Core Insights - Terns Pharmaceuticals Inc.'s stock increased by 14% following the release of positive data on a treatment for chronic myeloid leukemia [1] - Analysts from Mizuho, Graig Suvannavejh and Avantika Joshi, expressed optimism regarding the early-stage trial results of TERN-701 [1]

FOSTER CITY, Calif., Nov. 18, 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 announced the appointment of Heather Turner, J.D., former Chief Executive Officer at Carmot Therapeutics, Inc., to the Company’s Board of Directors, effective immediately. In conjunction with Ms. Turner’s appointment ...

Drug Development - TERN-701, an allosteric BCR-ABL inhibitor for chronic myeloid leukemia, showed a median half-life of 8 to 12 hours and received Orphan Drug Designation in March 2024[77]. - TERN-601, a GLP-1 receptor agonist for obesity, demonstrated a maximum placebo-adjusted mean weight loss of 4.9% (p<0.0001) at the highest dose of 740 mg QD in a Phase 1 trial[77]. - TERN-501, a THR-β agonist, showed positive top-line data in a Phase 2a trial but spending will be limited due to regulatory requirements[77]. - TERN-800 series is focused on developing GIPR modulators for obesity, with a potential for combination therapies with GLP-1 receptor agonists[78]. - The company plans to initiate a Phase 2 clinical trial for TERN-601 in early Q2 2025, with initial data expected in the second half of 2025[77]. Financial Performance - Research and development expenses for Q3 2024 were $15,169,000, a 2.3% increase from $14,831,000 in Q3 2023[79]. - Total operating expenses for Q3 2024 were $24,939,000, down from $33,184,000 in Q3 2023, reflecting a decrease of 25%[79]. - The net loss for Q3 2024 was $21,945,000, compared to a net loss of $29,767,000 in Q3 2023, indicating an improvement of 26.4%[79]. - Total research and development expenses for the nine months ended September 30, 2024, were $52,108,000, up from $46,038,000 in the same period of 2023, reflecting a 13.5% increase[84]. - The company reported a net loss of approximately $67.1 million for the nine months ended September 30, 2024, with negative cash flows from operations of approximately $55.4 million[93]. Cash and Financing - As of September 30, 2024, the company had an accumulated deficit of approximately $399.7 million and cash, cash equivalents, and marketable securities totaling $372.8 million[93]. - Net cash provided by financing activities during the nine months ended September 30, 2024, was $163.7 million, primarily from the issuance of common stock and pre-funded warrants[108]. - The company issued 14,064,048 shares of common stock at a public offering price of $10.50 per share in September 2024, resulting in aggregate net proceeds of $161.9 million[96]. - Cash used in operating activities for the nine months ended September 30, 2024, was $55.4 million, consisting mainly of the net loss and adjustments for stock-based compensation[103]. - The company expects to incur significant operating losses for the foreseeable future as it advances the development of its product candidates[99]. - The company believes its existing cash and cash equivalents will be sufficient to fund planned operating expenses and capital expenditures into 2028[91]. - The company has not generated any revenue from product sales since inception and continues to rely on additional financing to achieve its business objectives[102]. General and Administrative Expenses - General and administrative expenses decreased by $8.6 million for the three months ended September 30, 2024, compared to the same period in 2023, primarily due to a reduction in personnel-related expenses[87]. - Interest income for the three months ended September 30, 2024, was $3.1 million, down from $3.5 million in the same period in 2023, attributed to a decrease in marketable securities[88].

Exhibit 99.1 Terns Pharmaceuticals Reports Third Quarter 2024 Financial Results and Corporate Updates Interim data from initial dose escalation cohorts of Phase 1 CARDINAL trial evaluating TERN-701 (allosteric BCR-ABL tyrosine kinase inhibitor) in chronic myeloid leukemia (CML) expected in early December 2024 Plans to initiate Phase 2 clinical trial for TERN-601 in obesity in early 2Q25 with initial 12-week data expected in 2H25 Cash, cash equivalents and marketable securities of $372.8 million, including $ ...

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FOSTER CITY, Calif., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. ("Terns" or the "Company") (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of smallmolecule product candidates to address serious diseases, including oncology and obesity, today announced the closing of its previously announced underwritten public offering of 14,064,048 shares of its common stock, including 2,145,000 shares sold pursuant to the underwriters' exercise in full of their option ...

FOSTER CITY, Calif., Sept. 10, 2024 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. ("Terns" or the "Company") (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of smallmolecule product candidates to address serious diseases, including oncology and obesity, today announced the pricing of its upsized underwritten public offering of 11,919,048 shares of its common stock at a public offering price of $10.50 per share, and, in lieu of common stock to certain investors, pre-funded ...