Core Insights - Terns Pharmaceuticals reported progress in its clinical programs for chronic myeloid leukemia (CML) and obesity, while maintaining a strong cash position [1][3][12] Financial Performance - GAAP net loss per share was $(0.26), better than the expected $(0.29) and improved from $(0.31) in Q2 2024, reflecting a 16.1% year-over-year improvement [2][7] - Total revenue remained at $0.0, consistent with Q2 2024 [2] - Research and development expenses increased by 10.9% to $20.4 million compared to $18.4 million in Q2 2024 [2][7] - General and administrative expenses decreased slightly to $7.0 million from $7.2 million in Q2 2024 [2][7] - The net loss for the quarter was $24.1 million, widening from $22.7 million in the prior year [2][7] Clinical Development - TERN-701, a kinase inhibitor for CML, is in the dose expansion phase of the Phase 1 CARDINAL trial, with positive interim results indicating meaningful molecular responses and a favorable safety profile [5][9] - TERN-601, an oral GLP-1 receptor agonist for obesity, completed enrollment for its Phase 2 FALCON trial, with results expected in early Q4 2025 [6][10] Strategic Focus - The company has shifted its strategy to prioritize oncology, particularly CML, while seeking external partnerships for its metabolic disease assets [4][10] - Terns plans to host an educational session in September 2025 to discuss CML unmet needs and TERN-701's positioning [9] Partnerships and Intellectual Property - Terns maintains an exclusive licensing agreement with Hansoh for TERN-701 development in China, which includes milestone payments and royalties [8] - TERN-701 has Orphan Drug status in the U.S., providing seven-year market exclusivity upon approval [8] Outlook - The company has $315.4 million in cash and equivalents, projected to fund operations into 2028, allowing for continued clinical development without immediate capital needs [12] - Key clinical readouts for TERN-701 and TERN-601 are anticipated by the end of 2025, which will be critical for future partnerships and commercialization [13]