Terns Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Financial Results and Corporate Updates
Terns Pharmaceuticals (TERN) has reported its Q4 and full year 2024 financial results, highlighting significant clinical progress in its pipeline. The company ended 2024 with $358.2 million in cash and equivalents, providing runway into 2028.
Key developments include:
- Phase 1 CARDINAL trial of TERN-701 for chronic myeloid leukemia (CML) completed dose escalation, with dose expansion expected in Q2 2025
- First patient enrolled in Phase 2 FALCON trial of TERN-601 for obesity, with 12-week data expected in Q4 2025
- TERN-601 demonstrated weight loss up to 5.5% over 28 days in Phase 1 trials
Financial results show R&D expenses of $70.1 million for 2024 (up from $63.5 million in 2023), G&A expenses of $31.8 million (down from $39.1 million in 2023), and a net loss of $88.9 million (improved from $90.2 million in 2023).
Terns Pharmaceuticals (TERN) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, evidenziando progressi clinici significativi nel suo pipeline. L'azienda ha chiuso il 2024 con 358,2 milioni di dollari in contante e equivalenti, garantendo così una copertura fino al 2028.
Le principali novità includono:
- Il trial di Fase 1 CARDINAL di TERN-701 per la leucemia mieloide cronica (CML) ha completato l'escalation della dose, con un'espansione della dose prevista per il secondo trimestre del 2025
- Primo paziente arruolato nel trial di Fase 2 FALCON di TERN-601 per l'obesità, con dati a 12 settimane attesi nel quarto trimestre del 2025
- TERN-601 ha dimostrato una perdita di peso fino al 5,5% in 28 giorni nei trial di Fase 1
I risultati finanziari mostrano spese per R&S di 70,1 milioni di dollari per il 2024 (in aumento rispetto ai 63,5 milioni di dollari del 2023), spese generali e amministrative di 31,8 milioni di dollari (in diminuzione rispetto ai 39,1 milioni di dollari del 2023), e una perdita netta di 88,9 milioni di dollari (migliorata rispetto ai 90,2 milioni di dollari del 2023).
Terns Pharmaceuticals (TERN) ha reportado sus resultados financieros del cuarto trimestre y del año completo 2024, destacando avances clínicos significativos en su pipeline. La compañía terminó 2024 con 358,2 millones de dólares en efectivo y equivalentes, lo que le proporciona un margen hasta 2028.
Los desarrollos clave incluyen:
- El ensayo de Fase 1 CARDINAL de TERN-701 para la leucemia mieloide crónica (CML) completó la escalada de dosis, con una expansión de dosis esperada para el segundo trimestre de 2025
- Primer paciente inscrito en el ensayo de Fase 2 FALCON de TERN-601 para la obesidad, con datos de 12 semanas esperados en el cuarto trimestre de 2025
- TERN-601 demostró una pérdida de peso de hasta el 5,5% en 28 días en ensayos de Fase 1
Los resultados financieros muestran gastos de I+D de 70,1 millones de dólares para 2024 (aumento desde 63,5 millones de dólares en 2023), gastos generales y administrativos de 31,8 millones de dólares (disminución desde 39,1 millones de dólares en 2023), y una pérdida neta de 88,9 millones de dólares (mejorada desde 90,2 millones de dólares en 2023).
Terns Pharmaceuticals (TERN)는 2024년 4분기 및 연간 재무 결과를 보고하며, 파이프라인에서의 중요한 임상 진전을 강조했습니다. 이 회사는 2024년을 3억 5820만 달러의 현금 및 현금성 자산으로 마감하여 2028년까지의 운영 자금을 확보했습니다.
주요 개발 사항은 다음과 같습니다:
- 만성 골수성 백혈병(CML)을 위한 TERN-701의 1상 CARDINAL 시험이 용량 확대를 완료하였으며, 2025년 2분기에 용량 확대가 예상됩니다.
- 비만을 위한 TERN-601의 2상 FALCON 시험에 첫 환자가 등록되었으며, 2025년 4분기에 12주 데이터가 예상됩니다.
- TERN-601은 1상 시험에서 28일 동안 최대 5.5%의 체중 감소를 입증했습니다.
