ...

[Overview and Strategic Focus](index=1&type=section&id=Overview%20and%20Strategic%20Focus) Terns Pharmaceuticals reported strong Q2 2025 clinical momentum, strategically focusing on oncology and projecting cash runway into 2028 - Key clinical data readouts are expected in the **fourth quarter of 2025** for two main programs: **TERN-701** in CML (including **6-month MMR rates**) and **TERN-601** for obesity (**12-week efficacy and safety data**)[1](index=1&type=chunk) - The company is strategically focusing its resources on the oncology program (**TERN-701**) with the goal of advancing it to a pivotal trial[2](index=2&type=chunk) - Terns plans to partner its portfolio of metabolic assets and will not invest in their clinical development beyond **year-end 2025**[2](index=2&type=chunk) - The company's cash runway is projected to be sufficient to fund planned operating expenses **into 2028**[1](index=1&type=chunk)[8](index=8&type=chunk) [Pipeline Developments and Anticipated Milestones](index=2&type=section&id=Recent%20Pipeline%20Developments%20and%20Anticipated%20Milestones) Terns' lead candidates, TERN-701 (CML) and TERN-601 (obesity), are advancing with Q4 2025 data readouts anticipated [TERN-701 (CML Program)](index=2&type=section&id=TERN-701%3A%20Oral%2C%20small-molecule%20next-generation%20allosteric%20BCR-ABL%20inhibitor%20for%20CML) TERN-701's Phase 1 CARDINAL trial for CML is progressing with dose expansion, expecting 6-month MMR data in Q4 2025 - The company plans to report efficacy and safety data from the Phase 1 CARDINAL trial in **Q4 2025**, including the **6-month MMR** achievement rate[5](index=5&type=chunk) - The dose expansion portion of the CARDINAL trial began in **April 2025**, with patients randomized to **320 mg** or **500 mg** once-daily (QD) cohorts[5](index=5&type=chunk) - Preclinical data presented at **EHA 2025** highlighted greater potency of TERN-701 compared to asciminib against several resistance mutations[2](index=2&type=chunk)[5](index=5&type=chunk) [TERN-601 (Obesity Program)](index=2&type=section&id=TERN-601%3A%20Oral%2C%20small-molecule%20glucagon-like%20peptide-1%20receptor%20agonist%20(GLP1-RA)%20for%20obesity) TERN-601's Phase 2 FALCON trial for obesity completed Q2 2025 enrollment, with 12-week data expected in early Q4 2025 - The Phase 2 FALCON trial completed enrollment in **Q2 2025**, with top-line **12-week data** expected in **early Q4 2025**[5](index=5&type=chunk) - The primary endpoint of the FALCON trial is the percent change from baseline in body weight compared to placebo over **12 weeks**[5](index=5&type=chunk) - Previous Phase 1 results demonstrated weight loss of up to **5.5%** over **28 days** with favorable safety and tolerability[5](index=5&type=chunk) [Pipeline and Partnering Programs](index=3&type=section&id=Pipeline%20and%20Partnering%20Programs) Terns seeks strategic partners for its metabolic programs, prioritizing GIPR antagonist and THR-β agonist candidates - Terns is prioritizing its discovery efforts on a GIPR antagonist development candidate (**TERN-800 Series**) for potential combination therapies in obesity[6](index=6&type=chunk) - The company is seeking a strategic partner to advance both the **TERN-800 series** (GIPR modulator) and **TERN-501** (THR-β agonist) programs[6](index=6&type=chunk)[7](index=7&type=chunk) [Second Quarter 2025 Financial Results](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Results) Terns reported a net loss for Q2 2025, driven by increased R&D expenses, while maintaining a strong cash position into 2028 Key Financial Metrics (Millions USD) | Financial Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | | :--- | :--- | :--- | | R&D Expenses | $20.4 | $18.4 | | G&A Expenses | $7.0 | $7.2 | | Net Loss | $(24.1) | $(22.7) | | Cash Position (as of June 30, 2025) | $315.4 | N/A | - Cash, cash equivalents, and marketable securities were **$315.4 million** as of **June 30, 2025**, which is expected to fund planned operating expenses **into 2028**[8](index=8&type=chunk) [Financial Tables](index=4&type=section&id=Financial%20Tables) This section presents Terns Pharmaceuticals' unaudited condensed consolidated statements of operations and selected balance sheet data as of June 30, 2025 [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Terns reported an increased net loss for Q2 2025 compared to the prior year, primarily driven by higher research and development expenses Condensed Consolidated Statements of Operations (Thousands USD, except per share data) | Metric | Three Months Ended June 30, 2025 (Thousands USD) | Three Months Ended June 30, 2024 (Thousands USD) | | :--- | :--- | :--- | | Total operating expenses | $27,383 | $25,537 | | Net loss | $(24,093) | $(22,736) | | Net loss per share, basic and diluted | $(0.26) | $(0.31) | [Selected Balance Sheet Data](index=4&type=section&id=Selected%20Balance%20Sheet%20Data) As of June 30, 2025, Terns reported its cash, cash equivalents, marketable securities, and total stockholders' equity balances Selected Balance Sheet Data (Thousands USD) | Metric | June 30, 2025 (Thousands USD) | December 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Cash, cash equivalents and marketable securities | $315,445 | $358,164 | | Total assets | $320,415 | $363,929 | | Total stockholders' equity | $305,229 | $345,870 |

