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

Core Insights - Terns Pharmaceuticals reported unprecedented Phase 1 efficacy data for TERN-701, indicating a potential best-in-disease profile for chronic myeloid leukemia (CML) treatment [1][2] - The company has a cash position of $295 million, expected to sustain operations into 2028 [1][5] Pipeline Developments - TERN-701 is an investigational allosteric BCR::ABL1 inhibitor for CML, with a major molecular response (MMR) rate of 75% by 24 weeks in the ongoing CARDINAL trial [3][4] - TERN-601, an oral GLP-1 receptor agonist for obesity, showed a maximum placebo-adjusted weight loss of 4.6% but will not proceed further due to adverse events [3][4] Upcoming Milestones - An updated dataset from the CARDINAL trial will be presented at the 67th ASH Annual Meeting on December 8, 2025, with a conference call scheduled for the same day [4][5] Financial Performance - R&D expenses for Q3 2025 were $19.9 million, up from $15.2 million in Q3 2024, while G&A expenses decreased to $7.8 million from $9.8 million [6] - The net loss for Q3 2025 was $24.6 million, compared to $21.9 million in Q3 2024 [7][8] Balance Sheet Highlights - As of September 30, 2025, total assets were $301.7 million, with total liabilities of $17.6 million and stockholders' equity of $284.1 million [10]