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Mar 31
Terns Q1 2025 Earnings Report
Terns Pharmaceuticals reported financial results for the first quarter ended March 31, 2025.
Key Takeaways
Terns Pharmaceuticals reported a net loss of $23.9 million for the first quarter of 2025, compared to a net loss of $22.4 million for the same period in the prior year. The company ended the quarter with $334.3 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into 2028. The company highlighted progress in its clinical programs, with dose expansion initiated for TERN-701 in CML and good enrollment in the FALCON trial for TERN-601 in obesity, with key data readouts expected in Q4 2025.
Net loss for Q1 2025 was $23.9 million, an increase from $22.4 million in Q1 2024.
Cash, cash equivalents, and marketable securities totaled $334.3 million as of March 31, 2025, providing runway into 2028.
Initiated dose expansion in the Phase 1 CARDINAL trial of TERN-701 for CML.
Phase 2 FALCON trial of TERN-601 for obesity is enrolling well, with top-line 12-week data expected in Q4 2025.
Terns
Terns
Forward Guidance
Terns expects to report additional safety and efficacy data from the TERN-701 study and top-line 12-week weight loss data from the TERN-601 study in the fourth quarter of 2025. The company's current cash position is expected to fund operating expenses into 2028.
Positive Outlook
- Additional safety and efficacy data from TERN-701 expected in 4Q 2025.
- Top-line 12-week weight loss data from TERN-601 expected in 4Q 2025.
- Cash runway extends into 2028.
- Dose expansion initiated for TERN-701 in CML.
- FALCON Phase 2 trial for TERN-601 in obesity is enrolling well.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- Future clinical trial results are subject to risks and uncertainties.
- Implementation of the company's plans could vary materially.
- Reliance on forward-looking statements is not advised due to significant uncertainties.
- The company undertakes no obligation to update publicly any forward-looking statements except as required by law.