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Terns Pharmaceuticals, Inc. (Nasdaq: TERN) is a clinical-stage biopharmaceutical company with a mission to innovate and develop small-molecule, molecularly-targeted, oral therapies for the treatment of serious diseases, including liver diseases and cancers. Based in San Mateo, California and Shanghai, Terns leverages its expertise in disease biology and medicinal chemistry to advance its growing pipeline of drugs aimed at addressing significant unmet medical needs globally.
The company is renowned for its cost-efficient drug discovery model and robust clinical development capabilities, especially within China. Terns Pharmaceuticals is focused on developing a portfolio of small-molecule candidates tailored for non-alcoholic steatohepatitis (NASH), oncology, and obesity.
One of the company's flagship programs is the TERN-501, an investigational orally administered thyroid hormone receptor-β (THR-β) agonist aimed at treating NASH. The Phase 2a DUET clinical trial revealed promising results, showing significant impacts on liver fat content and fibro-inflammation markers within a short period. This positions TERN-501 as a potential leading therapy for NASH.
Additionally, Terns is developing TERN-701, an allosteric BCR-ABL inhibitor for chronic myeloid leukemia (CML), and TERN-601, a small-molecule GLP-1 receptor agonist for obesity. Both candidates have shown encouraging preclinical and early clinical data, promising significant advancements in their respective fields.
Financially, as of the latest quarter, Terns Pharmaceuticals reported cash, cash equivalents, and marketable securities amounting to $266.6 million, supporting the planned operating expenses into 2026. Recent clinical trials and corporate updates highlight the company's ongoing dedication to addressing global health challenges through innovative drug development.
For more information, please visit their website at www.ternspharma.com.
Terns Pharmaceuticals announced positive early data from Phase 1 CARDINAL trial of TERN-701 in patients with relapsed/refractory chronic myeloid leukemia (CML). The study showed a 50% cumulative major molecular response (MMR) rate at 3 months, with compelling molecular responses starting at lowest dose levels. The trial enrolled 15 patients across three dose levels (160mg, 320mg, 400mg) with 88% of patients showing decreased BCR-ABL levels. The drug demonstrated an encouraging safety profile with no dose-limiting toxicities or treatment discontinuations. The company expects to complete dose escalation and initiate dose expansion in 1H25, with additional efficacy data expected in 4Q25.
Terns Pharmaceuticals (Nasdaq: TERN) announced the grant of equity inducement awards to a new employee under its 2022 Employment Inducement Award Plan. The company granted options to purchase 150,000 shares of common stock with an exercise price of $6.24 per share, based on the closing price on November 29, 2024. The options have a 10-year term and vest over four years, contingent on continued employment. The grant was approved by the Compensation Committee in compliance with Nasdaq Listing Rule 5635(c)(4).
Terns Pharmaceuticals (Nasdaq: TERN) has appointed Heather Turner, J.D., former CEO of Carmot Therapeutics, to its Board of Directors. Turner brings 25 years of biotechnology experience, most recently leading Carmot's $3.1 billion acquisition by Roche. She replaces Ann E. Taylor, M.D., who is stepping down after three years of service. Turner's expertise spans obesity and oncology sectors, with previous leadership roles at Lyell Immunopharma, Sangamo Therapeutics, and other biotech companies. The appointment aims to strengthen Terns' strategic development of small-molecule product candidates for serious diseases.
Terns Pharmaceuticals reported Q3 2024 financial results and pipeline updates. Key highlights include expected interim data from Phase 1 CARDINAL trial of TERN-701 in CML in December 2024, and plans to initiate Phase 2 trial for TERN-601 in obesity in early Q2 2025. The company's cash position stands at $372.8 million, including a $172.7 million equity raise, providing runway into 2028. Q3 financial results show R&D expenses of $15.2 million, G&A expenses of $9.8 million, and a net loss of $21.9 million. TERN-601's Phase 1 trial demonstrated promising results with up to 5.5% weight loss over 28 days.
