Terns Pharmaceuticals Reports Second Quarter 2024 Financial Results and Corporate Updates
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) ha riportato i risultati finanziari del secondo trimestre del 2024 e fornito aggiornamenti aziendali. Punti salienti includono:
1. I dati preliminari dal trial di Fase 1 di TERN-601 (GLP-1 orale) per l'obesità sono attesi per settembre 2024.
2. I dati intermedi dal trial di Fase 1 CARDINAL di TERN-701 (allosterico BCR-ABL) nella leucemia mieloide cronica sono previsti per dicembre 2024.
3. Posizione di cassa di 225,3 milioni di dollari, prevista per garantire un margine di operatività fino al 2026.
4. Perdita netta del secondo trimestre 2024 di 22,7 milioni di dollari, rispetto ai 17,9 milioni di dollari nel secondo trimestre 2023.
5. Le spese per ricerca e sviluppo sono aumentate a 18,4 milioni di dollari nel secondo trimestre 2024 rispetto ai 14,2 milioni di dollari nel secondo trimestre 2023.
6. Le spese generali e amministrative sono leggermente aumentate a 7,2 milioni di dollari nel secondo trimestre 2024 rispetto ai 7,0 milioni di dollari nel secondo trimestre 2023.
Terns Pharmaceuticals (NASDAQ: TERN) informó sobre los resultados financieros del segundo trimestre de 2024 y proporcionó actualizaciones corporativas. Los aspectos más destacados incluyen:
1. Se esperan datos iniciales del ensayo de Fase 1 de TERN-601 (GLP-1 oral) para la obesidad en septiembre de 2024.
2. Se esperan datos interinos del ensayo de Fase 1 CARDINAL de TERN-701 (alostérico BCR-ABL) en leucemia mieloide crónica para diciembre de 2024.
3. Posición de efectivo de 225,3 millones de dólares, que se espera que proporcione una duración de operación hasta 2026.
4. Pérdida neta de 22,7 millones de dólares en el segundo trimestre de 2024, en comparación con 17,9 millones de dólares en el segundo trimestre de 2023.
5. Los gastos de I+D aumentaron a 18,4 millones de dólares en el segundo trimestre de 2024 desde 14,2 millones de dólares en el segundo trimestre de 2023.
6. Los gastos generales y administrativos aumentaron ligeramente a 7,2 millones de dólares en el segundo trimestre de 2024 desde 7,0 millones de dólares en el segundo trimestre de 2023.
Terns Pharmaceuticals (NASDAQ: TERN)은 2024년 2분기 재무 결과를 발표하고 기업 업데이트를 제공했습니다. 주요 하이라이트는 다음과 같습니다:
1. 비만 치료를 위한 TERN-601 (경구 GLP-1) 1상 시험의 초기 데이터는 2024년 9월에 발표될 예정입니다.
2. 만성 골수성 백혈병 치료를 위한 TERN-701 (알로스테리 BCR-ABL) 1상 CARDINAL 시험의 중간 데이터는 2024년 12월에 발표될 예정입니다.
3. 현금 보유액은 2억 2,530만 달러로, 2026년까지의 운영 가능성을 제공합니다.
4. 2024년 2분기 순손실은 2,270만 달러로, 2023년 2분기의 1,790만 달러와 비교됩니다.
5. 연구개발 비용은 2023년 2분기 1,420만 달러에서 2024년 2분기 1,840만 달러로 증가했습니다.
6. 일반 및 관리 비용은 2023년 2분기 700만 달러에서 2024년 2분기 720만 달러로 소폭 증가했습니다.
Terns Pharmaceuticals (NASDAQ: TERN) a annoncé les résultats financiers du deuxième trimestre 2024 et a fourni des mises à jour d'entreprise. Les points clés incluent :
1. Les données préliminaires de l'essai de Phase 1 de TERN-601 (GLP-1 oral) pour l'obésité sont attendues en septembre 2024.
2. Les données intermédiaires de l'essai de Phase 1 CARDINAL de TERN-701 (BCR-ABL allostérique) dans la leucémie myéloïde chronique sont attendues pour décembre 2024.
3. Position de trésorerie de 225,3 millions de dollars, prévue pour garantir une marge opérationnelle jusqu'en 2026.
4. Perte nette du deuxième trimestre 2024 de 22,7 millions de dollars, contre 17,9 millions de dollars au deuxième trimestre 2023.
5. Les dépenses en R&D ont augmenté à 18,4 millions de dollars au deuxième trimestre 2024 contre 14,2 millions de dollars au deuxième trimestre 2023.
6. Les dépenses générales et administratives ont légèrement augmenté à 7,2 millions de dollars au deuxième trimestre 2024 par rapport à 7,0 millions de dollars au deuxième trimestre 2023.