재무 결과는 2024년 연구개발 비용이 7010만 달러(2023년 6350만 달러에서 증가), 일반 관리 비용이 3180만 달러(2023년 3910만 달러에서 감소), 순손실이 8890만 달러(2023년 9020만 달러에서 개선됨)를 나타냅니다.
Terns Pharmaceuticals (TERN) a annoncé ses résultats financiers du quatrième trimestre et de l'année 2024, mettant en évidence des progrès cliniques significatifs dans son pipeline. L'entreprise a terminé l'année 2024 avec 358,2 millions de dollars en liquidités et équivalents, offrant une marge de manœuvre jusqu'en 2028.
Les développements clés incluent :
- Essai de Phase 1 CARDINAL de TERN-701 pour la leucémie myéloïde chronique (CML) ayant complété l'escalade des doses, avec une expansion de dose prévue pour le deuxième trimestre 2025
- Premier patient inscrit dans l'essai de Phase 2 FALCON de TERN-601 pour l'obésité, avec des données sur 12 semaines attendues au quatrième trimestre 2025
- TERN-601 a montré une perte de poids allant jusqu'à 5,5 % sur 28 jours lors des essais de Phase 1
Les résultats financiers montrent des dépenses de R&D de 70,1 millions de dollars pour 2024 (en hausse par rapport à 63,5 millions de dollars en 2023), des dépenses générales et administratives de 31,8 millions de dollars (en baisse par rapport à 39,1 millions de dollars en 2023), et une perte nette de 88,9 millions de dollars (améliorée par rapport à 90,2 millions de dollars en 2023).
Terns Pharmaceuticals (TERN) hat seine Finanzzahlen für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht und dabei bedeutende klinische Fortschritte in seiner Pipeline hervorgehoben. Das Unternehmen schloss das Jahr 2024 mit 358,2 Millionen Dollar in bar und liquiden Mitteln ab, was einen finanziellen Spielraum bis 2028 bietet.
Wichtige Entwicklungen umfassen:
- Die Phase-1-Studie CARDINAL von TERN-701 für chronische myeloische Leukämie (CML) hat die Dosissteigerung abgeschlossen, eine Dosisausweitung wird im 2. Quartal 2025 erwartet
- Erster Patient im Phase-2-FALCON-Studie von TERN-601 für Fettleibigkeit eingeschrieben, mit 12-Wochen-Daten, die im 4. Quartal 2025 erwartet werden
- TERN-601 zeigte in Phase-1-Studien eine Gewichtsreduktion von bis zu 5,5% über 28 Tage
Die finanziellen Ergebnisse zeigen F&E-Ausgaben von 70,1 Millionen Dollar für 2024 (ein Anstieg von 63,5 Millionen Dollar im Jahr 2023), allgemeine Verwaltungskosten von 31,8 Millionen Dollar (ein Rückgang von 39,1 Millionen Dollar im Jahr 2023) und einen Nettoverlust von 88,9 Millionen Dollar (eine Verbesserung gegenüber 90,2 Millionen Dollar im Jahr 2023).
- Strong cash position of $358.2M providing extended runway into 2028
- Positive Phase 1 TERN-701 data showing molecular responses in CML patients
- Promising TERN-601 Phase 1 results with 5.5% weight loss over 28 days
- Reduction in G&A expenses from $39.1M to $31.8M year-over-year
- No safety concerns or dose-limiting toxicities in TERN-701 trials
- Increased R&D expenses from $63.5M to $70.1M year-over-year
- Continued net losses of $88.9M in 2024
Insights
Terns Pharmaceuticals' Q4/FY2024 results reveal an exceptionally strong financial position with
The company is executing efficiently on both clinical programs with clear development timelines. TERN-701, their BCR-ABL TKI for CML, completed Phase 1 dose escalation with compelling interim data showing molecular responses in heavily pre-treated patients and favorable safety. The upcoming dose expansion in Q2 2025 represents significant progress.
