Terns Pharmaceuticals(TERN) - 2025 Q4 - Annual Results

Financial Position - Terns Pharmaceuticals has approximately $1.0 billion in cash, cash equivalents, and marketable securities as of year-end 2025, expected to provide a runway into 2031[1]. - Terns completed a public offering of 18,687,500 shares, generating gross proceeds of approximately $747.5 million before expenses[7]. Clinical Trials and Drug Development - The CARDINAL Phase 1/2 trial of TERN-701 is enrolling well, with over 85 patients enrolled as of December 8, 2025[7]. - TERN-701 achieved a major molecular response (MMR) rate of 75% (18/24) by 24 weeks in evaluable patients at the recommended phase 2 dose range of >320mg QD, significantly higher than asciminib[7]. - The company plans to select a pivotal dose for TERN-701 in mid-2026 and initiate a pivotal trial in late 2026 or early 2027[3]. - TERN-701 has been granted U.S. FDA Fast Track designation for the treatment of chronic myeloid leukemia (CML) in Q4 2025[1]. - The company aims to generate data that strengthens TERN-701's position as a potential best-in-disease therapy across all lines of CML treatment[2]. - The majority of treatment-emergent adverse events (TEAEs) in the CARDINAL trial were low grade, with no dose-limiting toxicities observed[3]. - Updated and expanded CARDINAL data is expected to be released in the second half of 2026[3]. Strategic Partnerships - The company is seeking a strategic partner to advance the TERN-501 and TERN-801 legacy metabolic programs[7].