Terns Pharmaceuticals (TERN) 2025 Conference Transcript

Summary of Terns Pharmaceuticals Conference Call Company Overview - Terns Pharmaceuticals was founded in 2017 and focuses on small molecules with validated mechanisms of action [2][4] - The company is currently prioritizing its chronic myeloid leukemia (CML) program and an oral GLP-1 receptor agonist for obesity [2][3] Key Developments - Terns has two clinical data readouts in 2024 and two in 2025 for its CML program, specifically for its oral BCR ABL inhibitor [2] - The company believes it has a best-in-class molecule for CML that could be transformational for patients [2] - The oral GLP-1 receptor agonist is expected to show competitive efficacy with better tolerability and simpler titration [3] CML Program Insights - Terns is focusing on its CML asset, TURN-701, which has a high probability of reaching patients and a clear path to market [4][5] - The company plans to pursue CML aggressively while seeking partnerships for its metabolic assets [6] - The upcoming data cut in Q4 2025 will provide insights into the six-month major molecular response (MMR) rate, a key regulatory endpoint [11] Competitive Landscape - TURN-701 is being compared to Enliven and Asiminib, with Terns viewing Asiminib as the primary benchmark [9][10] - The company aims for a 25-30% MMR achievement rate in a post-disseminated failure population, which would indicate competitiveness [14][20] Safety and Efficacy - Terns has not observed dose-limiting toxicities (DLTs) at the highest tested dose of 500 mg, indicating a favorable safety profile [21][22] - The company believes that the allosteric mechanism of TURN-701 allows for a wider therapeutic index compared to active site inhibitors [35] Market Potential - There are approximately 17,000 new CML diagnoses annually in the G7, presenting a significant market opportunity [31] - Terns anticipates that its allosteric drug will capture a substantial market share as it offers a superior profile in terms of efficacy and safety [32] Oral GLP-1 Program Insights - TURN-601 is positioned favorably following the discontinuation of a competitor, with a differentiated profile demonstrated in early data [37] - The drug has shown a linear dose response with weight loss and excellent tolerability, with no discontinuations reported [38] - Terns emphasizes the importance of tolerability and simplicity in titration for primary care settings, which is crucial for market acceptance [39] Future Expectations - The company expects to release Phase II twelve-week data for TURN-601 in Q4 2025, which will further clarify its market position [40] - Terns is confident in its ability to manage safety and efficacy in longer trials, with no expected accumulation of adverse events [48][49] Conclusion - Terns Pharmaceuticals is strategically focused on its CML and obesity programs, with promising data expected in the near future. The company is well-positioned to capture market share through its innovative drug profiles and strong safety data.