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Jun 30, 2021
Terns Q2 2021 Earnings Report
Terns Pharmaceuticals reported financial results for Q2 2021 and corporate highlights.
Key Takeaways
Terns Pharmaceuticals reported a net loss of $10.7 million for the second quarter ended June 30, 2021. As of June 30, 2021, cash, cash equivalents and marketable securities were $185.1 million. Top-line data from the TERN-501 Phase 1 trial is expected in 4Q 2021, and data from Part 1 of the TERN-201 AVIATION Trial is expected in 1H 2022.
Initiated Phase 1b AVIATION Trial of TERN-201 and the multiple ascending dose (MAD) cohort of TERN-501 Phase 1 trial.
Reported positive top-line data from Phase 2a LIFT Study of TERN-101.
TERN-501 received Fast Track Designation from the U.S. FDA in June 2021.
Cash and equivalents of $185.1 million provides runway into 2024.
Forward Guidance
Terns expects to report top-line data from ongoing Phase 1 proof of concept clinical trial of TERN-501 in 4Q 2021 and top-line data readout from Part 1 of ongoing AVIATION Trial of TERN-201 in 1H 2022. The company expects that current funds will be sufficient to support its planned operating expenses into 2024.
Positive Outlook
- Top-line data from ongoing Phase 1 proof of concept clinical trial of TERN-501 expected in 4Q 2021
- Top-line data readout from Part 1 of ongoing AVIATION Trial of TERN-201 expected in 1H 2022
- Cash and equivalents of $185.1 million provides runway into 2024
- TERN-501: Thyroid hormone receptor-beta (THR-β) agonist initiated 14-day multiple ascending dose (MAD) portion of Phase 1 trial in June 2021
- TERN-201: Vascular adhesion protein-1 (VAP-1) inhibitor initiated 12-week Phase 1b AVIATION Trial in NASH in June 2021
Historical Earnings Impact
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