Terns Pharmaceuticals (NASDAQ: TERN) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und Unternehmensaktualisierungen bereitgestellt. Wesentliche Höhepunkte sind:
1. Die ersten Daten aus der Phase-1-Studie von TERN-601 (orales GLP-1) für Fettleibigkeit werden im September 2024 erwartet.
2. Vorläufige Daten aus der Phase-1 CARDINAL-Studie von TERN-701 (allosterisches BCR-ABL) bei chronischer myeloischer Leukämie werden für Dezember 2024 erwartet.
3. Bargeldbestand von 225,3 Millionen US-Dollar, der voraussichtlich bis 2026 ausreicht.
4. Nettoverlust im zweiten Quartal 2024 in Höhe von 22,7 Millionen US-Dollar, verglichen mit 17,9 Millionen US-Dollar im zweiten Quartal 2023.
5. Die F&E-Ausgaben stiegen im zweiten Quartal 2024 auf 18,4 Millionen US-Dollar, verglichen mit 14,2 Millionen US-Dollar im zweiten Quartal 2023.
6. Die allgemeinen und Verwaltungskosten stiegen leicht auf 7,2 Millionen US-Dollar im zweiten Quartal 2024, von 7,0 Millionen US-Dollar im zweiten Quartal 2023.
- Strong cash position of $225.3 million, providing runway into 2026
- Upcoming top-line data from Phase 1 trial of TERN-601 for obesity in September 2024
- Interim data from Phase 1 CARDINAL trial of TERN-701 in CML expected in December 2024
- Preclinical data supporting TERN-501 in combination with GLP-1 receptor agonist for obesity
- Net loss increased to $22.7 million in Q2 2024 from $17.9 million in Q2 2023
- R&D expenses increased to $18.4 million in Q2 2024 from $14.2 million in Q2 2023
- Cash position decreased to $225.3 million from $263.4 million at the end of 2023
Insights
Terns Pharmaceuticals' Q2 2024 results reveal a mixed financial picture. The company's cash position of
The R&D spend increase of
Investors should monitor the cash burn rate closely. With
Terns' pipeline progress is promising, with two key readouts expected in H2 2024. The TERN-601 Phase 1 data for obesity, due in September, could be a significant catalyst if it shows competitive weight loss results compared to existing GLP-1 agonists. The oral administration could be a key differentiator in this crowded but lucrative market.
The TERN-701 interim data for CML, expected in December, is equally important. The allosteric BCR-ABL inhibitor approach is novel and could potentially address resistance issues in CML treatment. The earlier PK study results supporting once-daily dosing are encouraging for patient compliance.
The company's focus on combination therapies, particularly TERN-501 with GLP-1 agonists for obesity, shows strategic foresight. The preclinical data presented at ADA 2024 suggesting enhanced weight loss and improved body composition is intriguing and warrants further clinical investigation.
Terns is positioning itself in two high-potential markets: obesity and oncology. The obesity market, driven by GLP-1 agonists, is experiencing rapid growth. If TERN-601 shows competitive efficacy and safety, particularly with its oral formulation, it could capture a significant market share.
In oncology, the CML market is mature but still valuable. TERN-701's potential as a next-generation therapy for resistant cases could carve out a niche. The company's strategy of hosting a KOL event in August demonstrates efforts to build credibility and interest among the medical community and investors.
The management changes, including the appointment of a new CLO and the planned CFO transition, should be monitored for any impact on strategy execution. The company's ability to attract and retain top talent will be important as it approaches critical clinical milestones.
Overall, Terns' focus on small-molecule therapies in these areas could provide a competitive edge, but success will hinge on upcoming clinical results and the company's ability to navigate the complex regulatory landscape in both therapeutic areas.
Top-line data from Phase 1 trial of TERN-601 (oral GLP-1) for obesity expected in September 2024
Interim data from initial dose escalation cohorts of Phase 1 CARDINAL trial evaluating TERN-701 (allosteric BCR-ABL) in chronic myeloid leukemia (CML) expected in December 2024
Cash, cash equivalents and marketable securities of
FOSTER CITY, Calif., Aug. 05, 2024 (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 quarter ended June 30, 2024 and provided corporate updates.
“We are excited about the remainder of 2024 as we progress towards multiple important milestones across our metabolic and oncology franchises,” said Amy Burroughs, chief executive officer of Terns. “In September, we plan to release top-line data from the Phase 1 trial of TERN-601 for obesity. We are encouraged by recent data supporting allosterics as an important new class of therapy for patients with CML. In December, we look forward to sharing interim dose escalation data from the ongoing Phase 1 CARDINAL trial of our differentiated allosteric BCR-ABL inhibitor, TERN-701 in CML. Both upcoming readouts represent critical steps forward in our mission to deliver potential best-in-class small-molecule therapies to patients.”