TERN-601, their oral GLP-1 receptor agonist for obesity, has advanced to Phase 2 after encouraging Phase 1 data showing up to
While R&D expenses increased to
The advancements in Terns' clinical pipeline demonstrate increasingly promising therapeutic potential. TERN-701's completed Phase 1 dose escalation revealed molecular responses beginning at the lowest dose levels in heavily pre-treated CML patients—a particularly encouraging signal. The favorable drug-drug interaction profile, showing TERN-701 is not a clinically relevant inhibitor of CYP3A4 or OATP1B1/3, represents a critical differentiator from other allosteric TKIs, potentially enabling broader clinical utility.
For TERN-601, the obesity program's advancement to Phase 2 follows meaningful Phase 1 results. The
The company's methodical approach to titration schema design—featuring the fewest steps and lowest fold change amongst oral small-molecule GLP-1 competitors—shows strategic clinical development planning. Additionally, their parallel work on GIPR antagonist discovery for potential combination with GLP-1 demonstrates forward-thinking pipeline development aligned with emerging scientific rationale for multi-targeting approaches in metabolic disease.
Dose expansion in Phase 1 CARDINAL trial of TERN-701 for chronic myeloid leukemia (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 4Q25
Cash, cash equivalents and marketable securities of
FOSTER CITY, Calif., March 20, 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 fourth quarter and full year ended December 31, 2024, and provided corporate updates.
“2024 was a year of significant clinical progress across our lead pipeline programs that was highlighted by two compelling data readouts, which underscore the best-in-class potential of both TERN-701 in CML and TERN-601 in obesity,” said Amy Burroughs, chief executive officer of Terns. “We look forward to building on this positive momentum in 2025, as we prepare to initiate the dose expansion portion of the TERN-701 CARDINAL trial in the second quarter of 2025, with additional data expected in the fourth quarter of 2025. Additionally, we are pleased to announce that the first patient has been enrolled in the FALCON trial of TERN-601, with 12-week data also expected in the fourth quarter. We continue to operate from a position of strength and remain well-funded through significant, near-term clinical data readouts.”
Recent Pipeline Developments and Anticipated Milestones
TERN-701: Oral, allosteric BCR-ABL tyrosine kinase inhibitor (TKI) for chronic myeloid leukemia (CML)
- Dose escalation in Phase 1 CARDINAL study completed in January 2025
- Terns previously announced positive interim data from the Phase 1 CARDINAL trial of TERN-701, demonstrating:
- Compelling molecular responses starting at the lowest dose in heavily pre-treated CML patients with high baseline BCR-ABL transcript levels
- Encouraging safety profile with no dose limiting toxicities, adverse event-related treatment discontinuations or dose reductions across all dose escalation cohorts
- Positive data on drug-drug interactions (DDI) from the ongoing healthy volunteer study demonstrate that TERN-701 is not a clinically relevant inhibitor of CYP3A4 or OATP1B1/3
- Results support dosing of TERN-701 with common concomitant medications and represent a key safety differentiation within the allosteric TKI class
- Terns expects to publish DDI data at a future scientific conference
- The dose expansion portion of the Phase 1 CARDINAL study is expected to initiate in the second quarter of 2025 with additional safety and efficacy data expected in the fourth quarter of 2025
- Data expected to include a larger cohort of patients with longer durations of treatment and read through to approval endpoint of 6-month major molecular response (MMR)
TERN-601: Oral, small-molecule glucagon-like peptide-1 (GLP-1) receptor agonist for obesity
- The FALCON Phase 2 clinical trial enrolled its first patient in March 2025, with 12-week data expected in the fourth quarter of 2025
- U.S.-based, multicenter, randomized, double-blind, placebo-controlled trial to evaluate the efficacy and safety of TERN-601
- Once-daily dosing without regard to food in adults with overweight or obesity, without diabetes (BMI ranges from ≥30 to <50 kg/m2 or ≥27 to <30 kg/m2 with at least one weight-related comorbidity)
- Patients randomized to one of four active cohorts (n=30 per cohort): 250 mg, 500 mg, 500 mg slow titration, 750 mg or placebo
