Terns Pharmaceuticals, Inc. Stock Price, News & Analysis

Terns Pharmaceuticals, Inc. announced significant leadership changes and reported financial results for Q4 and the full year ending December 31, 2022. The company appointed Emil Kuriakose as chief medical officer for oncology, enhancing its R&D capabilities. As of December 31, 2022, Terns held $283 million in cash, sufficient to fund operations into 2026. For Q4, the net loss was $15.8 million, slightly up from $14.2 million year-over-year. R&D expenses rose to $10.7 million, while G&A expenses increased to $6.2 million. License revenue remained stagnant at $0, indicating a focus on clinical development over commercial activities.

Terns Pharmaceuticals has appointed Emil Kuriakose, M.D., as Chief Medical Officer for oncology, effective May 1, 2023. Dr. Kuriakose has over a decade of experience in clinical development, notably in oncology, previously serving as Chief Medical Officer at Calithera Biosciences and holding key roles at Novartis. His expertise is expected to advance Terns' clinical program for TERN-701, targeting chronic myeloid leukemia (CML), addressing significant unmet needs in treatment options. Kerry Russell, M.D., will transition to Chief Medical Officer for Terns’ metabolic programs focusing on NASH and obesity.

Terns Pharmaceuticals (Nasdaq: TERN) has completed enrollment in the Phase 2a DUET clinical trial for TERN-501, a THR-β agonist for treating NASH, with top-line results anticipated in Q3 2023. The company plans to initiate a U.S. clinical trial for TERN-701, an allosteric BCR-ABL inhibitor for chronic myeloid leukemia (CML), in the second half of 2023. Additionally, Terns is preparing for a Phase 1 clinical trial for TERN-601, a GLP-1 receptor agonist for obesity, also set for H2 2023. Terns' cash reserves are expected to last into 2026, supporting its ongoing research and development initiatives.

Terns Pharmaceuticals (Nasdaq: TERN), a clinical-stage biopharmaceutical company, announced its participation in a fireside chat at the Guggenheim Healthcare Talks 2023 Oncology Conference on February 9, 2023, at 10:10 a.m. ET. The event will focus on Terns' innovative small-molecule product candidates aimed at addressing serious diseases such as oncology, obesity, and non-alcoholic steatohepatitis (NASH).

Additionally, a live audio webcast of the event will be accessible on the investor relations page of Terns' website, with a replay available for 30 days post-event.

Terns Pharmaceuticals (Nasdaq: TERN) is set to participate in a fireside chat at the B. Riley Securities 3rd Annual Oncology Conference on January 18, 2023, at 2:30 p.m. ET. The event will emphasize the company's efforts in developing small-molecule therapies for serious diseases, including oncology, obesity, and non-alcoholic steatohepatitis (NASH). A live audio webcast will be accessible on Terns' investor relations page, with a replay available for 30 days afterward.

Terns Pharmaceuticals is advancing its clinical pipeline in oncology and metabolic diseases, with key trials planned for 2023. The company expects to initiate proof of concept trials for TERN-701 in chronic myeloid leukemia (CML) and TERN-601 for obesity. Additionally, top-line data from the DUET trial, investigating TERN-501 for non-alcoholic steatohepatitis (NASH), is expected later this year. The company has a strengthened cash position of $293 million, sufficient to support operations into 2026, allowing multiple clinical trials to proceed.

Terns Pharmaceuticals announced the closing of its underwritten public offering of 11,902,500 shares at a price of $7.25 per share, raising approximately $86.3 million in gross proceeds. The offering saw additional shares sold due to underwriters’ full exercise of their option. Proceeds will be used to advance clinical programs TERN-501, TERN-701, TERN-601, and for working capital. The company is focused on treating serious diseases, including oncology, obesity, and NASH. Jefferies and Cowen acted as lead managers for the offering.

Terns Pharmaceuticals, a clinical-stage biopharmaceutical company, has announced the pricing of its public offering of 10,350,000 shares of common stock at $7.25 per share, aiming for gross proceeds of approximately $75.0 million. The offering includes a 30-day option for underwriters to purchase an additional 1,552,500 shares. Proceeds will be utilized to advance Terns' clinical pipeline focused on serious diseases like oncology and obesity, alongside working capital needs. The offering is expected to close on December 23, 2022.

Terns Pharmaceuticals, a clinical-stage biopharmaceutical company, announced the granting of equity inducement awards to three new non-executive employees under the 2022 Employment Inducement Award Plan. The approval took place on December 15, 2022. In total, these employees received options for 60,000 shares and 30,000 restricted stock units (RSUs), with options priced at $6.82 per share, reflecting the closing stock price on the grant date. The options and RSUs will vest over four years based on continued service.