Recent Pipeline Developments and Anticipated Milestones
TERN-701: Oral, allosteric BCR-ABL tyrosine kinase inhibitor (TKI) for chronic myeloid leukemia (CML)
- Interim data from initial dose escalation cohorts in Terns’ ongoing Phase 1 CARDINAL trial of TERN-701 in CML expected in December 2024
- CARDINAL is a global, multicenter, open-label, two-part Phase 1 clinical trial to evaluate the safety, pharmacokinetics (PK), and efficacy of TERN-701 in patients with previously treated CML
- In April, Terns announced findings from a concurrent Phase 1 PK study of TERN-701 in U.S. healthy volunteers, which indicated TERN-701 can be administered once-daily (QD) with or without food at doses that achieve clinically efficacious exposures
- Terns plans to host a TERN-701-focused virtual key opinion leader (KOL) event on August 20, 2024 at 10am ET
- The event will feature a discussion on how to interpret early CML datasets with Andreas Hochhaus, M.D., Professor of Internal Medicine Hematology and Oncology and Interim Head of the Department of Hematology and Medical Oncology at the University Medical Center Jena in Germany
- Registration for the event can be accessed here
TERN-601: Oral, small-molecule glucagon-like peptide-1 (GLP-1) receptor agonist for obesity
- On track to report safety and 28-day weight loss data in September 2024 from the Phase 1 first-in-human clinical trial of TERN-601, Terns’ lead oral GLP-1 receptor agonist, in obese and overweight participants
- Primary endpoints include safety and tolerability assessments
- Secondary and exploratory endpoints include PK and change in body weight over 28 days
- Preliminary safety findings continue to be unremarkable to date with no observations of liver enzyme elevations, drug induced liver injury or discontinuations due to treatment-related adverse events
- Preparations are underway to rapidly progress to a 12-week, Phase 2a clinical trial for obesity, following supportive data from the Phase 1 trial
TERN-501: Oral, thyroid hormone receptor-beta (THR-β) agonist
- In June, Terns presented new preclinical data at the American Diabetes Association (ADA) 84th Scientific Sessions supporting TERN-501 in combination with a GLP-1 receptor agonist for obesity
- Preclinical findings demonstrated TERN-501 in combination with semaglutide significantly enhanced weight loss and showed proportionally greater loss of fat mass relative to lean mass compared to semaglutide alone
- Results support the potential for TERN-501 as a combination partner for injectable and oral GLP-1 agonists for use in obesity and other metabolic disorders
- The full poster is available on Terns’ scientific publications website
- Terns continues to evaluate opportunities for TERN-501 in metabolic diseases
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
- 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 receptor agonist/GIPR antagonist combinations for obesity
Corporate Updates
- In July 2024, Terns announced the appointment of Elona Kogan as chief legal officer of Terns and the upcoming departure of Bryan Yoon, chief operating officer
- Terns also announced a planned transition for Mark Vignola Ph.D., chief financial officer. A search for a new CFO is underway. Dr. Vignola will continue to serve as CFO through the end of January 2025, or until a successor is found
Second Quarter 2024 Financial Results
Cash Position: As of June 30, 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. | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited; in thousands except share and per share amounts) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 18,352 | $ | 14,151 | $ | 36,939 | $ | 31,207 | ||||||||
| General and administrative | 7,185 | 7,008 | 14,044 | 14,109 | ||||||||||||
| Total operating expenses | 25,537 | 21,159 | 50,983 | 45,316 | ||||||||||||
| Loss from operations | (25,537 | ) | (21,159 | ) | (50,983 | ) | (45,316 | ) | ||||||||
| Interest income | 2,876 | 3,395 | 6,058 | 6,088 | ||||||||||||
| Other expense, net | (14 | ) | (60 | ) | (26 | ) | (64 | ) | ||||||||
| Loss before income taxes | (22,675 | ) | (17,824 | ) | (44,951 | ) | (39,292 | ) | ||||||||
| Income tax expense | (61 | ) | (72 | ) | (158 | ) | (132 | ) | ||||||||
| Net loss | $ | (22,736 | ) | $ | (17,896 | ) | $ | (45,109 | ) | $ | (39,424 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.31 | ) | $ | (0.25 | ) | $ | (0.61 | ) | $ | (0.56 | ) | ||||
| Weighted average common stock outstanding, basic and diluted | 74,459,774 | 71,364,110 | 74,429,576 | 70,575,645 | ||||||||||||
| Terns Pharmaceuticals, Inc. | ||||||||
| Selected Balance Sheet Data | ||||||||
| (Unaudited; in thousands) | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| Cash, cash equivalents and marketable securities | $ | 225,297 | $ | 263,440 | ||||
| Total assets | 230,880 | 268,517 | ||||||
| Total liabilities | 12,199 | 13,150 | ||||||
| Total stockholders’ equity | 218,681 | 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 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, 2023. 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
Berry & Company Public Relations
media@ternspharma.com
FAQ
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