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Mar 31, 2024
Terns Q1 2024 Earnings Report
Terns reported financial results for the first quarter ended March 31, 2024, and provided corporate updates.
Key Takeaways
Terns Pharmaceuticals reported a net loss of $22.4 million for the first quarter of 2024. The company's cash, cash equivalents, and marketable securities totaled $240.7 million as of March 31, 2024, expected to provide runway into 2026. Key milestones include ongoing Phase 1 trials for TERN-701 and TERN-601 with data readouts expected in the second half of 2024.
Cash, cash equivalents and marketable securities of $240.7 million, expected to provide runway into 2026.
Interim data from initial dose escalation cohorts from Phase 1 CARDINAL trial of TERN-701 (allosteric BCR-ABL) in CML expected in 2H24.
Top-line data from Phase 1 trial of TERN-601 (oral GLP-1) for obesity expected in 2H24.
Phase 1 study of TERN-701 in healthy volunteers, showed lack of food effect and supports once-daily dosing.
Terns
Terns
Forward Guidance
Terns anticipates key data readouts from its two lead programs, TERN-701 and TERN-601, in the second half of 2024. The company expects its current cash resources to be sufficient to support planned operating expenses into 2026.
Positive Outlook
- Interim data from the Phase 1 CARDINAL trial of TERN-701 in CML is expected in the second half of 2024.
- Top-line data from the Phase 1 trial of TERN-601 for obesity is expected in the second half of 2024.
- TERN-701 can be administered once-daily (QD) with or without food at doses that achieve clinically efficacious exposures.
- Terns plans to host a TERN-701-focused virtual key opinion leader (KOL) event in mid-2024.
- Terns expects these funds will be sufficient to support its planned operating expenses into 2026.
Challenges Ahead
- Clinical trials are subject to risks associated with initiation, cost, timing, progress, results and utility.
- The company's actual results could be affected by risks identified in the company’s SEC reports.
- TERN-501 opportunities for TERN-501 in metabolic diseases are still being evaluated.
- Discovery efforts are ongoing for small molecule GIPR modulators for obesity.
- Departure of Erin Quirk, M.D., president, head of research and development.