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Dec 31, 2023
Terns Q4 2023 Earnings Report
Terns Pharmaceuticals reported financial results for Q4 2023 and provided corporate updates.
Key Takeaways
Terns Pharmaceuticals reported a net loss of $21.0 million for the fourth quarter of 2023. The company's cash, cash equivalents, and marketable securities totaled $263.4 million as of December 31, 2023, which is expected to fund operations into 2026. The company is advancing its clinical programs for TERN-601 and TERN-701.
Global Phase 1 CARDINAL trial for TERN-701 initiated in Q4 2023 and is progressing.
Phase 1 clinical trial of Terns’ lead oral GLP-1 receptor agonist TERN-601 is ongoing.
FDA granted Orphan Drug Designation for TERN-701 for the treatment of chronic myeloid leukemia in March 2024.
Amy Burroughs appointed as chief executive officer and board member in February 2024.
Terns
Terns
Forward Guidance
Terns expects its cash, cash equivalents and marketable securities to be sufficient to support its planned operating expenses into 2026.