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Sep 30, 2021
Terns Q3 2021 Earnings Report
Terns Pharmaceuticals reported third quarter 2021 financial results.
Key Takeaways
Terns Pharmaceuticals reported a net loss of $11.8 million for the third quarter ended September 30, 2021. The company's cash and equivalents were $177.2 million as of September 30, 2021, providing a cash runway into 2024.
Top-line data from TERN-201 (VAP-1) clinical trial in NASH is expected in 1Q 2022.
Positive top-line data from TERN-501 (THR-β) demonstrated clinical proof of concept, enabling the planned initiation of NASH trial in 1H 2022.
Multiple abstracts detailing positive clinical data for TERN-101 and TERN-501 were presented at AASLD 2021.
Cash and equivalents of $177 million provides runway into 2024.
Terns
Terns
Forward Guidance
Terns Pharmaceuticals anticipates top-line data from the AVIATION Trial of TERN-201 in the first quarter of 2022 and plans to initiate a clinical trial in NASH patients including both monotherapy and combination arms of TERN-101 and TERN-501 in the first half of 2022.
Positive Outlook
- TERN-201: Top-line data from AVIATION Part 1 expected in 1Q 2022, including key efficacy readout in corrected T1 (cT1) levels.
- TERN-501: Data support plans to initiate in 1H 2022 Terns’ first NASH trial of a THR-β agonist (TERN-501) alone and in combination with a farnesoid X receptor (FXR) agonist (TERN-101).
- TERN-101: cT1 declined significantly as early as Week 6 with persistent decreases through Week 12 in all TERN-101 groups compared to placebo, with cT1 changes at Week 6 strongly correlated with changes at Week 12
- Development candidate anticipated to be designated as TERN-601 in 4Q 2021
- Cash position supports planned operating expenses into 2024
Challenges Ahead
- The impact of the COVID-19 pandemic on the Company’s ability to progress with its research, development, manufacturing and regulatory efforts will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time.
- The company's clinical trials and research and development activities are subject to risks and uncertainties that could cause the actual results and the implementation of the Company’s plans to vary materially.
- The Company’s ability to progress with its research, development, manufacturing and regulatory efforts depends on the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the United States and in other countries.
- The Company’s ability to execute on its clinical strategy and plans is subject to the risks associated with the initiation, cost, timing, progress, results and utility of the Company’s current and future research and development activities and preclinical studies and clinical trials.
- The Company's expectations of timing and potential results of the Company’s clinical trials and other development activities are forward-looking statements that are subject to risks and uncertainties.