Terns Pharmaceuticals (Nasdaq: TERN), a clinical-stage biopharmaceutical company focused on developing small-molecule treatments for serious diseases including oncology and obesity, has announced its participation in two major investor conferences this November.
The company will participate in a fireside chat at the UBS Global Healthcare Conference on November 13, 2024, at 8:45 a.m. PT at the Terranea Resort, Rancho Palos Verdes. Additionally, they will join the Jefferies London Healthcare Conference on November 19, 2024, at 5:00 p.m. GMT at the Waldorf Hilton, London.
Live webcasts of both presentations will be available on Terns' investor relations website and archived for at least 30 days.
Terns Pharmaceuticals (Nasdaq: TERN), a clinical-stage biopharmaceutical company, has announced an equity inducement award for a new employee under its 2022 Employment Inducement Award Plan. The award, approved by the Compensation Committee in compliance with Nasdaq Listing Rule 5635(c)(4), consists of options to purchase 20,000 shares of Terns common stock.
Key details of the stock options include:
- 10-year term
- Exercise price of $8.10 per share (closing price on October 1, 2024)
- Vesting over four years, subject to continued employment
This grant is part of Terns' strategy to attract and retain talent as it develops small-molecule product candidates for serious diseases, including oncology and obesity.
Terns Pharmaceuticals (Nasdaq: TERN) has successfully closed its previously announced public offering, raising approximately $172.7 million in gross proceeds. The offering included 14,064,048 shares of common stock at $10.50 per share and pre-funded warrants for 2,380,952 shares at $10.4999 per warrant. The underwriters fully exercised their option to purchase an additional 2,145,000 shares. Terns plans to use the net proceeds to fund research, clinical trials, development, and manufacturing of key product candidates, including TERN-701, TERN-601, and the TERN-800 series, as well as for working capital and general corporate purposes. The offering was made pursuant to a previously filed registration statement and was led by Jefferies and TD Cowen as book-running managers.
Terns Pharmaceuticals (Nasdaq: TERN) has announced the pricing of its upsized public offering, aiming to raise approximately $150.15 million. The offering includes 11,919,048 shares of common stock at $10.50 per share and 2,380,952 pre-funded warrants at $10.4999 each. Underwriters have a 30-day option to purchase up to 2,145,000 additional shares. The offering is expected to close on September 12, 2024.
Terns plans to use the proceeds to fund research, clinical trials, development, and manufacturing of key product candidates, including TERN-701, TERN-601, and other programs in the TERN-800 series. The funds will also support working capital and general corporate purposes. Jefferies and TD Cowen are leading the offering, with BMO Capital Markets and UBS Investment Bank as bookrunners.
Terns Pharmaceuticals (Nasdaq: TERN), a clinical-stage biopharmaceutical company, has announced a proposed public offering of $125 million in common stock and pre-funded warrants. The company plans to grant underwriters a 30-day option to purchase up to an additional $18.75 million of shares. Jefferies, TD Cowen, and UBS Investment Bank are acting as bookrunners for the offering.
Terns intends to use the net proceeds to fund research, clinical trials, development, and manufacturing of key product candidates, including TERN-701, TERN-601, and the TERN-800 series. The offering is subject to market conditions, and there is no assurance of its completion or terms.
Terns Pharmaceuticals (Nasdaq: TERN) announced positive Phase 1 clinical trial results for TERN-601, its once-daily oral GLP-1R agonist for obesity treatment. The trial showed:
- Statistically significant mean weight loss up to 5.5% over 28 days (4.9% placebo-adjusted)
- Well-tolerated with no treatment-related dose interruptions, reductions, or discontinuations
- Maximum placebo-adjusted mean weight loss of 4.9% (p<0.0001) at the highest dose of 740 mg QD
- 67% of participants lost 5% or more of baseline body weight at the top dose
The company plans to initiate a Phase 2 clinical trial in 2025. TERN-601's distinct properties support its potential to be a leading GLP-1R agonist, with possible applications as monotherapy or in combination with other agents.
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