Terns Pharmaceuticals(US:TERN)2025-11-10 21:15Financial Performance - Terns Pharmaceuticals reported a net loss of $24.6 million for Q3 2025, compared to a net loss of $21.9 million in Q3 2024, reflecting an increase of approximately 12.3% year-over-year[8]. - General and Administrative (G&A) expenses decreased to $7.8 million in Q3 2025 from $9.8 million in Q3 2024, a reduction of approximately 20.4%[7]. - The company reported total operating expenses of $27.7 million for Q3 2025, compared to $24.9 million in Q3 2024, representing an increase of about 11.2%[11]. Research and Development - Research and Development (R&D) expenses for Q3 2025 were $19.9 million, up from $15.2 million in Q3 2024, indicating a year-over-year increase of about 31.1%[7]. - Terns announced the discontinuation of internal clinical development of metabolic programs to focus on oncology, seeking external partnerships for these assets[5]. - Terns is seeking strategic partners to advance the development of TERN-801, an oral small-molecule GIPR antagonist[10]. Clinical Trials - The overall major molecular response (MMR) rate for TERN-701 in the CARDINAL trial was reported at 75% by 24 weeks, with 64% achieving MMR and 100% maintaining MMR[3]. - In difficult-to-treat patient subgroups, MMR rates were 69% for those with lack of efficacy to the last TKI, 60% for prior asciminib patients, and 67% for those with prior asciminib/ponatinib/investigational TKI[3]. - The company plans to present expanded data from the CARDINAL trial at the ASH Annual Meeting on December 8, 2025[3]. Financial Position - Cash, cash equivalents, and marketable securities totaled $295.6 million as of September 30, 2025, down from $358.2 million at the end of 2024, providing a runway into 2028[6].