- Primary endpoint is percent change from baseline in body weight compared to placebo over 12 weeks
- Secondary endpoints include safety, tolerability and proportion of patients achieving
5% weight loss or greater
- Doses and titration schema for Phase 2 were selected based on positive results from the Phase 1 trial, announced in September 2024, which demonstrated weight loss over 28-days up to
5.5% and favorable safety and tolerability despite rapid dose titration every three days- Phase 2 titration will range between two to four weeks at each intermediate dose before achieving the target dose
- Titration design features the fewest steps and lowest fold change to target dose amongst leading oral, small-molecule GLP-1R agonists in a 12-week study
- Slower titration aims to achieve competitive 12-week weight loss, best-in-class tolerability and simplest titration amongst the oral, small-molecule class
TERN-501: Oral, thyroid hormone receptor-beta (THR-β) agonist
- Terns continues to evaluate opportunities for TERN-501 in metabolic diseases
- Based on non-clinical studies, THR-β is a complementary mechanism to GLP-1, potentially providing broader metabolic and liver benefits in addition to increased weight loss
TERN-800 Series: Oral, small-molecule glucose-dependent insulinotropic polypeptide receptor (GIPR) modulators
- Discovery efforts are ongoing for small molecule GIPR modulators for obesity, which have the potential for combination with GLP-1 receptor agonists, such as TERN-601
- Terns is prioritizing its discovery efforts on nominating a GIPR antagonist development candidate based on in-house discoveries and growing scientific rationale supporting the potential of GLP-1 agonist/GIPR antagonist combinations for obesity
Corporate Updates
- In February 2025, Terns appointed Andrew Gengos, a seasoned public company CFO with 25 years of leadership experience in the biotechnology industry, as chief financial officer of Terns
- In February 2025, Terns appointed Robert Azelby, an experienced biotechnology CEO with more than 25 years of strategic, operational and commercial expertise, to its board of directors
- In November 2024, Terns appointed Heather Turner, former CEO of Carmot Therapeutics, Inc., to its board of directors
Fourth Quarter and Full Year 2024 Financial Results
Cash Position: As of December 31, 2024, cash, cash equivalents and marketable securities were
Research and Development (R&D) Expenses: R&D expenses were
General and Administrative (G&A) Expenses: G&A expenses were
Net Loss: Net loss was
Financial Tables
Terns Pharmaceuticals, Inc. | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
(Unaudited; in thousands except share and per share amounts) | |||||||||||||||
Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Operating expenses: | |||||||||||||||
Research and development | $ | 18,004 | $ | 17,459 | $ | 70,112 | $ | 63,497 | |||||||
General and administrative | 7,945 | 6,599 | 31,759 | 39,061 | |||||||||||
Total operating expenses | 25,949 | 24,058 | 101,871 | 102,558 | |||||||||||
Loss from operations | (25,949 | ) | (24,058 | ) | (101,871 | ) | (102,558 | ) | |||||||
Interest income | 4,143 | 3,333 | 13,289 | 12,901 | |||||||||||
Other income (expense), net | 47 | (245 | ) | (11 | ) | (314 | ) | ||||||||
Loss before income taxes | (21,759 | ) | (20,970 | ) | (88,593 | ) | (89,971 | ) | |||||||
Income tax expense | (40 | ) | (49 | ) | (260 | ) | (239 | ) | |||||||
Net loss | $ | (21,799 | ) | $ | (21,019 | ) | $ | (88,853 | ) | $ | (90,210 | ) | |||
Net loss per share, basic and diluted | $ | (0.24 | ) | $ | (0.29 | ) | $ | (1.12 | ) | $ | (1.27 | ) | |||
Weighted average common stock outstanding, basic and diluted | 91,240,700 | 72,333,196 | 79,507,474 | 71,259,239 | |||||||||||
Terns Pharmaceuticals, Inc. | |||||||
Selected Balance Sheet Data | |||||||
(Unaudited; in thousands) | |||||||
December 31, 2024 | December 31, 2023 | ||||||
Cash, cash equivalents and marketable securities | $ | 358,164 | $ | 263,440 | |||
Total assets | 363,929 | 268,517 | |||||
Total liabilities | 18,059 | 13,150 | |||||
Total stockholders’ equity | 345,870 | 255,367 | |||||
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 three 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; 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
Justin Ng
investors@ternspharma.com
Media
Jenna Urban
CG Life
media@ternspharma.com
