Core Insights - The article emphasizes the importance of staying updated on stocks within the biotech, pharma, and healthcare sectors, highlighting key trends and catalysts that influence market valuations [1] Group 1: Industry Overview - The biotech, pharma, and healthcare industries are experiencing significant movements, necessitating investors to track developments closely [1] - The Haggerston BioHealth investing group provides insights into catalysts for investment decisions, including buy and sell ratings [1] Group 2: Analyst Background - Edmund Ingham, a biotech consultant with over 5 years of experience, has compiled detailed reports on more than 1,000 companies in the sector [1] - The investing group led by Ingham caters to both novice and experienced investors, offering forecasts and financial analyses for major pharmaceutical companies [1]

Core Insights - The article emphasizes the importance of staying updated on stocks within the biotech, pharma, and healthcare sectors, highlighting key trends and catalysts that influence market valuations [1] Group 1: Industry Overview - The biotech, pharma, and healthcare industries are experiencing significant movements, necessitating investors to track developments closely [1] - The Haggerston BioHealth investing group provides insights into catalysts for investment decisions, including buy and sell ratings [1] Group 2: Analyst Background - Edmund Ingham, a biotech consultant with over 5 years of experience, has compiled detailed reports on more than 1,000 companies in the sector [1] - The investing group led by Ingham caters to both novice and experienced investors, offering forecasts and integrated financial analyses [1]

Core Viewpoint - Terns Pharmaceuticals, Inc. (NASDAQ:TERN) achieved an all-time high stock price following positive clinical trial results for its drug candidate TERN-701, aimed at treating chronic myeloid leukemia (CML) [1][3]. Group 1: Stock Performance - Terns' stock reached a peak price of $45 during intra-day trading, ultimately closing at $40.23, reflecting a 37.02% increase [2]. - The stock received a significant price target upgrade of 107% from Oppenheimer, raising the target from $28 to $58, while maintaining an "outperform" rating [4]. Group 2: Clinical Trial Results - The clinical trial for TERN-701 demonstrated a 64% major molecular response rate (MMR) among 63 enrolled patients after 24 weeks of treatment [3]. - Higher doses of 320 mg resulted in a 74% MMR, indicating a strong efficacy profile for the drug candidate [3]. - Out of the 63 patients, 55 continued treatment, while 8 patients discontinued for various reasons, including disease progression and adverse effects [3][4]. Group 3: Market Implications - The positive trial results suggest a potential "best-in-class profile" for TERN-701 in the CML market, enhancing investor confidence in Terns Pharmaceuticals [4].

Core Insights - Terns Pharmaceuticals presented updated data from the CARDINAL trial of TERN-701 for chronic myeloid leukemia (CML) patients, showing promising efficacy and safety results [1][3]. Efficacy Data - Among 38 efficacy-evaluable patients, the overall major molecular response (MMR) rate was 74% (28 out of 38) at 24 weeks, with 64% (18 out of 28) achieving MMR and 100% (10 out of 10) maintaining MMR [2][3]. - The deep molecular response (DMR) achievement rate was 29% by 24 weeks, with no patients losing MMR at the data cutoff [3][5]. - The reported MMR achievement rate of 64% is significantly higher than that of approved treatments like Scemblix and investigational agents, which reported rates of 24%-32% [8]. Safety Profile - The safety profile of TERN-701 was encouraging, with 87% (55 out of 63) of patients remaining on treatment as of the data cutoff [3]. - No dose-limiting toxicities were observed, and a maximum tolerated dose was not reached, indicating a favorable safety profile [3][4]. - The majority of treatment-emergent adverse events were low grade, with no apparent dose relationship [4]. Recommended Doses - The higher MMR achievement rate of 75% at doses of 320mg and above supports the selection of 320mg and 500mg QD as the recommended phase 2 doses for expansion [4][6]. Market Potential - Analysts believe TERN-701 has the potential to disrupt the CML treatment landscape, which has a global total addressable market (TAM) of approximately $5 billion [7]. - The consistency of efficacy data from the trial adds to the bullish sentiment among analysts regarding TERN-701's market prospects [9].

