FOSTER CITY, Calif., April 02, 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 that it has granted as of April 1, 2025 an equity inducement award to two new employees under the terms of the 2022 Employment Inducement Award Plan, as amended. The equity awards were approved by the Comp ...

Terns Pharmaceuticals, Inc. (TERN) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following yea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 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 jurisdic ...

[Report Overview and Key Highlights](index=1&type=section&id=Terns%20Pharmaceuticals%20Reports%20Fourth%20Quarter%20and%20Full%20Year%202024%20Financial%20Results%20and%20Corporate%20Updates) - Announced significant clinical progress in **2024** for its lead programs, TERN-701 in CML and TERN-601 in obesity, with key data readouts expected in **2025**[2](index=2&type=chunk) - The dose expansion for the Phase 1 CARDINAL trial of TERN-701 (CML) is expected to start in **Q2 2025**, with additional data anticipated in **Q4 2025**[1](index=1&type=chunk) - The first patient was enrolled in the Phase 2 FALCON trial of TERN-601 (obesity), with **12-week** data expected in **Q4 2025**[1](index=1&type=chunk) - The company reports a strong financial position with **$358 million** in cash, cash equivalents, and marketable securities, providing an expected operational runway into **2028**[1](index=1&type=chunk) [Pipeline Developments and Anticipated Milestones](index=1&type=section&id=Recent%20Pipeline%20Developments%20and%20Anticipated%20Milestones) [TERN-701 for Chronic Myeloid Leukemia (CML)](index=1&type=section&id=TERN-701%3A%20Oral%2C%20allosteric%20BCR-ABL%20tyrosine%20kinase%20inhibitor%20%28TKI%29%20for%20chronic%20myeloid%20leukemia%20%28CML%29) TERN-701, an oral TKI for CML, completed Phase 1 dose escalation with compelling molecular responses and favorable safety, with dose expansion starting Q2 2025 and data expected Q4 2025 - Phase 1 dose escalation was completed in **January 2025**, with interim data showing compelling molecular responses and an encouraging safety profile in heavily pre-treated CML patients[3](index=3&type=chunk) - Positive drug-drug interaction (DDI) data indicates TERN-701 is not a clinically relevant inhibitor of CYP3A4 or OATP1B1/3, representing a key safety differentiation within its class[3](index=3&type=chunk) - The dose expansion part of the Phase 1 study is expected to start in **Q2 2025**, with additional safety and efficacy data anticipated in **Q4 2025**[3](index=3&type=chunk) [TERN-601 for Obesity](index=2&type=section&id=TERN-601%3A%20Oral%2C%20small-molecule%20glucagon-like%20peptide-1%20%28GLP-1%29%20receptor%20agonist%20for%20obesity) TERN-601, an oral GLP-1 agonist for obesity, enrolled its first Phase 2 FALCON patient; 12-week data expected Q4 2025, evaluating efficacy and safety with a slower titration schedule - The Phase 2 FALCON clinical trial enrolled its first patient in **March 2025**, with **12-week** data expected in **Q4 2025**[6](index=6&type=chunk) - The trial's primary endpoint is the percent change from baseline in body weight compared to placebo over **12 weeks**[6](index=6&type=chunk) - The Phase 2 trial will use a slower titration schedule (**two to four weeks** at each intermediate dose) to aim for competitive weight loss with best-in-class tolerability[6](index=6&type=chunk) [Other Pipeline Programs (TERN-501 & TERN-800 Series)](index=2&type=section&id=TERN-501%20and%20TERN-800%20Series) Terns evaluates TERN-501 for metabolic diseases, potentially with GLP-1s, and advances TERN-800 series GIPR modulators, prioritizing a GIPR antagonist for obesity combination therapies - TERN-501 (THR-β agonist): The company continues to evaluate opportunities for TERN-501 in metabolic diseases, noting its complementary mechanism to GLP-1 for potential broader benefits[6](index=6&type=chunk) - TERN-800 Series (GIPR modulators): Discovery efforts are ongoing, with a focus on nominating a GIPR antagonist candidate to combine with GLP-1 agonists like TERN-601 for obesity treatment[6](index=6&type=chunk) [Corporate Updates](index=3&type=section&id=Corporate%20Updates) Terns strengthened its leadership by appointing Andrew Gengos as CFO and adding Robert Azelby and Heather Turner to its board of directors - In **February 2025**, Andrew Gengos was appointed as Chief Financial Officer[11](index=11&type=chunk) - In **February 2025**, Robert Azelby was appointed to the board of directors[11](index=11&type=chunk) - In **November 2024**, Heather Turner was appointed to the board of directors[11](index=11&type=chunk) [Fourth Quarter and Full Year 2024 Financial Results](index=3&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202024%20Financial%20Results) [Financial Summary](index=3&type=section&id=Financial%20Summary) Terns ended 2024 with $358.2 million cash, providing runway into 2028; R&D increased, G&A decreased, and net loss narrowed to $88.9 million - Cash, cash equivalents, and marketable securities were **$358.2 million** as of **Dec 31, 2024**, compared to **$263.4 million** a year prior. The company expects these funds to be sufficient to support operations into **2028**[8](index=8&type=chunk) Comparison of Key Financial Metrics (Full Year) | Metric | FY 2024 (Millions USD) | FY 2023 (Millions USD) | Change | | :--- | :--- | :--- | :--- | | R&D Expenses | $70.1 | $63.5 | +10.4% | | G&A Expenses | $31.8 | $39.1 | -18.7% | | Net Loss | $88.9 | $90.2 | -1.4% | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of $21.8 million for Q4 2024 and $88.9 million for FY 2024, with full-year net loss per share improving to $(1.12) from $(1.27) in 2023 Statement of Operations Highlights (in thousands, except per share data) | Metric | Q4 2024 (Thousands USD) | Q4 2023 (Thousands USD) | FY 2024 (Thousands USD) | FY 2023 (Thousands USD) | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | $18,004 | $17,459 | $70,112 | $63,497 | | G&A Expenses | $7,945 | $6,599 | $31,759 | $39,061 | | Total Operating Expenses | $25,949 | $24,058 | $101,871 | $102,558 | | Net Loss | $(21,799) | $(21,019) | $(88,853) | $(90,210) | | Net Loss Per Share | $(0.24) | $(0.29) | $(1.12) | $(1.27) | [Selected Balance Sheet Data](index=4&type=section&id=Selected%20Balance%20Sheet%20Data) As of December 31, 2024, Terns' cash, cash equivalents, and marketable securities significantly increased to $358.2 million from $263.4 million, with total assets growing to $363.9 million and stockholders' equity to $345.9 million Balance Sheet Highlights (in thousands) | Metric | Dec 31, 2024 (Thousands USD) | Dec 31, 2023 (Thousands USD) | | :--- | :--- | :--- | | Cash, cash equivalents and marketable securities | $358,164 | $263,440 | | Total assets | $363,929 | $268,517 | | Total liabilities | $18,059 | $13,150 | | Total stockholders' equity | $345,870 | $255,367 |

