Terns Pharmaceuticals (TERN) 44th Annual J.P. Morgan Healthcare Conference summary

Key data and clinical results

• TERN-701 achieved a 75% MMR rate at doses of 320 mg and above in refractory CML, with a 36% deep molecular response rate at 24 weeks.

• Efficacy and safety were demonstrated in heavily pretreated, high-burden CML patients, with consistent MMR and DMR rates across baseline transcripts.

• MMR achievement at all doses exceeded that of asciminib, with higher response rates and clearly separated confidence intervals.

• Patient vignettes highlighted responses in individuals resistant or intolerant to multiple prior therapies, including asciminib.

• 87% of patients remained on treatment with a median duration of 6 months.

Safety and tolerability profile

• No dose-limiting toxicities or significant adverse events were observed; maximum tolerated dose not reached.

• Most treatment-emergent adverse events were low grade, with Grade 3 AEs under 10%.

• No pancreatic toxicity or significant blood pressure changes reported.

• Once-daily dosing is possible without food restrictions, enhancing convenience.

Market and competitive landscape

• TERN-701 targets a $5B+ CML market and is positioned as a next-generation allosteric inhibitor with potential to capture majority market share due to superior efficacy, safety, and convenience.

• Asciminib, the first allosteric inhibitor, achieved 22% front-line market share within three quarters and is projected to exceed $4 billion in sales.

• Despite asciminib's success, unmet needs remain due to efficacy and safety limitations, especially in high-burden or previously treated patients.

• Allosteric inhibitors like TERN-701 and asciminib are rapidly adopted across CML treatment lines.

• Historical trends in CML therapy adoption suggest rapid uptake for therapies with improved profiles.