Terns Pharmaceuticals Reports First Quarter 2025 Financial Results and Provides Corporate Updates

Core Insights - Terns Pharmaceuticals has initiated the dose expansion phase of the Phase 1 CARDINAL trial for TERN-701, targeting chronic myeloid leukemia (CML) [1][2] - The Phase 2 FALCON trial for TERN-601, aimed at obesity treatment, is progressing well, with top-line data expected in the fourth quarter of 2025 [1][2] - The company reported a cash position of $334.3 million as of March 31, 2025, sufficient to support operations into 2028 [5][10] Clinical Developments - TERN-701 is an oral, small-molecule allosteric BCR-ABL inhibitor for CML, with the dose expansion phase enrolling patients at doses of 320 mg and 500 mg [3] - The Phase 2 FALCON trial for TERN-601 is designed to demonstrate competitive weight loss and a favorable safety profile, with data expected in 4Q 2025 [3][8] - Interim data from TERN-701's dose escalation showed no dose-limiting toxicities and encouraging molecular responses in heavily pre-treated CML patients [2][3] Financial Performance - Research and development expenses for Q1 2025 were $18.7 million, slightly up from $18.6 million in Q1 2024 [6][9] - General and administrative expenses increased to $8.7 million in Q1 2025 from $6.9 million in Q1 2024 [6][9] - The net loss for Q1 2025 was $23.9 million, compared to a net loss of $22.4 million in Q1 2024 [6][9] Corporate Updates - Terns' leadership will participate in upcoming investor conferences, with webcasts available on the company's website [5] - The company is prioritizing the development of a GIPR antagonist based on scientific rationale supporting GLP-1 agonist/GIPR antagonist combinations for obesity [8][11]