Terns Pharmaceuticals (TERN) Investor Presentation - Slideshow

Pipeline and Clinical Programs - TERN-701, an allosteric BCR-ABL inhibitor for Chronic Myeloid Leukemia (CML), has a Phase 1 clinical trial in CML patients initiated in Q2 2022[18, 34] - TERN-601, an oral GLP-1 agonist for obesity, is undergoing IND-enabling activities with Phase 1 trial initiation expected in 2023[39, 65] - TERN-501, a THR-β agonist for NASH, has Phase 2a NASH mono/combo data expected in 2H 2023[9] The Phase 2a combo trial with TERN-101 initiated dosing in July 2022[11, 107] Financial Position - The company has approximately $140 million in cash and cash equivalents as of June 30, 2022, which provides a runway into 2025[9, 118] This equates to roughly $550 per share[9, 118] - The company has approximately 25 million primary shares outstanding as of August 5, 2022[9, 118] Intellectual Property - TERN-701 has composition of matter patent protection until 2039[121] - TERN-601 has composition of matter patent protection projected to expire between 2041 and 2043[122] - TERN-501 has composition of matter patent protection until 2039[123] Market Opportunity and Differentiation - Up to approximately 30% of CML patients are not adequately treated by the standard of care, presenting an opportunity for TERN-701[9, 127] - The obesity market is estimated at approximately $30 billion, but is limited by the supply and cost of peptides, creating an opportunity for oral drugs like TERN-601[9, 127] - TERN-501 aims for superior selectivity for THR-β over THR-α and enhanced metabolic and PK stability compared to other THR-β agonists[12] TERN-101 (FXR Agonist) - In a Phase 2 trial, TERN-101 demonstrated no discontinuations due to adverse events, including pruritus[140] - The Phase 2 trial showed significant improvements in corrected T1 (cT1), an imaging marker of liver inflammation and fibrosis[140]