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Mar 31, 2023
Terns Q1 2023 Earnings Report
Terns Pharmaceuticals reported financial results for the first quarter ended March 31, 2023 and corporate updates.
Key Takeaways
Terns Pharmaceuticals reported a net loss of $21.5 million for the first quarter ended March 31, 2023. The company's cash, cash equivalents, and marketable securities totaled $297.5 million as of March 31, 2023, expected to provide runway into 2026.
Top-line data from Phase 2a DUET clinical trial of TERN-501 in NASH expected in third quarter of 2023.
TERN-701 Phase 1 trial for CML on track to initiate in the U.S. in second half of 2023.
TERN-601 program in obesity on track to initiate Phase 1 clinical trial in second half of 2023 with initial proof of concept data anticipated in 2024.
Cash, cash equivalents and marketable securities of $298 million expected to provide runway into 2026.
Forward Guidance
Terns Pharmaceuticals anticipates several important clinical milestones later this year.
Positive Outlook
- Top-line data from Phase 2a DUET trial of TERN-501 as a treatment for NASH in the third quarter.
- Initiation of Phase 1 clinical trials in chronic myeloid leukemia (CML) program in the second half of this year.
- Initiation of Phase 1 clinical trials in obesity programs in the second half of this year.
- Potential for early data from China Phase 1 trial to be accepted for presentation by the end of the year.
- TERN-701 Phase 1 trial expected to include sites from U.S., Europe and other countries
Historical Earnings Impact
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