FOSTER CITY, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity, today reported financial results for the first quarter ended March 31, 2025, and provided corporate updates.
“Terns had a strong start to 2025, marked by continued excellent execution on our two lead clinical programs. The dose escalation portion of the TERN-701 Phase 1 study for CML was completed in less than a year, and we are thrilled to report that we have initiated enrollment in the dose expansion portion of the study,” stated Amy Burroughs, chief executive officer of Terns. “The rapid enrollment in our Phase 2 FALCON trial of TERN-601 in obesity highlights strong interest from patients and clinical investigators in the differentiated profile of this oral small molecule GLP1-RA. We remain on track to deliver meaningful data from both these studies in the second half of this year and have a cash runway that extends into 2028.”
“TERN-701 showed highly encouraging safety with no dose limiting toxicities in dose escalation up to the maximum dose of 500 mg, linear pharmacokinetics with once daily dosing, and compelling molecular responses in patients with high CML disease burden who had responded poorly to multiple prior therapies including asciminib,” said Emil Kuriakose MD, chief medical officer of Terns. “The favorable safety profile and dose-related increase in molecular responses with TERN-701 allowed us to select doses at the top end of the dose range to take forward to dose expansion.”
Recent Clinical Pipeline Developments and Anticipated Milestones
TERN-701: Oral, small-molecule next-generation allosteric BCR-ABL inhibitor for chronic myeloid leukemia (CML)
TERN-601: Oral, small-molecule glucagon-like peptide-1 (GLP-1) receptor agonist for obesity
Pipeline and Partnering Programs
Corporate Updates
Members of Terns’ senior leadership team will participate in the following upcoming investor conferences:
Webcasts of these events can be accessed at the Terns website under the “Events & Presentations” tab on the “Investors” section of the Company’s website on the day of the event: http://ir.ternspharma.com
First Quarter 2025 Financial Results
Cash Position: As of March 31, 2025, cash, cash equivalents and marketable securities were $334.3 million, as compared with $358.2 million as of December 31, 2024. Based on its current operating plan, Terns expects these funds will be sufficient to support its planned operating expenses into 2028.
Research and Development (R&D) Expenses: R&D expenses were $18.7 million for the quarter ended March 31, 2025, as compared with $18.6 million for the quarter ended March 31, 2024.
General and Administrative (G&A) Expenses: G&A expenses were $8.7 million for the quarter ended March 31, 2025, as compared with $6.9 million for the quarter ended March 31, 2024.
Net Loss: Net loss was $23.9 million for the quarter ended March 31, 2025, as compared with $22.4 million for the quarter ended March 31, 2024.
Financial Tables
Terns Pharmaceuticals, Inc. | |||||||
Condensed Consolidated Statements of Operations | |||||||
(Unaudited; in thousands except share and per share amounts) | |||||||
Three Months Ended March 31, | |||||||
2025 | 2024 | ||||||
Operating expenses: | |||||||
Research and development | $ | 18,720 | $ | 18,587 | |||
General and administrative | 8,707 | 6,859 | |||||
Total operating expenses | 27,427 | 25,446 | |||||
Loss from operations | (27,427 | ) | (25,446 | ) | |||
Interest income | 3,643 | 3,182 | |||||
Other expense, net | (36 | ) | (12 | ) | |||
Loss before income taxes | (23,820 | ) | (22,276 | ) | |||
Income tax expense | (88 | ) | (97 | ) | |||
Net loss | $ | (23,908 | ) | $ | (22,373 | ) | |
Net loss per share, basic and diluted | $ | (0.26 | ) | $ | (0.30 | ) | |
Weighted average common stock outstanding, basic and diluted | 91,473,948 | 74,399,378 |
Terns Pharmaceuticals, Inc. | |||||||
Selected Balance Sheet Data | |||||||
(Unaudited; in thousands) | |||||||
March 31, 2025 | December 31, 2024 | ||||||
Cash, cash equivalents and marketable securities | $ | 334,264 | $ | 358,164 | |||
Total assets | 339,315 | 363,929 | |||||
Total liabilities | 13,272 | 18,059 | |||||
Total stockholders’ equity | 326,043 | 345,870 |
About Terns Pharmaceuticals
Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity. Terns’ pipeline contains multiple clinical stage development programs including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, a THR-β agonist, and a preclinical GIPR modulator discovery effort, prioritizing a GIPR antagonist nomination candidate. For more information, please visit: www.ternspharma.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements about the Company within the meaning of the federal securities laws, including those related to expectations, timing and potential results of the clinical trials and other development activities of the Company and its partners, including with respect to CARDINAL and FALCON trials, as well as enabling and human studies of the TERN –800 Series and TERN-501; the potential indications to be targeted by the Company with its small-molecule product candidates; the therapeutic potential of the Company’s small-molecule product candidates; the potential for the mechanisms of action of the Company’s product candidates to be therapeutic targets for their targeted indications; the potential utility and progress of the Company’s product candidates in their targeted indications, including the clinical utility of the data from and the endpoints used in the Company’s clinical trials; the Company’s clinical development plans and activities, including the results of any interactions with regulatory authorities on its programs; the Company’s expectations regarding the profile of its product candidates, including efficacy, tolerability, safety, metabolic stability and pharmacokinetic profile and potential differentiation as compared to other products or product candidates; the Company’s plans for and ability to continue to execute on its current development strategy, including potential combinations involving multiple product candidates; the potential commercialization of the Company’s product candidates; the Company’s plans and expectations around the addition of key personnel; and the Company’s expectations with regard to its cash runway and sufficiency of its cash resources. All statements other than statements of historical facts contained in this press release, including statements regarding the Company’s strategy, future financial condition, future operations, future trial results, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. The Company has based these forward-looking statements largely on its current expectations, estimates, forecasts and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. These statements are subject to risks and uncertainties that could cause the actual results and the implementation of the Company’s plans to vary materially, including 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. These risks are not exhaustive. For a detailed discussion of the risk factors that could affect the Company’s actual results, please refer to the risk factors identified in the Company’s SEC reports, including but not limited to its Annual Report on Form 10-K for the year ended December 31, 2024. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statements for any reason.
Contacts for Terns
Investors
Kaytee Bock Zafereo
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Media
Jenna Urban
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Last Trade: | US$3.00 |
Daily Change: | -0.02 -0.66 |
Daily Volume: | 622,551 |
Market Cap: | US$254.820M |
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Terns Pharmaceuticals is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity. Terns’ pipeline contains three clinical stage development programs including GLP-1 receptor...
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