[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]

Core Viewpoint - Terns Pharmaceuticals, Inc. is actively participating in the Oppenheimer 35th Annual Healthcare Life Sciences Conference, showcasing its commitment to addressing serious diseases through its clinical-stage biopharmaceutical portfolio [1]. Company Overview - Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates targeting serious diseases, particularly in 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 prioritizing a GIPR antagonist nomination candidate [3]. Event Details - Senior management from Terns Pharmaceuticals will present at the Oppenheimer 35th Annual Healthcare Life Sciences Conference on February 12, 2025, at 4:00 p.m. ET [1]. - A live webcast of the event will be available on the investor relations page of Terns Pharmaceuticals' website, with a replay archived for at least 30 days [2].

Core Viewpoint - Terns Pharmaceuticals, Inc. is set to present at the 43rd Annual J.P. Morgan Healthcare Conference on January 15, 2025, showcasing its clinical-stage biopharmaceutical developments targeting serious diseases such as oncology and obesity [1]. Company Overview - Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates for serious diseases, including 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 prioritizing a GIPR antagonist nomination candidate [3]. Presentation Details - A live webcast of the presentation will be available on the investor relations page of Terns Pharmaceuticals' website, with a replay archived for at least 30 days following the event [2].

Core Insights - Terns Pharmaceuticals Inc.'s stock increased by 14% following the release of positive data on a treatment for chronic myeloid leukemia [1] - Analysts from Mizuho, Graig Suvannavejh and Avantika Joshi, expressed optimism regarding the early-stage trial results of TERN-701 [1]