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Mar 31, 2021
Terns Q1 2021 Earnings Report
Terns reported financial results for the first quarter ended March 31, 2021 and provided a corporate update.
Key Takeaways
Terns Pharmaceuticals reported a net loss of $13.3 million for the first quarter of 2021. The company's cash, cash equivalents, and marketable securities totaled $195.6 million as of March 31, 2021, which is expected to fund operations into 2024.
Phase 2a LIFT study of TERN-101 top-line data expected in June 2021.
First clinical trial of TERN-501 initiated in March, with top-line data expected in the second half of 2021.
Dosing in Phase 1b clinical trial of TERN-201 expected to initiate in 1H21.
Completed an oversubscribed $147 million initial public offering in February 2021.
Forward Guidance
Terns Pharmaceuticals is focused on advancing its NASH clinical programs and expects to nominate a final candidate for GLP1-R in 2H21. The company anticipates that its cash and equivalents will support operations into 2024.
Positive Outlook
- Top-line data from the Phase 2a LIFT study of FXR agonist TERN-101 in NASH is expected in June 2021.
- Top-line data from the first clinical trial of TERN-501 is expected in the second half of 2021.
- Dosing in 12-week Phase 1b clinical trial in NASH patients of TERN-201 is expected to initiate in 1H21 with expected top-line data in 1H22.
- A final candidate for GLP1-R is expected to be nominated in 2H21 for further development.
- Cash and equivalents are expected to support operations into 2024.
Historical Earnings Impact
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