Core Viewpoint - Terns Pharmaceuticals is presenting data on TERN-701, an investigational oral allosteric BCR-ABL inhibitor for chronic myeloid leukemia (CML), highlighting its unprecedented efficacy and safety data, and potential best-in-disease profile [2]. Company Overview - Terns Pharmaceuticals is focused on developing TERN-701 for the treatment of CML, with plans to discuss key benchmarks and next steps for the drug's pivotal trial readiness [2]. Data Presentation - The company will provide a comprehensive view of the data supporting TERN-701's efficacy and safety, including details from Dr. Jabbour's ASH presentation [3].

Summary of Terns Pharmaceuticals Conference Call Company Overview - **Company**: Terns Pharmaceuticals - **Product**: Tern 701, an investigational next-generation oral allosteric BCR-ABL inhibitor for chronic myeloid leukemia (CML) treatment [2][41] Industry Context - **Disease**: Chronic Myeloid Leukemia (CML) - **Current Treatments**: First-generation and second-generation active-site tyrosine kinase inhibitors (TKIs) like Imatinib and Asciminib - **Market Need**: Significant unmet need for improved efficacy, safety, and tolerability in CML treatments, with approximately 40% of patients switching therapies within five years due to inadequate response or side effects [4][5] Key Points from the Call Efficacy and Safety Data - **Tern 701 Efficacy**: - Achieved a 75% major molecular response (MMR) and 36% deep molecular response (DMR) at 24 weeks in the recommended phase two dose range of 320 mg and above [8][31] - In a refractory patient population, 64% MMR was achieved by 24 weeks across all doses, with 75% MMR in patients at higher doses [10][22] - DMR rates are approximately two times higher than those seen with Asciminib [22][34] - **Safety Profile**: - Most treatment-emergent adverse events (AEs) were low-grade, with all grade three AEs being less than 10% [8][41] - No signs of pancreatic toxicity or significant blood pressure changes were observed, differentiating Tern 701 from Asciminib [18][41] Competitive Landscape - **Asciminib**: - First allosteric BCR-ABL inhibitor approved for CML, achieving a 22% market share in the U.S. within three quarters of launch and peak sales estimates revised to over $4 billion [5][6] - Tern 701 is positioned to potentially outperform Asciminib based on early clinical data [6][34] Clinical Trial Insights - **Cardinal Study**: - A two-part multicenter global study enrolling patients with chronic phase CML who have failed prior TKIs [12] - Enrollment has accelerated, with over 85 patients currently participating [3][41] Future Development Plans - **Next Steps**: - Plans to select a single dose for pivotal studies based on ongoing data collection and regulatory feedback [38][41] - Anticipated catalysts include expanded long-term data from the Cardinal study and potential regulatory meetings in 2026 [42][41] Market Opportunity - **Patient Population**: - Approximately 17,000 new CML patients annually in G7 nations, with a significant portion expected to switch to allosteric therapies due to better efficacy and tolerability [39][40] - **Treatment Goals**: - Focus on achieving rapid and deep molecular responses to improve long-term outcomes and quality of life for CML patients [39][52] Conclusion - Tern 701 shows promising efficacy and safety data, positioning it as a potential best-in-disease therapy for CML, with ongoing trials and future studies aimed at confirming its clinical benefits and market potential [41][42]

TERN-701 Efficacy and Safety - TERN-701 demonstrated a 64% Major Molecular Response (MMR) achievement rate at 24 weeks across all doses in non-T315I CP-CML patients (N=38)[20, 26] - At doses ≥320 mg QD, TERN-701 achieved a 75% MMR rate and a 36% Deep Molecular Response (DMR) rate at 24 weeks[18, 26, 75] - The majority of Treatment-Emergent Adverse Events (TEAEs) were low grade, with Grade 3 AEs less than 10%[18, 26] - No Dose Limiting Toxicities (DLTs) were observed, and the Maximum Tolerated Dose (MTD) was not identified[26, 37] - The study observed no pancreatic toxicity or clinically significant changes in blood pressure[18, 26] Patient Population and Treatment - The CARDINAL study enrolled a predominantly 3L+ refractory CML population (N=63 as of September 13, 2025)[24] - 38% of patients had prior asciminib treatment, with 75% of those discontinuing due to lack of efficacy[26, 33] - 87% of patients remained on treatment with a median treatment duration of 6.1 months[35] Competitive Landscape and Future Development - Asciminib NBRx share in 2L is 52% and in 3L+ is 53%[7] - Asciminib NBRx share of front-line is 22%[7] - TERN-701 is positioned to potentially capture new patients and switch from both Asciminib and Active Site TKIs[103] - Multiple catalysts are planned in 2026, including expanded CARDINAL data, pivotal dose selection, and alignment with regulators for pivotal studies[99, 106]

