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.