Terns Pharmaceuticals Q2 2024 Financial Results and Corporate Updates

Terns Pharmaceuticals, Inc., a clinical-stage biopharmaceutical firm focused on developing small-molecule therapies for serious diseases, including oncology and obesity, has released its financial results for the quarter ending June 30, 2024, alongside key corporate updates. The company remains optimistic about its progress and the multiple significant milestones expected in the latter half of 2024.

Amy Burroughs, CEO of Terns, highlighted the company's enthusiasm towards these upcoming milestones. She noted the anticipation surrounding the release of top-line data from the Phase 1 trial of TERN-601 for obesity in September 2024. Furthermore, the company is set to share interim dose escalation data from the Phase 1 CARDINAL trial of TERN-701 in chronic myeloid leukemia (CML) by December 2024. Both studies are seen as crucial steps in Terns' mission to deliver potentially best-in-class small-molecule therapies to patients.

Pipeline Progress and Milestones

TERN-701: This oral, allosteric BCR-ABL tyrosine kinase inhibitor (TKI) is being developed for CML. Interim data from the initial dose escalation cohorts in the ongoing Phase 1 CARDINAL trial is expected in December 2024. CARDINAL is a global, open-label, two-part Phase 1 clinical trial aimed at evaluating the safety, pharmacokinetics (PK), and efficacy of TERN-701 in patients with previously treated CML. Findings from a separate Phase 1 PK study in U.S. healthy volunteers indicated that TERN-701 can be administered once daily, achieving clinically efficacious exposures even without food.

TERN-601: This oral, small-molecule glucagon-like peptide-1 (GLP-1) receptor agonist for obesity is set to report safety and 28-day weight loss data from its Phase 1 trial in September 2024. Primary endpoints of the trial include safety and tolerability assessments, while secondary and exploratory endpoints include PK and changes in body weight over 28 days. Preliminary safety data has been favorable, with no significant adverse events reported.

TERN-501: An oral thyroid hormone receptor-beta (THR-β) agonist, TERN-501 recently showed promising preclinical data at the American Diabetes Association (ADA) 84th Scientific Sessions, suggesting its potential when combined with a GLP-1 receptor agonist for obesity treatment. The combination enhanced weight loss and demonstrated a higher reduction in fat mass relative to lean mass compared to using semaglutide alone. These findings support TERN-501's potential as a combination therapy for metabolic disorders.

TERN-800 Series: Terns is progressing with its discovery efforts for small-molecule glucose-dependent insulinotropic polypeptide receptor (GIPR) modulators for obesity. The company prioritizes identifying a GIPR antagonist development candidate, leveraging in-house discoveries and scientific evidence that supports the combination of GLP-1 receptor agonists and GIPR antagonists for treating obesity.

Corporate Changes

In July 2024, Terns appointed Elona Kogan as chief legal officer, succeeding Bryan Yoon. Additionally, Chief Financial Officer Mark Vignola, Ph.D., will transition out, with a search for a new CFO currently underway.

Financial Overview

Terns reported cash, cash equivalents, and marketable securities totaling $225.3 million as of June 30, 2024, a decrease from $263.4 million as of December 31, 2023. This funding is expected to support the company’s planned operations into 2026. For the second quarter of 2024, research and development (R&D) expenses increased to $18.4 million from $14.2 million in the same period the previous year. General and administrative (G&A) expenses also saw a slight rise to $7.2 million from $7.0 million. Net loss for the quarter was $22.7 million, compared to $17.9 million in the corresponding quarter of 2023.

Terns Pharmaceuticals continues to advance its promising pipeline while managing its operational costs, positioning itself for potential significant impacts in the fields of oncology and metabolic diseases.

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