Dose expansion in Phase 1 CARDINAL trial of TERN-701 for chronic myeloid leukemia (CML) expected to initiate in 2Q25 with additional safety and efficacy data in 4Q25 First patient enrolled in Phase 2 FALCON trial of TERN-601 for obesity with 12-week data expected 4Q25 Cash, cash equivalents and marketable securities of $358 million, expected to provide runway into 2028 FOSTER CITY, Calif., March 20, 2025 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-st ...

Core Viewpoint - Terns Pharmaceuticals is positioned as a small-cap biotech with significant upside potential in the weight loss therapeutic area, particularly with its investigational drugs TERN-601 and TERN-501, which are nearing phase 2 studies [1][2]. Group 1: Company Overview - Terns Pharmaceuticals focuses on developing weight loss and oncology medicines, with TERN-601 and TERN-501 as its leading candidates in the anti-obesity field [2][3]. - The average price target for Terns Pharmaceuticals' stock is $19.06, suggesting a potential increase of approximately 462% from current levels [2]. Group 2: Product Pipeline - TERN-601 is a potential once-daily oral GLP-1 medicine, which could appeal to patients preferring oral formulations over injected alternatives. In a phase 1 study, it achieved a statistically significant mean weight loss of 5.5% [2]. - TERN-501 aims to enhance the efficacy of GLP-1 medicines by stabilizing energy expenditures during weight loss, which could lead to its standard use alongside GLP-1 therapies if proven effective [3]. Group 3: Clinical Development - Terns Pharmaceuticals is also developing TERN-701, a potential cancer treatment that has shown positive interim data in a phase 1 study for chronic myeloid leukemia, with more data expected in the fourth quarter [4]. - Both TERN-601 and TERN-501 have not yet entered phase 2 studies, and their mid-stage data could serve as major catalysts for the stock price [5]. Group 4: Market Competition and Challenges - The competitive landscape for oral GLP-1 medicines is intensifying, with other companies advancing ahead of Terns Pharmaceuticals in this area [7][8]. - Terns previously abandoned the development of TERN-501 for metabolic dysfunction-associated steatohepatitis (MASH) after phase 2 trials, highlighting the challenges in developing successful therapies in crowded fields [6][7].

