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Jun 30, 2024
Terns Q2 2024 Earnings Report
Reported financial results for the second quarter of 2024 and provided corporate updates.
Key Takeaways
Terns Pharmaceuticals reported its second quarter 2024 financial results, highlighting upcoming milestones for its TERN-601 and TERN-701 programs. The company's cash, cash equivalents, and marketable securities totaled $225.3 million, expected to fund operations into 2026.
Top-line data from Phase 1 trial of TERN-601 (oral GLP-1) for obesity expected in September 2024.
Interim data from initial dose escalation cohorts of Phase 1 CARDINAL trial evaluating TERN-701 (allosteric BCR-ABL) in chronic myeloid leukemia (CML) expected in December 2024.
Cash, cash equivalents and marketable securities of $225 million, expected to provide runway into 2026.
Elona Kogan appointed as chief legal officer; Bryan Yoon, chief operating officer, to depart.
Forward Guidance
Terns Pharmaceuticals anticipates several milestones in the remainder of 2024, including data readouts for TERN-601 and TERN-701.
Positive Outlook
- Top-line data from the Phase 1 trial of TERN-601 for obesity is expected in September 2024.
- Interim data from the initial dose escalation cohorts of the Phase 1 CARDINAL trial evaluating TERN-701 in CML is expected in December 2024.
- TERN-701 can be administered once-daily (QD) with or without food at doses that achieve clinically efficacious exposures.
- Preparations are underway to rapidly progress to a 12-week, Phase 2a clinical trial for obesity, following supportive data from the Phase 1 trial.
- Terns is prioritizing its discovery efforts on nominating a GIPR antagonist development candidate based on in-house discoveries and growing scientific rationale supporting the potential of GLP-1 receptor agonist/GIPR antagonist combinations for obesity
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