Terns Pharmaceuticals Inc · Q3 2022 earnings

Briefing

Terns reported financial results for the third quarter ended September 30, 2022 and corporate highlights.

Terns Pharmaceuticals reported its Q3 2022 financial results, highlighting progress in their clinical programs. They plan to initiate a U.S. clinical trial for TERN-701 in CML and expect top-line data from the Phase 2a DUET trial of TERN-501 in NASH in the second half of 2023. IND-enabling activities for TERN-601 remain on track. The company's cash and equivalents of $187 million are expected to provide a runway into 2025.

• Terns plans to initiate a U.S. clinical trial for TERN-701 in CML in the second half of 2023.
• Positive data from Phase 1 trial of TERN-501 in NASH presented at AASLD 2022, with top-line data from Phase 2a DUET trial expected in the second half of 2023.
• IND-enabling activities for TERN-601 remain on track with plans to initiate first-in-human clinical trial in obesity in 2023.
• Cash and equivalents of $187 million provides runway into 2025, including three clinical data readouts from Terns’ three lead programs: TERN-701, TERN-601 and TERN-501.

Headline financials

Revenue & EPS history

Terns anticipates existing cash to be sufficient to fund operations into 2025, including expected clinical trial readouts for three product candidates across three indications during that time period.