From GlobeNewswire: 2024-05-13 08:05:00

Terns Pharmaceuticals, Inc. provided a financial update for the first quarter, reporting $241 million in cash and marketable securities, expected to last until 2026. The company is developing small molecule drugs for cancer and obesity, with potential key data readouts for TERN-701 in CML and TERN-601 in obesity in the second half of 2024. TERN-701 showed promising results in Phase 1 studies, allowing for once-daily dosing without the need for fasting in CML patients. Terns also plans to host a virtual KOL event for TERN-701 later this year.

Additionally, Terns Pharmaceuticals, Inc. is making progress on the Phase 1 trial of TERN-601, an oral GLP-1 receptor agonist for obesity. The study is evaluating once-daily administration in obese and overweight participants and is on track to report 28-day weight loss data later in 2024. Preliminary safety findings for TERN-601 have been positive, with no notable adverse events. Terns is exploring the potential of TERN-501 in metabolic diseases, aiming to provide broader metabolic and liver benefits in combination with other drugs for weight loss.

Furthermore, Terns Pharmaceuticals, Inc. announced key team appointments, with Melita Sun Jung as chief business officer and Scott Harris as chief development officer. The company also reported financial results for Q1 2024, showing $22.4 million in net loss. Despite this, Terns maintains a strong financial position with $240.7 million in cash, cash equivalents, and marketable securities as of March 31, 2024. The company’s R&D expenses were $18.6 million in Q1, supporting ongoing clinical trials and drug development efforts. Terns expects this financial foundation to sustain its operations until 2026.



Read more at GlobeNewswire:: Terns Pharmaceuticals Reports First Quarter 2024 Financial