Terns Pharmaceuticals, Inc. - TERN STOCK NEWS

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.

Terns Pharmaceuticals (NASDAQ: TERN) reported Q2 2024 financial results and provided corporate updates. Key highlights include:

1. Top-line data from Phase 1 trial of TERN-601 (oral GLP-1) for obesity expected in September 2024.

2. Interim data from Phase 1 CARDINAL trial of TERN-701 (allosteric BCR-ABL) in chronic myeloid leukemia expected in December 2024.

3. Cash position of $225.3 million, expected to provide runway into 2026.

4. Q2 2024 net loss of $22.7 million, compared to $17.9 million in Q2 2023.

5. R&D expenses increased to $18.4 million in Q2 2024 from $14.2 million in Q2 2023.

6. G&A expenses slightly increased to $7.2 million in Q2 2024 from $7.0 million in Q2 2023.

Terns Pharmaceuticals (Nasdaq: TERN) has announced the granting of equity inducement awards to Elona Kogan, the company's new Chief Legal Officer, under its 2022 Employment Inducement Award Plan. The awards, approved by the Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4), include:

1. A new hire option to purchase 475,000 shares of Terns common stock, vesting over four years.
2. A signing bonus option to purchase 28,000 shares, fully vesting on the one-year anniversary of the grant date.

Both options have a 10-year term and an exercise price of $8.33 per share, equal to the closing price of Terns' common stock on July 29, 2024. The awards are subject to Ms. Kogan's continued employment with Terns.