Core Points - Terns Pharmaceuticals, Inc. has granted an equity inducement award to Andrew Gengos, the new chief financial officer, as a material inducement for his acceptance of employment [1] - The equity award consists of an option to purchase 750,000 shares of Terns common stock at an exercise price of $3.73, which is the closing price on February 24, 2025 [2] - The option has a 10-year term and vests over four years, contingent on Mr. Gengos' continued service [2] Company Overview - Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates targeting serious diseases such as oncology and obesity [3] - The company's pipeline includes three clinical-stage development programs: an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, and a THR-β agonist, along with a preclinical GIPR modulator discovery effort [3]

Core Insights - Terns Pharmaceuticals is advancing its clinical programs, particularly TERN-701 for chronic myeloid leukemia (CML) and TERN-601 for obesity, with significant data expected in the coming years [1][2][3] TERN-701 Updates - The Phase 1 CARDINAL study for TERN-701 has completed dose escalation as of January 2025, with dose expansion expected to begin in Q2 2025 [3] - New data indicates TERN-701 has a superior drug-drug interaction (DDI) profile compared to asciminib, allowing safer co-administration with commonly prescribed medications [2][3] - Encouraging early data from the CARDINAL trial shows compelling molecular responses in heavily pre-treated patients [3][6] TERN-601 Updates - The design for the Phase 2 FALCON study of TERN-601 is set to initiate in early Q2 2025, with 12-week data anticipated in the second half of 2025 [1][6] - The trial will evaluate the efficacy and safety of TERN-601 in adults with overweight or obesity, featuring a unique titration schedule aimed at achieving competitive weight loss without complex dosing [6][4] - TERN-601 aims to demonstrate best-in-class tolerability and weight loss outcomes compared to existing GLP-1 receptor agonists [2][6] Financial Position - As of September 30, 2024, Terns reported a cash balance of $372.8 million, which is expected to sustain operations into 2028 [4] Upcoming Events - Terns management will present at the TD Cowen 45 Annual Healthcare Conference from March 3-5, 2025, in Boston [7]

Core Insights - Terns Pharmaceuticals, Inc. has appointed Andrew Gengos as the new Chief Financial Officer, effective immediately, bringing 25 years of leadership experience in the biotech sector [1][2][3] Company Overview - Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates targeting serious diseases, including oncology and obesity [4] - The company's pipeline includes three clinical-stage development programs: an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, and a THR-β agonist, along with a preclinical GIPR modulator discovery effort [4] Leadership and Experience - Andrew Gengos has a strong background in finance and corporate strategy, having previously served as CFO of Athira Pharma and held leadership roles at Cyteir Therapeutics, ImmunoCellular Therapeutics, and Neuraltus Pharmaceuticals [3] - Gengos has experience in leading teams in the life sciences and biotechnology industry, with a notable tenure at Amgen as Vice President of Strategy and Corporate Development [3]

Core Insights - Terns Pharmaceuticals has appointed Robert Azelby to its Board of Directors, bringing 25 years of strategic, operational, and commercial expertise in the biotechnology sector [1][2] - Carl Gordon is stepping down from the Board after over seven years of service, having played a foundational role in the company's development [1][2] Company Overview - Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates targeting serious diseases, including oncology and obesity [4] - The company's pipeline includes three clinical-stage development programs: an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, and a THR-β agonist, along with a preclinical GIPR modulator discovery effort [4] Leadership Experience - Robert Azelby has over 30 years of experience in the biopharmaceutical industry, having held leadership positions at Eliem Therapeutics, Alder BioPharmaceuticals, and Juno Therapeutics, among others [3] - His previous roles include serving as chief executive officer and various executive positions at Amgen, where he focused on oncology [3] Strategic Direction - The appointment of Mr. Azelby is expected to enhance Terns' strategic and operational leadership, particularly as the company prepares for late-stage studies of its lead oncology program, TERN-701, in chronic myeloid leukemia [2] - The company aims to advance its lead oncology and obesity programs towards significant clinical readouts later in the year [2]