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Sep 30, 2024
Terns Q3 2024 Earnings Report
Reported financial results and provided corporate updates.
Key Takeaways
Terns Pharmaceuticals reported its Q3 2024 financial results, highlighting positive topline results from the Phase 1 study of TERN-601 and a successful equity raise of $172.7 million that extends the company's cash runway into 2028. The company's cash, cash equivalents, and marketable securities totaled $372.8 million as of September 30, 2024.
TERN-601 demonstrated class-leading potential as a differentiated, once-daily, oral GLP-1R agonist for obesity.
Interim data from the Phase 1 CARDINAL trial of TERN-701 is expected in early December 2024.
A Phase 2 clinical trial for TERN-601 in obesity is planned for early 2Q25, with initial 12-week data expected in 2H25.
Cash, cash equivalents, and marketable securities totaled $372.8 million, expected to provide runway into 2028.
Forward Guidance
Terns Pharmaceuticals anticipates several milestones across its clinical development programs, supported by a strong cash position.
Positive Outlook
- Interim data from initial dose escalation cohorts of Phase 1 CARDINAL trial evaluating TERN-701 in chronic myeloid leukemia (CML) expected in early December 2024
- Plans to initiate Phase 2 clinical trial for TERN-601 in obesity in early 2Q25 with initial 12-week data expected in 2H25
- TERN-601 was well tolerated and demonstrated dose-dependent, statistically significant mean weight loss up to 5.5% (4.9% placebo adjusted) over 28 days
- TERN-601 was well-tolerated with no treatment-related dose interruptions, reductions, or discontinuations even with rapid dose titration
- TERN-501 in combination with semaglutide significantly enhanced weight loss and showed proportionally greater loss of fat mass relative to lean mass compared to semaglutide alone
Challenges Ahead
- The company is currently experiencing net losses.
- The company's research and development expenses remain high.
Historical Earnings Impact
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