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Terns Q4 2024 Earnings Report
Terns Pharmaceuticals reported its fourth quarter and full year 2024 financial results, highlighting significant clinical progress in its lead pipeline programs and a strong cash position.
Key Takeaways
Terns Pharmaceuticals reported a net loss of $21.8 million for the fourth quarter of 2024, with cash, cash equivalents, and marketable securities totaling $358.2 million, providing a runway into 2028. The company made significant clinical progress with TERN-701 and TERN-601, with key trial initiations and data readouts expected in 2025.
Dose expansion in Phase 1 CARDINAL trial of TERN-701 for CML is expected to initiate in 2Q25 with additional safety and efficacy data in 4Q25.
First patient enrolled in Phase 2 FALCON trial of TERN-601 for obesity with 12-week data expected in 4Q25.
Cash, cash equivalents and marketable securities stood at $358.2 million as of December 31, 2024, expected to provide runway into 2028.
Net loss for Q4 2024 was $21.8 million, compared to $21.0 million in Q4 2023.
Forward Guidance
Terns Pharmaceuticals anticipates significant clinical milestones in 2025, including the initiation of dose expansion for TERN-701 and 12-week data for TERN-601, supported by a strong cash position expected to last into 2028.
Positive Outlook
- Dose expansion in Phase 1 CARDINAL trial of TERN-701 for CML expected to initiate in 2Q25 with additional safety and efficacy data in 4Q25.
- First patient enrolled in Phase 2 FALCON trial of TERN-601 for obesity with 12-week data expected in 4Q25.
- Cash, cash equivalents and marketable securities of $358 million expected to provide runway into 2028.
- TERN-701 DDI data supports dosing with common concomitant medications, representing a key safety differentiation.
- Terns continues to evaluate opportunities for TERN-501 in metabolic diseases and is prioritizing GIPR antagonist development candidate nomination.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
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