Terns Pharmaceuticals (TERN) Goldman Sachs 45th Annual Global Healthcare Conference summary

Key clinical catalysts and program updates

• Two major data readouts expected this year: interim phase I data for TERN-701 in CML and first-in-human data for TERN-601, an oral GLP-1 agonist for obesity.

• TERN-701 leverages early data from a China-based partner, enabling accelerated dose escalation and early clinical activity signals.

• TERN-601's 28-day study includes both single and multiple ascending dose cohorts, with flexibility to optimize titration and dosing.

• Cash runway of $240 million as of Q1, funding operations into 2026 and through key upcoming data readouts.

CML landscape and TERN-701 differentiation

• Allosteric inhibitors are emerging as the preferred class in CML, with recent data showing better safety and efficacy compared to older TKIs.

• TERN-701 aims to differentiate from asciminib (Scemblix) by eliminating the food effect, improving patient compliance and quality of life.

• Dose optimization and potential for a single dose covering the full mutational spectrum are under evaluation.

• Early clinical data will focus on safety and efficacy signals, with more mature data expected over time.

• The program retains flexibility to pursue both second-line and frontline indications, depending on evolving data and market needs.

Clinical development strategy and regulatory outlook

• Phase I design includes dose escalation and expansion, informed by China data, with early results expected in the second half of the year.

• Regulatory environment is favorable, with FDA allowing second-line enrollment and breakthrough designation for allosteric class.

• Frontline registrational trials could mirror recent successful studies, with feasibility supported by ongoing use of generic TKIs.

• Historical timelines for TKI development suggest a 5–6 year path from phase I to approval, potentially faster due to parallel studies.