Terns Pharmaceuticals Q1 2024 Financial Results and Corporate Updates

Terns Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, has announced its financial results for the first quarter ending March 31, 2024, and provided crucial updates on its product pipeline. Terns is working on developing small molecule treatments for serious diseases, including oncology and obesity. The company's advancements in its lead programs are notable, with key data readouts expected later this year.

CEO Amy Burroughs highlighted significant progress in their pipeline, particularly the upcoming interim dose escalation data from the Phase 1 CARDINAL trial of TERN-701 for chronic myeloid leukemia (CML) and top-line data from the Phase 1 trial of TERN-601 for obesity. Both data sets are expected in the latter half of 2024. Additionally, Burroughs noted promising findings from a Phase 1 study of TERN-701 in healthy volunteers, which suggested that the drug could be administered once-daily without regard to food intake, differentiating it from other treatments that require fasting and multiple doses daily.

Recent Pipeline Developments and Anticipated Milestones

TERN-701: Allosteric BCR-ABL Inhibitor for CML

The ongoing Phase 1 CARDINAL trial of TERN-701 is designed to evaluate safety, pharmacokinetics (PK), and efficacy in patients with previously treated CML. Interim data from initial dose escalation cohorts are expected in the second half of 2024. The trial is global, multicenter, and open-label, consisting of two parts. Recent findings from a concurrent Phase 1 PK study in U.S. healthy volunteers supported once-daily dosing of TERN-701, with or without food, achieving clinically efficacious exposures. In March 2024, the FDA granted Orphan Drug Designation for TERN-701 for CML treatment. Terns also plans to host a TERN-701-focused virtual key opinion leader (KOL) event in mid-2024.

TERN-601: Oral GLP-1 Receptor Agonist for Obesity

The Phase 1 first-in-human clinical trial of TERN-601, an oral GLP-1 receptor agonist, is progressing in obese and overweight participants. The multiple ascending dose (MAD) portion of the study, which tests once-daily administration, is on track to report top-line 28-day weight loss data in the second half of 2024. Preliminary safety findings have been unremarkable so far, with no significant observations of liver enzyme elevations or drug-induced liver injury.

TERN-501: Thyroid Hormone Receptor-Beta (THR-β) Agonist

Terns is evaluating opportunities for TERN-501 in metabolic diseases. Non-clinical studies suggest that THR-β could provide broader metabolic and liver benefits beyond weight loss. Data indicate that TERN-501 may enhance the weight loss effects of GLP-1 receptor agonists, as shown in a diet-induced obese mouse model.

TERN-800 Series: Glucose-Dependent Insulinotropic Polypeptide Receptor (GIPR) Modulators

Discovery efforts are ongoing for GIPR modulators, which have potential for combination with GLP-1 receptor agonists. Terns is prioritizing the nomination of a GIPR antagonist candidate, supported by scientific rationale for GLP-1 agonist/GIPR antagonist combinations in treating obesity.

Corporate Updates

In April 2024, Terns appointed Melita Sun Jung as chief business officer and in May 2024, Scott Harris as chief development officer, with Erin Quirk, M.D., set to depart.

First Quarter 2024 Financial Results

As of March 31, 2024, Terns reported cash, cash equivalents, and marketable securities totaling $240.7 million, compared to $263.4 million as of December 31, 2023. The company estimates these funds will cover operating expenses into 2026. R&D expenses for the quarter were $18.6 million, up from $17.1 million during the same period in 2023. G&A expenses were $6.9 million, slightly down from $7.1 million. The net loss for the quarter was $22.4 million, compared to $21.5 million in the previous year.

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