Core Insights - Terns Pharmaceuticals is advancing its clinical programs with a focus on oncology and obesity, expecting key clinical readouts by year-end 2025 [2][3] - The company has a strong cash position, with sufficient funds to support operations into 2028 [7][10] Clinical Trials and Pipeline Developments - The Phase 1 trial of TERN-701 for chronic myeloid leukemia (CML) is enrolling well, with efficacy and safety data, including 6-month major molecular response (MMR) rates, expected in Q4 2025 [1][3] - The Phase 2 trial of TERN-601 for obesity has completed enrollment, with 12-week efficacy, safety, and tolerability data anticipated in early Q4 2025 [1][8] - Terns plans to report data from the Phase 1 CARDINAL trial of TERN-701 in Q4 2025, which will allow for comparisons with other CML treatments [2][3] Financial Performance - As of June 30, 2025, Terns reported cash, cash equivalents, and marketable securities of $315.4 million, down from $358.2 million at the end of 2024 [7][10] - Research and development expenses for Q2 2025 were $20.4 million, compared to $18.4 million in Q2 2024 [7][9] - The net loss for Q2 2025 was $24.1 million, slightly higher than the $22.7 million loss in Q2 2024 [9] Corporate Updates - Terns will host an educational webinar focused on TERN-701 in September 2025 [1][3] - Members of Terns' senior leadership will participate in the Morgan Stanley 23 Annual Global Healthcare Conference in September 2025 [7]

TERN-701 Opportunity - TERN-701 is a novel allosteric BCR-ABL TKI in Phase 1 studies, representing a new generation of therapies for CML with superior target coverage, improved kinase selectivity, and high potency against common mutations[16] - TERN-701 has the potential to transform the standard of care for CML by offering enhanced efficacy, minimal off-target activity, optimized dosing, and more rapid and deeper levels of response, potentially leading to treatment-free remission[16] - TERN-701 is expected to be the 2nd allosteric TKI to market, differentiating itself from asciminib[78] CML Market and Treatment Landscape - Approximately 10,000 new CML cases are diagnosed in the U S annually[10] - The U S CML prevalence is approximately 110,000 and is expected to triple by 2040[10] - Around 40% of CML patients switch therapy within 5 years due to intolerance or resistance[10] - About half of CML patients do not achieve deep molecular response (DMR) by 4 years after switching to a second treatment[10] - Allosteric inhibitors represent the latest evolution in CML treatment, with asciminib being the first approved allosteric BCR-ABL inhibitor[12] Clinical Development and Data Interpretation - Baseline BCR-ABL levels impact the speed and attainment of MMR in relapsed/refractory (R/R) CML patients; patients with baseline BCR-ABL of >10% had the lowest molecular response rates to asciminib in Phase 1[38, 42] - Terns' initial Phase 1 data for TERN-701 will comprise patients with shorter treatment duration compared to precedent initial Phase 1 data disclosures[64] - Interim dose escalation data for TERN-701, expected in December, will include an estimated 10-20 enrolled patients, with 5-10 patients having ≥3 months of treatment across at least 2 dose levels[66] Future Strategy - TERN-701 has broad anticipated opportunity across 1L and 2L, with the potential to split 1L allosteric share and capture 2G TKI intolerant/resistant patients[76, 77] - Subsequent readout in 2025 is anticipated to show 6-month data and inform potential registrational trial[79]

Core Insights - Terns Pharmaceuticals announced positive results from the Phase 1 clinical study of TERN-601, a novel oral GLP-1 receptor agonist, which demonstrated a differentiated profile in weight loss and tolerability [1][2] - The Phase 2 FALCON trial has completed enrollment, with topline data expected in the fourth quarter of 2025, focusing on weight loss efficacy and safety [1][2] Efficacy - The Phase 1 study showed statistically significant and dose-dependent weight loss of up to 5.5% over 28 days with once-daily dosing, with 67% of patients losing 5% or more body weight at the highest dose [5] - Unique pharmacological properties of TERN-601 resulted in a flat pharmacokinetic curve, allowing for 24-hour target coverage with a half-life of 9-10 hours [5] Safety - TERN-601 was well-tolerated, with no treatment-related interruptions or discontinuations at any dose, and over 95% of gastrointestinal adverse events were mild [5] - There were no significant changes in liver enzymes, vital signs, or ECGs observed during the trial [5] Tolerability and Ease of Use - TERN-601 features the simplest dose titration among GLP-1 receptor agonist therapies, allowing for dosing with or without food and compatibility with PPIs, H2RA, and/or antacids [5] Trial Details - The Phase 1 trial was a randomized, double-blind, placebo-controlled study assessing safety, tolerability, pharmacokinetics, and pharmacodynamics in healthy adults with obesity or overweight [7] - The ongoing FALCON Phase 2 trial is evaluating the efficacy and safety of TERN-601 in adults with obesity or overweight, with a primary endpoint of percent change in body weight compared to placebo over 12 weeks [8] Company Overview - Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates for serious diseases, including oncology and obesity [9] - The company's pipeline includes multiple clinical-stage programs, highlighting its commitment to addressing significant health challenges [9]