Core Insights - Terns Pharmaceuticals announced updated data from the CARDINAL trial of TERN-701, showing a 64% major molecular response (MMR) achievement by 24 weeks across all efficacy evaluable patients and a 75% MMR achievement at doses greater than 320mg QD [1][3][4] - The safety and tolerability profile of TERN-701 has been encouraging, with no dose-limiting toxicities observed and a majority of patients remaining on treatment [11][18] - The company will host an investor update call to discuss the findings further [1][16] Study Results - The CARDINAL trial has reported a cumulative MMR rate of 74% (28/38) by 24 weeks, with 100% of those achieving MMR maintaining it [7][12] - In difficult-to-treat patient subgroups, the MMR rates were 65% for those with prior lack of efficacy to the last TKI and 88% for those with prior tolerability issues [7][11] - The deep molecular response (DMR) achievement rate by 24 weeks was 29% (10/34) [11] Patient Cohorts - The study enrolled 63 patients as of the cutoff date, with a median of 3 prior TKIs and a significant portion having discontinued their last TKI due to lack of efficacy [6][11] - Among patients at doses ≥ 320mg QD, the overall MMR rate was 80% (24/30) by 24 weeks, with a DMR achievement rate of 36% [12][18] Safety Profile - 87% of patients remained on treatment as of the data cutoff, with discontinuations primarily due to disease progression or adverse events [11] - Most treatment-emergent adverse events were low grade, with common non-hematologic TEAEs including diarrhea (21%), headache (19%), and nausea (19%) [11][12] Future Development - Terns Pharmaceuticals plans to focus on pivotal clinical development for TERN-701 in chronic myeloid leukemia (CML) [4][5] - The company aims to advance TERN-701 as a potential best-in-disease therapy for both second-line and first-line CML treatments [4][19]

Company Overview - Terns Pharmaceuticals is a clinical-stage biotechnology company focused on developing innovative therapies for metabolic diseases such as non-alcoholic steatohepatitis (NASH) and obesity [6][9] - The company has a pipeline of differentiated small-molecule drug candidates with advanced liver-targeted mechanisms and metabolic stability [6][9] - Terns Pharmaceuticals reported a market capitalization of $2.3 billion and a net income of ($94.4 million) for the trailing twelve months [4] Recent Developments - Commodore Capital initiated a new position in Terns Pharmaceuticals during the third quarter, acquiring 5.7 million shares valued at approximately $42.8 million, which represents 2.1% of the fund's $2 billion in reportable U.S. equity holdings [2][11] - Terns Pharmaceuticals recently reported positive early efficacy data for its lead oncology program, TERN-701, showing a 75% cumulative major molecular response rate by 24 weeks [12] - The stock price of Terns Pharmaceuticals has increased by 319% over the past year, closing at $25.79, significantly outperforming the S&P 500, which rose by 13% in the same period [3] Financial Position - As of the end of the third quarter, Terns Pharmaceuticals had $295.6 million in cash, extending its financial runway into 2028 [13] - The new stake in Terns Pharmaceuticals by Commodore Capital is outside the fund's top five holdings, indicating a strategic but cautious investment approach [3][11]

Core Insights - Terns Pharmaceuticals Inc. (NASDAQ:TERN) is experiencing significant market interest, with a price target increase from $22 to $30 by BMO Capital Markets, maintaining an Outperform rating [1][2] Company Developments - The market is underestimating the potential of Terns' drug candidate, TERN-701, for chronic myeloid leukemia (CML), supported by promising Phase 1 CARDINAL data [2] - Phase 1 results revealed a 64% molecular response rate by 24 weeks in patients with resistant or relapsed CML, surpassing current treatment options [3] - The company will present further data at the 67th Annual Meeting of the American Society of Hematology (ASH) in December [3] Executive Commentary - CEO Amy Burroughs expressed optimism about the CARDINAL trial data, highlighting TERN-701's potential as a transformative therapy for CML and its broad applicability across treatment lines [4] - The positive results led to a nearly 95% stock price increase between November 3 and 4 [4]